As we approach 2024, HMRC is introducing changes aimed at clamping down on undeclared additional income — whether earned in the UK or abroad. This article outlines what the shift means and how to prepare.
Embracing international standards: A key driver is alignment with OECD-led transparency rules designed to reduce tax evasion and improve international information sharing.
Confidentiality and data concerns: HMRC will have access to more financial data to confirm income reporting is correct. HMRC remains subject to UK data protection requirements, but the practical result is greater visibility of income streams.
How J3 Accountants can help: If you receive additional income (for example overseas investments, rental income, or other sources), we can help you assess tax exposure, confirm what needs to be declared, and get your filings up to date.
Next step: If you are unsure whether you have income that should be disclosed, it is best to review it proactively rather than wait for HMRC prompts or enquiries.
