Margaret Hodge Makes a Fool of Herself

Absolutely outrageous that Facebook's UK 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.

— Margaret Hodge (@margarethodge) October 8, 2018

There is precious little chance of HMRC being made to improve its performance if politicians are as woefully ignorant of the basics of finance as Hodge!

Tax does have to be taxing.

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Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Tax Investigation Insurance.

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Facebook Decides To Pay Tax

Facebook has decided to change its tax structure in order to pay more UK tax.

Quite what brought about this volte face is not clear (brand reputation possibly).

As per the BBC:

"Facebook is set to pay millions of pounds more in tax in the UK after a major overhaul of its tax structure.

After heavy criticism that it was avoiding tax, the BBC can reveal that profits from the majority of Facebook's advertising revenue initiated in Britain will now be taxed in the UK.

It will no longer route sales through Ireland for its largest advertisers.

That includes major businesses such as Tesco, Sainsbury's, consumer goods firm Unilever and advertising giant WPP."

I wonder what Facebook expects to gain from this?

The volte face is ironic, given that yesterday HMRC defined tax avoidance out of existence!

Tax does have to be taxing.

Professional Cover Against the Threat of Costly TAX and VAT Investigations

Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Tax Investigation Insurance.

Ken Frost has negotiated a 10% discount on any polices that may suit your needs.

However, neither Ken Frost nor HMRCISSHITE either endorses or recommends their services.

What is Solar Tax Investigation Insurance?

Solar Tax Investigation Insurance is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full enquiry or dispute.

To find out more, please use this link Solar Tax Investigation Insurance



HMRC Is Shite (www.hmrcisshite.com), also available via the domain www.hmrconline.com, is brought to you by www.kenfrost.com "The Living Brand"

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.

Professional Cover Against the Threat of Costly TAX and VAT Investigations

Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Tax Investigation Insurance.

Ken Frost has negotiated a 10% discount on any polices that may suit your needs.

However, neither Ken Frost nor HMRCISSHITE either endorses or recommends their services.

What is Solar Tax Investigation Insurance?

Solar Tax Investigation Insurance is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full enquiry or dispute.

To find out more, please use this link Solar Tax Investigation Insurance



HMRC Is Shite (www.hmrcisshite.com), also available via the domain www.hmrconline.com, is brought to you by www.kenfrost.com "The Living Brand"