How far back can HMRC go?
Client has another business which has never registered as a business - it publishes a periodical and operates like a similar business as a cooperative. Client has never set out to decieve, funds are reinvested, but has sought advice from publishers, other journals and an IFA who said 'let sleeping dogs lie'.
Obviously, the business needs to be legitimised as either a limited company or a cooperative (I need to establish membership and/or constitution), but how do I approach the Revenue? It appears that records go back over 10 years. The current gross income level is about £30k pa, I do not know about expenditure yet.
Any thoughts, help or prayers gratefully received!