How long before Government lose Control

[john m]

deuce @2/1 Mick from Cork wont visit 16000 Penselvania Ave in March that hasent peen paid out on yet .

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Nice bet.

I read an article in the New York Times that Biden had no plans to meet any world leaders before the G7 that ruled out the Busmans Son From Cork and his bowl of Shamrock .Powers were betting 5/6 yes or no then it went 1/3 yes and 2/1 no .I thought there was value .2/1 in a 2 horse race .

[mercenary for hire]

He's already had the cheek to ask me how to dodge tax! I told him it won't be an issue when he loses his town halls...

The only thing I found was something on boardszzzz.ie where someone recommended setting up a company as a trader then the capital gains wouldn't apply but instead a person would pay regular income tax on any gains.Other than that I'm clueless.Might ring revenue and see what they can tell me.Anyway that's another days work.

[Rat Catcher]

A self managed pension fund might be worth considering.

[john m]

When do you become liable for Capital Gains .Is it after every trade or at the end of a fiscal year ?If its annual just reinvest the money before the end of your fiscal year and show no profit .?

[Rat Catcher]

It's an annual thing... you can offset losses against gains.

[mercenary for hire]

Yes the pension seems to be the way do go RC.Unfortunately right now, I'd rather be middle-aged with a little extra than old and rich right now.

Apparently I'm supposed to be calculating CGT on every trade.I dunno if I'll have time to go over hundreds of trades so I'll do it the wrong way by calculating overall gains versus losses and hope they'll leave me alone.

A younger me would just take a chance and see if revenue ever cop on but I'm feeling less lucky as I get older.Like everytime you get on a plane the way you slightly increase the chances of crashing into a mountain.

[Octavia1]

He's already had the cheek to ask me how to dodge tax! I told him it won't be an issue when he loses his town halls...

The only thing I found was something on boardszzzz.ie where someone recommended setting up a company as a trader then the capital gains wouldn't apply but instead a person would pay regular income tax on any gains.Other than that I'm clueless.Might ring revenue and see what they can tell me.Anyway that's another days work.

Can they check how much yu have in yur paypal account?
Get it sent there ? Me paintings money is sittin.in me paypal account....actually if anyone is listenin...the owlomes across the halls paypal account 

[Rat Catcher]

There's nothing wrong with the way you're doing it, MfH. Your CGT liability is on the net gain in the relevant year i.e. after deducting losses. You can calculate that by subtracting the value of your fund at the start of the year from the value at the end of the year and get the same result as a linear book of account would show. Depending on your investment strategy you could realise losses to reduce gains. Of Course, all relevant fees are deductible. This is a reasonable simple guide:

https://www.moneyguideireland.com/tax-on-selling-shares-in-ireland.html

Provided you can explain any transfers into a ROI (possibly EU these days) bank account in your name you should be alright with that, Octy. Of course any Paypal account in your own name is likely to be discoverable through transfers to relevant bank accounts in your own name.

[john m]

He's already had the cheek to ask me how to dodge tax! I told him it won't be an issue when he loses his town halls...

The only thing I found was something on boardszzzz.ie where someone recommended setting up a company as a trader then the capital gains wouldn't apply but instead a person would pay regular income tax on any gains.Other than that I'm clueless.Might ring revenue and see what they can tell me.Anyway that's another days work.

Can they check how much yu have in yur paypal account?
Get it sent there ? Me paintings money is sittin.in me paypal account....actually if anyone is listenin...the owlomes across the halls paypal account 

Occi look into getting an artists tax exemption .If you sold Artwork and can prove it then you are an artist .Also look into Artists Dole .You can claim and work its a pilot scheme at the moment look into it before all the places are taken up .

[mercenary for hire]

Thanks Rc.When lost 14k on one day a few weeks ago I convinced myself I was reducing my CGT bill significantly.Easy come easy go..

[Rat Catcher]

You could keep your mouth shut and say you thought gambling income is exempt (as it is) if questioned!

[mercenary for hire]

If I thought that would work I'd give it a go RC.A Taxi driver keeping his mouth shut is surely an impossible task?

Unfortunately all these trading sites require a PPSN.I'll be on someone's radar at some point.If I lose my bollox I'll owe them zero like ya said.

[john m]

It's an annual thing... you can offset losses against gains.

Could you father Ted your Gains and have them resting in your account at assessment time .Say you bought Prize bonds .Would that be considered an Investment and using funds for further gains so delaying the day of judgement until you actually liquidate your entire funds into cash ?

[Rat Catcher]

Whether day trading amounts to gambling or trading in the traditional sense is actually an interesting question. I'm sure it arose before when spread betting gained popularity but I can't remember how that was determined, except that spread betting firms were determined to be financial institutions rather than bookmakers for the purpose of licencing/regulation.

Unfortunately all these trading sites require a PPSN.I'll be on someone's radar at some point.If I lose my bollox I'll owe them zero like ya said.

As an old boss of mine once remarked, if the left hand knew what the right hand was doing we'd have no work, that's not how things are done in Ireland! However, that was over 30 years ago, back when motor tax was for snobs... we're a lot more anglicised these days, probably.

[Rat Catcher]

Could you father Ted your Gains and have them resting in your account at assessment time .Say you bought Prize bonds .Would that be considered an Investment and using funds for further gains so delaying the day of judgement until you actually liquidate your entire funds into cash ?

Not really. Reinvesting a gain wouldn't eliminate the gain. If you think in terms of an investment fund, the value of the gain would still be in the fund as prize bonds.