HMRC One to Many letter – Crypto Digital Platform

HMRC’s Wealthy Team are sending One to Many letters (see template below) to those taxpayers whom HMRC believe have disposed of cryptoassets but not declared any resulting chargeable gains or income. A small number of letters are being sent out in the next week with a larger batch following in September. The letter advises recipients on what action to take if necessary and points them towards the Cryptoassets Disclosure Service. Anyone who believes they have nothing to pay are asked to contact HMRC to explain the reason why and provide any supporting information.

HMRC OTM - Crypto Digital Platform

Assisting clients with making disclosures to HMRC - guidance for CIOT members

The CIOT has produced guidance for members assisting clients who may have additional tax liabilities to disclose to HMRC – see Assisting clients with making disclosures to HMRC - guidance for CIOT members. It explains the different processes through which taxpayers can make disclosures and explains that members should choose the disclosure service which is most appropriate for their client’s circumstances given all the issues to be corrected and the reason(s) why the inaccuracy(ies) occurred.