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Moonlighting

HMRC is cracking down on all you eBay traders out there not paying tax on your extra income, and targeting those who moonlight from their jobs.

There's nothing wrong with pocketing a little extra cash, but you've got to do it right. Builders who don't pay VAT and/or income tax or teachers who do extra lessons on the side are all the taxman's hit list.

HMRC claims to have developed new 'web robot' software to catch rogue traders out, so better make sure if you're annual turnover is over £73,000 that you're registered for VAT.

If it's freelance work you do then you must register as self-employed and fill in a tax return every year. If you don't then you could face a hefty £100 fine.

But before you get your head into a spin, note well that the HMRC is offering an amnesty to those who come clean in the next few months. You won't have to pay the whole wack – only ten percent.

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