Attention Private tutors and coaches
Don't wait for the Taxman to teach you a lesson!
This is the latest initiative from HMRC offering private tutors, instructors, coaches and the like, who have not declared all their income the chance to make a voluntary disclosure via the Tax Catch Up Plan.
This initiative targets professionals able to exploit their specific skill set in a private capacity and thereby earn additional income without paying tax at source.
The net will be thrown as wide as possible to catch anyone providing private lessons for money, whether or not professionally qualified.
So if you earn income from private teaching, tutoring, coaching in lifestyle, fitness, education, music, dance, etc and you have not declared it, this is your chance.
Remember that no amount is too small and even if you have made no profit, you still legally required to notify HMRC, maintain full business records and prepare proper financial accounts of your however-small 'business' and complete a tax return.
To find out more, click here
Don't delay, the deadline is 6th January 2012 to tell them and 31st March 2012 to get it sorted.
You can do it yourself or ask your accountant for help.
If you want help urgently, give me a call or email
This initiative targets professionals able to exploit their specific skill set in a private capacity and thereby earn additional income without paying tax at source.
The net will be thrown as wide as possible to catch anyone providing private lessons for money, whether or not professionally qualified.
So if you earn income from private teaching, tutoring, coaching in lifestyle, fitness, education, music, dance, etc and you have not declared it, this is your chance.
Remember that no amount is too small and even if you have made no profit, you still legally required to notify HMRC, maintain full business records and prepare proper financial accounts of your however-small 'business' and complete a tax return.
To find out more, click here
Don't delay, the deadline is 6th January 2012 to tell them and 31st March 2012 to get it sorted.
You can do it yourself or ask your accountant for help.
If you want help urgently, give me a call or email
