Advertising Amazon facebook

Facebook Paid Zero UK Tax Despite Generating $595 Million In The Region Last Year

Published by:

nicola mendelsohn

Facebook

Nicola Mendelsohn, Facebook VP EMEA.

Facebook paid $0 — zero — in corporation tax in the UK last year, despite making an estimated $596 million (£371 million) in revenue in the region in 2013, its latest financial filings with Companies House reveal.

Facebook is among other US companies such as Amazon and Starbucks that have been criticized in recent years because they generate substantial revenues in the UK but only pay a small amount (or in this case, nothing at all) in corporation tax.

Facebook, like some of its US technology counterparts, funnels its UK sales via its Ireland subsidiary where corporation tax rates are lower, at 12.5%. In the UK the rate in 2013 was 24%.

According to the annual reports and financial statements Facebook filed Tuesday with Companies House, the company declared $79.89 million (£49.8 million) in revenue in last year (up from $58.75 million in 2012, when it also paid no corporation tax). Research company eMarketer, however, estimated Facebook generated $595 million (£371 million) in UK revenue in 2013.

The filings also declare that Facebook posted an operating loss of $18.6 million (£11.6 million) in 2013. That’s up a substantial amount from the $3.85 million loss it posted in 2012 — a period it has previously said was “an anomaly year” given the costs associated with its IPO.  Corporation tax is only paid if a company posts a profit.

The company would have had to pay a UK corporation tax charge on its loss for the year of $5,089 (£3,169), but that was wiped out by a $292,024 (£182,027) adjustment credit made on previous periods.

facebookstaffcosts

Companies House

Facebook UK’s Staff Costs.

The document says that this year’s “anomaly” accounting for its operating loss was “share based payments”, paid out to its 208 London staff, who have received big compensation packages as the company continues to perform well worldwide.

It took a “share based payment charge” of $24.88 million last year (£15.5 million, up from $7.5 million in 2012). In total, UK employees collected 1.5 million free shares last year, currently worth $119 million based on the company’s current stock price.

Wages and salaries for its staff totaled $35.31 million (up from $22.68 million), meaning the mean average annual Facebook UK employee salary was almost $170,000. It’s worth bearing in mind that all UK employees pay personal taxes on their income and stock-based compensation to the UK’s HM Revenue and Customs.

Facebook declined to comment when contacted by Business Insider.

Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.

microsoft Sports Tech

The Microsoft Engine That Nailed The World Cup Is Predicting Every NFL Game — Here Are Its Picks For Week 8

Published by:

phillip rivers week 7

Kevork Djansezian/Getty Images

No one gives the Chargers much of a shot on Thursday.

Microsoft Cortana had a solid Week 7, correctly predicting 11 of 15 NFL games.

It’s now 69-37 (65%) on the year.

Cortana is a Windows Phone virtual assistant that’s using an algorithm from Bing Predicts to pick every NFL game. The system correctly predicted 15 of 16 World Cup knockout stage games. After a so-so start to the NFL season, Cortana is 35-10 (78%) in the last three weeks.

Week 7 was another strong week for favorites across the board. Even though there were some high profile upsets (the Seahawks and Chargers both lost), Cortana went 11-4, Vegas favorites went 11-4, and Nate Silver’s ELO model went 10-5.

On the season, Vegas favorites have a straight-up record of 70-36 and ELO is 74-32.

Here are Cortana’s picks for Week 8 as of Wednesday morning. We’ll update them throughout the week if they change (Vegas favorites in parentheses):

  • San Diego Chargers vs. Denver Broncos — Broncos win, 71.6% chance (Broncos -7.5)
  • Detroit Lions vs. Atlanta Falcons — Lions win, 62.9% chance (Lions -3.5)
  • St. Louis Rams vs. Kansas City Chiefs — Chiefs win, 71.6% chance (Chiefs -6.5)
  • Houston Texans vs. Tennessee Titans — Texans win, 56.6% chance (Texans -1)
  • Minnesota Vikings vs. Tampa Bay Buccaneers — Buccaneers win, 51.5% chance (Buccaneers -3)
  • Seattle Seahawks vs. Carolina Panthers — Seahawks win, 61.4% chance (Seahawks -4.5)
  • Baltimore Ravens vs. Cincinnati Bengals — Bengals win, 56.6% chance (Bengals -1)
  • Miami Dolphins vs. Jacksonville Jaguars — Dolphins win, 62.9% chance (Dolphins -5.5)
  • Chicago Bears vs. New England Patriots — Patriots win, 76.7% chance (Patriots -6)
  • Buffalo Bills vs. New York Jets — Bills win, 56.6% chance (Jets -3)
  • Philadelphia Eagles vs. Arizona Cardinals — Cardinals win, 53.3% chance (Cardinals -2.5)
  • Oakland Raiders vs. Cleveland Browns — Browns win, 65.9% chance (Browns -7)
  • Indianapolis Colts vs. Pittsburgh Steelers — Colts win, 56.6% chance (Colts -3)
  • Green Bay Packers vs. New Orleans Saints — Saints win, 58.2% chance (Saints -1.5)
  • Washington Redskins vs. Dallas Cowboys — Cowboys win, 81% chance (Cowboys -9.5)

Right now Vegas and Cortana disagree on one game, Jets-Bills. But there are so many close games this week that that may change by Sunday.

