This document sets out the tax strategy of Farmfoods Limited and Farmfoods Distribution Limited (“the Group”). This strategy was published on 19 December 2023 and the Group regards this publication as complying with its duty under paragraph 16(2) Schedule 19 FA 2016 in its financial year ending 30 December 2023.
The tax strategy has been approved by the Board of Directors (“the Board”), who have overall responsibility for setting and monitoring the strategy. The Group employs qualified accountants within the Finance team who are accountable to the Board for the implementation of the tax strategy and the management of tax and related risk.
The Group’s attitude for tax risk is determined by a desire to achieve certainty in its tax affairs. The Group seeks to ensure compliance with regulations, the accurate preparation of returns and the payment of obligations in a timely manner.
The Group has examined the tax risks applicable to the business and has processes and controls in place to manage these risks. These are reviewed on a regular basis to ensure all risks are managed effectively.
The Group will seek to make use of available tax incentives, reliefs and exemptions in line with, and in the spirit of, tax legislation but does not undertake tax planning unrelated to commercial activities. The Group does not have a history of involvement in tax avoidance schemes.
Where the tax treatment of a commercial transaction is complex or uncertain, the Group will seek advice from professional advisors and may approach the Group’s Customer Relationship Manager (“CRM”) at HMRC for guidance.
In its dealings with HMRC, the Group will act in an open, honest and transparent manner. Through regular communication with its CRM, the Group 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.