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UK HMRC estimates US firms underpaid £8.8bn in taxes last year

by TheAdviserMagazine
4 months ago
in Business
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UK HMRC estimates US firms underpaid £8.8bn in taxes last year
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The UK’s HM Revenue and Customs (HMRC) has reported that US companies may have underpaid taxes amounting to £8.8bn ($11.8bn) in the previous financial year, according to UHY Hacker Young, a national accountancy firm.

This figure marks a 57% increase from the estimated £5.6bn underpayment recorded the year before.

US corporations represent the largest share of tax underpayment among foreign entities, contributing to 46% of the total £19bn in tax underpaid by all international companies operating in the UK.

In light of these findings, HMRC has intensified its scrutiny of major US firms, particularly those in the technology sector.

Some analysts have suggested that these companies are minimising their tax obligations in the UK by reallocating profits to jurisdictions with lower tax rates, such as Dublin.

UHY Hacker Young pointed out that a prevalent strategy used by these firms is known as ‘transfer pricing’.

This involves transactions between subsidiaries, where one entity compensates another for goods and services, including intellectual property rights, potentially leading to reduced taxable income in the UK.

The US government has expressed concerns regarding what it perceives as unfair taxation practices imposed by other countries on American businesses.

The UK’s implementation of a “diverted profit tax” and a digital services tax has previously been identified by the US as examples of such unfair measures.

UHY Hacker Young partner and tax head Phil Kinzett-Evans said: “The amount of tax owed that HMRC suspects that US companies owe is continuing to grow at a scale that HMRC knows it can’t ignore.

“HMRC is under a lot of pressure help fill the shortfall in tax revenues by cracking down on large companies. However, that conflicts with the need to keep the US government onside but not to be seen as too aggressive towards US companies.

“HMRC needs to tread carefully as it faces the challenge of ensuring the UK keeps a good relationship current US administration whilst also investigating US companies for underpaying tax. The less tax collected from US companies, the more has to be paid by other taxpayers.”

“UK HMRC estimates US firms underpaid £8.8bn in taxes last year” was originally created and published by International Accounting Bulletin, a GlobalData owned brand.

 

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.



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