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Claims made Caffe Nero 'hasn't paid a penny in corporation tax'
8:40am Wednesday 9th April 2014 in News
IT has been claimed popular British coffee house Caffe Nero hasn't paid a penny in UK corporation tax since 2007 despite racking up around £100million in profits.
According to national Newspaper the Daily Mail, the chain has become the latest big firm to come under fire over its tax affairs, in the wake of US behemoths Starbucks, Amazon, and Google.
The newspaper says that analysis of the company's accounts show it has not paid any tax since its financial year ending May 31, 2007 and in the period since then it has notched up just under £1billion in sales and made profits before tax of around £100million.
It added the latest filings to Companies House show the privately-owned company made a £21.1million profit in the year ended May 31 2013 and generated £204.3million in sales.
However, the newspaper also said there was no suggestion Cafe Nero had been doing anything illegal.
Caffe Nero has a branch in the Kingfisher Shopping Centre.