HMRC’s Second Incomes Campaign
Are you an employee who has a second source of earnings that you have not declared to HMRC? This could be from part-time bar-work, selling for profit at boot fairs, private consulting or tutoring, or doing private building work.
HMRC is giving people an opportunity to come forward and pay tax for past years which should have been accounted for previously. This opportunity is called the Second Incomes Campaign. HMRC says:
“You need to tell HM Revenue and Customs (HMRC) if your additional income hasn’t been taxed through either:
- your main job
- another Pay As You Earn (PAYE) scheme
- Self Assessment
This is called a ‘voluntary disclosure’. To get the best possible terms you need to tell HMRC that you want to take part in the campaign.
You’ll have 4 months to calculate and pay what you owe.”
You will not be treated like a criminal. HMRC just wants to make sure that everyone who should be paying tax on all their income is actually doing so. You will not be a target for HMRC in the future as long as you complete your tax returns correctly.
Not everyone is confident of managing new disclosures of income to HMRC. If you are good a form-filling, you can probably manage your own disclosure. If you would rather engage us to look after your disclosure, call us on 01702 205066 or email enquiries@jonstow.com.
There is no need to worry whether you make the disclosure yourself, or if you would prefer us to steer you through to settling with HMRC. However, this really is an opportunity not to be missed if you do have an undeclared second income, because HMRC have ways of finding out.
Do get in touch.
