Wholefoody Limited ("Wholefoody") is a responsible taxpayer and recognises the importance of the payments that we make regarding all aspects of tax. These include, but are not limited to; Business Rates, Income Tax, Capital Gains Tax, Employment taxes, Customs and Fuel Duty, Excise Duty and VAT.
How We Manage Our Tax Risks
Our Tax Strategy for the accounting has been reviewed by the Board of Wholefoody Limited ("the Board") and is aligned to the business strategy to support genuine commercial activity. The Board is committed to managing its tax affairs responsibly and transparently, complying with all relevant tax legislation and having due regard for Wholefoody's wider reputation and corporate social responsibilities. As a result, it will seek to promote the long term success of Wholefoody and deliver sustainable shareholder value. All actions taken to secure the aims and objectives of the Wholefoody Tax Strategy will be supported by appropriate legal, accounting, valuation and other relevant professional support and advice, including, where required, third party professional tax support and guidance.
Performance against our corporate Tax Strategy is the Finance Director's responsibility, the Senior Accounting Officer. Controls in place to minimise our Tax Risk include:
- The Board will regularly (at least annually) review the tax systems and processes to ensure that it can always meet its compliance obligations in full.
- The Board understands the complex nature of tax and seeks specialist advice in connection with non-routine transactions.
- The Board contacts external advisers with technical queries when appropriate. There are quarterly meetings between the Board and its tax advisers to discuss developments within the Board that require tax input from specialists and make the Tax Team aware of relevant legislative changes to taxes.
- Together with the Financial Controller, the Finance Director is responsible for the day-to-day tax management across the business. This ensures that it has appropriate tax software systems to calculate liabilities in line with up-to-date legislation and appropriately qualified staff to operate these systems.
Attitude To Tax Planning
The Board will not engage in artificial transactions, the sole purpose of which is to reduce tax. However, the Board will consider undertaking a transaction in a way that gives rise to tax efficiencies. This is aligned with the Board's commercial strategy and complies with the associated tax legislation. The Board will seek advice from external advisors where the existing finance team does not have the appropriate level of tax knowledge and experience to ensure compliance with existing tax legislation.
Our Tax Risks And Working With HMRCThe Board's strategic aim is to achieve a low UK tax risk rating as determined by HMRC's Business Risk Review process. The UK Board seeks to achieve this aim by submitting all UK tax returns on a timely basis and paying the appropriate amount of tax at the right time. Also, the Finance Director seeks to involve the HMRC Customer Compliance Manager in regular dialogue with any major Board activity that may have a significant tax impact. As part of this ongoing dialogue, the Finance Director has meetings with the Customer Compliance Manager annually.
Our tax approach has been published per paragraph 16(2), Schedule 19 of the Finance Act 2016.