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HMRC 2nd Income Penalty “Amnesty”

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HMRC is offering an “amnesty” for those who come forward with details of undeclared second incomes – i.e. from re-sale of goods at boot fairs, evening taxi driving, making and selling craft items, part-time daytime or evening work, and so on. This will not wipe out penalties for late payment, and interest will still be charged on amounts calculated to be overdue, but it will definitely mean lower penalties and therefore a smaller amount due to pay than if HMRC discover the extra income without it being openly declared.

It’s worth checking with us if you’re concerned that HMRC might regard money you have received from, for example, trading on eBay or at Boot Fairs, as a second income stream – i.e. a business activity.

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