Year Ending 31st March 2023
Albion Sections Limited regard the publication of this tax strategy as complying with our duty under section 160 and paragraph 16(2) Schedule 19 of Finance (No.2) Act 2016. Albion Sections Limited applies a consistent approach to our Tax strategy.
Albion Sections Limited considers that taxes are an important contribution to wider society and not just a cost to be minimised. In considering our tax affairs, we will take account of all stakeholders including shareholders, employees, customers, suppliers and HMRC.
Albion Sections Limited does not use marketed tax avoidance schemes, or arrangements that do not comply with current regulations.
Within the approach described above will aim to structure its tax affairs as efficiently as possible and to claim relevant reliefs available to it.
OVERVIEW OF INTERNAL GOVERNANCE
The tax policy is owned by the Board of Directors with responsibility allocated to the Financial Director. The policy is reviewed annually by the Board as part of the process of monitoring compliance with this tax policy.
Day to day management and implementation of the policy is delegated to the Financial Department and, through them, to appropriate individuals.
Operational risk is managed by the implementation of controls including segregation of duties, ensuring staff are appropriately experienced and trained. Control is also exercised through regular meetings of appropriate staff to ensure compliance with HMRC requirements.
The skills and experience of external advisers are utilised to:
Ensure that the tax knowledge within the company is complete and up to date
Support internal staff on specific transactions or specialist areas of tax
Controls developed for the purpose of certification to HMRC by the Senior Accounting Officer apply to support the management of tax risk.
Albion Sections Limited has no appetite for tax risk. This can be defined as:
not undertaking any transactions involving tax that are not fully supported by commercial activities or that could be considered artificial and
ensuring sufficient and knowledgeable resources are available to undertake our tax reporting and compliance obligations.
RELATIONSHIP WITH HMRC AND OTHER TAX AUTHORITIES
Albion Sections Limited aims to maintain good working relationships with HMRC based on:
regular, open, real-time communication
fair negotiations and
timely completion of its reporting obligations and payment of any taxes due.