Bytemark’s transparency earns us the Fair Tax Mark

I’m pleased to say that Bytemark has been awarded the Fair Tax Mark, the gold standard for corporate transparency in the UK.

FairTaxMark

We’re proud to be the first internet company to be awarded the mark. It comes after careful scrutiny of our full accounts. We have also made these three commitments:

1- Bytemark will publish its full annual accounts, with tax calculations included (link). The law allows Bytemark to file “abbreviated” accounts, but we publish ours in full. We also include the workings of our corporation tax calculations.

2- Bytemark will not use off-shore finance structures and tax havens. We will not set up corporate structures in countries where we do not employ people, deploy infrastructure, or otherwise engage in legitimate trade.

3- Bytemark will not use tax schemes which require disclosure. The UK’s tax authority (HMRC) has lost half of its staff in 10 years, allowing increasingly complex tax avoidance schemes to go unchecked. We will not use tax schemes that require special disclosure, aiming to comply with the intention, not just the letter of tax law.

Bytemark relies on a national power grid, public roads, educated & healthy staff, courts to collect debts, and so on. As Bytemark’s Managing Director, my personal belief is that a well-funded and motivated government is the right way to provide these things at the scale we need. So I’m glad to have driven these commitments from our company – as a result we’ll spend less time on tax planning, and more on growing our business.

Download the full press release here.