I currently work full time and am on PAYE and ofcourse I earn more than the income tax personal allowance threshold and so pay income tax, but this is all dealt with through HR / automatically on PAYE at the company I work for.
In addition to my job, I trade stocks on the side and am consistently making good profits every week. Most of my stock purchases are in the US so I avoid paying Stamp Duty. I do sometimes buy stocks on the LSE when I see a good deal come by. I know that during this tax year I don’t expect to be earning more than the capital gains tax threshold (around £12,000). So my question is:
- Do I need to fill out some self assessment or declare my earnings, even though it is less than the capital gains tax threshold.
- If I go above the capital gains tax threshold, do I need an accountant to help me to do the paper work or is it easy enough to do myself?
- Is the route for declaring your capital gains tax the same if you are also working full time on PAYE as opposed to being self-employed?