The Directors are responsible for ensuring that we comply with tax laws in the UK, the only territory in which we undertake our business. Our business activities mean that we fall under corporation, employment and other taxes. In addition, we collect and pay employee taxes, as well as indirect taxes such as VAT.
The taxes we collect and pay make an economic contribution to the UK. We are committed to complying with tax laws in a responsible manner and to having open and constructive relationships with the tax authorities. This strategy is based on the following principles:
- Tax planning: We will engage in tax planning that supports our business and reflects commercial and economic activity. We will not engage in artificial tax arrangements and will adhere to relevant tax laws and seek to minimise the risk of uncertainty or dispute.
- Relationship with HM Revenue & Customs (HMRC): We will seek to build and maintain a constructive relationship with HMRC. We will work collaboratively wherever possible with HMRC to resolve disputes and to achieve agreement and certainty. We will engage with the government on the development of tax laws where we can and the tax law change is relevant to enfinium’s business activities.
- Transparency: We support measures that build greater transparency, increase understanding of tax systems and build public trust.
- Tax risk management: We identify, assess and manage tax risks and account for them appropriately. Risk management measures are implemented including controls over compliance processes and monitoring of effectiveness.
- Governance: The Chief Financial Officer (CFO) is responsible for and implements our approach to tax, which is reviewed and approved by the Finance, Risk Management and Audit Committee. The CFO is also responsible for ensuring that appropriate policies and procedures are in place and maintained and that the financial team, with specialist external support as necessary, has the appropriate skills and experience to implement the approach effectively.