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Tax Tip

Even the Business Secretary can get it wrong. 26/10/11

Business Secretary Vince Cable has been fined by the taxman for failing to pay up to £25,000 in VAT.

The £500 penalty was for late payment of tax on earnings from media work and speaking engagements in 2009-10 - the year before he became a minister.

A tabloid newspaper claimed that Mr Cable earned an estimated £192,000 from media work in 2009-10, on top of his MP's salary of £65,738, but did not tell HM Revenue and Customs that his income had exceeded a pre-set threshold.
HMRC rules state that if a person's annual turnover of VAT-liable goods and services exceeds £73,000, they must register for the duty within 30 days.
Mr Cable’s accountants state that as soon as his earnings had breached the threshold, HMRC were informed and an offer to settle immediately and in full was made to HMRC and this was duly accepted.
A spokesman for Mr Cable said all his tax affairs were "above board" and the penalty had been reduced by 50% because his liabilities were settled quickly.

If you need any help and advice with VAT or other tax matters, contact Lavinia Newman Stuart Coleman or Tonmoy Kumar now to discuss how ABDS can help bring their experience to these matters.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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