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Caffè Nero faces tax accusations

first_imgCaffè Nero has become the latest big name brand to be accused of not paying corporation tax since 2007 – despite amassing £100m in profits during the period. According to 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 newspapers says the company’s accounts show it has not paid any tax since its financial year ending 31 May 2007, and in the period since then it has notched up just under £1bn in sales and made profits before tax of around £100m.Tax affairsThere is no suggestion that Caffè Nero has done anything illegal.Founder, chief executive and chairman Gerry Ford has defended his business’ tax affairs, arguing profits have been wiped out by interest payments on its debts of £250m.In 2012 Starbucks found itself embroiled in a similar row. It took full page adverts out in the national press declaring, “We’re not perfect.”last_img read more

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