£220m might sounds like a lot of money, but when it's the amount paid in UK tax by the world's biggest online retailer, it doesn't sound quite so much.

Online retail giant Amazon paid £220m UK tax in 2018, as reported by Sky. It is the first time Amazon has revealed the full amount it has paid in taxes in the UK.

National Insurance contributions made up the largest proportion of the payment, followed by business rates, corporation tax and stamp duty. The company also said £573m was collected via indirect taxes as a result of UK business activities.

Amazon has revealed that total UK revenues were a staggering £10.89bn last year, but added that £625m was spent on updating warehouses and opening new offices.

Amazon said it invested £18bn in UK operations and capital expenditure between 2010 and 2018, and created 2,000 new jobs in 2019.

Punchline said: "It's good to see that Amazon is finally being open about the amount of tax it pays, but the figures still don't seem to add up. For a company that made nearly £11bn in the UK last year, tax of £220m seems like a drop in the ocean. High street retailers will never have a level playing field if Amazon is able to keep its costs so low."