The iPad maker has slashed its tax bill by paying less than 2% on its overseas profits, as it moves money through offshoots in low-tax countries such as the British Virgin Islands.

Apple's completely legal tax avoidance strategies bring the total the company has sheltered from the U.S. tax authorities to $94 billion, according to a Sunday Times analysis.

Corporation tax on Apple's overseas operations amount to just 1.9% of profits, compared with a tax rate of up to 24% in the U.K. and 35% in the U.S.

Apple is estimated to have avoided more than £550 million in tax in Britain in 2011. Its latest accounts show U.K. turnover at just over £1 billion and profit at £81.3 million, generating a tax bill of £14.4 million.

However, analysis of its filings in America suggest a more realistic figure for U.K. turnover is £6.7 billion. This would imply an estimated profit of £2.2 billion and, at the then corporation tax rate of 26%, a £570 million tax bill, the Sunday Times reports.