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Do you have a second income or freelance outside of your job?

Do you have a second income or freelance outside of your job?

*Please note the information in this article may be out of date

HMRC have launched it's latest in a line of specifically targeted campaign's, this time aimed at those with undeclared second incomes.

The (quite obviously titled) Second Incomes Campaign is working along the same lines as HMRC's previous campaigns- offering favourable terms to those who come forward with undeclared income on their own merit, while promising the full vigour of fines and interest to those who wait for HMRC to seek them out.

There is no sign of a closing date by which time you must register to partake in the campaign. You do need to register/ notify HMRC that you are partaking of the scheme first, then make a disclosure.

HMRC are stating that they want payment of tax owing within 4 months of registering. If you cannot repay tax owing within that 4 month time frame, you can contact HMRC to negotiate more time. 

 

 

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