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Cyprus Eastern Forum Index » Coffee Shop Chat » Should Amazon be paying more taxes in the UK
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Should Amazon be paying more taxes in the UK 
Post: #1   PostPosted: Fri Feb 01, 2019 5:59 pm Reply with quote
bubblechris
Joined: 27 Mar 2009
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Amazon paid around 61 million in Capital Gains Tax over the last 20 years.

M & S paid more than that last year alone.

Seriously do you think that's right?
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Post: #2   PostPosted: Fri Feb 01, 2019 6:49 pm Reply with quote
Kwacka
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No, I don't think it's right.

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As you're asking! 
Post: #3   PostPosted: Fri Feb 01, 2019 8:10 pm Reply with quote
Woodrow Why?at
Joined: 04 Oct 2008
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I don't think it's right but, then again, it might be wrong! Cool

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Post: #4   PostPosted: Fri Feb 01, 2019 8:27 pm Reply with quote
alan99
Joined: 09 Jan 2006
Posts: 530
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Location: UK and sometimes Cyprus

 
Bear in mind. They are paying what is perfectly legal, no more no less. That judge said many years ago. A man's duty is to pay no more to the taxman than is legally due.
The tax laws are far too complicated.
The government makes the laws and then gets upset when it doesn't suit them.

Example: HMRC refuses to recognize territorial limits and taxes you world wide if they deem you UK resident and aren't resident elsewhere.
Example:You can never set foot in UK in your life but if you are deemed (that word again) UK domiciled you will be charged inheritance tax.
Example: Fined a hundred quid if your UK tax return is late ,even if no tax is due.
Just a few examples .
Don't get me started on some offshore fund gains getting charged as income , but no income deduction allowed if loss.

Alan
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Post: #5   PostPosted: Sat Feb 02, 2019 10:12 am Reply with quote
sugarray1955
Joined: 25 Jan 2017
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Morally no, it is wrong, but if they are doing nothing illegal what can you do about it apart from boycotting them, something I am not willing to do as it would be detrimental to me. They are only doing what all the big global companies do.

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Re: Should Amazon be paying more taxes in the UK 
Post: #6   PostPosted: Sat Feb 02, 2019 4:05 pm Reply with quote
DAC
Joined: 02 Feb 2006
Posts: 6824
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bubblechris wrote:
Amazon paid around 61 million in Capital Gains Tax over the last 20 years.

M & S paid more than that last year alone.

Seriously do you think that's right?


Amazon is a difficult one as they don't actually own any of the products that they sell. We deliver, as do Tesco, Waitrose, Argos, Currys etc etc to many Amazon Sellers who buy stuff from our store and then resell it online with Amazon. So an item that's for sale in our store, for say 5, will be handled by the Amazon seller at their warehouse before being transported to the relevant Amazon Warehouse and then 'Fulfilled by Amazon' at a price of 14.99 and as it has "Free Delivery" the average buyer will be fool enough to pay the highly inflated price.

My point being, if there's enough mugs out there that are prepared to pay over-the-odds simply because it's from Amazon then technically Amazon may have turned over 14.99 for that item but their actual percentage profit on it is much smaller as the product never actually belonged to Amazon as it belonged to one of it's sellers. So it will be the actual seller that pay the major taxes on it and not Amazon.
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Re: Should Amazon be paying more taxes in the UK 
Post: #7   PostPosted: Sat Feb 02, 2019 7:24 pm Reply with quote
Steve - SJD
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DAC wrote:
bubblechris wrote:
Amazon paid around 61 million in Capital Gains Tax over the last 20 years.

M & S paid more than that last year alone.

Seriously do you think that's right?


Amazon is a difficult one as they don't actually own any of the products that they sell. We deliver, as do Tesco, Waitrose, Argos, Currys etc etc to many Amazon Sellers who buy stuff from our store and then resell it online with Amazon. So an item that's for sale in our store, for say 5, will be handled by the Amazon seller at their warehouse before being transported to the relevant Amazon Warehouse and then 'Fulfilled by Amazon' at a price of 14.99 and as it has "Free Delivery" the average buyer will be fool enough to pay the highly inflated price.

My point being, if there's enough mugs out there that are prepared to pay over-the-odds simply because it's from Amazon then technically Amazon may have turned over 14.99 for that item but their actual percentage profit on it is much smaller as the product never actually belonged to Amazon as it belonged to one of it's sellers. So it will be the actual seller that pay the major taxes on it and not Amazon.


Roughly around 50% of sales on Amazon are via third party sellers - the
rest via Amazon direct I believe.

Amazon doesn't report the total value of sales from third party sellers - it
only reports the value of the services it has charged for e.g. shipping,
payment fees etc.

Amazon is many different businesses/divisions all rolled together with
varying margins - Marketplace, AWS, Prime etc etc

Also despite its 25 year history Amazon hasn't made a significant profit in
that time as it continually reinvests the money into the company.

So using a headline turnover figure does not give an accurate picture of
an extremely complex business that uses current tax laws to its
advantage as it is obliged to do.

Sure Amazon gets a bad rap but it is also worth remembering that it
provides platforms such as the marketplace and cloud services that
enable millions of smaller businesses to operate and generate taxable
income.

Cheers

Steve
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Post: #8   PostPosted: Sat Feb 02, 2019 7:56 pm Reply with quote
mouse
Joined: 08 Oct 2005
Posts: 10951
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Location: kapparis,cyprus

 
They also employ 100's 0f people.

And keep many others employed in other companies.

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Post: #9   PostPosted: Sun Feb 03, 2019 8:52 am Reply with quote
bubblechris
Joined: 27 Mar 2009
Posts: 4889
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Location: Waltham Abbey, Essex E9

 
mouse wrote:
They also employ 100's 0f people.

And keep many others employed in other companies.


Yes and we should all thank them for allowing us to make up the zero hours wages with benefits from the kitty that is boosted by Joe Bloggs who pays all his taxes and is penalised if he doesn't.

We should also thank them for forcing so many retailers int bankruptcy because they found it impossible to compete when the odds are stacked in favour of the likes of Amazon.
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Should Amazon be paying more taxes in the UK 
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