I’m converting £3k in crypto and have no extra gains this year. Can I simply report this as a gain to HMRC without detailing the acquisition dates? Your insights are appreciated.
hey guys, i was just reading thru this and got a bit curious too. so, if ur only dealing with the one time gain and no extra stuff this yr, it might seem chill to not detail every acquisition date, but isn’t it kinda risky to be a bit lax? i mean, hmrc might come knockin later and ask for more info anyway - and sometimes just having the basic record can save u some hassle. im wonderin tho, has anyone tried sticking with just a minimalist record and actually got queried? or do u reckon it’s always better to jot down every little date even if it seems overkill? would love to hear ur thoughts. cheers!
Considering my experience with crypto reporting, it is essential to note that while you might be able to report the £3k gain with minimal detail, maintaining complete records is always advisable. HMRC can request additional information, including acquisition dates, at any time, so having those details on hand is beneficial in case of an audit. My approach has been to keep a comprehensive record of all transactions and then report the sums accordingly. That way, if HMRC decides to question the reported figures, you are fully prepared with the necessary backup.
hey, from my experiance, better to note dat reg dates too. even if it’s a one off, keep some records in case hmrc comes askin for deets. good luck!