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Second incomes disclosure opportunity was aimed at taxpayers who have not declared any part-time/additional income from self employment. this closed on 7 August 2017.

What second incomes is HMRC targeting?

HMRC gives examples of the type of second income that may have not been declared:

What else?

Any other activity that is being run on a commercial basis which brings in a profit, so this would include income from online selling activites and any other form of self employment in any shape or size.

What’s excluded?

How to notify HMRC about second income?

Review HMRC Guidance Second Incomes Campaign

Complete a notification form

Within four months complete a disclosure form and make payment.

How do I calculate my income?

Profits and losses may be calculated using either the conventional accruals basis or using “simplified accounting”.

Need help?

Send your postcode to the Virtual Tax Partner ® and we will connect you to a friendly accountant near you.