-
HMRC Crypto Tax: Why Historic Crypto Activity Is Back in Focus
HMRC is contacting increasing numbers of people about their crypto tax affairs. Figures obtained from HMRC through Freedom of Information requests reportedly show that HMRC sent 81,172 crypto-related warning communications during 2025-26. That follows 64,982 in 2024-25 and 27,713 in 2023-24. At the same time, relatively few people appear to have used HMRC’s dedicated Cryptoasset…
-
HMRC Connect and AI: Why Tax Records Matter More Than Ever
Since I left HMRC in 2021, HMRC has continued to develop the technology it uses, the information it receives and the way it gathers that information. The basic compliance process has not changed as much. HMRC gathers information, compares it with the tax position reported, and asks questions where something does not appear to match.…
-
HMRC’s Cryptoasset Research: Why Crypto Tax Compliance Starts With Better Records
HMRC’s recent research into cryptoasset investors and industry participants highlights a problem I see regularly when helping clients with cryptocurrency tax reporting: the tax rules matter, but the records often cause the biggest problems. Many crypto investors understand that tax may apply. The real difficulty starts when they need to turn years of exchange activity,…
-
Crypto Asset Reporting Framework and HMRC: Why UK Crypto Investors Should Review Their Records
Crypto exchanges have been sharing information with HMRC for some time. The Crypto Asset Reporting Framework, known as CARF, takes this further by creating a formal reporting framework for cryptoasset service providers. From 1 January 2026, UK reporting cryptoasset service providers must collect specified user details and information about reportable transactions, with the first reports…
-
HMRC Crypto Tax Letters: Nudge Letters, Compliance Checks and Enquiries
Receiving a HMRC crypto tax letter can be worrying, especially if the letter suggests HMRC already holds information about your cryptoasset activity. The first point is not to panic. The second is not to ignore it. HMRC may contact individuals about cryptoassets for different reasons. Sometimes the letter asks you to review your tax position.…
-
How should earlier crypto tax errors be corrected in the UK?
Earlier crypto tax errors can come to light in different ways. Sometimes the problem is obvious. Sometimes it only becomes clear when the records are reviewed and earlier disposals, income receipts or gains were not reported correctly. Once that happens, the question changes. It is no longer just about how the rules work or whether…
