What you need to know about th


What you need to know about the Second Incomes Campaign in the UK

HMRC has updated their online guidance to confirm that the Second Incomes Campaign for individuals with undeclared income from a supplementary income stream has been withdrawn.

What you need to know about th


Affected individuals can still make a voluntary disclosure but won’t automatically benefit from the special terms associated with HMRC’s targeted disclosure opportunities.

Notifications can be made using HMRC’s Digital Disclosure Service using a similar process as for making a disclosure under one of the targeted campaigns.

The following targeted disclosure opportunities are currently available:

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.

Card Transaction Disclosure programme

The Card Transaction Disclosure programme offers individuals and businesses that accept credit card, debit card and cash 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.

Worldwide Disclosure Facility

The Worldwide Disclosure Facility (WDF) is open to anyone who wants to disclose a UK tax liability that relates wholly or partly to an offshore issue.

The WDF does not offer any special terms and in most cases any interest and penalties levied will be charged in full. If your disclosure is complex, you can request 90 additional days from notification in which to make your disclosure, giving up to 180 days in total.

The WDF will remain available after 30 September 2018 but the terms are expected to be more onerous than those currently available.

For more information, please contact Exceed.