Hi there,
First time posting, hopefully I'm in the right place.
A couple of years ago I bought and sold video game consoles with the view to make a profit. The whole buying and selling was done over the course of a few weeks, with gross income of £4,300 and a profit of £950.00.
I looked into this at the time, admittedly not enough, and assumed that I qualified for micro entrepreneurship due to having profits of less than £1k, but having picked up on another article today I now understand that even though I would've qualified for not paying tax, I should've filed a return anyway due to the fact my gross income exceeded £1k.
I've never filed a return before but I assume this can be done now and backdated.
What sort of penalties can I expect for this? Should I check with a chartered accountant or get in touch with HMRC prior to doing it, to try and achieve the best result. I've kept all of the info regarding the transactions, so I am quite confident in my ability to replicate the transactions etc.
Any advice is much appreciated.
Thanks.
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