Tax Return - 2007

[kmelvin]

Hi, I sold shares at the begining of 2007 and I've been told I need to do a Tax Return for that year.

I've never done a Tax Return before - is 'Form 11' the correct form?

Do I wait until I receive my P60 before I fill the Form in?

Should I claim my medical expenses for 2007 first (separately) before I send the Tax Return form in?

I appreciate any help you could give.

K

 

[ClubMan]

Hi, I sold shares at the begining of 2007 and I've been told I need to do a Tax Return for that year.

Who told you? If your general tax affairs (e.g. credits etc.) are already correct then presumably you just need to make a return/payment of CGT by the relevant filing/payment dates? See here for more info:

[broken link removed]

If in doubt get professional advice.

Do I wait until I receive my P60 before I fill the Form in?

If it's a CGT return then income tax issues (such as P60 etc.) are irrelevant.

Should I claim my medical expenses for 2007 first (separately) before I send the Tax Return form in?

As above - MED1 expenses are an income tax matter and separate from CGT matters.

 

[kmelvin]

This is from the CGT Help Leaflet:

'A return of chargeable gains must be made on or before 31 October in the year following the year of assessment (as for income tax Self-Assessment). The obligation to make a return exists even where a
person has not been issued with a return form by Revenue.'

'A PAYE taxpayer should make this return on a Form 12 or Form 12 Directors, as appropriate, and a self-assessed individual should make the return on a Form 11 or Form 11E.'

As far I know, all my tax details are fine. So I simply just need to fill in the relevant CGT section in Form 11 and send it to the tax office before 31st Oct?

Thanks Clubman​

 

[tomreillly]

If you were a PAYE worker in 2007 and you sold shares in 2007, you would need to complete a CG1 form for 2007. The 2007 version of this form is currently not available on the Revenue.ie website but should be on it around March next.

If you sold the shares at the beginning of 2007 and you have a liability arising from this, payment of this liability should have been made to Revenue by 31st October 2007.

As regards claiming medical expenses for 2007, this can be done online. See the Revenue.ie homepage for details of how to do this.

 

[kmelvin]

Thanks Tom.

All liability was paid within 30 days of the sale of the tax.

I just wasn't too sure what form to send in this year - I thought I needed to do a standard Tax Return but the CGT form makes more sense as there are no other issues with my tax.

Thanks again for all the help.

K