Twitter’s final tax bill for 2018 could fall by as much as 98pc, in what would be a rebuff to growing pressure on Silicon Valley giants to hike their payments to the exchequer.

The social network said its UK revenue was up more than a third in 2018 at £103.5m from £77.4m a year earlier, driving operating profit 44pc higher to £3.5m.

Its total profits, however, soared 800pc from the UK company at £3.7m, after it only recognised only £41,000 in taxes on its balance sheet, compared to £2.4m a year earlier.

Twitter’s accounts showed its non-deferred corporation tax for 2018 amounted to £731,000, but it booked more than £690,000 of that as a deferred tax charge. That means, whilst it paid more than £700,000 to the Treasury, it is likely that some of that may be recovered at a later date.

Twitter said it also recorded higher share-based payments to staff during the year. Both Amazon and Facebook have also, in the past, used share award schemes to trim down their tax bills.

Under such schemes, companies are entitled to tax breaks if their share price rises from the value at which those shares were granted to employees. Shares were up around 23pc over 2018 for Twitter.