HM Revenues and Customs (HMRC) has posted guidance on how to pay taxes on the income or gains created by crypto investments.
HMRC states:
“You must pay the full amount you owe within 30 days of making your disclosure. If you do not, HMRC will take steps to recover the money.
If the deadline is on a weekend or bank holiday, make sure your payment reaches HMRC by the end of the previous working day.
If you do not pay by the deadline, you may need to pay a penalty, interest or both.”
HMRC outlines the various options to pay any taxes mandated, adding they will let you know if they accept your disclosure.
If you do not have the funds to pay your taxes, HMRC says they “may need to discuss and agree a new offer before we can agree.”