SPIE UK TAX STRATEGY
SPIE UK provides engineering solutions from initial design, through installation, testing, commissioning to long-term maintenance and facilities management.
This document sets out the strategic tax objectives for SPIE UK Limited and its subsdiaries (SPIE UK) in accordance with section 16 of Schedule 19 of the United Kingdom’s Finance Act 2016 for the financial year ending 31 December 2021 and thereafter, until superseded.
Our tax strategy is reviewed annually by the Executive Board, which includes the Chief Financial Officer(CFO), supported by the finance team, and refers to all UK taxes and duties including:
- All UK corporate income taxes
- Indirect taxes (VAT, Stamp Duty Land Tax)
- Employment taxes (PAYE, National Insurance, CIS)
- Other applicable tax matters
OUR TAX STRATEGY
Our tax strategy encompasses the following key principles:
- To comply with tax legislation requirements at all times
- To pay the correct amount of tax, utilising tax reliefs in an efficient manner intended by legislation
- To engage fully and openly with HMRC
- A low tolerance for tax risk
In managing our tax risks, the higher risk tax areas are identified, and suitable controls implemented to appropriately manage the risk.
To assist with this, SPIE UK may engage with specialist external advisors to review current processes that impact taxes, identify any significant risks and recommend appropriate controls.
The highest risk areas to the business include:
- New or complex transactions, including reorganisations, acquisitions or disposals.
- Transactions where there is inherent tax complexity
- Engagement with contractors, specifically with reference to the IR35 rules, and in relation to construction industry scheme (CIS).
- Ensuring compliance with new or amended tax legislation
- Where such risk areas are identified, internal resource is focused, and external advisors provide support to the finance team as required to mitigate tax risks identified.
Governance refers to the responsibility and oversight of the UK’s tax affairs.
The day to day tax management is the responsibility of the finance department who engage with external advisors where required.
The finance department reports into the CFO, who is the Senior Accounting Officer (SAO), who has ultimate responsibility for the tax affairs of SPIE UK. The CFO is responsible for implementing the tax approach approved by the Board.
Our tax planning seeks to efficiently utilise all claims and reliefs available under UK tax legislation in a responsible manner, taking into account the wider Group strategy.
We adhere to all relevant tax laws.
RELATIONSHIPS WITH HMRC
SPIE is committed to full and transparent disclosure.
We engage with HM Revenue and Customs (HMRC) through regular communications, including regular meetings with our Customer Relationship Manager.
We will engage in timely communication if disputes arise until a resolution is achieved.
The UK Tax Strategy has been approved by the Executive Board on 19 October 2021.