Vince Cable, the Business Secretary, has been embarrassed after being fined £500 by HM Revenue and Customs for failing to pay VAT on his extra-curricular earnings.
The Liberal Democrat cabinet minister, who has been outspoken in the past about "ugly" tax avoidance, failed to register his earnings from media work, according to the Times. His unpaid VAT, it was claimed last night in the Sun newspaper, could have been as much as £25,000. A spokesperson for the minister said Cable's tax affairs were "above board" adding that HMRC had "let him off 50 per cent of the usual penalty". His earnings from media work, including television appearances and newspaper columns, and from after-dinner speaking arrangements, soared in the two years before the Li...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes