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Crypto assets and tax

Team TvA

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Cryptocurrency? Bitcoin? The blockchain? Did you dive in as an early up taker or are you still getting used to the terminology?

 

From the start, the crypto asset sector has attracted people fascinated with emerging technology and keen to explore its potential for wealth creation. Inland Revenue has released guidance on crypto assets and taxation, and we expect to see more over time.



 

There may be tax consequences resulting from crypto assets when:


  • receiving them as payment for goods and services

  • using them to pay for goods and services

  • buying and selling crypto assets (trading)

  • acquiring them and holding on to them as an investment, or

  • mining them


You need to file a tax return when you have taxable income from crypto asset activity.

 

Where crypto assets have been used for remunerating employees, Inland Revenue have released guidance on crypto assets:


  • being used to pay employees as wages, salary, or bonuses

  • provided by employers to employees as benefits in arrangements similar to employee share schemes


It’s important to get the tax right and report it correctly in your tax returns. It’s a complex area and we can help you understand your tax obligations.

 

For more information, DOWNLOAD THE GUIDE below:



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