Dyson in tax dispute with HMRC
Dyson, the engineering company best known for its vacuum cleaners, is in dispute with HMRC over a possible £1m income tax bill for founder and owner James Dyson.
Dyson disclosed in company accounts that it had set aside the eight-figure sum in relation to its dispute with HMRC, the Financial Mail on Sunday reported.
“During the year the group provided an amount of £10million relating to a potential PAYE liability in respect of Sir James Dyson,” the company’s accounts are quoted as saying by the newspaper.
The reason for the tax dispute is unknown.
The company said in a statement: “There is an historic tax matter, on which we are working with HMRC. We are taking a cautious stance in the accounts”.
The accounts for parent company Holkham Group also revealed the cost of a product problem earlier this year when the company had to recall one million fan heaters costing it £58.5m.
Dyson also restructured the group last year, bringing its parent company back from Malta.