Over the last few months, HMRC have doubled down on those they believe have undeclared income. Individuals and businesses involved find themselves in the spotlight for failing to declare income from breeding or selling animals including pet cats and dogs.

With the rise in animal breeding, HMRC are committed to ensuring all breeders comply with tax obligations, with severe financial consequences for those who do not.

Declaration

If your income is more than £1,000 from selling or breeding animals, you must register for self-assessment and declare any income.

If you realise that you have undeclared income, HMRC encourages voluntary disclosure through their online service, which can help reduce penalties compared to HMRC discovering the undeclared income themselves. The penalties can range depending on the circumstances of the situation and tax owed.

Once you have notified them of the undeclared income you have 90 days to submit the disclosure. They will then investigate the submission and contact you with their decision and outcome of the disclosure.

If you have received a letter from HMRC telling you to disclose your income or you believe you need to voluntarily disclose the undeclared income, get in touch with us today and our team can assist you ensuring your disclosure is correct and complete.