Second income? Declare it!

Declar Your Second Incomes

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:

• 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.

What you must do

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.

About the author

Sumit Agarwal
Sumit Agarwal (ACMA ACA India), the Managing partner of dns accountants is a highly respected accountant with expertise in helping owner-managed businesses.