Tax is good. It pays for the roads we drive on, the health and social care system we all rely on, the schools that educate us, our children, friends & family. Police, fire services, parks, recreation, housing - we needn't list everything here.
But it's become too easy for internet based companies to avoid their fair share of tax. Their very nature throws many challenges to current tax legislation, it's all too easy to exploit a regime that wasn't designed with internet based trading in mind.
We Pay Full UK Corporation Tax
Timetastic pays full corporation tax in the UK, no offshore companies, no tax avoidance schemes or transactions setup for the sole purpose of avoiding tax.
Timetastic's average corporation tax rate on profits is 20%.
We're committed to paying all the taxes we owe in accordance with the spirit of all tax laws that apply to us. We believe that paying our taxes in this way is the clearest indication we can give that we are responsible participants in society.
We will fulfil our commitment to paying the appropriate taxes that we owe by paying the right amount of tax, in the right place and at the right time. We do this by reporting our tax affairs in ways that reflect the economic reality of the transactions required to operate Timetastic.
We will not use options or what might be referred to as loopholes in tax law, or the allowances and reliefs provided in tax law, in ways that are contrary to the spirit of the law. Nor will we undertake specific transactions with the sole or main aim of securing tax advantages that would otherwise not be available to us based on the reality of running Timetastic.
No Tax Avoidance Schemes
We will never undertake transactions that would require notification to HM Revenue & Customs under the Disclosure of Tax Avoidance Schemes Regulations or participate in any arrangement to which it might be reasonable anticipated that the UK’s General Anti- Abuse Rule might apply.
No Tax Havens
We believe tax havens undermine the UK’s tax system. As a result, while we may trade with customers and suppliers genuinely located in places considered to be tax havens we will not make use of those places for our own tax advantage, and nor will we take advantage of the secrecy that many such jurisdictions provide for transactions recorded within them.
We prepare our accounts in compliance with this policy and will seek to provide all that information that users, including HM Revenue & Customs, might need to properly appraise our tax position.
Fair Tax Mark
Timetastic is a Fair Tax Mark business, which means we have been independently verified as paying our fair share of corporation tax and reporting on it transparently.
Part of the criteria for the Mark is that the public should be able to easily find out how much we pay in tax, how this reconciles to our accounts, and who the beneficial owners of the company are.
You can view and download our latest Fair Tax Mark statement here: