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HMRC target secondary incomes

02.05.14

HMRC are trying to persuade those with an undeclared secondary income earned through self-employed work to come forward and pay any unpaid tax under a new initiative called the 'Second Incomes Campaign'.

In what would appear as a non-aggressive approach, HMRC simply requests that anybody who thinks they have undeclared income to contact them and pay any outstanding tax within four months to settle on the 'best possible terms'.

The campaign adds: "HMRC is targeting tax evasion through second incomes and will use information it holds on its digital intelligence systems to identify people who might not have declared all their income.

"This will involve HMRC carrying out checks or enquiries to resolve matters. The customers involved will not then be able to make use of the opportunity offered as part of this campaign."

HMRC insist you contact them regardless of how long ago the money was earned, as the taxman has the ability to look back 20 years for tax records.

If you think this may apply to you, please click here for more information.

As a self-employed contractor, it's considerably easier for you to get your tax right. If you need any help with either this or previous year's self-assessment returns then Taxback.com can help. Click here for more information and to benefit from a reduced fee for their services.

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