Second Income Campaign
Second Income Campaign
HMRC is allowing individuals who receive additional streams of income an opportunity to make a voluntary disclosure in order to bring their tax affairs up to date. The Second Incomes Campaign is available to those who are employed but also receive a second income.
If the additional income stream has not been taxed through your main employment, a PAYE (Pay As You Earn) Scheme or by completing a Self Assessment tax form, then you need to notify HMRC in order to make a voluntary disclosure of the unpaid tax.
Tax on Second Income - Call us on 0113 387 5670
Examples of second income could be:
- Buying and selling goods, for example, at car boot sales;
- Making a selling crafts;
- Organising events and parties;
- Taxi driving;
- Hairdressing and make up artist services;
- Fitness training;
- Providing consultancy services.
Declare Second Income
In order to take advantage of the Second Income Campaign and make a voluntary disclosure of unpaid tax, you need to notify HMRC of your intention, and we can assist you in doing this. Our team of tax investigations and disclosures professionals will be able to help you through the process to ensure that you disclose an accurate amount of tax.
Terms of the Second Incomes Campaign are that once notification of an intention to make a voluntary disclosure is made, the taxpayer has 4 months to calculate and repay what is owed in unpaid tax.
The disclosure facility is available to UK residents who are employees or if you have additional income through providing services.
For more information about the Second Incomes Campaign or to discuss your circumstances with our experienced tax investigations professionals, call us on 0113 387 5670 or fill out an Enquiry Form
and we will contact you straight away.
If you do not pay your tax there are a number of actions HMRC may take in order to recover unpaid tax debt. Depending on the circumstances this could take the form of either a tax investigation or HMRC debt enforcement action.
“I’m late filling in my tax return” is a statement that we see time and time again in the enquiries that we see coming through from tax payers who have issues and are contacting us for assistance.
Let Property Campaign - Rental Tax Disclosure Case Study.We assist individuals in making disclosures of unpaid tax to HMRC and in investigations by HMRC. Call us on 0113 387 5670
Contact us today to find out how we can assist you...
To hear more about our Tax Investigation Services or to discuss a potential case with a member of our team, call us on 0113 387 5670.
Alternatively, you can email us at enquiries@forthsonline.co.uk
or fill out an Enquiry Form
and we will contact you directly.