Here are Cortana’s results so far this year:

Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.

traffic

Serenbe Plans 200,000 Square Feet of Commercial Office Space

Published by:

Atlanta, GA (PRWEB) October 22, 2014

Serenbe moves beyond housing, retail and restaurants and expands into commercial office space to further its mixed-use placemaking strategy. Southeastern Engineering, Inc. (SEI) will become the first company to build a stand alone office building at Serenbe, and it will be used as headquarters for their environmental engineering division.

“With the recession behind us and the growth and value of walk-up communities, we are excited to move forward with the first of 200,000 sq. ft. of planned office space, says Serenbe founder, Steve Nygren. “We are also planning a 110-room hotel, and will announce details in early 2015.”

A decade ago, Serenbe introduced sub-communities within the mixed-use master plan, beginning with the Daisy Courtyard shops followed by the European-styled Mondrian Artists retail compound. During the recession, The Nest, a cluster of small cottages, was developed and proved exceedingly popular. Earlier this year, Serenbe introduced Swann Ridge, home to the 2014 Atlanta Homes & Lifestyles Designer Showhouse, and in September, Grange Hillside broke ground and the immediate demand from singles and couples in their 30’s represents an untapped demographic market. Each of these niche neighborhoods are within a few hundred yards of commercial retail and office space increasing Serenbe’s walkability and healthy lifestyle.

FIRST OFFICE BUILDING TO OPEN JUNE 2015

SEI is scheduled to open for business in June 2015; the new office was designed by architect Michael Landry and is being built by Stonecrest Homes. SEI has worked hands-on with Serenbe since 2002. The company’s role has been multi-faceted, providing the gamut of services including green infrastructure design and permitting, trail design, builder services, construction staking, final platting and more.

“More than twelve years later, our relationship with SEI continues to grow exponentially along with the community. And this exciting growth will continue to drive the future commercial and office space.” says Nygren.

“Working with Serenbe has been a great opportunity for SEI to showcase its professional capabilities and be involved in the growth of the Chattahoochee Hills area,” says Chad Epple, PE and Vice President of SEI. “We value the relationship we’ve forged with the community, and look forward to continuing it. This new office location suits both our needs and the needs of the Serenbe community.”

COMMERCIAL SPACES OPEN WITH SUCCESS

Further addressing the need for office space at Serenbe is the opening of The Hive, a professional CoWork space created to provide efficient and inspiring work environments to the residents of Serenbe, Chattahoochee Hills and neighboring communities. Owned and operated by Serenbe residents Michael and Cindy Peters, who both work out of the community, they were inspired to work at their best when surrounded by other entrepreneurs. Another recent commercial expansion is The General Store at Serenbe, owned by another Serenbe entrepreneur and resident Nadine Bratti. The redesign of this commercial space was a winning collaboration with designer Smith Hanes and the store has already gained a loyal following since opening last month.

FIRST APARTMENTS BREAK GROUND

Serenbe’s fast paced commercial growth will increase with the November ground breaking of the anticipated Textile Lofts. This will be Serenbe’s first apartment building, located in Phase II Grange with over 10,000 sq. ft. of ground floor retail that already has a tenant waiting list. These varied segments of office, commercial and nearly 100 new homes under construction, in permit or design, total over $ 85M in new construction for 2015.

About Serenbe

Serenbe is pioneering a new community model connected to nature on the edge of Atlanta. It is a neighborhood with fresh food and fresh air that makes wellbeing as natural as nature itself. A community built with a sense of place; where people live, work, learn and play in celebration of life’s beauty. With over 400 residents and 180 homes, Serenbe is the first community to successfully build a self-sustaining organic farm, three farm-to-table restaurants and over 30 businesses all connected by 15 miles of nature trails in a 1,000 acre rural place based development. http://www.serenbe.com

About SEI

Southeastern Engineering Inc. (SEI) is a Woman-owned Business Enterprise (WBE) as certified by the Georgia Department of Transportation (GDOT) Disadvantaged Business Enterprise (DBE) Program led by Teresa Epple, PE, and PTOE. The company was started in 1996 and has grown to offer traffic and transportation engineering, enhanced civil engineering, landscape architecture, land planning, land surveying, and seismic/subsurface investigation services. SEI main office is located in Cobb County and has clients throughout metro-Atlanta. http://www.seengineering.com







Related Traffic Press Releases

Finance Markets Tech Wall Street

A 3D Printing Company Is Crashing After Slashing Guidance

Published by:

3D Printer

Max Nisen

A 3D printer.

Shares of 3D printer maker 3D Systems were down 11% in pre-market trading on Wednesday after the company slashed its revenue guidance on Tuesday night.

In the third quarter, 3D expects revenue to come in between $164-$169 million, below Wall Street expectations for about $186 million.

3D also said it expects adjusted EPS in the third quarter to be $0.16-$0.19, below expectations for $0.21.

In a statement, 3D Systems said, “Strengthening sales of the company’s design, manufacturing and healthcare products and services were not enough to overcome the revenue shortfall from the continued manufacturing capacity constraints for its direct metals printers and delayed availability of its newest consumer products.”

3D CEO Avi Reichental added that, “We are disappointed that we failed to fully capitalize on the robust demand for our direct metal and consumer products during the quarter. While we worked very hard to deliver these products sooner, achieving manufacturing scale, quality and user experience targets took significantly longer than we had anticipated.”

3D also cut its full-year revenue and profit outlook, saying that it expects revenue to total $650-$690 million, below Wall Street expectations for about $708 million.

Following 3D’s revenue cut, other 3D printing companies, including Stratasys, Voxeljet, and ExOne were lower in pre-market trading.

Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.

Powered by WP Robot