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Daniel had been actively trading cryptocurrencies over several years, using multiple exchanges and wallets. When he realised some of his trades had generated significant gains, he became concerned about his tax obligations.
Unsure how HMRC treats crypto and keen to stay fully compliant while minimising his tax liability, Daniel contacted The Tax Faculty for expert guidance.
Daniel, Manchester: Advice on CGT & Crypto Assets
Q1: What prompted you to seek professional advice on your cryptocurrency gains?
Daniel: “I’d made some sizeable profits from trading crypto and wasn’t sure how to report them correctly. I knew there were rules to follow around trading them, and I didn’t want to risk getting it wrong or facing penalties later.”
Q2: How did The Tax Faculty help you understand HMRC’s rules on crypto assets?
Daniel: “They explained to me clearly how different types of crypto transactions — like trades, swaps, and staking rewards — are taxed. I finally felt like I actually understood what HMRC expects from crypto traders. I really appreciated the time they took to help me understand the bigger picture.”
Q3: What specific guidance or strategies did they provide that were most valuable?
Daniel: “They reviewed all my transactions and helped me identify allowable losses to offset gains, as well as how to report everything correctly. They also advised on record-keeping practices so I’d be fully prepared for future tax years.”
Q4: How did working with The Tax Faculty change your confidence in managing crypto taxes?
Daniel: “It removed all the stress. I used to worry about making mistakes on my self-assessment, but now I know my reporting is accurate and compliant. I feel much more in control of my tax obligations and no longer 'in the dark' about it all."
Q5: What would you say to other crypto traders unsure about their tax position?
Daniel: “I'd ask them to consider asking for some help. Even if they don't seek professional help the need to make sure they are following the rules or risk being caught out later on down the line. The guidance I received was invaluable and saved me not just a lot of time and money but also stress!"
Q&A Crypto Assets
At The Tax Faculty, we understand that CGT can be confusing and complex, especially when it comes to property. That's why we are here to help. Our team of experts can provide you with tailored advice and guidance on all aspects of CGT, including how to minimise your liability and take advantage of any exemptions or allowances that may apply to your situation.
If you are thinking of selling a property or any other asset and want to make sure you are not paying more CGT than you need to, contact us today for a free consultation. We can help you navigate the complexities of CGT and ensure that once a property has sold that all filing is completed within the 60-day time limit.
If you require assistance with you CGT circumstances, please feel free to contact us on info@capitalgainstax.co.uk or call us free on 0800 0016 878 for a free initial consultation.
You can also complete the form below and one of our team will get back to you as soon as possible.
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