Vince Cable
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MP Vince Cable: Tax error an honest mistake

Business Secretary Vince Cable has been penalised by the taxman for failing to pay up to £25,000 in VAT.

The £500 penalty was for late payment of tax on earnings from media work and speaking engagements in 2009-10 - the year before he became a minister.

Speaking to the BBC, Mr Cable admitted he was "embarrassed" that "an honest mistake" has resulted in monies being paid late, but insisted that he had never tried to avoid paying what was owed.