Affinity joins the Fair Tax 50

A TOTAL of 50 firms have now been recognised for being upfront about their tax affairs.

The milestone is reached today as water company Affinity becomes the latest to get Fair Tax Mark accreditation.

The independently run scheme highlights organisations that show they are paying the right amount of corporation tax in the right place at the right time. It comes amid anger at the way some multinationals have used offshore havens to slash their tax bills.

It is estimated £400billion of global corporate profits are shifted annually to tax havens, with corporate tax revenue losses in the UK of about £7billion a year. Affinity improved its tax reporting and closed a subsidiary in the Cayman Islands. Stuart Ledger, its finance chief, said: “It is good corporate responsibility to operate in this way.”

Paul Monaghan, chief executive of Fair Tax Mark, added: “Corporation Tax is often presented as a burden, but it shouldn’t be.” SALES at bakers Greggs have topped £1billion for the first time. The Newcastle-based business yesterday announced takings jumped more than seven per cent last year, with profits up a bumper 15 per cent to £82.6million. The milestone comes despite Greggs saying it was hit by weak consumer confidence, extreme weather and cut-throat competition. The near 2000-strong chain cited value for money, shops being busy throughout the day, service and changes to its supply chain for making 2018 a winning year. And it revealed 2019 had got off to a strong start, with sales up nearly 10 per cent.