Oak Furnitureland Tax Strategy
This document, approved by the board of Oak Furnitureland Group Ltd (“the Group”)* sets out the Group’s approach to conducting its tax affairs and dealing with tax risks for the year ending 30 June 2023. This strategy applies from the date of publication until a new one takes its place.
The tax strategy covers all corporate income taxes, indirect taxes, property taxes, employment taxes and any other taxes the Group may have and covers the Group’s strategic approach to tax, tax planning, and the Group’s approach to dealing with the tax authorities.
The Board is ultimately responsible for the management of tax risk to ensure that the appropriate accounting processes and controls are in place, identifying and managing tax risks and accounting for them appropriately.
The Group is committed to:
• Having a low-risk appetite towards the tolerance of tax risk;
• Paying the right amount of tax when, or before, due;
• Adhering to all tax legislation and reporting requirements;
• Maintaining an open and transparent relationship with HMRC.
• Not engaging in aggressive tax planning or making use of tax avoidance schemes.
The Group invests in the ongoing professional development of its employees and has engaged the services of independent tax experts to help monitor and manage those risks, whenever the necessary expertise is not available in house.
The Group’s tax planning is driven by the commercial needs of the business and anticipated future developments. Where alternative routes exist to achieve the same commercial results, the most tax efficient approach in compliance with all relevant laws will be followed.
The commercial needs of the business will in no circumstances override compliance with relevant laws and regulation.
In cases where tax guidance is unclear or the Group does not feel it has the necessary expert knowledge to assess the tax consequences adequately, external advice may be sought to support the Group’s decision-making process.
Approach towards dealings with HMRC
The Group is committed to having an open dialogue and ongoing relationship with HMRC, and as such, seek to resolve issues with HMRC in real time and before returns are filed if possible.
This includes making accurate and timely disclosure in correspondence and returns, as well as responding to queries and information requests in a timely fashion.
Entities covered by this tax strategy:
Oak Furnitureland Holdings Limited
Oak Furnitureland Group Limited
Oak Furnitureland (HK) Limited
Oak Furnitureland (Hang Zhou) Co. Limited
Oak Furnitureland (Vietnam) Limited
Oak Furnitureland Ireland Limited
*The Group is made up of Oak Furnitureland Holdings Ltd and Oak Furnitureland Group Ltd. The board of Oak Furnitureland Group Ltd includes the sole director of Oak Furnitureland Holdings Ltd.
The Group has published this Strategy to meet its statutory obligation under the provisions of Schedule 19 to the 2016 Finance Act.
Date: July 2022