Second Incomes Campaign

July 2nd, 2014  |  Published in Uncategorized

The latest ‘grass yourself up’ scheme from HMRC

If you do need to make a voluntary disclosure, get in touch with me first.

Who can do this

You can take this opportunity if:
you’re an employee
you’re resident in the UK
you have additional income from working for yourself

What counts as a second income?

A second income could come from:
consultancy fees, eg 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, eg 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

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.

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.

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