By Marcus Leach

Vince Cable has been fined £500 by the taxman for failing to pay VAT taxes amounting to £25,000.

The fine relates to money earned in 2009/10, before he became a minister and Business Secretary, for public speaking engagements and media work.

A spokesman for Mr Cable said all his tax affairs were "above board" and the penalty had been reduced by 50% because his liabilities were settled quickly.

As far as Mr Cable's accountants are concerned the matter is now closed.

"There are no tax payments outstanding and none are being contested," said accountants Myrus Smith.

"When it became clear that Mr Cable's earnings had breached the level at which VAT was payable, an offer to settle immediately and in full was made to HMRC and this was duly accepted.

"The matter was dealt with within a month of the Revenue being informed in the first instance and is now closed."

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