Not sure if this is the relevant section, but here goes anyway. Please
tell me if not.
I was forced into Bankruptcy in 2008 and have never really recovered
(financially speaking) I am now 77 in good health and quite active.
Anyway, since 2008 I haven't filed a tax return, probably lazyness & lethargy on my part and
other things going on in my life such as my eldest daughter having cancer (and still has) I
used to run a small printer company from 1990 to 2002 and did pay my taxes and VAT on time.
However, I am now starting to panic as I have decided, I must do something about this
that my conscience says I must do my duty & pay my tax dues + penalties I suppose.
To help the NHS!
I have never registered as a sole trader. I buy & sell stuff on the internet and do other
bits and pieces to supplement my state pension. I also receive a dividend from a company and
now have to pay tax whereas previously the company paid the tax for me.
I am aware I should have advised HMRC that I am doing all this trading. I have never ever been
contacted by HMRC which surprises me.
So, I have got 2 years trading records nearly completed (2015/16 & 2016/17) Do I now go to
a Chartered Accountant and give them all my details and records let them handle the negotiations with
HMRC or is there another way? Should I go straight to the Revenue and put my case to them and
tell them as it is, or?
This is going to cost me a small fortune apart from penalties and back tax, plus
the cost to a Chartered Accountant at £200+ an hour to sort this mess out. That could
run into thousands.....eeks!
My average earnings from 2008 to 2013 were never more £19K a year less expenses would be negative tax, but from
2014 to the present it has increased to £35K a year less my expenses, purchases and allowances.
Sorry for the length of this posting. I would appreciate any input on this.