Cryptocurrency Users Who Do Not Pay Taxes Will Be Penalized in the UK

The UK government has urged cryptocurrency users to voluntarily disclose any unpaid capital gains or income taxes to avoid penalties, and issued guidance on how to pay them..

Capital gains or income from cryptocurrencies such as Bitcoin (BTC), Qualified Intellectual Titles (NFT) and utility tokens must be included in the tax declarations made by citizens.

Cryptocurrency users who have already filed taxes in the UK have 30 days from the day of declaration to make the necessary payments.

The Ministry of Finance will take action to collect payments from citizens who have expired and may impose criminal sanctions on individuals.

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