Advice Please

[john007]

Hi can someone please help me out with some advice on my situation.
I have not been registered for tax for nearly seven years. In that time I have been traveling, most of my money has come from small cash work just to get me by. I arrived back in the UK nearly two years ago and since then have started working for myself doing bits and pieces but to this point I have not registered for tax. My income last year rose to around 20 k. So now at this point I need to get this sorted but am now very concerned with whatÂ’s going to happen.

When for self employed will I automatically be asked what I have been doing over this period?

And what would my best option be?


Thanks for any advice.

[claymore]

Please contact your nearest tax office right away. When you set up in business, you are required to notify HM Revenue & Customs (formerly Inland Revenue) within 6 months.

Given the amount of your income, you will almost certainly be liable to pay Income Tax. But because of the delay in telling the Revenue about your business, I'm afraid that you have left yourself open to the possibility of penalties being charged for "failure to notify chargeability".

If you make a full and voluntary disclosure before the Revenue "catches up with you" - in other words, if you tell them before they find out - you will stand a much better chance of the penalties being reduced. Don't wait for them to get in touch with you - the responsibility in law is for you to tell them.

[wamstax]

I trust that you have done something about notifying your chargeability for the year ended 5th April 2006 by now. You only have until 31st Jan 2007 to pay all your tax for 2005-06 to avoid penalties. If you haven'tdone anything get your head out of the sand and if you have resolved it well done

bill@wamstaxltd.com
http://www.wamstaxltd.com