Approach to taxation
Anglian has been assessed as low risk by HMRC. As a group, Anglian collects approximately £70m of VAT and employment taxes per year on behalf of the UK tax authorities (HMRC). Anglian is highly aware of the importance of tax and aims to comply with its obligations, pay the correct amount of tax and engage openly with HMRC. Anglian has no overseas operations and has minimal interactions with overseas tax authorities.
Anglian’s work in underpinning these objectives is set out in the three paragraphs below.
Risk Identification and Management
As a group operating within one geographic and commercial market, Anglian encounters new risks primarily from changes in legislation and changes in approach and interpretation by HMRC and other similar bodies.
The group has engaged a risk director who has responsibility for identifying and monitoring all commercial risks including taxation. The group’s finance function regularly engages with the risk director and external professional tax advisors to monitor changes in legislation/interpretation and assess the potential impact on Anglian and its working practices.
Anglian enters into very few significant complex transactions and where it does it seeks guidance from suitably qualified professional advisors prior to committing to the transaction.
Where tax positions are open to interpretation, Anglian has over many years engaged proactively with HRMC and in the most significant instances agreed the group’s approach with HMRC. This certainty of treatment is of great value to the group.
Anglian also obtains tax advice from professional advisors on any matters where uncertainty may exist, so that Anglian fully adheres with the appropriate law and practice.
The aim of the group is to operate a consistent and open approach with HMRC and similar bodies. Anglian cooperates with and supplies information to HMRC on a regular basis.
Through working together over time we aim to avoid lengthy disputes and maintain our low risk status.
Signed on behalf of Anglian
Chief Financial Officer
Published March 2018
Financial year ending 31 March 2018