This strategy applies to the group of companies headed by Natures Way Foods (NWF) in accordance with paragraphs 19 and 25 of Schedule 19 to the Finance Act 2016. A list of the entities to which it applies is set out below. In this strategy, references to 'NWF' and 'the group' are intended to apply to all these entities. The strategy is being published in accordance with paragraph 16(4) of the Schedule.
This strategy applies from the date of publication until it is superseded. References to 'UK Taxation' are to the taxes and duties set out in paragraph 15(1) of the Schedule which include Income Tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax, and Stamp Duty Land Tax. References to 'tax', 'taxes' or 'taxation' are to UK taxation and to all corresponding worldwide taxes and similar duties in respect of which the group has legal responsibilities.
NWF is committed to full compliance with all statutory obligations and full disclosure to relevant tax authorities. The group's tax affairs are managed in a way which takes into account the group's wider corporate reputation in line with NWF's overall high standards of governance.
NWF manages risks to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax in full when it falls due.
When entering into commercial transactions, NWF seeks to take advantage of available tax incentives, reliefs and exemptions in line with, and in the spirit of, tax legislation. NWF does not undertake tax planning unrelated to such commercial transactions.
The level of risk which NWF accepts in relation to UK taxation is consistent with its overall objective of achieving certainty in the group's tax affairs. At all times NWF seeks to comply fully with its regulatory and other obligations and to act in a way which upholds its reputation as a responsible corporate citizen. In relation to any specific issue or transaction, the Board is ultimately responsible for identifying the risks, including tax risks, which need to be addressed and for determining what actions should be taken to manage those risks, having regard to the materiality of the amounts and obligations in question.
NWF ensures that HMRC is kept aware of significant transactions and changes in the business and seeks to discuss any tax issues arising at an early stage. When submitting tax computations and returns to HMRC, NWF discloses all relevant facts and identifies any transactions or issues where it considers that there is potential for the tax treatment to be uncertain. NWF engages the services of an external consultant to assist with its tax affairs.
Any inadvertent errors in submissions made to HMRC are fully disclosed as soon as reasonably practicable after they are identified.
NWF's Principles of Tax Advice are a written codification, for internal use, of NWF's approach to management of tax risk.
The Group will:
We support a relationship with tax authorities, based upon mutual trust and respect which will enable constructive dialogue and responsiveness by all parties in order to fulfil our responsibilities. List of entities covered by this Tax Strategy:
Chief Executive Officer