THOUGHT FOR TUESDAY 15TH JANUARY 2008
From top share author MALCOLM STACEY
Hello Crazy Cats,
Just a reminder that if you haven't already done your tax return you only have till the end of the month to beat the deadline. Or it's a £100 fine.
This includes all your profits on shares so that you can collar your annual tax break for capital gains tax - and pay up for the rest.
I mention this because I'm feeling rather upset about my tax return. I did it, like a good boy, for the September deadline (when they are supposed to work it out for you).
I popped it in the post... and guess what? I found out just before Christmas that they hadn't got it. No trace has been found. So I have to do it all again.
But any road up, this is not a whine, but a reminder that we should all take this tax thing seriously. You can end up paying a lot of capital gains tax if you're not careful - and it's best to know how much you can legitimately avoid paying. Read the Inland Revenue website. I find it's not easy reading - but I suggest we all persevere.
There may be some naughty types - not Crazies, I trust - who don't report their share profits. Bad move. Apart from a guilty conscience for breaking the law, you should be aware that there are some pretty sophisticated ways of discovering tax thieves nowadays.
Another little tip. Make a record of all your trades as you make 'em. Log 'em on the old computer and even use some nifty software to work it all out. Saves a lot of last-minute hassle. The kind I usually have to put up with. Rock on!
UKSA is the leading independent organisation for private shareholders in the United Kingdom. It campaigns to protect your rights as a shareholder and runs educational activities for members.
