Facebook published its 2017 accounts in the UK, showing that its tax bill had risen to £17m after it had changed its structure to book more revenues onshore. However, as Taxwatch director George Turner told the Independent, Facebook’s real profits in the UK are likely to be much higher.
Last year HMRC named 583 deliberate tax evaders, from small businesses to the children of world leaders. Their unpaid taxes and penalties were enough to pay for an extra GP appointment for every child in the UK, and double the figure from the previous year.
Penalties, naming and shaming aren’t working on their own. We suggest two key reasons why not.
Parliament’s Business and Trade Committee says tax compliance is crushing small businesses. HMRC says small business tax abuse is out of control. Can both be true?