Hi HMRC team,
Hope all is good!
I live in UK, I'm UK tax resident.
At the same time I'm doing business (Sole Trader) outside the UK.
My business nature are mobile apps.
We import & export digital services (only to B2B counterparts and all of them non-UK).
The turnover last tax year was higher than £85k.
My questions are:
1) When doing self-assessment, should I declare this as Self-Employed OR foreign income?
2) Do I need to register for VAT or pay VAT? (considering it's B2B services all outside the UK).
3) Should I pay tax on NET PROFIT (which was left on bank account after all expenses on the last day of tax year, namely 5th April. Overall left balance)