Secondary incomes

Do you receive income from a secondary or part-time activity that isn’t declared?

As part of HMRC’s drive to encourage voluntary disclosures, the Secondary Incomes Campaign (SIC) has been launched to assist individuals in disclosing undeclared income (and/or capital gains). The campaign offers people the chance to pay lower penalties on the tax paid late.

The SIC campaign covers earnings from occupations such as taxi driving, hairdressing, consultancy, events / party planning, crafts or buying & selling goods. Broadly speaking, it covers any income which is not directly sourced from primary employment or business.

In order to make a disclosure through the SIC, you (or your accountant) must complete a notification form to register for the campaign. You then have four months to calculate and pay the tax due.

The SIC allows people with secondary sources of income to bring their tax affairs up to date, without the need for a full-blown enquiry and the inevitable cost and inconvenience that brings.

Further details can be found on the HMRC website: https://www.gov.uk/secondincomes

For specific advice or help with this or any tax matter, please contact MyTax.

We’re celebrating 10 years in business

24th April 2004 Christina opened the doors of her accountancy and tax business. Starting with a ‘clean sheet’, her goal was to provide a great value service to the businesses and individuals of Warwickshire.

In those 10 years we’ve expanded the team, moved from Station Road to larger premises opposite Abbey Fields, rebranded, and led the way in cloud accounting for small businesses.

Hundreds of satisfied clients have benefitted from a unique combination of personal service and great value fixed fees. Check out just a few testimonials.

What about the next 10 years? Well MyTax has its head in the cloud… we firmly believe that cloud accounting is the future for small businesses.

We hope you enjoy our short (quirky) video to mark our 10th anniversary:

https://youtu.be/53Mj0YA9uM8

Keeping a close eye on the money

For small businesses, keeping control of cashflow is vital. The ability to juggle day-to-day finances can sometimes be the difference between success and failure. The prudent business owner needs to watch the money daily.

Thankfully, tools exist to help with this. Cloud accounting with built in bank feeds allows bank transactions to link directly to bookkeeping and invoicing software. With a cloud accounting tool like Xero, for example, the business bank balance is highly visible on a dashboard. Also shown on the dashboard is money due to come in and money due to be paid out, so providing an extremely useful ‘snapshot’ of the financial health of the business.

What’s more, the dashboard can be accessed from anywhere (with an internet connection), and from any device. So now you can keep an eye on the money from the car, from home, even on holiday!

As one MyTax client commented, “Keeping on top of the book-keeping is now a pleasure and not a chore. The dashboard gives an instant overview of our company accounts and helps us keep on top of invoice and bill payments.”