The UK Tax and Customs Authority urges cryptocurrency holders to disclose their earnings

ChainCatcher message, the UK HM Revenue and Customs recently released guidance on the disclosure of unpaid tax information related to crypto assets, urging cryptocurrency holders to voluntarily disclose any unpaid taxes. Citizens who have income from crypto assets (including exchange tokens, NFTs) but fail to report unpaid taxes in a timely manner may face additional interest and penalties.

The guidance indicates that citizens need to provide relevant information, including the acquisition cost of crypto assets, any expenses incurred, profits obtained, the quantity of crypto assets disposed of, and the exchanges used. Although taxpayers have previously been able to use the UK tax authority's disclosure tools to report unpaid tax amounts, this is the first time a program specifically targeting crypto asset holders has been launched.