HMRC (The taxman) has recently jailed a taxpayer for not declaring sales online.
The person in question bought and sold online cd's, dvd's and other items in a period of six years.
Having not declared the income on his tax return resulted in him being chased by The Taxman for Income Tax and VAT.
The sentence was two years imprisonment. You may think that's a bit steep.
Maybe, but amnesties are often publicised allowing taxpayers to offer their omitted gains and pay a reduced rate of tax penalties.
If you have undeclared income for tax purposes then seek professional advice.
19th October 2010
Accountant at Brian Foster & Co.
Tel no: 01922 457 201