Hi, I've just downloaded the DEGIRO "Annual Tax Report Addition" for the last few years. Are these the best guid to what my CGT return should be?
I'm a little worries as I have looked back over the passed few years and they DEGIRO reports don't match my returns. I think I may have overpaid CGT in 2018 and under paid it most years since, well at least if I go by the Annual Tax Report Addition numbers. Basically I had a large loss in 2018 but for some unknown reason I filed a minor gain (I had other disposals that year), then in subsequent two years I checked my degiro to find it still in the red, so didn't bother doing a return. Things turned green in 2020 and in December 2020 I closed out some positions, and have been reasonably active on DEGIRO since then.
Should I take the figures "Gains from the sale of Shares" for 1 Jan to 31 Nov and then add it to the 1Dec to 31 Dec and do the same for the losses and deduct losses from gains then deduct any expenses?
"didn't bother doing a return" - this is a mistake as you need to record your losses to carry them forward. Also with regard to the mistakes for the previous years your best bet is to contact revenue and let them know that you need to make amendments to the previous returns. It's not really a big deal, they won't shoot you for it as long as it is a genuine error.
Is there any report that can be ran on Degiro to roughly show what one's CGT return should be for 2021, or must we wait until November when the first report is made available?
You dont need to file for 2021 until October 2022, you need a report for 2020 to file your CG1 by the end of this month if thats what you mean?
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You can export your transactions from degiro and do some rough sums in excel to find out, where that is complicated (esp for me lol), I've stocks like NIO, Tesla etc which I've bought and sold many times across the last 2yrs so its hard enough to keep track of the FIFO. I got quite afew large unrealised losses, growth stocks I bought back in Jan that are 50% down, and I'd offload them now if it helps reduce my cgt liability for Nov. If I instead wait until I see what degiro spits out up to end of nov (which I won't get until early dec), then I'd have to pay that cgt bill, and my unrealised losses would carry forwards so would only really help me in 2022
Supercell, self employed people have to declare cgt at the end of the current year.
No they don't. They have to pay it in the current year (or Janurary for December transaction) but declare it the following year.
I just handed everything over to the accountant to fix up, wasn't as bad as I feared. Thankfully my initial mess up was an overpayment, so I was essentially in credit with Revenue, so that took the sting out of the tail.
My understanding is that everyone has to pay it in the same year the gain was realised?
Pay everything due up to 30th Nov that year. Then any CGT for December by the end of Jan.
Returns (aka the paperwork) not due until Oct the following year