A Word On Web Bots From Your Accountants In Kingston
It was announced in 2011 that the Taxman is going to start targeting tax evasion by online traders, private tutors, personal trainers and life coaches. Our accountants in Kingston have recently received several queries about this from clients, so we thought a blog was necessary.
Key Considerations
The Taxman can now send out automatic search programmes (web bots) to trawl the internet for data on sales and services advertised by UK residents, which will be compared to bank interest and tax returns already held by the Tax Office to check everything is in order.
If you have declared all your profits and earnings on your tax return then you have nothing to fear. Where costs are not recorded (say from selling jewellery through your private website) the Taxman will treat this income as profit, even if the turnover is very small, meaning you could land yourself in a lot of trouble!
We at Harnett Accountants in Kingston advice that you complete the self-assessment registration form CWFI online or in paper form as soon as possible if this is the case. You will then receive a new tax return form to be filled out. If you have been trading online for several years without declaring income a more detailed disclosure to the Tax Office will be required.
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Harnett and Co are ICAEW chartered accountants in Kingston upon Thames, Surrey. We give clear, practical advice to businesses and individuals across West London and Surrey. Book a free consultation today.