His Majesty’s Revenue and Customs (HMRC) has instructed crypto users in the United Kingdom to declare and pay their taxes on digital assets within a strict timeframe or face the consequences. HMRC guidance on how to declare and pay taxes on crypto holdings, published on Nov. 29, starts with a clear warning:
HMRC specifies that the amount of time users are given to pay outstanding taxes will depend on why they didn’t pay earlier. It suggests taxpayers choose from three options and confess whether they didn’t take enough care, evaded paying deliberately or intended to pay but somehow failed.