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HMRC campaigns

I have been reading about the various campaigns HMRC has been launching. I am self employed and therefore complete a tax return- do I need to be worried about these campaigns?  

If you are diligently doing everything correctly, then you should have nothing to fear. These campaigns are targeted at people who do not declare all of their income or, worse still, have never informed HMRC that they require a tax return. They are not intended to penalise honest taxpayers.

If you think you have additional income to declare, you would be encouraged to seek professional advice and consider coming clean under a campaign. Generally, the penalties HMRC can impose are lower if you come forward; than if you wait for HMRC to find you first. But these campaigns should offer even lower penalties than normal.

If you would like to discuss these so-called ‘amnesties’ in more detail, please do not hesitate to contact your local TaxAssist Accountant.

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