Sorry timed out lat time;
Thanks for your response, just a few points for clarification.
1. Does it make a difference if I am a sole trader or just an Agent working on commission? The reason I ask is that that I am currently preparing my self-assessment return and previously I have submitted this as other income and not submitted and profit and loss as a sole trader.
2. When does the Statute of Limitations apply from? Is it from the initial contract date, last order/invoice date, last communication activity date or other? Again the reason I ask is when the foreign company went out of business I had no direct contact with the company or any receiver, however I did have contact with one of the ex-directors who suggested I assign all sales to him. I advised him that the contract is non-assignable and I would wait for the receiver to contact me to confirm before I could do that. I never heard anything back after that.
3. Is the Statute of Limitations the same whether you are a individual, sole trader, partnership or a limited company?
4. The original contact does not state a governing law, the foreign company is based in the UAE, I am based in the UK and all the sales activity was carried out in the UK. What governing law would apply?
5. Would the value of the outstanding sales amount make any difference to the taxation status? or whether it is classed as income or a windfall? and I assume if it is classed as a windfall it is not taxable?
I notice from your profile that you specialise in immigration law, so is this area of debt/taxation something you also have expertise in? If so; if I wanted/needed a formal letter of advice given is this something you or your firm would be able to provide?