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News - 3 December 2012

Public Accounts Committee brand companies as 'Immoral.'

Starbucks, Google and Amazon have been accused of "immorally" avoiding paying their fair share of tax in the UK, as the Chancellor prepares a blitz on tax dodgers.

MPs on the Public Accounts Committee criticised the companies for the "unconvincing and, in some cases, evasive" evidence they gave on why their corporation tax payments are so low.
Starbucks told the committee it had made a loss for 14 of the 15 years it has operated in the UK, a claim the committee said it found "difficult to believe".

Margaret Hodge, who chairs the Public Accounts Committee, said: "Global companies with huge operations in the UK generating significant amounts of income are getting away with paying little or no corporation tax here.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“This report is published as George Osborne prepares to unveil a £154m crackdown on wealthy companies and rich individuals who dodge tax. Officials will be ordered to use the cash to draft in an army of investigators to target high earners who aggressively avoid or evade paying tax.”

Katja Hall, from the Confederation of British Industry said:
"Companies pay £163bn in tax in the UK every year and the large majority of companies pay the right amount of tax."

If you need any help and advice for your business on Tax, VAT or the implications of the HMRC Taskforces, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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