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International companies 'underpaid £8.8 billion in tax'

HMRC estimates that US firms underpaid £8.8 billion in taxes in 2024.

21 Jul 2025

HMRC estimates that US firms underpaid £8.8 billion in taxes in 2024.

According to HMRC, this figure represents a 57% increase from £5.6 billion recorded in 2023.

US companies contribute 46% of the total £19 billion in underpaid tax by all international companies that trade in the UK.

Some experts believe that companies are reallocating their profits to jurisdictions with low tax rates in order to minimise their tax obligations. HMRC said that it intends to intensify its scrutiny of US companies.

Analysts have warned that HMRC needs to balance filling the shortfall in UK tax revenues with keeping the US government onside by not acting too aggressively in regards to US companies and their tax affairs.

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020 7794 5757

Numera, 4th Floor Charles House, 108-110 Finchley Road, London NW3 5JJ

Numera is a trading name of Numera Partners LLP | Company Registration No. OC365787 | Place of Registration: England & Wales | Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales.

About us

Numera is a newly established forward-thinking firm of chartered accountants, with over 25 years in experience of audit, accountancy, taxation and business advisory services.

We work with clients in a large variety of industries and sectors; from sole traders to multi-million pound turnover organisations. We aim to create and maintain a close relationship with our clients. By being so involved, we are able to identify opportunities for our clients as well as possible risks that our clients may be faced with.

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