I wrote to hmrc to tell them that I had inherited from my mother and was concerned about last years tax with regards XXXXX XXXXX earnings. I told them that dividends this year would mean the need to self assess this year. They confirmed that I was alright last year but I would need to assess for this year, which has been done accepted and paid to hmrc.
The concern I have refers to a period time, a long time ago, when I was addicted to trying to find an escape from my job through opportunities online. I failed miserably, making a few hundred but losing many thousands. It simply did not occur to me then that there were tax implications. I have no records at all and wonder whether there is any wisdom now in raising my head above the parapet. I
Wouldn't informing hmrc as you suggest, initiate a review of my tax over the last 10 years or more, rather than just putting the records straight?
If for arguments sake I made 2000 pounds doing various things on and offline during that period and lost double or treble or even more than that overall, is it worth the risk? I did not even see the need to register or pay for being self employed in addition to paye.
I could give hmrc an outline of what I did within an approx time period with what I may have made, but that is all. If hmrc asked me to pay x to set the records straight I would gladly pay up, but ............
Well, I do take your point, but I am obligated to give you the proper text book answer. I accept that advising HMRC could indeed open a can of worms at the end of which probably no revenue would have been lost and just a lot of hassle for you. You will appreciate that I have to leave the ball in your court.
If hmrc have accepted my tax position for this year and the last, why would they seek to review earlier years unless I inform them?
Again I understand, but won't this happen anyway, if I inform them?