Comment by dale_glass
2 years ago
You don't need cryptocurrencies to commit tax fraud. The problem isn't being technically unable to get the money.
2 years ago
You don't need cryptocurrencies to commit tax fraud. The problem isn't being technically unable to get the money.
I guess then everyone accepting 50 quid from a mate for fixing up their car or something is also commiting tax fraud. Immaterial amounts like this are not on tax authorities' radar. And if you are making a material amount, nothing is stopping you from doing the right thing and reporting your side income anyway.
Crypto just reduces the hassle.
Until a couple of years ago, Yes(officially). Then HMRC codified what they had effectively been doing already which is to look away for small amounts. There is now officially a £1000 buffer for you to legally earn on the side. You don't need to report it, in fact there isn't even a place to put it on the self assessment forms (unless it's changed this tax year where they've started to be more active on side hustle money - I'll find out when I get round to filling in the SA form - probably mid Jan...)