Selling shares

[gcollins]

In need of a little advice. Im soon going to be selling some shares and have made roughly £25k profit. Now obviously i have to pay tax on some of it after my allowance.How to i go about paying the balance.

Do i fill in a tax return at the end of the tax year.

[gcollins]

swerni said:

Yes, it's part of the self assesmemt.

Your annual capital gains allowance runs until April 6th.
Can you split them and sell half before then half after?

Have been thinking that. What's my allowance, about 15k?

[gcollins]

Eric Mc said:

If he makes a genuine set of absolutely separate sales - then there is no problem.

What HMRC are on the lookout for is a single sale disguised as separate sales.

For example,. selling to a single customer over a period of days straddling the tax year end would immediately alert them to the fact that something might be up.

So when i deposit the money into my account do i have to inform HMRC or do i just go ahead with the tax return as discussed.

[gcollins]

Eric Mc said:

As long as you notify them within 90 days of the "event" (i.e. the sale) you will be OK.

Thanks. Did not know that. For some reason i thought the bank even may notify HRMC.