I became self employed about 3 years ago. Business has been pretty much non-existent for those 3 years, but the work was a passion of mine, I didn't want to regret not giving it a go for a few years.
But reality has set in and I am looking for a career change to a more regular job, and want to unregister from VAT.
I tried to do all my own VAT returns in those 3 years, which in hindsight as somebody who is fairly clueless about these things, was a bad idea. For these last 3 years I've only been making on average e100, many of the monthly returns and Income Tax I simply returned as "0". Pretty naive and stupid, but that's what I did.
I applied for Job Seekers Allowance and was told I needed to prove Tax Clearance. I am not concerned about getting Job Seekers or not, as I would rather get to work asap since I am paying a loan, but it has brought my tax situation to my attention that I have been ignoring for a long time, and I would like to get everything sorted and cleared so that it doesn't come back to bite me in the ass.
My questions are...
When I unregister for VAT, will I be audited for income over the last few years?
Was I making such little money that it doesn't matter? I made max 10k in the last 12 months, probably less the year previously.
Should I just make an appointment and say "This is how much money I made over x months, how much do I owe"? Is it even possible to do this? Who would I make an appointment with?
I am in the process of selling off some start up equipment which I bought at ex-VAT rate (at the time it cost me about 6k). Will I be required to pay back this VAT? I have been registered since September 2010.
Thanks.
But reality has set in and I am looking for a career change to a more regular job, and want to unregister from VAT.
I tried to do all my own VAT returns in those 3 years, which in hindsight as somebody who is fairly clueless about these things, was a bad idea. For these last 3 years I've only been making on average e100, many of the monthly returns and Income Tax I simply returned as "0". Pretty naive and stupid, but that's what I did.
I applied for Job Seekers Allowance and was told I needed to prove Tax Clearance. I am not concerned about getting Job Seekers or not, as I would rather get to work asap since I am paying a loan, but it has brought my tax situation to my attention that I have been ignoring for a long time, and I would like to get everything sorted and cleared so that it doesn't come back to bite me in the ass.
My questions are...
When I unregister for VAT, will I be audited for income over the last few years?
Was I making such little money that it doesn't matter? I made max 10k in the last 12 months, probably less the year previously.
Should I just make an appointment and say "This is how much money I made over x months, how much do I owe"? Is it even possible to do this? Who would I make an appointment with?
I am in the process of selling off some start up equipment which I bought at ex-VAT rate (at the time it cost me about 6k). Will I be required to pay back this VAT? I have been registered since September 2010.
Thanks.