In complying with Schedule 19, paragraph 16 of the Finance Act 2016 (Large businesses: tax strategies and sanctions), the YESSS UK Group presents this large business tax strategy for its financial year ending 30 April 2021, approved by the Board of Directors.
UK Tax Risk Management
Various internal controls are in place across the business’ functions to manage potential tax risks. These controls are monitored by the finance team, headed by the UK Finance Director, as well as being reviewed by external bodies. The Group’s aim is to seek a low risk tax profile through regular discussion between the finance function and the Board of Directors along with relevant external authorities.
Business Attitude to Tax Planning
The Group aims to satisfy applicable tax rules and regulations set out by HMRC. The Group does not seek to undertake artificial transactions for the purposes of tax planning and considers all transactions to have relevant commercial substance. Where necessary, the Group engages with external tax advisors to support compliance with various changes in tax law.
Risk Appetite for UK Taxation
The general appetite for tax risk is set by the Board. Maintaining this level of risk is achieved by efforts to proactively find and deal with potential tax issues. The Group endeavours to ensure that relevant tax documents and payment of liabilities are filed in a timely manner and is committed to paying the right amount of tax. The finance function monitors changes in tax legislation and implements changes where necessary. Where there is a degree of uncertainty in how to react to such changes, advice is sought.
Relationship with HMRC
The Group is committed to maintaining an honest and constructive relationship with HMRC. Employees are aware of the need to be honest and accurate when dealing with legislative requirements and to ensure they act in a timely and professional manner when attempting to resolve any queries or disputes raised by HMRC.