HMRC Is Shite

HMRC Is Shite
Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.

Tuesday, 13 October 2015

The Curious Case of Facebook's £4K Tax Bill

Facebook paid £4,327 in corporation tax last year, this is less than the annual cost of travel for some people commuting to London from Brighton each day and less than many taxpayers (based on the average) paid in income tax.

Despite revenues of £105M in 2014, Facebook incurred losses of £28.5M.

This loss was partly in due to £5.6M of tax losses being brought forward from the previous year, and also due to the company's finances going largely through its European headquarters in Ireland where it's able to minimise taxes through the "Double Irish" loophole.

Unsurprisingly there has been a right old hoo hah about this.

However, £35M of bonus payments were made to British staff which I assume (depending on their tax arrangements) are taxable.

That aside, those who are in a flap over this should bear in mind that Facebook has not broken the law but has used the law to minimise its taxes.

The laws that Facebook uses have been passed by our "respected" MP's. Therefore, if people do not like these laws, they should have a word with their MP's and ask them to pass laws that extract higher tax bills from Facebook.

Tax does have to be taxing.

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1 comment:

  1. The points is that it is morally wrong , which your site seems to ignore -the MPS in question do not understand tax and are looking for jobs in many cases with the very companies avoiding tax so good luck with that -if Amazon , Google , Facebook etc may argue they pay tax on earnings of staff, NI , rates etc but the staff use schools, hospitals etc built and ran on tax their employers avoid .