Famous bankrupts, past & present

barbarawright · 3 October 2013 at 2:02PM

spacey2012 wrote: »

I would say she has a clever accountant that knows how to use the rules like big corporations use to avoid tax .
She always has plenty of money, big luxury houses and a fleet of luxury cars, so she or her accountant are not as daft as people think.

Her agent is also a genius, they have kept her at the forefront of TV and media for years, she was only a backing singer in a minor hit girl band.

Actually this isn't true at all according to this article. She really doesn't seem to have good advice at all and most of her problems seem to be down to poor choice of partners. Though, yes, I do realise she is better off than a lot of people

http://www.theguardian.com/lifeandstyle/2013/jul/06/kerry-katona-interview-decca-aitkenhead

" A greater irony becomes apparent when the full story of her bankruptcy unfolds. "I've already paid more than £430,000 back for an £82,000 tax bill. How am I ever supposed to get out of this?" she sobs, revealing some eye-opening parallels between the practices of payday loan companies and those of the taxman.

As a bankrupt, she has had to agree her expenses with a court-appointed trustee. She moved to Wigan in February because she could no longer afford to rent in the south, and for all its gaudy pretensions, at £3,000 a month the house is cheaper than most five-bedroom family rentals in London. As a location for further instalments of her reality shows, it was ideal, "but to clean these floors takes two days! I'm just a typical mum, I just want a normal-sized house so I can keep it clean and tidy." Her own furniture is in storage, and they have to move again by the autumn, because, "How much is this gonna cost to heat in winter? It's lovely, but it's a show house, really, isn't it?"

The trustee agrees "pocket money" to cover essential expenses. "But only half compared with what you actually need for four kids. I've had to take my kids out of private school. I'm not a materialistic person," she insists, weeping. "I use my 40% discount card from New Look to buy my clothes, the kids' clothes are from !!!!ing George at Asda and Matalan. And people think, 'Oh, she goes on these holidays,' but I don't pay for them. For me to have a holiday with the kids, that's why I have to have a pap picture. I've never paid for plastic surgery – the TV shows and magazines do. My money just goes straight to bills and the kids." "

fatbelly · 12 October 2013 at 9:42PM

Ryan Thomas, Coronation Street actor

http://www.dailymail.co.uk/tvshowbiz/article-2455532/Coronation-Street-actor-Ryan-Thomas-declared-bankrupt-tax-dispute--despite-earning-estimated-90k-year.html

Duncan James, of boyband Blue

http://www.dailymail.co.uk/tvshowbiz/article-2446600/Bankrupt-Duncan-James-sell-home-bought-mum.html

Calum Best, son of George

http://www.dailymail.co.uk/tvshowbiz/article-2451437/Calum-Best-bankrupt-years-mistakes.html

Not 100% sure of this one as he doesn't appear on the register (yet?)

wharty · 13 October 2013 at 9:00AM

fatbelly wrote: »

Ryan Thomas, Coronation Street actor

http://www.dailymail.co.uk/tvshowbiz/article-2455532/Coronation-Street-actor-Ryan-Thomas-declared-bankrupt-tax-dispute--despite-earning-estimated-90k-year.html

Duncan James, of boyband Blue

http://www.dailymail.co.uk/tvshowbiz/article-2446600/Bankrupt-Duncan-James-sell-home-bought-mum.html

Calum Best, son of George

http://www.dailymail.co.uk/tvshowbiz/article-2451437/Calum-Best-bankrupt-years-mistakes.html

Not 100% sure of this one as he doesn't appear on the register (yet?)

I followed the link for Ryan Thomas and giggled at the picture because in the background was Callum best (also bankrupt) drinking the same champagne!

ILW · 13 October 2013 at 9:25AM

Do showbiz types consider paying taxes as optional?

TheGardener · 13 October 2013 at 9:54AM

Having read a bit about it, it seems that the tax system for the performing arts business is quite complex. The high earnings possible in the entertainments industry obviously attract a big tax bill and its probably fair to say most people in that industry, like the rest of us, only have a basic grasp of how the tax system works which means they are dependant on 'advisors' who come at a high cost themselves. As the entertainments industry seems to be fairly shark infested waters at the best of times, I'm not surprised so many in that profession seem to get caught out. Perhaps HMRC should be looking at reviewing their system as one that seems to fail so often and so spectacularly in this industry?

barbarawright · 13 October 2013 at 11:01AM

ILW wrote: »

Do showbiz types consider paying taxes as optional?

I read an interview with, I think David Harewood, where he said the worst job he'd ever done was a film that he felt he wasn't being paid for because his entire salary went to pay taxes. Which is much like me saying I hate Jan-March because 25% of my salary goes in tax. So yes, I think the answer is that some showbiz types haven't a clue about putting money aside for taxes