Menu
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)
Related UK National News Stories
Click here for the latest headlines.
14 December 2011
Gov Pushes Aerospace Business Take Off
Business Secretary Vince Cable has said he plans to address barriers to growth, boost exports and increase the number of high value jobs in the UK's Aerospace industry.
Gov Pushes Aerospace Business Take Off
Business Secretary Vince Cable has said he plans to address barriers to growth, boost exports and increase the number of high value jobs in the UK's Aerospace industry.
08 September 2011
Transport Cops Target Cable Crime
Over the next few weeks British Transport Police (BTP) will be blitzing the Knottingley area with additional officers and patrols in a push to target cable crime. The special operation will involve large numbers of additional BTP officers being deployed to work alongside BTP's dedicated cable squad of over 20 officers in the North.
Transport Cops Target Cable Crime
Over the next few weeks British Transport Police (BTP) will be blitzing the Knottingley area with additional officers and patrols in a push to target cable crime. The special operation will involve large numbers of additional BTP officers being deployed to work alongside BTP's dedicated cable squad of over 20 officers in the North.
30 November 2010
Corporation Tax Reform To Create 'Competition'
The Government has published details of its Corporate Tax Reform programme consisting of a series of essential reforms designed to improve the UK's tax competitiveness. Measures include the introduction of new Controlled Foreign Company (CFC) rules and a commitment to introduce a Patent Box.
Corporation Tax Reform To Create 'Competition'
The Government has published details of its Corporate Tax Reform programme consisting of a series of essential reforms designed to improve the UK's tax competitiveness. Measures include the introduction of new Controlled Foreign Company (CFC) rules and a commitment to introduce a Patent Box.
06 April 2011
Government Tackle Tax Avoidance
David Gauke, Exchequer Secretary to the Treasury, has today announced a change in legislation to prevent tax avoidance. The measure will prevent individuals from taking advantage of a tax loophole that would have emerged today had the Government not taken action.
Government Tackle Tax Avoidance
David Gauke, Exchequer Secretary to the Treasury, has today announced a change in legislation to prevent tax avoidance. The measure will prevent individuals from taking advantage of a tax loophole that would have emerged today had the Government not taken action.
12 March 2014
Minimum Wage Increases Announced
The government has announced a 19p increase in the national minimum wage, bring it up to £6.50 per hour. The new will come into effect in October following a recommendation by the Low Pay Commission for a 3% rise. Alongside this the rate for 18 to 20-year-olds will be increased by 2%, going up by 10p to £5.13 an hour.
Minimum Wage Increases Announced
The government has announced a 19p increase in the national minimum wage, bring it up to £6.50 per hour. The new will come into effect in October following a recommendation by the Low Pay Commission for a 3% rise. Alongside this the rate for 18 to 20-year-olds will be increased by 2%, going up by 10p to £5.13 an hour.
-
Northern Ireland WeatherThis Evening and Tonight:Mostly cloudy with showery outbreaks of rain reaching parts of Antrim and Down later this evening, The showers will extend westwards overnight, clearing from most places by morning. Minimum temperature 7 °C.
