The HMRC Second Income Campaign is aimed at employed individuals who are receiving a second or additional income which they have not yet declared to HMRC.
This is an opportunity for those individuals to come forward and disclose their additional earnings to HMRC for the periods in which additional income has been received but not taxed.
Some examples of the types of additional incomes this would include (but not limited to these) are:
The criteria for an individual to take part in this disclosure facility are as follows:
To take part in the Second Income Campaign, a notification needs to be made to HMRC (by the individual or their advisor) of their intention to take part and make a disclosure of their additional income(s). Please note if there are any other sources of untaxed income these must also be disclosed at the same time.
This type of disclosure is classed as unprompted (voluntary) and therefore attracts an additional reduction in the percentage of penalty due if appropriate.
Once notified HMRC will then write to accept the individual into the process and provide a unique reference number for the disclosure. HMRC then allow 90 days for the disclosure to be prepared and submitted with payment. There are some circumstances when it may be possible to extend the time period to complete the disclosure and also to request additional time to make payment of what is due.
Once the disclosure is submitted, HMRC have the opportunity to ask questions, ask for further information to support the figures or challenge the penalty. But having completed hundreds of these types of disclosures, we find that if the appropriate work is undertaken on calculating the figures, consideration is given to the individual's tax affairs as a whole, and if the supporting documentation is good, then most cases are accepted by HMRC.
We can manage the whole process for the individual and deal with HMRC on their behalf, and provide the expert advice needed to ensure the individual is informed and that the process goes smoothly.
Please note it is also important that an individual registers to file future self assessment tax returns at the same time as HMRC do not in our experience automatically do this. This ensures the individual minimises any further possible penalties for late notification.
Gilbert Tax understands that people sometimes make mistakes in their dealings with HMRC and that HMRC make mistakes in dealing with taxpayers. Many people do not know how to deal with HMRC or who to turn to for help resolve the tax dispute.
Gilbert Tax is a firm of tax advisors who specialise in resolving people's problems with HMRC. We have extensive expertise in dealing with all forms of tax investigations and tax disputes as well as with taking matters to the Tax Tribunal where agreement cannot be reached.
Gilbert Tax deal both directly with the individual who is under enquiry and also work with many firms of accountants supporting them in dealing with HMRC disputes and advising them on how to handle HRMC to get the best result.
The fact is that proper management of HMRC is the best way of reducing the tax, interest and penalty as well as the time taken in resolving any tax dispute.
Gilbert Tax are none judgemental and rigorously defend your position within the scope and parameter of the law. We take control and manage the process to minimise the interruptions that any form of tax investigation causes to an individual's life and business.
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