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Original poster

To think that Martine McCutcheon should have been more careful with all that money she earned?

70 replies

Southeastdweller · 13/02/2013 23:11

www.telegraph.co.uk/finance/personalfinance/fameandfortune/9864485/Martine-McCutcheon-declared-bankrupt.html

Is it so hard to keep a third of your earnings for tax and not live beyond your means? Why did bankruptcy happen?

She's a very talented lady I think but never really capitalised on her big breaks, though her last big job, for Activa, must have earned her a tidy sum.

Still, I was an extra on a TV job she did years ago, post-Enders. Seemed nice enough and really gorgeous with no make-up.

OP posts:
MyDarlingClementine · 14/02/2013 10:00

She may well be Paris but one would think her advisors - accontants are not.

fromparistoberlin · 14/02/2013 10:11

but anyone that does not have a basic grasp on

money in
money out
40% tax

surely?????

Maybe I am jealous of never having that much money!!

CogitoErgoSometimes · 14/02/2013 10:33

Remember when Sting was swindled by an a financial adviser for £6m? When there is so much money swishing in and out ... not like the rest of us with once a month mundane PAYE payslips and DD payments... big numbers can go missing.

fromparistoberlin · 14/02/2013 10:39

welll.... If I was a rich celeb I would have my own excel spreadhsheets thank you very much

muppets I say

FlouncingMintyy · 14/02/2013 10:43

Yanbu. It really grates that someone who earned so much money for such a long time has got away without paying all that income tax. Really grates.

NoelHeadbands · 14/02/2013 10:44

It's a shame, she is very kind hearted though. I once saw her interviewed where she revealed that she decided to do the adverts as she'd been doing a lot of stage theatre and felt she owed it to her fans to get back on telly.

Like I say, all heart.

Muminwestlondon · 14/02/2013 10:46

I think she had financial advice throughout and chose not to take it.

Feminine · 14/02/2013 11:00

None of us know how she has ended up claiming , or why?

Does it really matter?

cortneyfigel95 · 14/02/2013 11:00

This reply has been deleted

Message deleted by Mumsnet for breaking our Talk Guidelines. Replies may also be deleted.

Feminine · 14/02/2013 11:03

Thanks cortney I'll bear that in mind....Wink

MsVestibule · 14/02/2013 11:11

Noel isn't it great how the celebs still think about the needs of the little people Grin.

Crinkle77 · 14/02/2013 11:13

Not got much sympathy really especially as she admitted herself that she liked nice things and would think nothing of spending a fortune on designer goods. I also that if you owed money to the tax man that you still had to pay your tax bill. I am sure that is what happened with Kerry Katona.

LeonardoAcropolis · 14/02/2013 11:24

It's got her face back in the newspapers anyway..... (cue OK! Magazine cover "My bankruptcy hell", appearances on This Morning etc "My bankruptcy hell"). Maybe a new dawn of a celebrity career!

fromparistoberlin · 14/02/2013 12:11

LOL at Noel!!!!!!!!!!!!!!!!!!!!!!!!!!!

RedPencils · 14/02/2013 12:25

Its' easy done, I was self employed for a few years on a series of ongoing contracts. I was VERY careful about third going away for taxes. I lost my contract and couldn't find any extra work, companies cut back, don't need my kind of service. I was out of work for nearly 6 months and I spent some of my tax money savings, DCs need school uniform, there's £5k in the bank what are you going to do? That year I had to pay part of my tax bill on my credit card. I'm not thick and have a very fancy budget sheet (pivot tables and all!). I just hadn't anticapted how hard it would be to find work.

Having said that though, shes been famous for a long time, so she of all people know how fickle her line of work is. Even more reason to be careful with money. I think HMRC get the money even if your bankrupt, you just get more time to pay.

SparkyDudess · 14/02/2013 12:28

I have limited sympathy but I can see how it happens.

She's presumably taking some of her income in the form of dividends, and the tax on that is payable all in one go a financial year later. If she had poor advice, then she could have been hit with a big corporation tax bill and ended up short.

