HMRC Second Incomes Campaign
HMRC Second Incomes Campaign
HM Revenue & Customs’ Second Incomes Campaign, which was launched in April 2014, is aimed at UK-resident employees who earn extra income from working for themselves and who have not already paid tax on the income, e.g. via self assessment or PAYE.
Sources of income could include:
- consultancy work, e.g. for providing training
- organising parties and events
- providing services like taxi driving, hairdressing or fitness training
- making and selling craft items
- buying and selling goods, e.g. on market stalls or at car boot sales
- musicians and singers
The campaign is designed to encourage people to make a voluntary disclosure, so that they can benefit from the best possible terms from HMRC.
Where there is a failure to make a disclosure, and HMRC identifies unpaid tax, the taxpayer could face higher penalties or even criminal prosecution.
People wishing to make a voluntary disclosure must notify HMRC of their intention to do so and will then have four months to disclose their tax affairs from the date they receive acknowledgement of their notification.
If you think that you might be affected by the Second Incomes Campaign, seeking expert advice could be a wise investment.
For more information on HMRC Second Incomes Campaign please contact us.
Follow Haslers on Facebook for all our latest updates.
About Haslers Tax Services
We understand how complicated navigating through the complexities of the UK tax regime, while maintaining compliance with HM Revenue & Customs’ regulations can be.
Changes in law, practice, or in the approach of tax authorities can have a major impact and incur costs, yet tax concessions can be significant where they apply. Our team will guide you seamlessly through the maze of tax compliance, planning and tax efficiencies to minimise risk and maximise growth opportunity. We provide commercially driven and risk-assessed advice aimed to maximise tax-efficiency and maintain compliance for you, your business and your family.
