HMRC has launched a further campaign targeting tax evasion from workers with second incomes.
This income could arise from one of the following activities:-
- providing services (i.e. fitness training)
- consultancy fees
- organising events
- creating and selling items
- buying and selling goods (i.e. online trading, car-boot stalls)
Employees resident in the UK and have further undisclosed income from self-employed activites will have a preferential opportunity to disclose this income to HMRC, with no end date set for this initiative.
To disclose this income, employees need to complete a notification form available on the HMRC website, and will have four months to pay the relevant tax and National Insurance due from the date HMRC acknowledge receipt of the notification form.
Action: if you have a second income that is not disclosed, contact us now to help you take advantage of the disclosure facilities.