Anyone with a brain gets an accountant to check periodically that when the bill comes in you'll have the funds to cover it, but if she didn't do that or ignored his advice, then she could well have been hit with an enormous bill payable immediately.

Tinkerisdead · 14/02/2013 12:36

My dh was declared bankrupt in dec. Can I just say it's not the easy option for anyone. My Dh had his own business in the housing market. In 2010 the company was served a winding up order that they couldn't defend. The bank put in their clauses about seizing control and appointed their own director. Creditors then came to my home threatening to burn down my house with my child in it.

After moving 4 times, the business being wound up, losing our home etc etc and still being threatened I should add. He has had no option to go bankrupt when the bank requested their bond money of £162,000 payable in 90 days. We own nothing. Nothing. Where once we had a lovely home, nice cars etc.

Don't get me wrong, it's had some blessings such as a more family orientated lifestyle etc. but we never ever thought this would happen to us and it really has not been "the easy option to get rid of debts". The only debt we had was this personal guarantee against a folded business.

In terms of tax, my dh is on 0 rate tax for this financial year as the hmrc must not be favoured above your other creditors. Any tax deemed payable will be taken from your assets(if any) by the official receiver.

atthewelles · 14/02/2013 12:39

Some people are just crap at handling money, and I suspect arty, creative types are often worst than most, but in her position she should surely have had an accountant looking after her affairs?

PureQuintessence · 14/02/2013 12:40

Well, you should read the article in the Daily Mail. (I actually read this paper this morning, enjoying a rare solitary cup of coffee after drop off. A girl has to celebrate her birthday somehow. Wink )

It tells a story of a diva who allegedly is a nightmare to work with and who has managed to alienate pretty much the entire Industry, starting the moment she set foot in the US, and were rude, drunk and obnoxious with Elton Johns guests at a party, leading to her getting dumped like a hot potato.

I was more interested in the article about Stephen Fry to be honest. Hmm

ChairmanWow · 14/02/2013 12:49

Maybe some yoghurt would cheer her up. LOLZ at this SomethingOnce!

Not I'm any way tax-related and total gossip, but a friend of mine has done some freelance journalism in the past and managed to get him and his girlfriend into some premier or other. His GF had been told she looked like Martine McCutcheon and someone brought her to Ms Mc and pointed this out, at which point Martine had a massive meltdown and screamed words to the effect of, 'She looks nothing like me. She's fat and ugly and I'm beautiful'. Such a classy lady.

ChairmanWow · 14/02/2013 12:50

in not I'm. Sausage fingers.

showtunesgirl · 14/02/2013 12:55

She's never capitalised on her success because by all accounts she was awful to work with.

The official reason why she left My Fair Lady was because she was "sick" but the real reason is because she very rarely turned up to work though she was very good in the role. Jonathan Pryce who was her co-star looked like absolute thunder when she won the Olivier!

lainiekazan · 14/02/2013 13:08

I think these "bankrupt" celebs are as bad as tax-dodging corporations and individuals.

It seems outrageous that bankruptcy can be a way of just getting a clean slate, and creditors are left high and dry. Remember there will be lots of little people who suffer when someone declares bankruptcy - people who have a small business.

complexnumber · 14/02/2013 13:14

Well I went to look at the article and saw Oscar Pistorius killed his girlfriend so got distracted.

I have no idea if Martine Mc was ripped off by her agent/accountant/whatever but when Caroline Quentin, who also makes much money from adverts,was, she said that it was easy to do because an actress cannot sit home watching 505 channels and writing down how often your ad gets shown so she trusted that she was paid the royalties she was owed.

CointreauVersial · 14/02/2013 13:18

A friend of mine went bankrupt last year, as her cleaning business had built up a load of debts.

It has made no noticeable difference to her lifestyle at all! Her house is now in her DH's name (apparently, because they had next to no equity in it, and have dependant children living there they didn't have to sell it), she has a slightly smaller car, and she's still working. Just no debts. I can't quite work out how it was so easy for her.