Corporation Tax Yield up by 25%

HM Revenue & Customs has collected £4bn in corporation tax from UK companies, a jump of 25% from £3.2bn over the last 12 months.

According to research conducted by law firm Pinsent Masons, a combination of intensive site visits and increased aggression has led to the rise in tax paid.

Facebook, Google, Apple and Amazon are just some of the large companies who have come under fire for avoiding corporation tax on revenues generated in Britain.

The UK’s corporation tax rate currently stands at 21% for businesses with profits above £300,000. This is set to be cut to 20% from April next year, marrying both the large and small company rates in an attempt to attract new businesses to the UK.

HM Revenue & Customs are likely to continue to challenge large businesses involved in tax avoidance, with mid-sized firms also more likely to find themselves under increased scrutiny. If you own a business and suspect that you may fall under investigation by HMRC, it is crucial that you seek expert advice from a tax investigations professional.

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