This document sets out the Company’s approach to conducting its tax affairs and dealing with related tax risks. This strategy is for the 2020 tax year, and it is reviewed and updated on an annual basis.
The Company is committed to complying with UK tax law and practice. This means paying the proper amount of tax when the tax is due.
The Company is exposed to tax obligations and risks through the routine conduct of our business operations. The Company’s tax function partners with other stakeholders in the business to maintain a full awareness of the business operations to ensure the operations are properly reflected in the Company’s tax reporting. The tax function regularly reviews enacted tax legislation to ensure that changes in tax law are properly reflected in our tax reporting. All tax returns that have been prepared by the tax function are reviewed for accuracy prior to filing. The Company’s annual corporation tax return is prepared by an independent accounting firm, and is reviewed prior to filing by the Company’s tax function, which includes reconciling the corporation tax return to the Company’s audited accounts. The Company’s board exercises oversight over the tax strategy.
Our tax planning aims to support the commercial needs of the Company whilst ensuring that we are compliant with applicable tax laws and requirements. The aim of overall group tax planning is to ensure compliance with all local laws and requirements, paying the right amount of tax to the right jurisdictions, while operating in a tax efficient manner. For example, the group seeks to avoid instances in which income may be subject to double taxation in that it may be taxed by multiple jurisdictions. The Company utilizes external tax advice from time to time, relating to areas of technical complexity and guidance on newly enacted legislation.
It is the commitment of the Company to work with the HMRC in a professional and collaborative manner. The Company performs its tax reporting in a timely manner, and its reporting is inclusive of all required disclosures. The Company commits to interpret tax laws in a reasonable way. The Company also responds to requests for information and other correspondence in a complete and timely manner.