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. A second income can be anything which is not taxed through your main job, another PAYE scheme or self-assessment. Submitting a voluntary disclosure allows you to receive the best possible terms. This Income could be through a second trade such as making and selling your own craft, taxi driving, event organizing, hair dressing and even car boot sales! It is best to notify HMRC rather than they were to approach you first. If you fail to voluntarily disclose this you could face criminal penalties and possible prosecution.
It is advised that you seek advice from a specialist advisor before you notify HMRC, as making a disclosure can be a complicated process. Your specialist adviser can act on your behalf and submit your disclosure to HMRC for you ensuring your disclosure is complete and correct, allowing you to receive the best term.
If you need any help and advice regarding making a disclosure please contact us at Paul@ac-accounts.co.uk or call 0161 962 1855