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Please clarify for me... did you start your businessaround May 2016?
You should register for self assessment as a sole trader if you have not already done so.
You say and I quote "Just don't know do I need to pay tax on my previous online sales? What online sales are you referring tohere?
Thank you for your reply.
If you started business in May 2016 and for the first 4/5months you did not have a business bank account and all online sales income went into your personal bank account, you should not worry about it.
You should identify what was business income and prepare a statement of income and expenses for this period and report it as your sole trader income when you file your tax return for year ending 5 Apr 2017.
You would most probably also have salary from your LTD company in the current year to report in your next tax return.
You should disclose the income from self-employment even though you have spent it most of it. You can’t include that income as part of your LTD company income as the company was not in existence then.
My advice to you is to disclose that income separately.
If you need any help with preparing the accounts for that period, please come back and I will help you here.
I hope this is helpful and answers your question.
If you have any other questions, please ask mebefore you rate my service – I’ll be happy to respond.
Thank you for your reply and your good words..
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