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A legend in boots

Nov 7, 2008, 03:57 AM
Authors : Richard
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Post date : Nov 7, 2008, 03:57 AM
Another legend in the news yesterday.
Paul Gascoigne was being taken to the High Court for recovery of about £200,000 in tax arrears.
As with Kerry Katona recently, this seems to be another case of someone with high earnings having failed to remember the fundamental rule that ‘the taxman always wants his slice’.
For those of us who are employees, the taxman painlessly removes his slice under the PAYE system, so that our plate, I mean payslip, only shows the portion that is left for us to scoff.
For the self-employed, the complete circle of yummyness sits temptingly right in front of them.
Understandably, it’s a little difficult and requires a certain level of self control to put, say, 40% to one side for the taxman.
Understanding the difference between allowable and non-allowable expenditure can also be a problem.
Sadly, Paul Gascoigne appears, one way or another, to have got through a substantial amount of dosh over the past few years and from the figures on the paper it seems that HMRC are seeking a substantial proportion (£215,000) of what he’s got left (£250,000 apparently).
The High Court have granted him another couple of months to try to sort things out with the department – let’s wish him success in that regard.

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