This document sets out Briggs Equipment UK Limited’s tax strategy and approach to conducting its tax affairs and dealing with tax risk and covers all current UK subsidiaries of Briggs Equipment UK Limited. The Group Tax Strategy document is effective for the year ending 31 December 2017.
This document has been approved by the Board of Briggs Equipment UK Limited and publication is regarded as complying with the statutory duty under schedule 19 paragraph 16(2) of Finance Act 2016. This document will be periodically reviewed by the Board for any amendments required.
2. Briggs Equipment UK Tax Policy
The Group is committed to conducting its tax affairs consistent with the following objectives:
- The Board will identify the UK entity’s Senior Accounting Officer (“SAO”) at an early stage in the entity’s 2018 financial year and will ensure that the SAO is a Board member with sufficient information and authority to fulfil their responsibility.
- Maintain financial systems, processes and controls to ensure that all tax data is correctly identified for tax reporting.
- Comply with all UK tax legislation, rules and regulations to ensure correct amount of tax is paid to HMRC.
- Apply professional diligence and care in the management of all tax filings including but not limited to Corporation tax, PAYE/NI and VAT.
- Minimise tax costs of conducting its business activities as appropriate but at all times within the tax framework specified in the UK tax legislation and seeking external advice from reputable firms as and when necessary. The Group will not undertake tax planning that is contrived or artificial.
- Maintain the principles of openness and transparency in dealing with HMRC based on the concepts of integrity, collaboration and mutual trust and actively seek to resolve any tax disputes through constructive discussion with HMRC Customer Relationship Manager (CRM) and other officers.
3. Tax Governance & Tax Risk Management
The UK Finance Director is responsible for monitoring UK tax processes and driving the UK Group’s tax strategy, as well as managing the UK Finance Team and overseeing all financial and tax related matters.
The UK Group outsources the preparation of its UK tax returns to a reputable external professional firm of advisors and prepares the statutory tax disclosures in house with appropriately qualified individuals, all of which is subject to an internal peer review process. The outsourcing of the tax compliance process assists Briggs Equipment UK Limited to make accurate disclosures to HMRC in a timely fashion, such that it consistently meets its fiscal obligations to HMRC. The UK Finance Team includes individuals who are trained in employment taxes and VAT.