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Practice No.
13444
Hot News
HMRC Campaigns
What are HM Revenue and Customs campaigns all about? In simple terms these campaigns are about giving certain self employed people a chance to “come clean” to Revenue and Customs about their business.
Most campaigns allow you to give a full declaration of income by a set date for a reduced penalty charge. HMRC periodically focuses on specific areas and trades. They let everyone in that trade know that they are being “looked at” providing an opportunity to “come clean” upon favourable terms. If, after the campaign is over, you are found to have understated income from a targeted source then the penalties will be greater.
In the past, campaigns have included electricians, plumbers, tutors, direct selling, foreign investments and income.
What are HM Revenue and Customs campaigns all about? In simple terms these campaigns are about giving certain self employed people a chance to “come clean” to Revenue and Customs about their business.
Most campaigns allow you to give a full declaration of income by a set date for a reduced penalty charge. HMRC periodically focuses on specific areas and trades. They let everyone in that trade know that they are being “looked at” providing an opportunity to “come clean” upon favourable terms. If, after the campaign is over, you are found to have understated income from a targeted source then the penalties will be greater.
In the past, campaigns have included electricians, plumbers, tutors, direct selling, foreign investments and income.
....Future Campaigns
“Second Income Campaign”
The Second Incomes Campaign gives you the chance to bring your tax affairs up to date if you’re employed and have additional income from working for yourself. A second income could arise from:
- Consultancy fees, e.g. for providing training
- Organising parties and events
- Providing services like taxi driving, hairdressing or fitness training
- Making and selling craft items
- Buying and selling goods, e.g. at market stalls or car boot sales
To participate you must tell HMRC that you have additional undeclared income and complete the notification form (available online). You then have 4 months to calculate the income and pay the amounts due.
TaxClever offers a complete service to assist you, including the calculation
of tax, interest and penalties. Please Contact us if you would like some help.