Hello!
I am a Husband and Father, currently on low income claiming child/working tax credits.
Last May I deposited a significant amount of cryptocurrency (that I had mined) into several CeFi platforms, such as Celsius, Hodlnaut and the like. I understand that the yield generated from these platforms is regarded as income for tax purposes and have been making the appropriate steps to account for this (Koinly). My 'earnings' from all these platforms amounts to around 54K, giving me approximately £14500 in income tax and national insurance to pay, in addition to my job.
Here's the problem, the platform for which I have most of my crypto on has stopped operations due to market conditions and I am unable to withdraw any of the profits.
I have not yet submitted my tax self assessment report for 21/22.
This leads to a few questions:
1) How can I pay the taxes for earnings I am unable to access, what are my options here?
2) We need to renew Tax credits, if I report my earnings, we will get nothing. again, what are my options?
Any advice on how to proceed would be appreciated!
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