APPLE has become the latest technology company to be accused of avoiding paying tax on UK earnings.
The company is reported to have paid just £10m in UK corporation tax in the last financial year despite earning around £6bn during the same period.
Documents show that Apple's three main UK subsidiaries paid £10.3m in corporation tax in the year to September 25 2010.
Apple joins Amazon and Google in being accused of avoiding UK tax.
Amazon is being investigated by HM Revenue & Customs (HMRC) for possible tax avoidance.
Amazon generated sales of around £7.6bn in the UK, but paid no corporation tax on the profit from that revenue line.
Apple was unavailable for comment.
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.