HMRC sends warning to cryptoasset users 10 Jan 2024As the use of cryptoassets continues to grow HMRC is warning people to check if they need to complete a self assessment tax return for the 2022/23 tax year and avoid potential penalties. Anyone with cryptoassets should declare any income or gains above the tax-free allowance on a tax return. Tax may be due when a person: receives cryptoassets from employment, if they are held as part of a trade, or are involved in crypto-related activities that generate an income sells or exchanges cryptoassets, including: selling cryptoassets for money exchanging one type of cryptoasset for another using cryptoassets to make purchases gifting cryptoassets to another person donating cryptoassets to charity. The deadline to complete a tax return and pay any tax owed is 31 January 2024. HMRC says that those unsure whether they need to complete a tax return can check by using the free online tool on GOV.UK. Myrtle Lloyd, HMRC's Director General for Customer Services, said: 'People sometimes forget that information about crypto-related income and gains need to be included in their tax return. Some people affected may not have had to do a tax return before, so it is important people check. With the self assessment deadline just a matter of weeks away, I am urging people not to put off completing it.' Please contact us if you require any help or advice with self assessment.