LONDON – Apple’s released its latest UK accounts on Thursday. They showed the company generated a turnover of £1.37 billion ($1.72 billion) in the year ending September 28, 2019.
Apple Retail UK Registers Pre-Tax Profit of £39 Million
The company registered in the country is called Apple Retail UK. The documents revealed that the firm’s turnover was up 15 percent from the same time last year. Gross profit was £337 million ($424 million). Having accounted for expenses and other costs, pre-tax profit was £39 million. Apple Retail UK had a total tax expense of £6.2 million ($7.8 million). The documents, compiled by auditors EY, note:
The Company reviews its position on the utilisation of deferred tax assets on an annual basis. Currently the Company expects £6,522,000 of the closing deferred tax asset to be reversed during the next financial period.
Controversy Over Tax Payments
There will no doubt be some controversy at the seemingly low levels if tax liability. In a statement to the i newspaper, Apple said:
As the largest taxpayer in the world, we know the important role tax payments play in society and always pay all that we owe. We are very proud of our many contributions across the UK and last year spent over £2bn with hundreds of suppliers. Our investment and innovation supports more than 325,000 jobs in the UK and, in addition to our tax contributions, we also think it’s important to do more for people and society. We focused our attention on supporting the response to Covid-19, making significant financial contributions and donating face masks and shields here in the UK.
Elsewhere, the documents show that the company £25m dividend to Ireland based Apple Retail Europe and that 5,012 people were employed by the company on average each month, which has 38 UK retails stores.