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26/10/2011
Vince Cable Fined Over Tax Bill
The taxman has fined Business Secretary Vince Cable for failing to pay £25,000 in VAT.
The penalty of £500 was for late payments of tax on earnings from media work and speaking engagements in the year before he became a minister.
A spokesman for Mr Cable said his tax affairs were "above board" and the penalty had been reduced by 50% as his liabilities were settled quickly.
The Sun newspaper claimed Mr Cable earned an estimated £192,000 from media work in 2009-10, on top of his MP's salary of £65,738, but failed to tell HM Revenue and Customs that his income had exceeded a pre-set threshold.
When a person's annual turnover of VAT-liable goods and services exceeds £73,000, they must register for the duty within 30 days.
Mr Cables aides reportedly told the Sun newspaper the error was made "unknowingly".
The news comes the day after Mr Cable was chased and subjected to a barrage of questions after accidentally walking into an ongoing protest by members of the Occupy Movement.
The Business Secretary was then escorted by police away from the protesters who filmed the minister as they chased him along the street outside the head office of Her Majesty’s Revenue & Customs (HMRC) in London.
Members of the Occupy London Stock Exchange movement had joined activists from direct action group UK Uncut to stage a protest outside the HMRC building calling for the resignation of Permanent Secretary for tax, Dave Hartnett, before Mr Cable stumbled unknowingly past the demonstration.
The Business Secretary was then chased to the Department for Business, Innovation and Skills with protesters demanding the sacking of Hartnett.
(DW)
The penalty of £500 was for late payments of tax on earnings from media work and speaking engagements in the year before he became a minister.
A spokesman for Mr Cable said his tax affairs were "above board" and the penalty had been reduced by 50% as his liabilities were settled quickly.
The Sun newspaper claimed Mr Cable earned an estimated £192,000 from media work in 2009-10, on top of his MP's salary of £65,738, but failed to tell HM Revenue and Customs that his income had exceeded a pre-set threshold.
When a person's annual turnover of VAT-liable goods and services exceeds £73,000, they must register for the duty within 30 days.
Mr Cables aides reportedly told the Sun newspaper the error was made "unknowingly".
The news comes the day after Mr Cable was chased and subjected to a barrage of questions after accidentally walking into an ongoing protest by members of the Occupy Movement.
The Business Secretary was then escorted by police away from the protesters who filmed the minister as they chased him along the street outside the head office of Her Majesty’s Revenue & Customs (HMRC) in London.
Members of the Occupy London Stock Exchange movement had joined activists from direct action group UK Uncut to stage a protest outside the HMRC building calling for the resignation of Permanent Secretary for tax, Dave Hartnett, before Mr Cable stumbled unknowingly past the demonstration.
The Business Secretary was then chased to the Department for Business, Innovation and Skills with protesters demanding the sacking of Hartnett.
(DW)
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