Advising a self-employed taxpayer on crypto assets and tax liabilities
We have recently advised a self-employed marketer, who works in the crypto industry and is paid in Bitcoin and Ethereum.
Before engagement, our client did not transfer his crypto earnings into cash, and believed he was not liable to pay tax on them. We amended previous years incorrectly filed self-assessment tax returns with white space disclosures (which were originally completed and filed before our engagement). For previously undisclosed earnings, we subsequently agreed a time to pay arrangement with HMRC over a three-year period.
We are also advised on capital gains and losses, providing tax mitigation strategies to reduce a £200k tax liability.