HMRC is closing in on undeclared income
In this article we wish to draw your attention to importance of declaring all of your income. If you are already doing the right thing and paying tax on all of your income, then there’s nothing more you need to do.
But if you have any income you haven’t told HMRC about, you need to declare it before they catch you.
Some common issues that may get forgotten and can cause a problem are
- not telling HMRC you are working for yourself (self-employed)
- not realising that you need to declare rental income from property you own by yourself or with someone else
- not telling HMRC that you have another source of income which is paid without tax taken off (such as selling on the internet, car boot and trade magazine sales)
- having Capital Gains Tax to pay when you’ve sold or disposed of an asset
- not realising that you are classed as self-employed or understand the tax implications
HMRC’s new technology and extra staff make it so much easier for them to find you - no matter who or where you are.
Putting your tax affairs in order – better late than never!
Check whether you need to complete a tax return, make sure you fill in your return accurately and send it on time (even if you are late make the submission now to avoid penalties racking up).
Correct any mistakes by telling HMRC about any tax that you think you owe, amending a previously incorrect return or owning up to fraud.
Remember you can get independent advice, or talk to friends and family or an adviser about your tax concerns. Charterhouse would love to hear from you.
You can also tell HMRC about someone who isn’t declaring all their income using HMRC’s online form.
Charterhouse is a dynamic tax specialist and accountancy practice, operating out of offices in Beaconsfield and Harrow and providing services in London and to many surrounding towns in Berkshire, Buckinghamshire, Hertfordshire and throughout the UK. Charterhouse writes blog articles to help provide insights and expert advice on tax and other financial matters.