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Revenue targets undeclared second incomes

HM Revenue & Customs (HMRC) has taken the latest step in its crackdown on undeclared income, with the launch of its Second Incomes Campaign.

The campaign targets individuals who are employed and resident in the UK, and who receive additional income that is not currently taxed, for example as a result of consultancy or training fees, organising events, profits from making and selling craft items, or profits from buying and selling goods at markets or boot fairs.

The voluntary disclosure scheme aims to offer taxpayers the opportunity to bring their tax affairs up to date, under the best possible terms.

Individuals who wish to sign up to the scheme first need to notify HMRC. They will then need to fill in a disclosure form and pay what is owed within 4 months of receiving acknowledgement from HMRC.

Taxpayers who fail to make a voluntary disclosure could face higher penalties or criminal prosecution at a later stage.

We can help with all of your tax planning needs. Please contact us for advice.