SALES OF £3.3BN were racked up by Amazon.co.uk in the UK during 2011, but huge costs saw it pay just £1.8m in corporation tax during the year.
In a response to the Public Accounts Committee for more financial data relating to its UK operations, profits before income tax on UK sales equated to £74m, with various costs and expenses eating into the profit margin.
The company's UK accounts filed for the period show it paid £1.8m, with revenues of £20m.
In its response to the committee, Amazon asked for the information to remain confidential.
The committee has again called on HMRC to appear before it, in an effort to tackle marketed avoidance schemes. It is believed that HMRC chief executive Lin Homer will face questions on the tax affairs of its IT supplier, Accenture.
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.