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9am Lowdown: Receipt Bank hailed as 'one of the fastest growing tech companies'

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29th Jan 2016
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Good morning. Here is Friday’s 9am Lowdown.

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Receipt Bank hailed as “one of the fastest growing tech companies”

Software provider Receipt Bank has been selected as one of the fastest growing tech companies by TechCity UK.  They have been chosen by the Upscale judging panel as having potential for rapid scale and international growth.

Receipt Bank join 29 other emerging digital businesses on this Upscale programme that will work with scale coaches that have a proven track record of growing successful tech companies across the world.

Receipt Bank said in a statement: “We’re delighted to have been selected alongside such as strong group of businesses and entrepreneurs”.

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Google writes to the FT

Google has written a letter to the FT defending their previous tax stance, saying“little has been said about the international tax rules and how they work”.

The letter clarifies that “corporation tax is paid on profits, not revenue” and, they continue, “is collected where the economic activity that generates those profits takes place”. Peter Barron, Google’s VP of communications, compared this to a British pharmaceuticals company being taxed on where the products are created despite selling the medicine to Latin America.

Barron said: “After a six-year audit we are paying the full amount of tax that HM Revenue & Customs agrees we should pay, including £130m in additional back tax. Governments make tax law, the tax authorities independently enforce the law, and Google complies with the law.”

Tax campaigner Richard Murphy posted a blog ‘fisking’ the letter. After counter arguing each of Google’s points Murphy signs off, “you’ll have to do a lot better than this to change our minds.”

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Honesty box appears outside HMRC

Irreverent website The Poke has published a spoof story about HMRC launching a new honesty box system outside of their office.

The parody article is in response to HMRC’s recent tax reclaim deal with Google.  A HMRC spokesperson allegedly said: “We at the HM Revenue & Customs understand the struggle of small, hardworking companies like Google, who only manage to make a paltry annual turnover of about £40 billion per year – that’s barely enough to keep them in bean bags, futuristic sleep pods and ball pits.”

The Poke claims this honesty box initiative comes after “a lengthy, expensive investigation by the HMRC, which sought to find the most practical height for a bucket so that someone in the back of a Rolls Royce can easily toss coins into it”.

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