Introduction
In accordance with the requirements of paragraph 16(2) of Schedule 19 of the Finance Act 2016, WCF Ltd presents the Group’s tax strategy for WCF Ltd and its subsidiaries (the “Group”) for the accounting period commencing 29 May 2022. This tax strategy applies to all UK taxes applicable to the Group and has been approved by the Board of Directors of WCF Ltd (“the Board”).
Approach to risk management and governance arrangements
The Group has a low appetite towards tax risk and as such all significant tax decisions are agreed by the Head of Finance and the Managing Director and reviewed, monitored, and endorsed by the Board.
Day to day responsibility for the Group’s tax affairs rests with the Head of Finance, with appropriate support from the Group’s finance team.
External tax advisors are on hand to provide tax advice and confirmation where required, for example when new legislation is introduced or on areas of uncertainty. External tax advisors also prepare the UK Corporation tax returns and file these to HMRC.
Attitude towards tax planning
When entering into commercial transactions, the Group seeks to take advantage of available tax incentives, reliefs and exemptions which are consistent with the spirit as well as the letter of the tax law and takes external advice to confirm this if necessary.
The level of risk in relation to UK taxation
The Group seeks to comply fully with its regulatory obligations and ensures the tax arrangements are consistent with a low tax risk approach to conducting its business.
The Group does not seek to structure transactions in ways that give tax results inconsistent with their underlying economic consequences.
Where the tax treatment of any transaction is uncertain, external tax advice will be sought before proceeding with the transaction.
The approach towards dealings with HMRC
The Group aims to engage in an open, constructive and professional manner in relation to its dealings with HMRC. If any enquiries are raised by HMRC into the tax affairs of the Group, these will be answered on a timely basis and in the spirit of cooperative compliance.
By order of the Board
P A Murray, Company Secretary