Making a full disclosure HMRC Campaigns

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Making a full disclosure HMRC Campaigns

Over the years HMRC has run a series of campaigns being opportunities for taxpayers to come forward and bring their tax affairs up to date. Each campaign is targeted at a specific taxpayer group or type of taxable activity. However there have been no new campaigns launched recently, and most campaigns have now closed.

Here are the ones still open where you can notify and basically come clean and benefit from lower penalties and a prompt service. They come with a health warning in that a full disclosure is expected and professional help in completing the forms and exploring all areas needed is money well spent!

Let Property Campaign

This is aimed at individual landlords letting out residential property in the UK or abroad who have not declared their letting income.

Second Incomes Campaign

This is aimed at employees resident in the UK who have additional freelance or self-employed income.

Card Transaction Programme

This is aimed at those in business who accept credit or debit card payments but have not declared that income to HMRC.

In all these cases, the taxpayer must notify HMRC and then make a disclosure and pay the tax within 90 days. You do have to self-assess the tax and any penalties which for a layman can be a minefield !! Lindsay can help on 07584 706664

 

 

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