Tommy Tainant
Diamond Member
https://leftfootforward.org/2018/03...rhqx8_QINAXjJrvpu6R7e_JNDKj2m_OaKH8nljFixTh2Q
Over the weekend a newspaper reported that Caffe Nero has not paid any corporation tax in the UK for the last decade despite total sales of around £2bn through its 637 shops.
The company has consistently reported a loss. Accounting and tax losses in company accounts rarely connect with any commonsensical understanding of economic loss.
The losses, as I previously indicated, can be manufactured by the funding model chosen the company’s controllers and financial engineering at Caffe Nero has also enabled it to wipe out its tax bill.
Caffe Nero is part of a maze of companies. The trail leads to a company called Saratoga Limited based in the Isle of Man and Rome Holdco Sarl registered in Luxembourg, which in turn is controlled by private equity entrepreneur Gerald Ford.
Huge swathes of corporate Britain play this game.Basically, lend yourself the money to buy the business and then use the loan repayments to eliminate the profits and avoid tax.These companies benefit from the infrastructure provided by taxes but do not want to contribute.
Caffe Nero are the third biggest coffee chain in the UK and the two bigger chains also play this game. it gives them an unfair advantage over local businesses.
And our shitty conservative government makes noise and does nothing.
Over the weekend a newspaper reported that Caffe Nero has not paid any corporation tax in the UK for the last decade despite total sales of around £2bn through its 637 shops.
The company has consistently reported a loss. Accounting and tax losses in company accounts rarely connect with any commonsensical understanding of economic loss.
The losses, as I previously indicated, can be manufactured by the funding model chosen the company’s controllers and financial engineering at Caffe Nero has also enabled it to wipe out its tax bill.
Caffe Nero is part of a maze of companies. The trail leads to a company called Saratoga Limited based in the Isle of Man and Rome Holdco Sarl registered in Luxembourg, which in turn is controlled by private equity entrepreneur Gerald Ford.
Huge swathes of corporate Britain play this game.Basically, lend yourself the money to buy the business and then use the loan repayments to eliminate the profits and avoid tax.These companies benefit from the infrastructure provided by taxes but do not want to contribute.
Caffe Nero are the third biggest coffee chain in the UK and the two bigger chains also play this game. it gives them an unfair advantage over local businesses.
And our shitty conservative government makes noise and does nothing.
