This document sets out the Cepac Limited policy and approach to conducting its UK tax affairs and dealing with UK tax risk. By making this document available the company is fulfilling its obligations under schedule 19 of Finance Act 2016.
This document will be reviewed periodically by the Cepac Limited finance team and any amendments will be approved by the Board.
It is effective for the year ended 31 December 2017 and will remain effective until any amendments are approved by the Board, but it will be formally reviewed and approved at least on an annual basis.
Cepac Limited is committed to conducting its tax affairs in a manner consistent with the following objectives:
- Complying with all relevant laws, rules, regulations, reporting and disclosure requirements
- Ensuring that the UK tax strategy is at all times consistent with the groups overall strategy and risk
- Applying professional diligence and care in the management of risks associated with tax matters
- Maintaining open communications with HMRC
- Claiming legitimate tax reliefs in line with the manner intended by the legislation
Managing Tax Risks
The Board of Cepac Limited is ultimately responsible for the UK tax strategy and tax risk management. The Finance Director is responsible for ensuring the company has appropriate accounting policies in place.
Tax risks are considered at frequent intervals by both the finance department and the Board. This includes looking at both existing risks and any new risks. Professional care and judgement is employed to assess and manage tax risks. The Finance Director and Group Accountant hold regular meetings with external tax professionals to ensure the Group continues to comply with best practice.
The oversight from the finance department and Board includes the following aims from a tax perspective:
- To submit all UK tax returns on a timely basis
- To pay the appropriate amount of tax on time
- To maintain accounting arrangements that are robust
- To ensure tax process are appropriately resourced
- To make fair, accurate disclosure in correspondence, returns and respond to queries and information requests in a timely fashion
Tax planning - our approach
Cepac Limited aims to maintain a conservative approach to tax and will not engage in artificial transactions to reduce this amount of tax payable.
We are committed to structure transactions to give results that are not inconsistent with the economic consequences. Where there is uncertainty as to the application or interpretation of tax law, appropriate written advice evidencing the facts and conclusions may be taken from third party advisors to support the decision-making process.
Working with HM Revenue and Customs
Cepac Limited deal with HMRC in an open, honest and transparent manner. All dealings with the tax authorities and other relevant bodies will be conducted in a collaborative ,courteous and timely way.
The company aims to be proactive by making pre-transaction clearance from HMRC where appropriate, to interpret the tax events of a transaction or in the interpretation of the law and tax legislation.