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Second Incomes

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Newsletter issue - May 2014

The Taxman is reaching out to employees with second incomes; which could be anything from selling home-made items, to working as a self-employed consultant. All of the income and expenses from that second source of income should be declared to HMRC, and the correct tax must be paid where a profit has been made.

The Second Incomes Campaign provides a means to declare any "forgotten" second income with minimal fuss and penalties. All the tax due must be paid alongside any interest, this will be calculated from the date the tax was originally due to be paid.

To use the Second Incomes Campaign you must first notify HMRC either by completing an online form, or by calling: 0300 123 0945. HMRC will then respond with a disclosure reference number. You then have four months in which to make a full disclosure of the second source of income (quoting the reference number) and pay all the tax, interest and penalties due. We can help you calculate the amounts to be paid, and claim any losses.