Tax Strategy 2019
The Tax Strategy set out below for Adelie Foods is in respect of the financial year 2019 and it complies with paragraph 23 of Schedule 19 Part 2 of the Finance Act 2016.
The Board of Adelie Foods recognises that compliance with tax filing and payment obligations is one of its key responsibilities. In common with all aspects of the operation of its business, the oversight is assigned to one member of the Board, namely the Chief Financial Officer (CFO), whose responsibility is to appraise the Board of key tax events. This allows all Board members to be adequately engaged in the tax affairs of the business and thereby ensure Adelie Foods Group is adhering to its responsibilities.
There are five key principles to which Adelie Foods adheres when considering all aspects of taxation. These principles provide steering to key stakeholders and offer a framework for decision making as follows:
- Transparency with HMRC – Adelie Foods has an open and transparent relationship with HMRC and values the trust which HMRC places in the business to correctly deliver taxes due. In all dealings with HMRC, Adelie Foods seeks to maintain and further build on this relationship through proactive engagement.
- Appropriately qualified Finance team – Adelie Foods is supported by an appropriately qualified and experienced Finance team with an awareness of tax and invests in continued professional development. The Board will continue to review the structure of the Finance team at suitable intervals to ensure it remains appropriate to the business environment and external tax environment.
- External advisers – To assist the Finance team Adelie Foods engages with external advisers to provide technical expertise when necessary. This engagement takes place with the CFO / Head of Finance for operational and compliance matters.
- Attitude to tax planning – Adelie Foods has a strong commercial focus and, as part of its duty to its stakeholders to control unnecessary costs, the Group utilises tax reliefs and allowances available in the manner in which intended by the tax authorities and statute. Adelie Foods is a straightforward business and does not engage in any artificial tax arrangements.
- Risk Management and Governance – Adelie Foods has a clear overview of its tax risk which is documented in its tax risk matrix. The Board recognises this and considers that the tax strategy sits alongside stringent financial controls to manage tax exposures.