UK Government Urges Crypto Users to Report Unpaid Taxes to Avoid Penalties
The UK government is encouraging crypto investors to report any unpaid taxes voluntarily to avoid penalties. A recent survey revealed that 72% of crypto owners in the UK have not read the government's crypto tax guidance, but this will not be accepted as an excuse for tax evasion. Tax advisors warn that regulators can use various tactics, including whistleblowers and creditor lists from bankruptcies, to track undeclared crypto. The government has requested investors to calculate and disclose any unpaid income or capital gains taxes voluntarily to avoid penalties or additional interest. It is important for investors to keep track of their transactions to make the tax calculation process easier, as failure to do so could result in difficulties. The UK plans to penalize crypto users who do not pay their taxes.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Turning Tesla cameras into data engines
A DePIN hardware device from Hamburg-based NATIX Network allows Tesla drivers to monetize their travel
Price targets to watch as bitcoin struggles to hit $100K
Ledn’s John Glover gives some price targets to watch for bitcoin
Bitcoin Price Seeks Recovery Today As CHILLGUY Surges 40%
CFTC could take over cryptocurrency regulation under Trump administration; Will SEC’s role be diluted?