This tax strategy has been reviewed and approved by the Board of Directors and satisfies paragraph 16(2) of Schedule 19 of the UK Finance Act 2016 in respect of the period ending 30 June 2024.. The Board maintains this tax strategy alongside its overall business strategy as a family business to provide long term sustainable growth for shareholders.
How the Company manages UK Tax risks:
The business is based in and carries out all of its trading activities in the UK for tax purposes. All taxes paid are UK taxes and include corporation tax, VAT, Excise duty and employment taxes.
Tax risks are managed by the Executive team under delegated authority from the Board.
The business uses external Tax experts to manage its tax affairs under the direction of internal Finance team members. Consultancy advice is sought where necessary.
Material tax risks are included in the company’s risk register and will be reviewed by the Board as part of the annual risk review process. Where these risks are deemed to be key risks and uncertainties they will be disclosed in the annual report.
Attitude to tax planning:
In line with the Board’s ambitions to deliver long term sustainable growth the appetite to risk in tax matters is low. We take a conservative approach to its tax planning activities, ensuring we are compliant with all laws and regulations whilst looking to ensure that we pay the right level of tax and benefit from all of the reliefs and refunds that we are due. If the Business is unclear on interpretation of any legislation it will always take guidance from independent external advisors and refer the matter to the Board for final judgement.
Level of risk business is prepared to accept for UK Taxation
The Board has a low level of overall risk appetite and manages overall risks, including UK taxation risk, through assessing the likelihood of risk occurring combined with scale of the potential impact. Our risk management attitude and processes aim to ensure that the business can respond effectively to changes in the external environment.
Working with HMRC:
The Board recognises the importance in having a transparent and open relationship with HMRC and looks to ensure this is maintained through:
- Filing returns and addressing queries in a timely manner
- Engaging with our relationship manager and HMRC at least annually to provide an update on business activities
- Being fully transparent in any communications with HMRC