Apple UK Went Under Tax Audit
The tax struggles experienced by Apple is not shocking news as it has been well documented before. The most recent news is that the company went under an extensive audit that required them to pay more tax bill. According to a financial news company, Apple was mandated to give a payment of £136 million in the United Kingdom. As big as the company is, many are confident they have audit insurance thus they may have very little to worry about.
The extensive audit was conducted by the HM Revenue and Customs, a department working under the United Kingdom government which is tasked to collect all the taxes of the country. According to the report made by the department, the payment which is in the form of added tax combined with interest only shows that there has been an increase in activity within the company.
The tax bill is especially made for the company Apple Europe which is the one responsible in providing various services to different group companies including support, administrative, financial and marketing.
The audit conducted by the HRMC revealed that Apple Europe did not receive the fair value that it deserves considering the services it is offering to subsidiaries of the company. This is the reason why the company filed a very low taxable income. The payment made by Apple is for several years of added tax starting in 2015.
Currently, there are 791 people under the employment of Apple Europe and it has earned a profit of £297 million within 18 months until April of 2017. The figure is before taxes and the total tax bill paid by the company after the audit amounted to £192 million.
With regards to the result of the auditing made by HM Revenue and Customs, Apple said that they have paid everything that they owe based on the tax laws not just in the UK but in every country where they operate. The company also clarified that they know the crucial role of the taxes in the country. The company is currently the highest taxpayer in the world and an audit insurance is most likely not going to make much difference but for small to medium businesses.
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