Second Incomes Campaign
HMRC has announced its latest Disclosure facility. The Second Incomes Campaign provides an opportunity for individuals in employment who also have additional income that is not taxed through their main job to disclose this extra income to HMRC and pay any additional tax.
Examples of areas considered ‘second income’ by HMRC include:
- fees from consultancy or other services such as public speaking or providing training
- payment for organising parties and events or providing entertainment
- income from activities such as taxi driving, hairdressing, providing fitness training or landscape gardening
- profits from spare time activities such as making and selling craft items
- profits from buying and selling goods, for example regular market stalls, boot sales etc
Hooper & Co have a wealth of experience in assisting tax payers bring their tax affairs up to date and we would be happy to discuss making the appropriate disclosures to HMRC.