Bettys & Taylors Group Tax Strategy
The Shareholders and Board seek to maintain the Group’s reputation as a fair contributor to the worldwide economy, which applies tax rules in good faith and in the spirit intended. The purpose of the Tax Strategy is to communicate the policy for the management of tax within Bettys & Taylors Group Limited and its subsidiary undertakings (“the Group”).
The Tax Strategy is owned by the Board of Bettys & Taylors Group Limited (‘the Board’). It will be reviewed and updated annually by the Group Finance & Resources Director (“GFRD”) with any changes being recommended to the Board by the Audit & Risk Committee. Changes to the strategy require formal Board approval.
This tax strategy was published on 31 October 2019 and Bettys & Taylors Group Limited regards this publication as complying with its duty under paragraph 16(2) Schedule 19 FA 2016 in its financial year ended 31 October 2019.
Governance and risk management
The Board is ultimately responsible for the Tax Strategy. The Board has delegated this responsibility to the GFRD who will report to the Board as required. The Board is responsible for ensuring there is an appropriate framework for the implementation of the policy and oversight of the identification and management of tax risk. The Board maintains responsibility for implementing new controls where material tax risks are identified.
The competence of the Group and divisional finance teams is ensured via tax training in accordance with the nature of their roles.
In respect of legislative changes and emerging best practice, members of the Group and divisional finance teams receive regular updates from external tax advisors.
External advisers are particularly used to assist with operational change, exceptional items, and large and complex transactions and areas of the business.
The use of external advice is assessed and agreed with the GFRD and is focused on providing both technical and commercially relevant advice and guidance to the Group.
Attitude to tax planning and tax risk
To comply with legal requirements the Group operates in a manner that ensures we pay the right amount of tax underpinned by a tax philosophy based on an open, co-operative and transparent relationship with the Tax Authorities.
The Group considers, therefore, that it has a low tax risk appetite.
Tax performance will be measured in the following ways:
• A clearly understood, communicated and supported strategy;
• Paying the appropriate amount of tax at the appropriate time;
• Forecasting and planning tax cash payments accurately;
• Ensuring the most effective tax elections, claims and options are considered, with respect to materiality, to manage the tax paid by the Group;
• Implementing and maintaining controls and procedures relating to all taxes ensuring that the correct amount of tax is paid.
Relationship with HMRC
The Group seeks a transparent and constructive relationship with all tax authorities, both UK and overseas, through regular communication in respect of developments in the business, current, future and retrospective tax risks, and interpretation of the law in relation to all relevant taxes.
The Group is committed to meeting its compliance obligations in a timely manner, making accurate returns and providing adequate disclosures on returns and in relation to specific transactions.
Any errors in submissions made to HMRC are fully disclosed as soon as reasonably practicable after they are identified.
The subsidiary undertakings of Bettys & Taylors Group Limited are as follows:
• Bettys & Taylors of Harrogate Ltd
• Bettys Bakery Ltd
• Bettys of Harrogate Ltd
• Bettys of York Ltd
• Kings Master Bakers Ltd
• Prospect Foods (York) Ltd
• Taylors of Harrogate Ltd
• Taylors of York Ltd
• Taylors Tea & Coffee Ltd
• Yorkshire Tea Blenders Ltd
• The D:Caff Company Ltd