How do I go about paying the tax on the profit I made from the stock market?
I've been trading on the stock exchange in America for a few months and I've made a few thousand pound profit from it. How do I go about doing the right thing tax wise? I am a resident in the UK. I would like to do this without the use of an accountant.
United Kingdom - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
When you get the 2006/07 tax return, complete the Capital Gains Tax pages, CG1, which is quite easy. If you don't get a return, ask HMRC for one. The tax is due in January 2008 for disposals in 2006/07.
Answer 2 :
Keep all your records. Call Inland revenue and ask for tax return documentation to be sent to you. Have this completed and handed in they will then advise your tax bill and you can just pay. Suggest you do get an accountant involved because these guys will save you money. They know how to be tax efficient, you didn't know how to declare your tax. So reccomend you pay them to compile your return. Its not nearly as expensive as you might think and they are gaurenteed to save you more than they cost.
Answer 3 :
You are better off using an accountant..A good one will only take a percentage of what he saves you..Nice to see someone doing the right thing...
Answer 4 :
If you have only made a few thousand then you do not need to pay capital gains tax as the yearly allowance as of 2006/2007 is 8800 pounds. Any porfits you make over this in that year will be taxed at 40%.
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