Needing some help. I've been selling plants on a market stall for a few years now as a hobby, but haven't been registered as "Self Employed" as my profits have been well under £10000 so no tax needed to pay, so haven't been submitting self assesment or "doing the homework". (I know, I really should have done this anyway..) It's seasonal aswell, so only for 3 months of the year or so.
I'm expecting a huge increase in demand soon with the current situation and extend the range of months too and therefore hitting a profit which then needs to be taxed/NI How best to go about this? Will HMRC deem that I have been unlawful and hit me with fines and penalties for the previous years? I also have a garden for these plants, so hopfully will open this up as a garden centre too with the current demand.
Many thanks for your help,