Our approach to tax risk management and governance
The governance of our UK tax affairs is led by the Boards of Directors for our UK companies, and each Board is committed to ensuring that the relevant company meets its business and financial objectives. The Boards also take responsibility for the tax risk management of the business, and make decisions on any significant tax matters. The Boards delegate authority to the Vice President of Finance, the Managing Director, the Site Director and Finance Director of the respective companies to deal with our day to day tax compliance matters, working together with the Finance teams.
Our approach to tax is governed by our Tax Policy, which outlines the way in which we control and manage tax risks, and how we ensure that when we make business decisions tax consequences are carefully assessed and taken into consideration. Our Finance team is staffed with individuals who are appropriately trained to deal with the tax affairs of our business, and all of our tax filings and payments are subject to an internal review process. We also consult with our external tax advisors on technical matters as required.
We are committed to meeting all of our UK tax compliance requirements including paying the correct amount of tax and filing tax returns on time, as well as fulfilling our Senior Accounting Officer (SAO) obligations in relation to reviewing whether our tax accounting arrangements are appropriate.
Our SAOs have an important role in achieving our tax strategy, as they provide oversight of the processes and controls in place to mitigate tax risks. We have robust processes and controls with regards to tax risk management and these are subjected to Internal Audit every year. We also consult with our external advisors as required in order to sufficiently assess tax risks.