April 11 2012.

HM Revenue & Customs (HMRC) has launched an e-Markets Disclosure Facility (e-MDF) to allow online traders to get their tax affairs up to date.

A guide - which can be found at http://www.hmrc.gov.uk/campaigns/emarket.htm - explains how traders can tell HMRC of previously undisclosed income and pay what is owed.

Who can use the e-Markets Disclosure Facility?
If you are trading online, and have not told HMRC about all your income, you probably won't have paid the right amount of tax. If that's the case you can use the e-MDF to get your tax affairs up to date.

Why disclose?
If you take part in this campaign and tell HMRC about any income that you haven't previously disclosed;

- You may only have to pay for a maximum of six tax years.

- You can tell HMRC how much penalty you should pay

- You may be able to pay what you owe by instalments

It's basically a 'fresh start'. You can stop worrying about what might happen when HMRC finds out that you've not been telling them about all of your income. It's a chance to start getting things right from now on, whilst knowing exactly how much it's going to cost to sort out things for earlier years.

To take advantage of the preferential terms on offer you must tell HMRC you wish to take part in the e-Markets Disclosure Facility (e-MDF) by 14 June 2012.