HMRC is closing in on undeclared income

26th July 2013

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New technology and extra staff make it easier for HMRC to find you – no matter who you are.

Putting your tax affairs in order

Most people register for tax and declare how much tax they need to pay at the right time. But there are others that have not done so for various reasons, which could include a worry that they have left it too late to register, uncertainty about how to register with HMRC or concerns about how they will pay what they owe.

If this sounds like you, Charterhouse can help you get on track.

Examples of some problems you may have include:

Not telling HMRC you are working for yourself (self-employed).
Not realising that you need to declare rental income from property you own.
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
Being in business and having a sales income which has gone over the VAT threshold but you haven’t registered for VAT.
Being a higher rate tax payer and not declaring bank interest or dividend income that is only taxed at the basic rate.

Remember that it’s better to tell HMRC than it is for them to find out.

By David White, Partner, Charterhouse, based in Beaconsfield