This UK tax strategy applies to Oak Furnitureland Group Ltd in accordance with Schedule 19 to the Finance Act 2016. In this strategy, references to ‘the company’ are to this entity. The UK tax strategy is being published in accordance with paragraph 16(4) of the Schedule.
This UK tax strategy applies from the date of publication until it is superseded. References to ‘UK Taxation’ are to the taxes and duties set out in paragraph 15(1) of the Schedule which include Income Tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax, and Stamp Duty Land Tax. References to ‘tax’, ‘taxes’ or ‘taxation’ are to UK taxation and to all corresponding worldwide taxes and similar duties in respect of which the company has legal responsibilities.
Oak Furnitureland Group Ltd is committed to full compliance with all statutory obligations and full disclosure to relevant tax authorities. The company’s tax affairs are managed in a way which takes into account the company’s wider corporate reputation in line Oak Furnitureland Group Ltd’s overall high standards of governance.
Governance in relation to UK taxation
Ultimate responsibility for Oak Furnitureland Group Ltd’s tax strategy and compliance rests with the Board of Oak Furnitureland Group Ltd;
Executive management of the company is delegated by the Board to the Chief Executive Officer (‘CEO’);
The Board’s requirement to monitor the integrity of Oak Furnitureland Group Ltd’s financial reporting system, internal controls and risk management framework, expressly includes those elements relating to taxation;
The Finance Director (‘FD’) is the Board member with executive responsibility for tax matters;
Day-to-day management of Oak Furnitureland Group Ltd’s tax affairs is delegated to the FD, who reports to the CEO;
The Board ensures that Oak Furnitureland Group Ltd’s tax strategy is one of the factors considered in all significant business decisions taken;
The FD reports to the Board on Oak Furnitureland Group Ltd’s tax affairs and risks during the year.
Oak Furnitureland Group Ltd operates a system of tax risk assessment and controls as a component of the overall internal control framework applicable to the company’s financial reporting system;
Oak Furnitureland Group Ltd seeks to reduce the level of tax risk arising from its operations as far as is reasonably practicable by ensuring that reasonable care is applied in relation to all processes which could materially affect its compliance with its tax obligations;
Processes relating to different taxes are allocated to appropriate process owners, who carry out a review of activities and processes to identify key risks and mitigating controls in place. These key risks are monitored for business and legislative changes which may impact them and changes to processes or controls are made when required;
Appropriate training is carried out for staff who manage or process matters which have tax implications;
Advice is sought from external advisers where appropriate.
Attitude towards tax planning and level of risk
Oak Furnitureland Group Ltd manages risks to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax.
When entering into commercial transactions, Oak Furnitureland Group Ltd seeks to take advantage of available tax incentives, reliefs and exemptions in line with, and in the spirit of, tax legislation. Oak Furnitureland Group Ltd does not undertake tax planning unrelated to such commercial transactions.
The level of risk which Oak Furnitureland Group Ltd accepts in relation to UK taxation is consistent with its overall objective of achieving certainty in the company’s tax affairs. At all times Oak Furnitureland Group Ltd seeks to comply fully with its regulatory and other obligations and to act in a way which upholds its reputation as a responsible corporate citizen. In relation to any specific issue or transaction, the Board is ultimately responsible for identifying the risks, including tax risks, which need to be addressed and for determining what actions should be taken to manage those risks, having regard to the materiality of the amounts and obligations in question.
Relationship with HMRC
Oak Furnitureland Group Ltd’s communication with HMRC is primarily focused on timely tax compliance, for example, meeting all tax filing and payment deadlines. Oak Furnitureland Group Ltd seeks to have a transparent and constructive relationship with HMRC.
Oak Furnitureland Group Ltd ensures that HMRC is kept aware of significant transactions and changes in the business and seeks to discuss any tax issues arising at an early stage. When submitting tax computations and returns to HMRC, Oak Furnitureland Group Ltd discloses all relevant facts and identifies any transactions or issues where it considers that there is potential for the tax treatment to be uncertain.
Any inadvertent errors in submissions made to HMRC, should they occur, will be fully disclosed as soon as reasonably practicable after they are identified.
List of entities covered by this Tax Strategy
Oak Furnitureland Group Ltd