The Second Incomes Campaign is a HMRC initiative that offers employed individuals who have additional income that has yet to be taxed an opportunity to bring all their tax affairs up to date.
According to the gov.uk website:
“You can take this opportunity if:
- you’re an employee
- you’re resident in the UK
- you have additional income from working for yourself
A second income could come from:
- consultancy fees, eg 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, (at market stalls or car boot sales)
You need to tell HMRC if your additional income hasn’t been taxed through either:
- your main job
- another Pay As You Earn (PAYE) scheme
- Self Assessment
This is called a ‘voluntary disclosure’. To get the best possible terms you need to tell HMRC that you want to take part in the campaign.
You’ll have 4 months to calculate and pay what you owe.
You have to:
Fill in a notification form.
Fill in a disclosure form to disclose and pay what you owe within 4 months of receiving HMRC’s acknowledgement of your notification.”