Current HMRC tax campaigns
HMRC has updated their online guidance covering targeted campaigns against tax avoidance that are currently available to taxpayers. The guidance on long running compliance issues for these campaigns has been updated.
The following disclosure opportunities are currently available:
Second Incomes Campaign
The Second Incomes Campaign offers individuals the opportunity to inform HMRC that they have undeclared income from a supplementary income stream. The campaign targets individuals in employment who have additional untaxed sources of income.
One of the conditions of taking part in the Second Incomes Campaign is that taxpayers are required to include all income streams that have not been disclosed to HMRC
Let property campaign
The Let Property Campaign targets landlords who have undeclared income from residential property lettings. The campaign offers the opportunity for landlords to come clean about any outstanding liabilities.
The campaign is open to all individual landlords renting out residential property. That includes landlords with multiple properties and single rentals as well as specialist landlords with student or workforce rentals.
Credit Card Sales Campaign
The Credit Card Sales campaign offers individuals and businesses that accept credit and debit card payments the opportunity to bring their affairs up to date and take advantage of the best possible terms. Any individual or company that accepts credit and debit card payments should be registered with HMRC.
Making a disclosure to HMRC as part of any of the campaigns will allow taxpayers to take advantage of the best possible terms. HMRC has also previously announced that any taxpayer targeted by a previous campaign will not be able to use a subsequent campaign to disclose liabilities. HMRC has also updated their guidance for individuals and companies who need to make a disclosure but aren’t specifically eligible for the HMRC Campaigns currently running.
Any individual or business that has deliberately evaded tax should seek to take action to make a voluntary disclosure to HMRC. We would be happy to discuss your available options and make the process as painless as possible.