What is Untaxed Income
Untaxed income is money that is paid to someone without tax deducted from it.
Commonly that includes things like:
- Rental income;
- Self-employment income;
- Bank interest.
It the responsibility of the person who received untaxed income to let HMRC know about it, work out their tax bill and pay it over to HMRC. This is done by sending HMRC a self-assessment tax return form.