This document, approved by the Board of A. Poortman (London) Ltd, sets out our approach to conducting our tax affairs and dealing with tax risks. In making this strategy available A. Poortman (London) Ltd is fulfilling its responsibilities under Schedule 19 Finance Act 2016 to publish its UK tax strategy during the financial year ended 31 December 2018.
Tax Risk Management and Governance
A. Poortman (London) Ltd has a low appetite towards tax risk. We are committed to full compliance with our tax obligations, paying the right amount tax at the right time. We seek to ensure that our tax arrangements remain consistent with a low risk assessment, both in financial and reputational terms.
The Board has primary responsibility for the assessment and management of identified tax risks, and is supported by our Financial Controller. The complete elimination of tax risks is impossible; however, the company’s overall exposure to tax risks is considered to be minimal as a result of its size, stability, limited complexity, and conservative approach to tax planning.
Where the company identifies areas of potential tax risk, they are assessed on a case-by-case basis in order to develop well-reasoned conclusions on how each risk should be managed.
Aspects of the company’s tax ongoing compliance function are outsourced to appropriately-qualified external advisors. To the extent that the company’s tax reporting is prepared by its finance team, it is undertaken in accordance with internal processes and controls commensurate with the level of risk identified. Where there is uncertainty in how the relevant tax law should be applied, external advice may be sought to support our decision-making process.
A. Poortman (London) Ltd – and the group of which it forms a part – does not engage in tax planning that gives a tax result inconsistent with the underlying commercial arrangements.
Any tax planning undertaken by the group aims to support the genuine commercial needs of the business by ensuring that our affairs are carried out in the most tax-efficient manner whilst also aiming to ensure that our tax position in any planning activity is consistent with both the spirit and letter of tax law. To ensure this position we will take external advice to confirm this whenever necessary.
We remunerate our employees such that the proper amounts of tax and national insurance contributions are paid on the rewards of their employment.
Relationship with HMRC
A. Poortman (London) Ltd is committed to the principles of openness, transparency and honesty in our approach to all dealings with HMRC, in line with our intention to be fully compliant with our tax obligations to ensure that we pay and report the right amount of tax at the right time. Should any dispute arise with regard to the interpretation and application of tax law, we are committed to addressing the matter promptly and resolving it in an open and constructive manner.