Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
UK Government Urges Crypto Users to Report Unpaid Taxes to Avoid Penalties

UK Government Urges Crypto Users to Report Unpaid Taxes to Avoid Penalties

CointimeCointime2023/11/30 17:03
By:Cointime

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.

0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

US stocks head into holiday week with history on their side

Let’s take a look at how US equities typically perform this time of year and what we might see in the coming days

Blockworks2024/11/27 03:33

Cardano implements first ZK smart contract

Share link:In this post: Cardano has deployed its first zero-knowledge smart contract on the mainnet through the use of the Halo 2 zkSNARKs. The technology allows for secure and private verification of computations with the help of the network without disclosing sensitive information. ADA recently crossed the $1 level and went as high as $1.15 before a 17% drop.

Cryptopolitan2024/11/27 03:33