SF Express Tax Strategy Statement
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Tax Strategy Statement
SF strives to comply with tax law and practice in the countries where we operate and recognises that compliance with tax filing and payment obligations is one of its key responsibilities. Our legal entities in each country have the day-to-day responsibility for tax and have a country finance manager assigned to assist with dealing with tax matters. We are committed to complying with tax laws in a responsible manner and to having open and constructive relationships with tax authorities. This statement sets out the tax strategy applied to all UK taxes applicable to our businesses in the UK.
Our management of the Company in UK will carefully consider all taxation positions taken in respect of compliance obligations to ensure any risk taken is consistent with our overall UK tax strategy and broader corporate governance requirements.
Local tax laws and regulations may be one of several economic factors taken into consideration when structuring our operations. The tax strategy is outlined below in compliance with UK requirements for publication of tax strategy and applies to the Company. This strategy is not designed to be a detailed process manual but is restricted to the strategic goals and behaviours of the Company and its directors and employees.
The tax strategy will be reviewed annually. The Group Chief Financial Officer, Group Head of Tax and the UK finance manager are responsible for management of the tax affairs of the Company.
This tax strategy applies from the date of publication until it is superseded. References to ‘UK taxation’ are to the taxes and duties in the UK that the Company may be subject to during the course of carrying on a business locally, which include but are not limited to:
- All corporate income taxes
- Indirect taxes (VAT, Stamp Duty Land Tax)
- Employment taxes (PAYE / National Insurance / Construction Industry Scheme)
- Other applicable tax matters
The tax strategy sets out the approach to managing tax risks, attitude to tax planning, the level of risk which is acceptable and working with HM Revenue & Customs (hereafter referred to “HMRC”).
This tax strategy is compliant with the UK Tax Strategy publication requirement set out in Part 2 of Schedule 19 Finance Act 2016.
The Company acts as a responsible corporate tax citizen in compliance with applicable UK tax law and regulations. It actively follows the rule of tax law and practices, both in terms of the written regulations and the spirit and intention behind them.
The Company has a policy of full disclosure at all times and accordingly reports and discloses all tax decisions and computations in accordance with applicable regulations and requirements.
The tax strategy and strategic objectives are intended to establish a clear and unequivocal approach to all aspects of tax reporting and compliance wherever the Company operates.
The tax strategy is focused on ensuring that taxes and tax risks are managed to provide outcomes consistent with commercial reality and are within the parameters of the Company’s strategic objectives. The strategy also requires that all tax obligations are complied with in the UK and other relevant jurisdictions where appropriate.
The Company ensures the tax risk management procedures are regularly reviewed such that processes remain constantly up-to-date and any required changes or adaptations are implemented on a timely basis.
Approach to tax management
The day to day management of the Company’s tax affairs is overseen by UK finance manager, with input and advices from the Group tax department and external professional advisers. The UK finance manager takes full responsibility for the timely and accurate reporting and payment of all tax liabilities.
Acceptable level of tax risk and approach to tax planning
The Company has a low appetite for tax risk and accordingly the sound commercial principles are at the forefront of all business decisions. Tax outcomes will be naturally considered as part of the cost of a transaction, but this will be secondary to the commercial objectives and the tax consequences will never be the primary driver behind any business activity.
The Company utilises tax reliefs and allowances available in the manner which is intended by HMRC and statute.
The Company does not engage in artificial tax arrangements of any nature whatsoever and would not consider doing so under any circumstances. It ensures any tax outcomes are entirely consistent with the commercial intention of any transaction. Aggressive tax planning is not considered and external professional advice is sought where appropriate.
Relationship with HMRC
The Company upholds a policy to be transparent and proactive in all interactions with HMRC either in submission of returns, correspondence or any other meetings or communications with HMRC.
The Company adopts an open, honest and positive attitude towards HMRC and is committed to prompt disclosure and transparency in all tax matters with HMRC.
Any inadvertent errors in submission of tax returns and tax computations to HMRC are fully disclosed as soon as reasonably practicable after they have been identified.
