Tuesday, 23 October, 2018

Facebook triples its United Kingdom tax bill to £15.8m

PayPal is an online payments service PayPal is an online payments service
Rhonda Young | 08 October, 2018, 19:55

The UK subsidiary of e-payments giant PayPal (PYPL) has agreed to pay an extra €3.1m (£2.7m, $4m) in tax to Britain's tax authority, Her Majesty's Revenue and Customs (HMRC).

Accounts filed at Companies House show that Facebook UK Ltd made pretax profits of £62.7m on sales of £1.27bn in 2017.

The publication of Facebook's 2017 tax accounts follows extensive criticism from policymakers and the media over the last 12 months of how much tax tech giants typically pay in Europe.

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Seann added: "In light of the story in today's newspaper I would like to offer my honest apologies for my actions". Katya, who has been married to fellow Strictly dancer Neil Jones since 2013, also tweeted about the incident.

This left the company with a meagre operating profit of £62m, barely above the £58m it recorded in 2016, although its tax bill is more than triple the £5.1m it paid into the taxman's coffers back then.

Recent media reports suggest that British finance minister Philip Hammond will launch a new digital services tax to stop some USA groups funnelling sales income through other countries to cut their tax bills.

Absolutely outrageous that Facebook's United Kingdom tax bill is 0.62% of their revenue here; on an income of £1.2 billion they really should be paying much more than £7.4 million.

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Meanwhile, online payments firm PayPal has announced that its United Kingdom subsidiary has agreed to pay an extra £3.1m in tax following a review by HMRC.

Facebook will not pay the full £15.7m, however - its net tax charge will be only £7.4m due to HMRC rules allowing the company to offset tax on profits against employee share awards.

"We have also changed the way we report tax so that revenue from customers supported by our UK teams is recorded in the UK and any taxable profit is subject to UK corporation tax".

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Likewise, a source tells ET that on Oct 1st Samantha and boyfriend Mark Phillips were seen outside Kensington Palace. It appears she had made an unsuccessful attempt to hand over a letter - presumably addressed to her sister Meghan.

The news follows a push by United Kingdom chancellor Philip Hammond to put pressure on large tech firms to pay higher amounts of corporate tax, as many channel sales through other countries such as Ireland to avoid a big tax bill.

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