fb

Go to jail for another…

Go to jail for another…

It’s always best to keep on top of your tax affairs. Submit your returns on time and make sure they are completed accurately to the best of your knowledge is the best approach.

Not everyone agrees with this approach though and millionaire businessman Peter Duffield from the UK took a different approach.

As a result, he’s currently serving a 4-year jail sentence after failing to pay £1.3 million in taxes but it looks as though things may be getting worse for him.

The background to the case is that he failed to submit a single tax return for 7 years. He told investigators from the tax authorities that he wasn’t a “paperwork person”. To be honest, that isn’t a great excuse.

He was jailed for 4 years but further investigation by the tax authorities has found that he failed to declare profits on the sale of 3 properties and as a result underpaid tax.

This was a pretty significant amount of tax that was underpaid and a confiscation hearing at Central Criminal Court ordered him to pay £1,232,189 within 3 months.

The unfortunate thing for Mr Duffield is that if he doesn’t pay the additional money within 3 months then he will have to serve an extra 8 years in jail.

The even more unfortunate thing for Mr Duffield is that if he doesn’t pay the additional money within 3 months he will be jailed for 8 years and then after the additional 8 years he will still owe the money to the tax authorities.

In conclusion, it’s always best to stay on top of your tax affairs…

Share this entry

Related articles

View All Articles

Recent articles

View All Articles
PwC Australia and the “Rule of Three”
Sep 21, 2023
Title
PwC Australia and the “Rule of Three”
Excerpt

As the future business leaders of tomorrow, it’s crucial for students to stay updated on key developments in […]

CIMA VS ACCA: which is best for you? (and what about CMA?)
Sep 15, 2023
Title
CIMA VS ACCA: which is best for you? (and what about CMA?)
Excerpt

When it comes to a career in accounting or finance, deciding which professional qualification to pursue can be […]

How’s your lipstick?
Sep 12, 2023
Title
How’s your lipstick?
Excerpt

In the world of business, understanding consumer behavior is crucial. The “lipstick effect” offers a fascinating glimpse into […]

How an online Certified Management Accountant (CMA) course can advance your career.
Sep 05, 2023
Title
How an online Certified Management Accountant (CMA) course can advance your career.
Excerpt

In today’s fast-paced and competitive business world, professionals are constantly looking for ways to differentiate themselves and advance […]

Waiting for your ACCA exam results…
Sep 01, 2023
Title
Waiting for your ACCA exam results…
Excerpt

Waiting for the results of your ACCA exams can be an incredibly stressful time. The uncertainty, the anticipation, […]

APM vs AFM ACCA: which path suits your career goals?
Aug 30, 2023
Title
APM vs AFM ACCA: which path suits your career goals?
Excerpt

“Which is easier – Advanced Performance Management (APM) or Advanced Financial Management (AFM)?”

ROI: how enrolling employees on ACCA courses will yield long-term business success
Aug 18, 2023
Title
ROI: how enrolling employees on ACCA courses will yield long-term business success
Excerpt

The Association of Chartered Certified Accountants (ACCA) is one of the most respected global accounting qualifications. Organisations across […]

Would Michael Porter sleep in this bed?
Aug 14, 2023
Title
Would Michael Porter sleep in this bed?
Excerpt

Management theories play a significant role in guiding corporate strategy. And when it comes to strategy and management […]