Cable fined for unpaid VAT bill
Business secretary given £500 penalty for failing to register for VAT
BUSINESS SECRETARY Vince Cable has been fined over an unpaid £25,000 VAT bill.
Cable was given a £500 penalty for late payment of tax on his earnings from media work and speaking engagements.
His accountants Myrus Smith said in a statement: “There are no tax payments outstanding and none are being contested.
“When it became clear that Mr Cable’s earnings had breached the level at which VAT was payable, an offer to settle immediately and in full was made to HMRC and this was duly accepted.
“The matter was dealt with within a month of the Revenue being informed in the first instance and is now closed.”
Cable earned an estimated £192,000 from media work in 2009/10, but his accountants failed to register him for VAT duty.