In accordance with the requirements of paragraph 22(2) of Schedule 19 of the Finance Act 2016, EWL presents its UK Tax Strategy for the year ended 30 June 2022. This tax strategy applies to all UK taxes applicable to the company and has been approved by the Board of Directors of EWL (“the Board”).
The policy will be reviewed annually.
Approach to risk management and governance arrangements
EWL has a low appetite towards tax risk and as such all significant tax decisions are agreed by the Chief Executive Officer and the Chief Financial Officer and reviewed, monitored and endorsed by the Board. EWL has clear tax policies, procedures and controls in place to meet the obligations of the Senior Accounting Officer legislation. These are overseen by the Chief Financial Officer, and monitored and reviewed by both internal staff, and tax specialists.
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. Our payroll and payroll tax calculations are undertaken by a 3rd party, our VAT returns are reviewed both internally and externally prior to submission, and tax advisors review the UK Corporation tax returns before they are filed with HMRC.
Attitude towards tax planning
When entering into commercial transactions, EWL 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. EWL’s policy is to not enter into any artificial tax planning arrangements that are not underpinned by a commercial transaction.
The level of risk in relation to UK taxation
EWL 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.
EWL does not seek to structure transactions in ways that give tax results inconsistent with their underlying economic consequences.
Where the tax treatment of any particular material transaction is uncertain, external tax advice will be sought before proceeding with the transaction.
The approach towards dealings with HMRC
EWL’s approach to HMRC is transparent and constructive, resulting in a positive working relationship. EWL takes the initiative to raise with HMRC any doubtful or contentious issues. We engage on a real-time basis with HMRC to ensure compliance and create certainty for the company and for customers in respect of the indirect taxes of VAT and Excise Duty.