The letters are starting to drop on mats throughout the UK. HMRC have gathered information from various internet platforms that point towards people who may not have declared their rental or trading income. Maybe you thought you were invisible if you are trading on the internet.

You maybe have not yet received your letter. It does not mean you have been forgotten, although it is possible you may have slipped through the net.

If HMRC find you, they will want to collect any unpaid tax but will also, in all probability, charge penalties for your mistake or omission. The level of penalties depends on various factors, Voluntary disclosures will get you the best deal. If you don’t come clean even after HMRC have cornered you, that is the worst case. There are various levels of penalty in between.

So, if you have undeclared rental or trading income of more than £1000 from internet platforms, get in touch with HMRC before they get in touch with you. It could save you a lot of money.