The Second Incomes Campaign gives you the chance to bring your tax affairs up to date if you’re employed and have additional income that’s not taxed.
You can take this opportunity if:
- you’re an employee
- you’re resident in the UK
- you have additional income from working for yourself
A second income could come from:
- consultancy fees, 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. at market stalls or car boot sales
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
We can assist you in making 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 then have 4 months to calculate and pay what you owe.
If you don’t make a voluntary disclosure and HMRC finds out later that you owe tax, you could get higher penalties or face criminal prosecution.
If you are unsure whether you need to make a disclosure or would like our assistance please call us as soon as possible.
