Help with VAT treatment of cryptoassets - GfC21

The guidelines are for UK and overseas businesses involved in cryptoasset transactions where UK VAT may apply. This includes businesses that sell or exchange cryptoassets and businesses that operate platforms where other people do this.

They explain what you need to consider when deciding how VAT may apply to your cryptoasset activities, including if you need to register for VAT and what VAT obligations you may have. This includes activities involving cryptocurrencies or other tokens supplied to customers or to other businesses.

Businesses covered by these guidelines include artists and creators who supply cryptoassets directly to customers and operators of digital platforms or marketplaces where other people supply cryptoassets. In some circumstances, the platform operator may be responsible for accounting for VAT. The guidance may also be useful to advisers and agents acting on behalf of these businesses. Following these guidelines helps reduce the risk of mistakes and VAT penalties.

These guidelines explain:

what HMRC means by cryptoassets when you need to register for VAT what information you need to collect about your customers and why the rules about the place of supply for cryptoasset transactions what records digital platforms and marketplaces need to keep