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Posted Fri, 20 Dec 2024 13:38:09 GMT by Matt66
Hi Forum, I have never been registered for self assessment and would like to declare capital gain losses (in writing) for the 21-22 tax year. The losses were made through cryptocurrency trading, with 9 disposals in total. The total proceeds of disposal was over £50k in the tax year, however I did not report them because a tax return wasn't required for any other reason. I have three questions; 1) If I report the losses in writing with accompanying tax report (including list of the 9 disposals), will this be sufficient OR will I be asked to register for self assessment and report them in that way? 2) If I am asked to register to report them, will I be hit with a substantial late fee because the year I am reporting is 21-22? 3) Am I correct in assuming the deadline for reporting these losses in writing March 2026? Thanks in advance 

Name removed admin .
Posted Tue, 07 Jan 2025 16:09:39 GMT by HMRC Admin 19 Response
Hi,
As the total disposal was over £50000, you need to report this in a tax return. Yyou may be given a penalty as you do have Self Assessment criteria for the year.
Thank you.
Posted Wed, 08 Jan 2025 09:16:44 GMT by Matt66
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