Rapper Goes Bust

When someone famous or reasonably famous goes bankrupt, it makes the news. If it was just you or me or some other regular person, it just isn't news worthy. But it is shocking some times when we hear or read of someone who is famous and earning huge sums of money become insolvent and need to go bankrupt. You think to yourself, if I was earning that kind of money I'd save more or have planned better. And maybe we would have, but there are high expenses associated with fame and wealth.

One area I have seen time and time again is where someone who maybe famous and in our eyes rich owes HMRC. In essence they are self-employed and as such have to pay their own taxes, meaning take HMRC's money out of their huge paychecks and pay their taxes themselves. However for some reason they don't do this and wind-up owing HMRC thousands and thousands.

So I was not too surprised when I read that Richard Rawson, whose stage name is Fazer and is in the rap group N-Dubz, has gone bankrupt citing owing HMRC. A bankruptcy order was filed on December 4, 2013 and he will be discharged form bankruptcy after 12 months on December 4, 2014.

The exact amount he owed HMRC was not available at this time.

It was also in the news that Rason's bandmate “Dappy” also owes taxes and has until the end of January to sort the matter out.

So once again HMRC is the financial straw that broke the rapper's back.