hello
i have imported approximately 7 cars from Japan to the UK and sold them on.
on 2 of them i made a loss, on the others i made a profit, but all in all, i worked out i made a profit of £5000 from all of them so far.
i have got a "PSEUDO TURN NUMBER" which the HM customs gave me. It is a temporary VAT number for individuals who have not met the VAT threshhold and has the record of all vat,duty paid on each car ive imported.
ive been paying 10% duty and 17.5% VAT on the cars to get them cleared so i can collect them.
Its been a year since the 1st car was imported.
However, i have not registered as self employed nor have i filled in an Income tax form since i began as i have been doing it part time while still in college.
Should i fill in an income tax form now and write myself as part time or as a business?
and am i breaking the law by not filling in the income tax form?
And will i need to show receipts of the prices of the cars i have sold?
if i continue to do 1 or 2 cars a month will the Inland Revenue contact me to ask me about what i have done with any money?
i would appreciate any advice anyone can give me,
ive read the customs website on VAT, but it doesnt say anything about Pseudo turn numbers.
thanks
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