PAYE worker, sold shares and its nearly 31/10

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dobsdave

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I am a PAYE worker and sold some stock options last month.
Made a profit of around 280, so I owe the revenue about 160 euro.
Question is, do I need to do anything prior to 31/10, i.e pay and file.
Or do I wait till January and submit a form 11 (or is it form 12).
I also have medical expenses to claim for this year, which will mean I dont owe the revenue anything.

Thanks in advance

Dave.
 
Re: PAYE worker, sold shares and its nearly 31/10!!

You need to pay the tax within 30 days.

You need to submit a tax return in respect of it before 31st October 2007 (i.e. when you are submitting your tax return for 2006).
 
Re: PAYE worker, sold shares and its nearly 31/10!!

Yes you need to pay 90% of the tax due (non PAYE) for this year by 31st Oct. However, if you believe that your medical expenses cancel out the profit then that means you owe nothing.
 
Re: PAYE worker, sold shares and its nearly 31/10!!

dobsdave said:
I am a PAYE worker and sold some stock options last month.
Made a profit of around 280, so I owe the revenue about 160 euro.
Question is, do I need to do anything prior to 31/10, i.e pay and file.
Or do I wait till January and submit a form 11 (or is it form 12).
I also have medical expenses to claim for this year, which will mean I dont owe the revenue anything.

Thanks in advance

Dave.
Click to expand...

Does this fall under capital gains and within the tax free allowance or are stock options taxed differently?
 
Re: PAYE worker, sold shares and its nearly 31/10!!

Normally - the discount on share option exercises is assessable for income tax and any subsequent gain over and above the market price at the time of exercise is assessable for CGT.
 
Re: PAYE worker, sold shares and its nearly 31/10!!

Options have separate tax rules, ask in work if your sale is subject to income tax in which case you must pay the tax within 30 days regardless of the time of year or else suffer interest and penalties
Search the Revenue site for RTSO1 form if you need to pay income tax
 
Re: PAYE worker, sold shares and its nearly 31/10!!

slave1 said:
Options have separate tax rules
Click to expand...
To what? Normally it's income tax on discount (due within 30 days of exercise), CGT on gain. Some approved schemes may have certain deferrals on when tax is due.
 
Re: PAYE worker, sold shares and its nearly 31/10!!

to what?
they have special rules to allign with Revenue approved schemes where no CGT can be deemed payable, hence my reference for OP to check with his employer, could be the case that if a revenue approved scheme then he may be exempt if under his CGT threshold
 
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