Another Loop Hole In Our Tax System ??

Twitter UK posts profits of just £16,500

Microblogging website, which is expected to float for $11bn, records meagre profits in British subsidiary's first accounts.

Twitter, which is inching towards an $11bn (£6.8bn) US stock market flotation, posted profits of just £16,500 in the much-delayed maiden accounts for its UK subsidiary.

It is too early to tell, however, whether the microblogging website will adopt the kind of financial structures favoured by other internet firms such as Google, Amazon and eBay to lower their UK tax bills

Very little is known about the finances of the San Francisco-based group, which is incorporated in the US tax and secrecy haven of Delaware. The business is estimated to have taken $288m in global advertising revenues last year, according to the research firm eMarketer – a figure that is projected to rise to $545m this year and $807m by 2014.

Twitter's estimated 200 million active users around the world, eMarketer researchers estimate the more commercially mature US market will still generate 83% of the group's advertising revenues for 2013.

In conclusion I feel that for twitter to only post profits of £16,500 is disgracefull for one of the worlds leading e media micro blogging platform. If HM Revenues allow them to get away with that then i will close my twitter account. Making millions means paying tax, regardless of loop holes you need to give back to the country that you are making money off. I.e making money off british advertisment companies. Our tax system needs to change so large profitable companys like google and twitter can stop frauding our system, no wonder where in a reccesion.