Vince Cable VAT Penalty
Discussion
http://www.telegraph.co.uk/news/politics/liberalde...
"Vince Cable 'fined for failing to pay £25,000 tax'
Vince Cable, the Business Secretary, has been fined for failing to pay up to £25,000 in VAT on his media work and book deals, it has been claimed."
"Vince Cable 'fined for failing to pay £25,000 tax'
Vince Cable, the Business Secretary, has been fined for failing to pay up to £25,000 in VAT on his media work and book deals, it has been claimed."
...And the Daily Mash take on it:
"Tax scandal would have destroyed Cable's credibility"
"
VINCE Cable's failure to pay income tax on time would have destroyed any credibility he still had, it has been confirmed.
He could probably get away with killing someone
In the wake of the revelations there have been no calls for his resignation because he has let absolutely no-one down.
Former Lib Dem voter, Helen Archer, said: "If only he had not turned out to be so utterly full of s
t this would have been bitterly disappointing."
http://www.thedailymash.co.uk/politics/politics-he...
"Tax scandal would have destroyed Cable's credibility"
"
VINCE Cable's failure to pay income tax on time would have destroyed any credibility he still had, it has been confirmed.
He could probably get away with killing someone
In the wake of the revelations there have been no calls for his resignation because he has let absolutely no-one down.
Former Lib Dem voter, Helen Archer, said: "If only he had not turned out to be so utterly full of s
t this would have been bitterly disappointing."http://www.thedailymash.co.uk/politics/politics-he...
Eric Mc said:
Surprised no one has mentioned this yet. For a chap who has been lecturing us all on the evils of tax avouidance, tax evasion and the morals of business, he seems to not apply these strictures to his own activities.
Another politician falls into the "do as I say, not as I do" trap.
Think it sounds like a genuine mistake and simply helps to highlight that our tax system is overcomplicated.Another politician falls into the "do as I say, not as I do" trap.
I don't think that anyone was surprised to discover that a Liberal Democrat is a hypocrite.
We've had the "Calamity Clegg" affair with Chris Huhne. Huhne was also caught briefing against a fellow cabinet member, Theresa May. Last week we had one of Clegg's staff leaking information about Cameron's children to The Mirror.
Politicians in general have contemptable morals - but the LibDem's really plumb the depths.
Don
--
We've had the "Calamity Clegg" affair with Chris Huhne. Huhne was also caught briefing against a fellow cabinet member, Theresa May. Last week we had one of Clegg's staff leaking information about Cameron's children to The Mirror.
Politicians in general have contemptable morals - but the LibDem's really plumb the depths.
Don
--
Digga said:
Total cock. If you're too thick to understand VAT, you shouldn't run a business, let alone take the post of business secretary. Full stop.
Who doesn't understand VAT? Mistakes happen. Someone posted on here recently about forgetting their MOT, you think they don't understand what an MOT is?Esseesse said:
Who doesn't understand VAT? Mistakes happen. Someone posted on here recently about forgetting their MOT, you think they don't understand what an MOT is?
But demonstrative of an intellect/organisational capability significantly below that required to be a member of the cabinetEsseesse said:
Digga said:
Total cock. If you're too thick to understand VAT, you shouldn't run a business, let alone take the post of business secretary. Full stop.
Who doesn't understand VAT? Mistakes happen. Someone posted on here recently about forgetting their MOT, you think they don't understand what an MOT is?hornetrider said:
Esseesse said:
Digga said:
Total cock. If you're too thick to understand VAT, you shouldn't run a business, let alone take the post of business secretary. Full stop.
Who doesn't understand VAT? Mistakes happen. Someone posted on here recently about forgetting their MOT, you think they don't understand what an MOT is?
hornetrider said:
Esseesse said:
Digga said:
Total cock. If you're too thick to understand VAT, you shouldn't run a business, let alone take the post of business secretary. Full stop.
Who doesn't understand VAT? Mistakes happen. Someone posted on here recently about forgetting their MOT, you think they don't understand what an MOT is?Believe it or not, the Business Secretary and Secretary of State for Transport are human too.
Digga said:
hornetrider said:
Esseesse said:
Digga said:
Total cock. If you're too thick to understand VAT, you shouldn't run a business, let alone take the post of business secretary. Full stop.
Who doesn't understand VAT? Mistakes happen. Someone posted on here recently about forgetting their MOT, you think they don't understand what an MOT is?have a few more
Esseesse said:
Eric Mc said:
Surprised no one has mentioned this yet. For a chap who has been lecturing us all on the evils of tax avouidance, tax evasion and the morals of business, he seems to not apply these strictures to his own activities.
Another politician falls into the "do as I say, not as I do" trap.
Think it sounds like a genuine mistake and simply helps to highlight that our tax system is overcomplicated.Another politician falls into the "do as I say, not as I do" trap.
Anyone who runs a trading activity (as Cable does regarding his media work - probably a limited company) should be aware of the VAT registration turnover threshold. It seems that his gross sales/fees went well over the 2009/10 VAT registration threshold without him noticing. This was only spotted when his accountants started to prepare the accounts for that year. It doesn't say much for Cable's -
knowledge of some basic VAT rules
book-keeping and accounting records
His accountants might have been a bit more on the ball as well if they had realised that one of their high profile clients was engaged in more media activity than they had been previously and alerted them to the fact that VAT registration might be an issue. It's the type of conversation I have with my clients all the time.
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