In compliance with Schedule 19 of the Finance Act 2016, outlined below is the tax strategy adopted by Strevens Vehicles Holdings Limited and its subsidiary undertakings (“the Group”) in conducting its tax affairs.
Members of the Group are Strevens Vehicles Holdings Limited and its two subsidiary undertakings, namely Ford & Slater Limited and Massey Truck Engineering Limited.
The principal activities of the Group are the sale, maintenance and repair of commercial vehicles from its eleven dealerships in the East Midlands and East Anglia. In addition Massey Truck Engineering produce approximately 400 specialist truck bodies per annum from a single site in Sheffield. The Group policy has always been to pay the correct amount of all taxes as and when they fall due. The Group has no business activities conducted outside the UK; as such its business activities are considered to be very straightforward in comparison with other industry sectors.
The Group’s tax strategy is defined as all forms of direct and indirect tax charges or levies including corporation tax, VAT, employment taxes (income tax and national insurance contributions), stamp duty land taxes.
UK Tax Risk Management and Governance
The Finance Director has overall responsibility for the delivery of the Group’s tax strategy in accordance with the express wishes of the board of directors.
The Group adopts a low risk approach to tax planning and is committed in paying the correct amount of taxation in compliance all applicable laws and regulatory requirements in the UK.
To achieve this, the Group consults with its professional advisors on a regular basis on taxation matters and ensures that robust controls and processes are in place within the business to minimise the risk of non-compliance. Controls and processes are reviewed periodically, and changes are implemented when necessary. The Group utilizes available incentives and reliefs within the UK tax law, such as capital allowances.
Relationship with Tax Authorities
The Group approaches all dealings with HM Revenue and Customs (HMRC) in an open and transparent manner. Our aim is to submit all returns to HMRC with the highest degree of accuracy and in accordance with approved deadlines whilst resolving any outstanding enquiries in a timely manner.
The Group has always adopted a fully supportive role throughout all HMRC audits and where any disputes arise then the Group aim to address these openly and promptly.
Reviewed and approved by the Directors
7th January 2020