Yorkshire Water News Update: Accusations Over Tax Payments
Yorkshire Water news update: The water supply company have been accused of being spiteful with the use of tax laws following their avoidance to pay tax.
Last year the major water supply and treatment company Yorkshire Water avoided paying corporation tax on the £186m of profits to their name, like many other companies operating internationally not just in the UK, and they were found out. This led to the government enforcing new laws that made sure companies paid their fair share, Yorkshire Water have now been accused of using these tax laws spitefully – malevolently said one MP.
While Yorkshire Water have maintained that they are acting within the guidelines of these tax laws, there remains some speculation and during a meeting in the House of Commons between Yorkshire MPs and the water company the issue was debated.
It has been stated that Yorkshire Water have not done any illegal with regards to the tax rules but with an average 6.6% rise in water bills, it was suggested that this was a malevolent use of the rules. The MP for Ripon and Skipton, Julian Smith, said MPs as a whole would look into how the tax rules could be changed so that there could be no alternative interpretations or confusion.
Yorkshire Water News Update
The main priority for Smith is the taxpayer and at the moment, the way Yorkshire Water are using the rules the taxpayer is the one left out of pocket. The rules are in place to allow companies the freedom to do exactly what Yorkshire Water are doing but the extent that they’ve pushed the boundaries can be viewed as malevolent and spiteful – in a nutshell a kick back at the government and society for catching them in their avoidance of corporation tax.
Yorkshire Water were reluctant to provide an apology and Smith expressed his concern and disappointment that there appeared to be no remorse or apology meaning the company were barely even acknowledging what they had done. Spokespeople for the water company emphasised their contribution to the regional economy and expressed their openness to discuss their tax arrangements.
In addition to this and with reference to their annual report, they have reiterated their commitment to paying tax in full and according to the guidelines set by HMRC. The annual report included extensive details of the way Yorkshire Water is structured, the reasons behind this structure, how the company is funded and finally the equation behind the amount of corporation tax they are expected to pay.
All of these things have been claimed to leave Yorkshire Water questioning why they have been targeted by the MPs with questions about their charges.
More information on Yorkshire Water and their tax responsibilities can be found if you click here or by following the link and contacting the Yorkshire Water customer services department http://www.customerservicescontact.co.uk/yorkshire-water-telephone-number/.
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