In accordance with the requirements of paragraph 16 schedule 19 of the Finance Act 2016, the tax strategy for Anglian Home Improvements Group Limited (the “Group”) is detailed below. Board approval was obtained on 29th March 2023 and applies for the financial year ended March 2024.
Anglian Home Improvements Group operates solely within the jurisdiction of the UK and is subject to a number of direct taxes, including the payment of corporation tax on its profits and national insurance contributions in connection with its employees. In addition, the Group collects taxes on behalf of UK tax authorities, including payroll taxes and indirect taxes such as VAT and excise duties. Anglian has no overseas operations and has minimal interactions with overseas tax authorities.
Risk Identification and Management
As a group operating within one geographic and commercial market, the Group encounters new risks primarily from changes in legislation and changes in approach by HMRC and other similar bodies.
The Board has ultimate responsibility for risk management and effectiveness of controls within the Group. As part of this, the Board is responsible for setting the tax strategy for the Group and the Chief Financial Officer has overall responsibility for its implementation. The Chief Financial Officer is also the Senior Accounting Officer in respect of all group entities.
The Group’s finance and compliance functions regularly monitor changes in legislation/interpretation and relays any potential impact to the Chief Financial Officer when necessary, to ensure appropriate changes are made to the Group’s tax strategy. The Group also monitors the level of staff awareness in relation to tax legislation and provides suitable training to bridge any gaps in skills and knowledge required to accurately report and settle tax obligations. From time to time the Group will also have independent audits of its tax related processes carried out and will then implement any recommendations.
The Group enters into very few significant complex transactions. On the rare occasion where such transactions occur, or where uncertainty is present, tax advice is obtained from suitably qualified third-party advisors to ensure full compliance with relevant legislation.
Tax planning
The Group maintains a conservative approach towards tax planning and does not undertake transactions which could be deemed as aggressive tax planning or tax evasion. When considering tax planning opportunities, the commercial objectives of the Group will be the key driver in whether these opportunities are pursued.
Communication with HMRC and Similar Bodies
The aim of the group is to operate a consistent, transparent and open approach with HMRC and similar bodies. Anglian proactively engages with and supplies information to HMRC on a regular basis. Where HMRC takes a different interpretation of the tax impact of a particular business transaction, the Group ensures resolution through open discussions in a prompt and responsible manner.
The Group is committed to raising disclosures of errors in information provided to HMRC and similar bodies should an issue arise.