⭐️⭐️⭐️⭐️⭐️ Based On 100+ Google Reviews

  • 0161 962 1855
  • Book Your Free Consulation
  • Home
  • About Us
    • Our Team
    • Our Social Commitment
    • Working With Us
    • Careers
  • What We Do
    • Making Tax Digital
    • Annual Accounts
    • Bookkeeping
    • Business Consultancy
    • Business Growth
    • Cash Flow Forecasting
    • Capital Gains Tax
    • Corporate Tax
    • Financial Forecasting
    • Inheritance Tax
    • Online Accounting
    • Payroll
    • Personal Tax
    • Property Tax
    • R&D Tax Credits
    • Self Assessment
    • Tax
    • VAT
  • Sectors
    • Startup Accountants
    • Construction
    • Creative and Digital
    • Dentists
    • Ecommerce
    • Electricians
    • Hair Salons & Barbers
    • Hospitality
    • Influencers
    • Law Firms
    • Manufacturing
    • Medical Professionals
    • Personal Trainers
    • Plumbers
    • Retail
    • Small Businesses
  • Resources
    • Case Studies
    • Tax and Business News
    • Testimonials
  • Contact Us
  • Careers
  • Home
  • About Us
    • Our Team
    • Our Social Commitment
    • Working With Us
    • Careers
  • What We Do
    • Making Tax Digital
    • Annual Accounts
    • Bookkeeping
    • Business Consultancy
    • Business Growth
    • Cash Flow Forecasting
    • Capital Gains Tax
    • Corporate Tax
    • Financial Forecasting
    • Inheritance Tax
    • Online Accounting
    • Payroll
    • Personal Tax
    • Property Tax
    • R&D Tax Credits
    • Self Assessment
    • Tax
    • VAT
  • Sectors
    • Startup Accountants
    • Construction
    • Creative and Digital
    • Dentists
    • Ecommerce
    • Electricians
    • Hair Salons & Barbers
    • Hospitality
    • Influencers
    • Law Firms
    • Manufacturing
    • Medical Professionals
    • Personal Trainers
    • Plumbers
    • Retail
    • Small Businesses
  • Resources
    • Case Studies
    • Tax and Business News
    • Testimonials
  • Contact Us
  • Careers

A New HMRC Campaign Targets People With Second Incomes

  • Written by Katie
  • April 17, 2014
  • Business News

There is no need to panic, if you are doing the right thing and paying tax on all of your income. PHEW! However if you are not declaring any

income you are receiving you need to declare it before they catch you. The Second Incomes Campaign aims to encourage people to come forward and bring their tax affairs up to date. If any tax affairs are not disclosed with the HMRC, you could face a heavy penalty and possibly prosecution.

Many employees with a second income will already pay tax on it via self assessment or their PAYE codes. This is aimed at those who have such taxable income but have not declared it to HMRC.

HMRC gives examples of what counts as a second income:

  • 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
  • As in most campaigns, there are two stages to making a disclosure:
  • Notifying HMRC, and thenmaking the disclosure and paying the tax plus interest and penalties.

In this campaign there are no fixed deadlines by which everyone must notify and then disclose. Instead, the opportunity will be open for some time, and the deadline is that you must disclose and pay within four months of receiving HMRC’s acknowledgement of your notification. HMRC will allow more time to pay in suitable cases.

The number of years for which disclosure is needed will depend on how the tax came to be underpaid. For those who have taken reasonable care, it is four years (or from when the error arose if later); for those who have been careless, up to six years; and for deliberate behaviour (in effect, fraud), up to 20 years.

For more information on the issues raised in this article please contact a member of the a&c Team today! Make sure your tax affaris are up to date and in order, before you have to pay the price!

Tel:0161 962 1855             Email: chloe @ac-accounts.co.uk

Recent Posts

Mega Marshmallows: Food or Confectionery? Why it Matters for VAT

May 9, 2025

Holiday Lettings and Property: What the Abolition of Furnished Holiday Lettings Means for You

May 9, 2025

MTD for Income Tax – FAQs

May 7, 2025

HMRC Is Changing – Here’s What You Need to Know

April 8, 2025

Need Help?

Book a Free Consultation
PrevPrevious PostAvoid Paying Too Much VAT – Get The Basics Right
Next PostEmployment Allowance. Do You Qualify?Next

A&C Chartered Accountants is the leading independent accounting firm in Manchester, providing accounting and business advisory to startups, sole traders and SMEs.

Facebook-f Linkedin Instagram Youtube

Useful Links

  • About Us
  • Accounting Services
  • Client Testimonials
  • Contact Us
  • Privacy
  • Cookies
  • About Us
  • Accounting Services
  • Client Testimonials
  • Contact Us
  • Privacy
  • Cookies

Get In Touch

  • info@ac-accounts.co.uk
  • 0161 962 1855
  • Manchester City Centre: 53 King Street, Manchester, M2 4LQ
  • Sale, Cheshire: 1A Marsland Road, Sale, Cheshire, M33 3HP
Xero Platinum Partner Logo
ICAEW Chartered Accountant Badge
SME Climate Hub Committed Badge
Good Business Charter Accreditation Badge

A&C Chartered Accountants © All Rights Reserved 2024 | Company Registered in England & Wales No: 06272442 | VAT Registration No: 910327267