Capital Gains Tax - how to pay when a PAYE tax payer?
I'm a PAYE tax payer so taxed at source and don't fill in a self assessment.
Late next year I will likely have to pay CG as I will have a works sharesave maturing which will take me over the £6000 CGs limit and I will likely sell all of the shares seeing the CG limit will again reduce to only £3000 the following years! I'm hoping there is a way to pay this tax without having to go through the hassle of filling in a full self assessment, does anyone know if this is possible? |
Re: Capital Gains Tax - how to pay when a PAYE tax payer?
No, AFAIK you need to request self assessment.
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Re: Capital Gains Tax - how to pay when a PAYE tax payer?
I agree with Chris, the details of what you need to do are shown in the following link which also contains the phone numer if you want to double check.
https://www.gov.uk/government/organi...-self-employed |
Re: Capital Gains Tax - how to pay when a PAYE tax payer?
I've just read this so this looks like what I will need but it's 12 months off so I won't worry about it until then.
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Re: Capital Gains Tax - how to pay when a PAYE tax payer?
Highly recommend TaxScouts for performing your self assessment return, I’ve used them for the past four years, similar position to you PAYE but have held options, RSU’s & sold shares
https://taxscouts.com/ |
Re: Capital Gains Tax - how to pay when a PAYE tax payer?
When did that drop? I thought the limit was £10,000.
**** me they love squeezing the little guy. |
Re: Capital Gains Tax - how to pay when a PAYE tax payer?
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https://www.gov.uk/government/public...ital-gains-tax |
Re: Capital Gains Tax - how to pay when a PAYE tax payer?
There is something called the "CGT reporting proceeds limit", which will be fixed at £50,000.
I cannot find any (understandable) definition of what this is, but the name seems to imply you dont have to report anything under £50,000 ? |
Re: Capital Gains Tax - how to pay when a PAYE tax payer?
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Re: Capital Gains Tax - how to pay when a PAYE tax payer?
Yes I can't really make sense of this reporting limit too.
It's left me confused as to whether I need to report a CGT amount of over £6000 in 2023-24 or not it's bloody confusing, the below seems to imply there is already a reporting limit of 50K. Quote:
Edit Think I've found something that may explain the reporting limit, this suggests as the value of the shares I will sell next year may only be £12K from which the shares cost me £5400 to acquire in my works share save from which I would make a £6600 profit which means I will be over the CGT limit by £600 so would need to pay 10% so £60 in tax. My reporting amount is well under the £48K in this article so I won't need to report it and they will just tax me for it? Quote:
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Re: Capital Gains Tax - how to pay when a PAYE tax payer?
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