Tax warning for workers with second incomes


Tax warning for workers with second incomes

Workers with second incomes are being urged to get their tax affairs in order in a new HMRC campaign, according to DSH Chartered Accountants & Business Advisors.

The advice to disclose details of additional income comes with a warning that failure to do so could result in criminal prosecution.

HMRC’s Second Incomes Campaign is aimed at UK employees who earn additional income by working for themselves.

Tax warning for workers with second incomes

Tax warning for workers with second incomes

“Many people in employment look to bolster their income by doing a second job, such as taxi driving, consultancy, making and selling craft items or selling goods at market stalls or on the internet,” said Glen Thomas, Tax Partner from the Maidstone office of DSH.

“While their main salary is likely to be taxed through PAYE, their second income can also be taxable. Some will realise this and will have made arrangements to pay tax, but others will not be doing so.

“If you’re not paying tax, then you need to tell HMRC, a process known as Voluntary Disclosure. By not doing so, you run the risk of prosecution if HMRC finds out about your second income further down the line.”

Anyone needing advice or clarification on the tax position for paying second incomes can visit www.gov.uk/secondincomes or talk to DSH Chartered Accountants & Business Advisors, by visiting www.dsh.co.uk or calling 01622 690666.

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