Ed Sheeran's hefty tax bill revealed after he forked out almost 160k in taxes a week
Ed Sheeran might be a multi-millionaire but the more he makes, the more he owes the tax man.
Ed Sheeran forked out £158,917 a week in taxes last year.
The 'Bad Habits' hitmaker - who is said to be worth around £250 million - might have seen his earnings jump £8.4million to a whopping £18.3million, but most of that was spent paying the tax man, according to the Daily Mirror newspaper.
The global megastar had a turnover of £23.6 million in 2022 and his profit amounted to £16.3m.
Ed Sheeran Ltd will pay £3.1 million in Corporation Tax, while his touring firm will pay £5 million.
The Grammy winner also has a property portfolio and will pay £124,000 to the Exchequer.
The 32-year-old musician has previously discussed his incredible wealth and insisted he always wants to give back.
He told OK! Magazine: "It is ‘earn a penny, spend a penny’ with me. As soon as it comes in, it goes out. I don’t have that much value on it. I place more value on my friends and family being OK. A lot of my money goes to charity or to children’s hospitals near where I live. I have enough to be comfortable and the rest goes to help people.”
Last year, it was revealed that Ed gave away nearly £1 million to help children learn music.
The chart-topper donated almost £500,000 over the past five years via his Framlingham Foundation Trust, and the charitable initiative - which trades under the name Ed Sheeran Suffolk Music Foundation, or ESSMF - and had a similar sum earmarked for youngsters looking for funding for instruments, concerts, and rehearsal spaces.
A source told the Sunday Mirror newspaper at the time: “Ed has never forgotten his struggle to reach the top and the impact music made on his life. It is fantastic he’s helping in this way.”
Ed's funding also paid for equipment in the music department of his and his wife Cherry's old school, Thomas Mills School in Framlingham, Suffolk, with the establishment receiving £30,000 for the purpose.
Another school in the 'Shape of You' singer's hometown, St. Michael's, received £17,000 as part of an educational scheme with after-school singing and dancing.
The 'Castle on the Hill' hitmaker - who has young daughters Lyra, three, and 17-month-old Jupiter with Cherry - said: “The reason I’m doing it in Suffolk is [because] it’s the area I grew up, I still live here and I learnt how to play music here and I feel like I’ve had a lot of support from the area and I feel like I wanna give some support back.”
