Accounting

UK Employees with Undeclared Incomes. Time to own up!

If you are an employee with undeclared and untaxed income, this is a good time to own up and get your affairs in order.

The HMRC Second Incomes Campaign is currently running (as at 10 September 2014) to help those with additional incomes make voluntary disclosures and pay what they owe.

If you don’t make a voluntary disclosure and the HMRC finds out later that you owe tax, you could get higher penalties or face criminal prosecutions. Be aware that in the UK, tax evasion is a criminal offence.

So, what counts as a Second Income? The following are listed on the official [gov.uk] website:

  • consultancy fees, eg for providing advice, guidance or training
  • organising parties and events
  • providing services like taxi driving, hair dressing or personal fitness training
  • making and selling craft items
  • buying and selling goods eg on EBAY, market stalls or car boot sales

To get the ball rolling, a voluntary disclosure needs to be made by informing HMRC of any additional income not already taxed through PAYE or self assessment.

If the above affects you but you find dealing with the HMRC a scary prospect, please get in touch via the contact page and we will help you sort things out.

 

Advertisements

About Phoenix

Accountant and Home Educator

Discussion

No comments yet.

Get in touch

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow PHOENIX DEBOLA ACCOUNTANCY SERVICES on WordPress.com

Enter your email address to receive notifications of new posts by email.

Join 3,137 other followers

POST CATEGORIES

0044 780 370 4496
0044 168 981 8119
%d bloggers like this: