Another dumb CGT question

NotHappyAtAll

I've managed to enter my meager dividends into the Revenue.ie site but cannot figure out how to enter my earnings from selling shares and to make the CGT payment other than filling out and posting in a paper CG1 form (that is a whole series of other questions in itself). I've been trawling the site, the FAQ and elsewhere but with no success. None of the other categories in the other income section seem to fit and the payments section includes other tax options such as CAT but no CGT. I've also come across many suggestions to simply do taxes online at Revenue.ie but then I also get the impression I would still need to fill out and send in a CG1 form? I also just came across a single statement saying we need to register as CGT paying people first?

After €1270 personal deduction only left with about €230 taxable profit so like many other PAYE workers investing for the first time I have no tax training (and it certainly was not covered Junior Cert Business Studies in the early 90s) but find myself having to pay an amount of tax far less than it would cost to hire a professional!

EDIT: has anyone come across any free or cheap adult education courses in regards all this tax stuff? Would happily do an evening course once that sort of thing is possible again.

relax carry on

NotHappyAtAll wrote: »

I've managed to enter my meager dividends into the Revenue.ie site but cannot figure out how to enter my earnings from selling shares and to make the CGT payment other than filling out and posting in a paper CG1 form (that is a whole series of other questions in itself). I've been trawling the site, the FAQ and elsewhere but with no success. None of the other categories in the other income section seem to fit and the payments section includes other tax options such as CAT but no CGT. I've also come across many suggestions to simply do taxes online at Revenue.ie but then I also get the impression I would still need to fill out and send in a CG1 form? I also just came across a single statement saying we need to register as CGT paying people first?

After €1270 personal deduction only left with about €230 taxable profit so like many other PAYE workers investing for the first time I have no tax training (and it certainly was not covered Junior Cert Business Studies in the early 90s) but find myself having to pay an amount of tax far less than it would cost to hire a professional!

EDIT: has anyone come across any free or cheap adult education courses in regards all this tax stuff? Would happily do an evening course once that sort of thing is possible again.

If you are PAYE only then is a CGT1 form which you can download, complete and scan back into Revenue via your Revenue MyAccount using the MyEnquiries function. It's a failing that CGT is not included in the online EForm 12.

NotHappyAtAll

OK, that clears that up nicely, thanks!

Ed110

Hi, Did you get any further with this?

I literally don't know what fields to address in the CG1

I'm:
- a PAYE worker
- Trying to fill CG1 for losses in 2019
- Have the paper form and don't know a single line to fill out or leave blank.

As soon as I fiure this out I'm going to make a video of it or a website devoted to it because there is NO information on Revenue as to the correct filing (which boxes etc.)

Can anyone help on this?

NotHappyAtAll

I logged into MyAccount and submitted an enquiry asking to be registered for CGT. The first reply just referred me back to the Revenue.ie information pages but enquired again giving full explanation (PAYE, had small amount of CGT to pay from sale of shares this year, couldn't figure out which form, conflicting info on Revenue.ie etc) and another person replied saying I have been registered for CGT and can now pay online and that the form for reporting would be available after whatever date. So turns out I didn't need a CG1 form and don't need to register for self assessment as made less than €5000 taxable CGT. I'm not sure if any of that is helpful for your situation though.

I would be interested in seeing a video on that, everyone just refers you to Revenue.ie which is largely useless. It is so vague and different sections contradict each other and it often gives no actual details. As for how to fill out a form there are no explanations as to the terms or what the questions are referring to!

Ed110

Glad to hear they got back to you via My Enquiries. I've left 3 messages now over the last 2-3 weeks and haven't got a response yet.

Yeah totally agreed on the vagueness of the site, I'm completely lost on it in terms of technically 'WHICH boxes do I fill in?' literally just that question. . . I'm considering not bothering now. I've made numerous attempts at contact over a long period of time and they're not providing me with ANY information. I've a record of all my attempts.

Ed110

I gave Revenue another call and they said in my case PAYE worker with Losses for 2019. To fill in number 8 and number 18 on the CG1 form.
Also the Aggregate Consideration at 1a. . . I've no idea what the latter means but i'll find out I'm sure haha.