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How easy is it to sell shares and pay capital gains on line

  • 24-04-2025 05:37PM
    #1
    kerryjack
    Registered Users, Registered Users 2 Posts: 1,646 ✭✭✭


    Just wondering do I need an accountant or will I be to do this myself, sell shares with Davy stock brokers and pay all my taxes due myself, it would be great if they was an accountant to do all this for me selling and pay all taxes and send me on what's left.



Comments

  • #2
    SureYWouldntYa
    Registered Users, Registered Users 2 Posts: 7,873 ✭✭✭SureYWouldntYa


    Most accountants wouldn't have a client bank account that would be capable of holding the funds from the Davy portfolio, paying the tax and sending you the net amount in the same way a solicitor would in the course of selling a house for example

    Davy give quite good reports breaking down what activity is in your portfolio. You could look up how to calculate CGT, pay CGT and file a CG1 online. If you're not comfortable, the fee with an accountant wouldn't be too bad if you give them the Davy reports and they can talk you through all.



  • #3
    carveone
    Registered Users, Registered Users 2 Posts: 1,346 ✭✭✭carveone


    https://www.boards.ie/discussion/2058407460/how-easy-is-it-to-sell-shares-and-pay-capital-gains-on-line

    It's pretty easy. You may have to register for CGT on MyAccount but paying Revenue is always easy 🙂 You do need to make sure you pay them at the right time (https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/when-and-how-do-you-pay-and-file-cgt.aspx).

    Also the FIFO and 4 week rules can be tricky (I wrote to Revenue telling them their online help is inaccurate but they never replied! They may not like people telling them they are wrong however their PDF documentation is bang on).

    I've done this with share sales myself. It seems hard until you've done it once and figure out that 90% of the boxes in Form CG1 can be ignored. You need the "aggregate consideration" - how much you sold your shares for total. Your gains - which sales made money. Your losses - which sales lost money. That's it. (If you make a loss more than a couple of grand, it's to your benefit to file a CG1 even though it's not required. They may question you on it later).

    All in euro. I know this seems obvious but the number of people I've spoken to who have shares in dollars and have no idea they have to keep track of euro values…



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