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Uber pays £22,000 in UK tax on £866,000 profit Uber pays £22,000 tax on £866,000 UK profit
(34 minutes later)
Uber is the latest company to risk public anger after paying £22,134 in UK corporation tax last year despite making an £866,000 profit.Uber is the latest company to risk public anger after paying £22,134 in UK corporation tax last year despite making an £866,000 profit.
The online taxi-hailing service was reportedly able to pay such a low sum as it legally transferred profits to its sister company in the Netherlands, where it would be liable for a lower rate of tax.The online taxi-hailing service was reportedly able to pay such a low sum as it legally transferred profits to its sister company in the Netherlands, where it would be liable for a lower rate of tax.
Related: Starbucks and Fiat Chrysler's tax avoidance deals to be ruled illegalRelated: Starbucks and Fiat Chrysler's tax avoidance deals to be ruled illegal
It comes a week after Facebook revealed it paid just £4,327 corporation tax in the UK in 2014. A string of multinational firms have been criticised in recent months for taking steps to legally avoid corporation tax. It comes a week after Facebook revealed it paid £4,327 corporation tax in the UK in 2014. A string of multinational companies have been criticised in recent months for taking steps to legally avoid corporation tax.
An Uber spokesman denied the firm had used any loopholes and insisted it had paid “every penny of tax that is due”. He added that the firm was a “significant net contributor” to the economy. An Uber spokesman denied that the company had used any loopholes and insisted it had paid “every penny of tax that is due”. He added that Uber was a “significant net contributor” to the economy.
“With corporation tax, past losses offset current and future profits – as is the case with Uber, which made losses in the UK in previous years,” he said. “With corporation tax, past losses offset current and future profits – as is the case with Uber, which made losses in the UK in previous years,” he said. “This is an accounting principle to encourage investment that dates back to Benjamin Disraeli. It is not a loophole.
“This is an accounting principle to encourage investment that dates back to Benjamin Disraeli. It is not a loophole.” “We are a young company – only three years old in the UK – that is investing heavily. We are a significant net contributor to the local economy everywhere we go, creating new opportunities for thousands of professional drivers.
“We are a young company – only three years old in the UK – that is investing heavily.
“We are a significant net contributor to the local economy everywhere we go, creating new opportunities for thousands of professional drivers.
“The lion’s share of every fare stays local, as it remains with the drivers who use Uber. And unlike the cash-in-hand past of this industry, we only take card payments so every fare is traceable and transparent.”“The lion’s share of every fare stays local, as it remains with the drivers who use Uber. And unlike the cash-in-hand past of this industry, we only take card payments so every fare is traceable and transparent.”
Uber received a boost last week when the high court ruled that its app was legal in London. Had it lost the case, the company would have been forced to change its service to comply with rules that protect black-cab driversUber received a boost last week when the high court ruled that its app was legal in London. Had it lost the case, the company would have been forced to change its service to comply with rules that protect black-cab drivers
Meanwhile, Uber is set to launch a service for disabled passengers in London.Meanwhile, Uber is set to launch a service for disabled passengers in London.
The minicab-hailing app said more than 100 of its most experienced drivers have signed up to the uberASSIST scheme. The minicab-hailing app said more than 100 of its most experienced drivers had signed up to the uberASSIST scheme. Those needing it can request the service by typing ”ASSISTUK” into the promotion screen on Uber’s app.
Those needing it can request the service by typing ‘ASSISTUK’ into the promotion screen on Uber’s app.