TaxCalc TV: Crypto, HMRC and the nudge letter questions

If you're not already considering your clients' crypto assets (or don't know whether or not they even hold them) then it really is time to act!

• 8% of UK adults currently own cryptoassets, around 4.5 million people - it's arguable that one in eight UK adults own crypto!
• Only 17,600 individuals reported CGT-liable crypto disposals in 2024/25, with £1.38 billion of gains between them; 240 of those reported gains over £1 million, accounting for £717 million of the total
• HMRC sent 64,982 crypto nudge letters in 2024/25, up 134% from 27,713 the year before

With HMRC already holding exchange data, and the first CARF reports from UK and overseas platforms landing in 2027, nudge letters are only going to increase

How well prepared are you for the inevitable questions from clients?

We are on hand to arm you with the answers. We'll be joined by a panel of experts to explore what your client's obligations are, and how best they can capture the information they need to be able to stay compliant. Including:

• What HMRC already knows: where the nudge letter data comes from, and what CARF adds from 2027
• Reading the letter: nudge vs. enquiry, the 60-day window, and the disclosure routes (including the crypto disclosure facility)
• The first conversation with the client: the questions to ask to find out how big the problem really is
• Getting to a number: pulling data from exchanges, wallets and defunct platforms, and why one missing source corrupts the whole calculation
• The tax position: CGT pooling and matching rules, when income tax applies (staking, mining, airdrops), and the common mistakes HMRC is looking for
• Making it defensible: what records to keep and what to put in front of HMRC