So I have a self-employed client who happened to mention in passing that he has been investing in cryptocurrencies. Apparently he uses several different apps and regularly dabbles and buys/sells different cryptocurrencies for fun. He says he hasn't made a profit. The amounts I imagine are fairly small (He earns about £25k so doesn't have loads of money), I imagine in the hundreds.
I do not yet know what apps or currencies he has used. I think I know the answer to this question, but am I really going to have to go and analyse every transaction and match each sale to relevant purchases etc to ensure he has made less than the CGT threshold?? Is there any other way around it? Can I just look at the overall picture and if it is obviously under the threshold we don't need to report so don't need to do the detailed calculations??
(Previously had a different client who has been dabbling in stock trading, also said he hadn't made much but ended up making a CGT taxable gain after accounting for losses and annual exemption. He however has significantly more cash.)