This sets out the tax strategy for the Labora Holdings Limited group of companies for the year ending 30 April 2020 in accordance with Paragraph 16 of Schedule 19 of the Finance Act 2016. It has been approved by the Board of Directors and will be reviewed on an annual basis.
Approach to Tax Governance
Our tax strategy is to pay the correct amount of tax, including PAYE, VAT and Corporation Tax, on a timely basis, by complying with all relevant laws and all reporting and disclosure requirements.
The compliance with our tax policies and procedures is undertaken by our accounts departments, under the supervision of our Chief Financial Officer and Finance Director, who appraises the Board of Directors as considered necessary in order for full consideration to be given by the Board of Directors to any complex tax matters.
Structuring our Tax Affairs
Our tax strategy encompasses a low risk approach in relation to our tax affairs and we do not enter into arrangements where there is no commercial justification. Advice is sought from professional advisers where we consider there is a level of uncertainty over the application or interpretation of the tax laws, so that we can achieve a level of certainty in our decision making process.
Tax Risk Management
Given the size of the business and our tax obligations, risks will inevitably arise from time to time in relation to the interpretation of tax laws and the nature of the company’s compliance arrangements and we actively seek to identify, evaluate, manage and monitor these risks in order to maintain compliance with the tax laws.
Where there is significant uncertainty or complexity in relation to a risk, professional advice is sought and we may also consult with HM Revenue & Customs (‘HMRC’) where appropriate. This approach has led us to be categorised as low risk by HMRC.
Dealing with HMRC
An important part of our tax strategy is the maintenance and development of a co-operative and proactive working relationship with HMRC and we liaise with our Customer Relationship Manager with honesty, integrity, respect and fairness and in a transparent manner. We attempt to resolve any tax issues in a timely manner and to achieve certainty wherever possible. This includes filing of all tax compliance and payment of tax liabilities on time.