This document sets out the Briggs Equipment Group tax strategy and approach to conducting its tax affairs, including dealing with tax risk. It covers all current UK subsidiaries of Briggs Equipment UK Limited. The Group Tax Strategy document is effective for the year ending 31 December 2022.
This document has been approved by the Board of Briggs Equipment UK Limited and publication is regarded as complying with the statutory duty under schedule 19 paragraph 16(2) of Finance Act 2016. This document will be reviewed annually by the Board for any amendments required.
2. Briggs Equipment UK Tax Policy
The Group is committed to ensuring compliance with all UK and international tax rules. To this end, the group will ensure that the following objectives are met:
- Have a Senior Accounting Officer (“SAO”) with sufficient information and authority to fulfil their responsibility.
- Maintain financial systems, processes and controls to ensure that all tax data is correctly identifiable for tax reporting.
- Comply with all UK tax legislation, rules and regulations to ensure correct amount of tax is paid to HMRC.
- Apply professional diligence and care in the management of all tax filings, including but not limited to Corporation tax, PAYE/NI and VAT.
- Minimise tax costs of conducting its business activities as appropriate, but at all times within the tax framework specified in the UK tax legislation and seeking external advice from reputable firms as and when necessary. The Group will only undertake tax planning which has real commercial grounding and will not undertake tax planning that is contrived or artificial.
- Take a zero tolerance approach to tax evasion and facilitation by having procedures to support all associated persons to enable them to prevent Corporate Criminal Offenses
Maintain the principles of openness and transparency in dealing with HMRC based on the concepts of integrity, collaboration and mutual trust and actively seek to resolve any tax disputes through constructive discussion with HMRC officers.
3. Tax Governance & Tax Risk Management
The UK & Ireland Finance Director is responsible for monitoring the tax processes and driving the Group’s tax strategy, as well as managing the relevant Finance Teams, which includes the Head of Tax, reporting to the Financial Controller, and overseeing all financial and tax related matters.
The UK & Ireland Group currently outsources the preparation of its corporation tax returns to a reputable external professional firm of advisors and prepares the statutory tax disclosures in house with appropriately qualified individuals, all of which are subject to an internal peer review process. The outsourcing of the tax compliance process assists the Briggs Equipment Group to make accurate disclosures and payments to HMRC in a timely fashion, such that it consistently meets its fiscal and reporting obligations to HMRC. The Group also includes individuals who are trained in employment taxes. The teams ensures that VAT and PAYE and Corporation Tax reporting and payment deadlines are consistently met across the Group.
When relevant projects are undertaken, the Head of Tax is involved and where appropriate, outside advice is taken to ensure that all tax implications are identified and properly managed.