Selling shares on XO Jarvis help needed.

Sanjuro72

I have shares from a work based share save scheme. I left and never took the sell option with the scheme. So had them many years now, but no real knowledge of such things.

I want to sell them now , and have been looking at the trade screen (on my XO Jarvis account). I can figure out most of it, but need help on some of the elements.

1, Where it says Order Type - options Limit or Stop Loss. I take it limit is the lowest price you will sell at?

2, It also has Settlement offset - options of Standard settlement , then increasing amount of days options. What is the purpose of this, and what is the best method for my needs?

3, Also it says Order Valid Until- option selecting a date. Is it  as simple as what day I want to sell on? or?

4, One final question. When I looked tonight on my sell section of my account. It was of course showing the market as closed. But seems it would allow me to complete the trade on the screen. 
Are you able to set it then at night , to sell the next day when the market opens?  Maybe related to the previous Order Valid date?

Sorry for the rookie questions, thanks in advance.

Hoenir

On the basis you are happy to sell at the current market price.

x1 -  leave as is

x2 - leave as is

x3 - leave as is

x4 - leave as is


Enter your password. 

Click review you order

You'll then have 15 seconds to accept the live quote. 

Markets open at 8 am and close at 4.30pm. 

If you receive  message along the lines we are able to quote a price. Try reducing the volume of shares to be sold in a single transaction.  

Sanjuro72

Thanks very much for the reply/help.

Could I impose, and ask another question to you. Or anybody reading.

In regards to the sale/trade taxation. I don't have an accountant, as this is a one off for me. But of course I will have to pay capital Gains tax, I am sure.

The shares were part of a company share save scheme. I paid in £9000 over a 2 year period, and was given the shares at the previous 2 years ago share price.

So to my thinking £9000 is my money and not profit/taxable. Only the amount made over that?

How do you handle paying the taxman yourself? I take it X.O Jarvis will give me some paperwork for the sale. That there is a form or two Mr Taxman will require filled out?

Any help or putting on the right path would be great. Many thanks.

refluxer

Presumably X-O do actually already hold the shares you're wanting to sell, so you've either already posted them a paper certificate or transferred your shares to them electronically and they're now showing in your account ?

If you're just wanting to log in and sell them at the current price, then your best option is to log in when the markets are open and get a 'live' quote, as mentioned above. When the market is open, you get the option to sell 'at best', which (I think) just refers to the price that X-O are about to offer you. The other options are 'limit' and 'stop loss' which you would only use when you want to set a particular trigger price for selling. I've never sold in this way, so can't advise on those options.



If you haven't seen it already, X-O have some online help with trading here. 

eskbanker

Sanjuro72 said:

In regards to the sale/trade taxation. I don't have an accountant, as this is a one off for me. But of course I will have to pay capital Gains tax, I am sure.

The shares were part of a company share save scheme. I paid in £9000 over a 2 year period, and was given the shares at the previous 2 years ago share price.

So to my thinking £9000 is my money and not profit/taxable. Only the amount made over that?

How do you handle paying the taxman yourself? I take it X.O Jarvis will give me some paperwork for the sale. That there is a form or two Mr Taxman will require filled out?

Any help or putting on the right path would be great. Many thanks.

The online HMRC guides are (unusually!) concise, informative and understandable:

https://www.gov.uk/capital-gains-tax
https://www.gov.uk/tax-sell-shares

Hoenir

Sanjuro72 said:

So to my thinking £9000 is my money and not profit/taxable. Only the amount made over that?

 I take it X.O Jarvis will give me some paperwork for the sale. 

Correct. 

Jarvis will file under Help and Administration / Documents a contract note for the sale. Your responsibility to self declare the correct gain. 

Do you have a personal tax account set-up? Easier way of communicating with the HMRC. 

refluxer

Sanjuro72 said:

In regards to the sale/trade taxation. I don't have an accountant, as this is a one off for me. But of course I will have to pay capital Gains tax, I am sure.

The shares were part of a company share save scheme. I paid in £9000 over a 2 year period, and was given the shares at the previous 2 years ago share price.

So to my thinking £9000 is my money and not profit/taxable. Only the amount made over that?

How do you handle paying the taxman yourself? I take it X.O Jarvis will give me some paperwork for the sale. That there is a form or two Mr Taxman will require filled out?

Any help or putting on the right path would be great. Many thanks.

While using the £9000 figure is going to give you a rough idea, you shouldn't use that for capital gains calculations. One reason is that £9000 probably won't have bought you an exact number of shares, so the actual figure may be slightly different. Another reason is that some of these schemes add bonus payments when they mature, meaning that you actually get more than you have paid in to buy the shares at the end.

When it comes to share-save schemes, you need to refer back to the original documentation which should state the 'exercise price' - this is the price at which you buy the shares once the scheme matures and would be the one used for making your capital gains calculation, alongside the sell price. I think you're allowed to deduct any costs, including dealing fees.

The official government site is a good place to start reading up on capital gains tax - it advise on when and how you need to pay it, if it's due : https://www.gov.uk/capital-gains-tax

refluxer

BTW - were all of these shares obtained at the same time, so from the same share-save scheme year ? Things get a bit more complicated when selling multiple shares bought in the same company but at different times/prices.

Sanjuro72

Thanks alot for all the help,
I will take a look and see if I can get my head around the tax side. 😃