Mr. N was in employment with all of his tax liabilities deducted from his salary by his employer via PAYE. Mr N’s occupation was in IT and software developer working for a charity and also volunteering on a part-time basis, earning approximately £30,000 – £40,000 per year.
Mr N. invested a small sum in cryptocurrency, regularly contributing and growing his portfolio with no expectation that this would generate any real returns. He was part of a community interested in the underlying applications this technology could have.
However, a number of years later, cryptocurrency began gaining popularity and his portfolio grew into the £,000,000s. Having sold and reinvested his portfolio into a wider range of alternative coins, he was unaware of his tax obligations until members of the community began sharing their findings.
Recognising the complexities of his affairs and his potential non-compliance, he sought out a suitable adviser familiar with the tax issues and practical issues involved in holding and participating in the cryptocurrency sphere.
His main concern was the prospect of an intrusive and long-winded investigation by HMRC upon making a disclosure.
We were able to offer Mr N the peace of mind that his affairs had been properly managed and removing the threat of a burdensome HMRC enquiry.
Mr N is now modestly enjoying his newly found wealth, whilst continuing to work part-time for a charity, with the finality in respect of historic tax obligations.
