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Second incomes campaign

HMRC has introduced this campaign to assist individuals in employment in bringing their tax affairs up to date if they have additional income that is not taxed through PAYE.  It is designed to enable people with undeclared income to get their tax affairs sorted in a simple, straightforward way by taking advantage of relatively preferential terms.

Basically, if you owe tax on your income you must tell HMRC about any unpaid tax now.  You will then have 4 months to calculate and pay what you owe.  HMRC has issued detailed guidance on this.

 

 

 

 

 

 

 

 

 

Date: 14th May, 2014
Author: Cathy Corns

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