21 Jul 2025HMRC 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.