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Some Tax Advice please...

Discussion in 'Business & Tax Advice' started by buttmonk, Jul 16, 2013.

  1. buttmonk

    buttmonk Jr. VIP Jr. VIP Premium Member

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    Hi everyone.

    Im from the UK.Bit of advice please if you can. I make money with a few different dating programs which are UK based companies. I always log all my payments for tax purposes, but about 3-4 years back, i was promoting a site which was based in Gibraltar. As i was new to the IM scene and it was the first time self-employed, i was very newbie concerning tax issues etc. Anyway, because this site was based in Gibraltar, i thought the money i received was tax-free :D Obviously i know now that it's tax free when you are actually based in Gibraltar, not when receiving money from a Gibraltar based company into the UK.

    I know it was dumb to think this. Anyway, i earned around £10000 with this company on top of my other UK earnings, but didnt log this £10000 in my tax return. I have been logging earnings from this company since then, but earnings have been alot lower, but much higher with my UK companies.

    My problem is, if the tax man ever wanted to come round and do a check on my returns etc.. How do i explain this missing £10000? Just explain my mistake, or ring them and arrange to pay it back? Would rather be honest than get a fine etc..

    Cheers
     
  2. buttmonk

    buttmonk Jr. VIP Jr. VIP Premium Member

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    anyone? :)