Vince Cable, government business secretary and doctor of economics, last week had to pay a £500 tax penalty for the late payment of up to £25,000 of VAT.
The fine relates to the delayed payment of earnings for his media work and speaking engagements for the 2009-10 tax year. Although the fine and outstanding payments have now been paid without dispute, it goes to show just how complicated personal tax planning is – when somebody with such as astute knowledge of finance and economics can’t get their VAT payments right!
With such a complicated tax system that can result in hefty fines for mispayment of tax, if is vitally important for businesses and anyone responsible for their own tax payments to seek professional accounting guidance.
As the leading tax accountants in Liverpool, ERC Accountants provide a fantastic service in submitting and minimising tax payments and can assist with income tax, capital gains tax, inheritance tax and non-domiciliary taxes. By ensuring the completion and filing of all relevant forms, providing advice on what payments are due and when, as well as advice regarding trusts and estates; ERC Accountants can ensure that unlike Mr Cable, all your VAT and taxes will be in order, so that you don’t have to pay more than you need to!
If only Vince Cable had known to come to ERC…
