HMRC has recently launched a second incomes campaign, giving an opportunity for individuals to bring their tax affairs up to date if they have a second source of additional undeclared income.
The campaign is aimed at individuals who are UK resident, employed and have additional income from working for themselves. HMRC have given the following examples of the type of people who may wish to participate in the campaign:
• Those receiving fees from consultancy or other services such as public speaking or
providing training;
• Those receiving payment for organising parties and events or providing entertainment;
• Those with income from services such as taxi driving, hairdressing, providing fitness
training or landscape gardening;
• Those who make profits from spare time activities such as making and selling craft
items;
• Those who buy and sell goods such as from regular markets stalls or car boot sales.
David Nash, Partner at Magma said: “Individuals who have undeclared income from any activities should seek advice to ensure that they are compliant with their tax filing and payment obligations. As well as this campaign, other disclosure options exist for affected persons and taking advice can result in significant savings.”