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HMRC – Do you have a second income?

June 18, 2014 By Karen Upcraft

In April 2014 HMRC published details of their Second Income Campaign. This gives taxpayers the opportunity to bring their tax affairs up to date by declaring and paying unpaid tax on second incomes.

A second income could include:

  •  consultancy fees, for example, providing training
  •  organising parties and events
  •  providing services such as taxi driving, hairdressing or fitness training
  •  making and selling craft items
  •  buying and selling goods eg at market stalls or car boot sales

To get the best possible terms you need to tell HMRC that you want to take part in the campaign. If you don’t make a voluntary disclosure and HMRC finds out later that you owe tax, you could end up with higher penalties.

From the date of voluntary disclosure you will have four months to calculate and pay what you owe.

 

 

Filed Under: Uncategorized Tagged With: employed Income tax, Personal tax, Self employed income tax

About Karen Upcraft

Karen Upcraft wants to live in a world where people who've had the courage and vision to set up their own business are supported to make it work. As a Chartered Accountant, Karen helps Hampshire's small business owners setup, run and grow their businesses in ways that are manageable, affordable and help them keep more of their hard-earned income.

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