OMG One Direction have paid their Corporation Tax

Posted by Amy Flower in Personal Finance on 12 November 2015 - Amy is a Senior Credit Analyst at checkmyfile

We live in a society now where multinational companies do everything in their power to avoid paying their dues. The majority of these very successful and wealthy companies have accountants that advise money is best sent to offshore banks, rendering the money out of the grasp of the Government. What cannot be sent offshore is then reduce to a bare minimum.

Most recently Facebook were named and shamed for their 2014 Corporation Tax bill being a measly £4,327, even after reportedly paying £35m in staff bonuses. UK employees of Facebook took an average salary plus bonus of £210k in 2014, whilst the company itself reported at a loss of £28.5m. Other companies that have been in the news for their avoidance or insignificant contributions include Amazon, Starbucks and Google.

Its fresh news to hear that a boy band with worldwide stardom has made a significant contribution to the UK Government paying £8.2m in Corporation Tax this year (unlike Take That) The boy band have all become directors in their own brand, 1D Media, which gains revenue from merchandise, recording and touring. This allows the boys (including Zayn Malick) to be in control of their company all with equal shares. The successful British boy band has paid £10.47m to HMRC with £8.24m for Corporation Tax, totalling £23% of their pre-tax profits being paid to the UK taxman.

The contribution 1D Media has made to the taxman could be used to fund vital services for the UK – the tax paid could provide good starting salaries for 370 junior nurses that are desperately needed for hospitals and delivering a good NHS, 285 fire fighters to protect the people who need them the most, 31 MRI Scanners, 5 new primary schools, 315 police officers or 260 secondary school teachers.

Could you imagine the money that could be put into providing services for people across the country if all multinational companies were made to pay the right amount of Corporation Tax and not able to swindle it away to offshore banks?

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