The Fayrefield Group Limited and subsidiaries Tax strategy document
Year ending 31 December 2023
The Fayrefield Group Limited and its UK subsidiaries (the ‘Group’) are committed to delivering full compliance and disclosure with all its statutory obligations to the tax authorities. This tax strategy document is approved and owned by the Board of Directors with the ultimate responsibility resting with the Board. Day-to-day management of tax matters are conducted by the Group Financial Director and the UK Finance Department with external tax advice sought to supplement in-house resources.
This strategy applies to all the taxes listed in paragraphs 15 (1) of schedule 19 of the Finance Act 2016 with the main taxes being corporate, employment and indirect taxes.
Within this tax strategy document, the Group refers to any UK legal entity owned directly or indirectly by The Fayrefield Group Limited in accordance with paragraph 16 of Schedule 19 to the Finance Act 2016. This strategy has been published in accordance with paragraph 16 (2) of the Schedule.
The objectives underpinning the management of the Group’s tax affairs fall under the following headings:
Level of tax risk
The Group has a low-risk appetite in relation to tax matters, assessing tax risk and making tax decisions.
Management of tax risk and governance
The Group complies with all relevant laws, rules and regulations, reporting requirements, disclosures, and settles all tax liabilities as and when they are legally due.
The Group is committed to applying strong internal business controls, processes, systems and people to ensure all key tax risks are identified.
The Group will seek external professional advice on relevant changes to tax laws and regulations and on uncertain tax matters.
The Group’s annual tax returns are also completed by external tax advisors and reviewed by the Group Financial Director prior to submission.
Approach to tax planning
The Group undertakes tax planning to support its commercial activities. It will claim available reliefs and incentives under the guidance of external professional advisors and HMRC.
The Group will seek external professional advice on relevant changes to the tax law that affects the Group together with any internal business or structure change to the Group where a tax risk is identified.
Relationship with HMRC
When submitting tax computations and returns to HMRC, the Group discloses all relevant facts and identifies any transactions or issues where it considers that there is potential for the tax treatment to be uncertain.
The Group focuses on timely tax compliance by meeting relevant filing and payment deadlines for all taxes.
The Group promotes an open and constructive relationship in respect of any meeting or communication with HMRC.
The tax strategy is approved by The Fayrefield Group Limited’s Board of Directors and is updated annually.