Fenwick Limited sets out below a summary of its tax strategy. We consider that this publication complies with the requirements of the Finance Act 2016 to publish the company’s UK tax strategy. This version was published in June 2018 and it relates to the financial year ended 26 January 2018.
Fenwick Limited is an integral part of the local communities which it operates in. We believe that payment of tax on our activities is an important part of how the business contributes to the wider community which it operates in.
Level of acceptable risk
Fenwick Limited operates a risk averse approach to tax management and seeks to ensure full, timely compliance with UK tax law. The Company is not willing to accept risks which could expose it to reputational harm, or which might impact on its relationship with HMRC in an adverse manner.
Approach to governance and risk management in relation to UK tax
The main Board has overall accountability for the risk management framework which includes responsibility for Fenwick Limited’s tax strategy. The day to day management of tax matters is delegated to the finance team, who are appropriately qualified.
he Audit and Risk Committee provides assurance to the Board on the effectiveness of the Fenwick Limited’s internal controls and the risk management process which includes tax.
Where appropriate Fenwick Limited also consults with external, professional advisors or HMRC to identify and manage its tax risks.
Attitude towards tax planning
Fenwick Limited does not partake in transactions which have no commercial substance for the sake of obtaining a tax advantage.
We look to engage with external, professional advisors so that we may conduct our affairs in a manner which is tax efficient. We engage in training our staff to ensure they understand current tax legislation and utilise reliefs which are appropriately available to the Company.
Approach in dealings with HMRC
Fenwick Limited seeks to maintain an open, professional and collaborative relationship with HMRC through upholding its compliance responsibilities. This includes providing accurate and timely information as required by UK law or the tax authority.
Where relevant, the company will also seek to agree clearance with HMRC in advance of undertaking significant transactions by means of regular dialogue with HMRC and our advisors.