UK tax strategy
The following, approved by the board of Apioil UK Limited, sets out the tax strategy of Apioil UK Limited in relation to its UK tax affairs. It covers all taxes in the UK which includes:-
- Corporate income taxes
- Indirect taxes such as VAT
- Employment taxes (PAYE/National Insurance)
Tax Risk management and Governance
Responsibility for the tax strategy and supporting governance framework rests with the board of Apioil UK Limited. Day-to-day compliance work such as processing of PAYE and VAT Returns is outsourced to external accountants. The managing director is responsible for overseeing and authorising such compliance work. In doing so, the risks associated with compliance failures such as submission of late returns, elections and claims are mitigated.
Risks associated with undertaking transactions without appropriate consideration of the potential tax consequences are mitigated by seeking external advice from UK advisers.
Attitude to tax planning and risk level
Apioil UK limites does not engage in artificial tax arrangements and adopts a low risk approach to tax planning. Aggressive tax planning is not pursued. Tax policy is based on sound commercial principles.
The company applies recognised transfer pricing policies such as the arms-length principle.
Approach towards dealing with HMRC
Apioil UK Limited is committed to complying with its tax filing, tax reporting and tax payment obligations. Its aim is to deal with any query or information request from HMRC in a prompt and full manner.
