Second income? Declare it!
HMRC is targeting undeclared second incomes! A disclosure facility for the Second Incomes Campaign provides individuals an opportunity to declare additional income that is not taxed through their main job, other PAYE scheme, or that hasn’t already been declared as earnings on a tax return.
You should pay additional tax on income, for example:
What you must do
- If you receive fees for consultancy, public speaking or as a training provider;
- If you receive fees for organising parties, events or entertainment;
- If you receive fees for taxi driving or hairdressing; or offer fitness training or landscape gardening;
- If you receive profits from activities such as making and selling craft items;
- If you receive profits from buying and selling goods, i.e., regularly running a market stall or selling things at boot sales, on ebay, etc.;
- Receive rental income from a property.
Declare all your income. DNS will help you to legally reduce your tax liability, so why put yourself in danger of an investigation and/or fine? Take a look at our blog
or talk to your account manager about our tax planning services.