HM Revenue & Customs do sometimes make mistakes. Normally, if they have charged you insufficient tax and later discover the error, they will send you a supplementary demand requesting the balance owing. However, under a provision known as the ‘Official Error Concession’, if the mistake was due to HMRC’s failure ‘to make proper and timely use’ of information it received, it is possible that you may be excused the arrears. For this to be likely, you would need to convince HMRC that you could reasonably have believed that your tax affairs were in order. (more…)

Caught your attention, huh? Okay, there IS a catch. I admit it. You can’t do anything illegal. You have to report all your income. You can’t work under the table. You’re following all the rules. So how are you making money that the IRS can’t touch AND staying out of jail?

You’re going to use frugality to make your current income do more than seems possible! For example, if you make $35,000 per year, by using frugality you can make it do the work of $45,000. You’ve just “made” $10,000 that you don’t have to report to the IRS! (more…)