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.