when a famous person declares themselves bankrupt
- Thread starter cm1179
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When you are self employed, you're supposed to pay tax on all earnings, but this is done by you/your accountant, rather than coming out with PAYE.
As such, it's very easy if you're bad with money to run up a big tax bill and have nothing left at the end of it.
As such, it's very easy if you're bad with money to run up a big tax bill and have nothing left at the end of it.
I'd hazard a guess that it's for unpaid tax.
Ho ho ho, sarcastic git you might think, but then ask yourself, what is tax supposed to be paid on? Other then tax at the point of sale, you're taxed on earnings and savings, so that is where the bill has come from.
"£21.7m Simon Cowell's tax bill last year, suggesting an income of at least £54m. His current ITV deal, which ends this year, has been worth £20m over the past three years, dwarfed by his staggering £60m-a-year deal on American Idol."
TBH, you know when you are minted when you are paying £21,7 Mil to the taxman.
no, you know your Accountant is not good at his job
And hes still got a bum parting for a haircut, FJ simon!
This. My brother is a contractor and hence self employed. He pays an umbrella company to deal with his tax (plus other stuff) but could do it all himself. If he just kept all the money he earns he could be landed with a huge tax bill and then he would be in dog do lake without a sail.
Doesn't make a difference what he does with his money, unless he is buying things for work (i.e. expenses).
All profit after the £6000 odd threshold is taxable.
Edit: I think i see what you mean. He would have a large bill at end of year rather then having it taken at source?
I think he meant if he didnt pay tax and kept all that for himself
