Ballyvesey Group Tax Policy
This document, which has been approved by the Board of Directors and published on 21st April 2023 for the financial year ended 30th September 2023, sets out the tax strategy of Ballyvesey Industries Limited, Ballyvesey Properties Limited and their respective subsidiaries (the ‘Group’). This is the Group policy and approach to conducting its tax affairs in a responsible manner and serves as guidance for all Ballyvesey Group employees.
The tax strategy is published in accordance with Paragraph 16 Schedule 19 Finance Act 2016.
Introduction
The Group trades in the transport, logistics, vehicle distribution, vehicle maintenance, construction equipment, vehicle & equipment auction, trailer manufacture and property development sectors.
A fundamental tenet underlying the administration of all taxes at the Group is compliance with all applicable laws.
Scope
Tax is defined as all financial charges or levies applied by a tax authority in any jurisdiction and covers both direct and indirect taxes.
Our Risk Management and Governance
The Group strives ensure compliance with local fiscal tax laws and practice. This includes being committed paying the correct amount of tax in each country in a timely manner.
The local Finance Directors (‘FDs’) and Financial Controllers (‘FCs’) are responsible for understanding United Kingdom (UK) and relevant local tax legislation and procedures for the countries in which they operate and for keeping up to date with and complying with all applicable laws, rules, and disclosure requirements.
We give guidance to our Finance Teams to help them make the right tax decisions.
We seek advice from external advisors where necessary. Our tax returns are reviewed by professional advisors and approved by the Group Finance Team before they are submitted to His Majesty’s Revenue and Customs (HMRC) and other relevant local tax authorities.
FDs and FCs should notify the Group Finance Team of any specific tax issues arising in their country. The Group has internal controls in place to ensure tax compliance is maintained and that tax decisions are taken at the appropriate level, involving the Board of Directors as required.
Tax issues are escalated to the Board of Directors within monthly and annual board meetings.
Tax Planning
We operate our business in the simplest possible way with decisions being driven to serve our customers, to encompass our values, to look after our staff and to generate a profit. The Group does not engage in artificial tax arrangements. The transactions and activities of the group are arranged to operate in a tax compliant manner.
Our Group tax rate should be determined by the sum of the parts and not something that is targeted.
We have a clear Transfer Pricing Policy implemented by Group Finance to ensure that the way we charge between Group companies is transparent, at arm’s length, properly documented, and complies with local laws.
Local companies should claim the proper statutory reliefs in the countries in which they operate and should never use marketed or abusive tax avoidance schemes.
Where the tax treatment or reporting requirements of specific items are unclear, professional advice should be sought by the FDs and FCs from the Group Finance Function which in turn will seek external tax advisor advice and consult with HMRC or the relevant local tax authority when necessary.
Attitude to Tax Risk
The Group has a low-risk appetite. We pay our taxes in accordance with all relevant laws and regulations in the UK and territories in which we operate and do not use tax loopholes or tax avoidance schemes.
Our Relationship with Taxing Authorities
We aim to be open and honest in all dealings with governments and tax authorities always acting with integrity. We work collaboratively wherever and whenever possible with fiscal authorities to resolve disputes and achieve certainty.
The FDs and FCs should develop good working relationships with tax authorities and respond in a friendly, timely and professional manner to their requests.
In the UK the Group adopts an open, professional, and transparent relationship with HMRC. The Group Finance Team achieves this by maintaining regular contact with our HMRC Customer Compliance Manager and their colleagues appraising them of all significant and relevant developments within our businesses.
Our Group Finance function reviews this policy periodically and any amendments are approved by the Board of Directors.
21 April 2023
