This depends on the type of income. HMRC run a series of campaigns designed to make declaring certain types of income easier. There are currently three campaigns still open. These cover:
Let property income – aimed at individual landlords letting out residential property in the UK or overseas.
Second income – aimed at employees resident in the UK who have additional freelance or self-employed income.
Card transaction programme – aimed at those who have accepted credit or debit card payments but have not declared the income to HMRC.
If the income does not fall into one of the above headings, HMRC’s on-line Disclosure Service or Worldwide Disclosure Facility (WDF) can be used.
Under each programme, you notify HMRC, make a disclosure and pay the tax within 90 days. HMRC may allow time to pay depending on circumstances.
Always consider speaking to a tax advisor before making a disclosure to HMRC. In addition to offering valauble advice they can make the disclosure and deal with HMRC on your behalf.
For more information, please contact Lesley Sutton on 01484 550037 or email firstname.lastname@example.org.