Vince Cable HMRC VAT Fine

Vince Cable HMRC VAT Fine.

HM Revenue & Customs has fined business secretary Vince Cable £500 for failing to pay up to £25,000 in VAT.  Cable failed to register income from media and book deals that were liable for VAT and did not pay the duty on it.

HMRC rules state if a person’s turnover of VAT-liable goods and services over a 12-month period exceeds the current threshold of £73,000, they must register for the duty within 30 days.

The error was discovered by Cable’s personal accountants whilst finalising his tax return for the previous financial year.  The accountants notified HMRC and apologised and offered to pay any due tax.    He was fined half of the normal £1,000 penalty after he sent a cheque to the Revenue by mid-February to make up for the shortfall.