Tax strategy
This tax strategy applies to Openwork Holdings Limited and its subsidiaries (the “Group”).
The Group is committed to acting with integrity and transparency in all tax matters and will endeavour to make timely and accurate tax returns.
The Group considers the publication of this Tax Strategy as complying with its duty under paragraph 16(2) of Schedule 19 of the Finance Act 2016 to publish the group tax strategy in the current financial year.
Governance & Tax Risk Management
The Board of Directors has made it the responsibility of the Chief Financial Officer to ensure that all financial matters, including tax, are correctly and compliantly dealt with. Issues of tax policy for the Group require approval of the Chief Financial Officer, however operational oversight and management of the Group’s tax affairs has been delegated to the Head of Financial Reporting & Control. The Head of Financial Reporting & Control reports to the Head of Finance & Strategy who in turn reports to the Chief Financial Officer.
The Group’s tax returns are prepared by financial accountants in the Group’s internal Finance function, who have appropriate expertise in taxation, then subject to review by the Head of Financial Reporting & Control and then our external tax specialists.
The Group is exposed to the following tax risks:
- Tax compliance and reporting risks – These risks are mitigated by using outsourced external expert advice and having qualified accountants within the internal finance function. Investing in these resources aims to prevent the submission of inaccurate or late returns.
- Transactional risks – Transactions are always made with full deliberation of potential tax implications. The Group will, where appropriate, engage with tax authorities to resolve and manage any tax risks. As above, the tax risk that the Group may be subject to is regularly assessed by internal subject matter experts and external advisors.
- Reputational risk – The Group endeavours to pay the right amount of tax in accordance with the letter and the spirit of the law in all jurisdictions and, if required, engage with tax authorities to resolve and manage any tax risks.
Tax Planning
The Group recognises that it has a responsibility to pay an appropriate amount of tax and aims to balance this with its responsibility to its shareholders to structure its affairs in an efficient manner.
Where tax planning is undertaken, the Group will seek the external advice of tax advisers to assist with areas of complexity or uncertainty. This will support the Group in complying with tax laws, whilst still ensuring it aligns with the objectives of both the government and Group.
The Group does not tolerate tax evasion, nor does it tolerate the facilitation of tax evasion by any person(s) acting on the Group’s behalf. The Group seeks to act with integrity throughout every aspect of the business. This is reiterated within the Code of Conduct document which also details the Group’s Core Values.
Level of risk the Group is prepared to accept in relation to UK taxation
The Group has a low risk appetite in relation to tax matters, assessing tax risk and making tax decisions with regard to its reputation, integrity and status as a group. We do not engage in aggressive tax planning, and do not seek to artificially manipulate our business affairs in order to unreasonably minimise our tax liabilities.
Approach towards dealing with HMRC
An important part of our tax strategy is the maintenance and development of a co-operative and proactive working relationship with HMRC. We engage with HMRC with honesty, integrity, respect and fairness and in a transparent manner. Wherever possible, we do so, on a real time basis.
Openwork regards this publication as complying with the duty under UK tax legislation paragraph 16 (2) schedule 19 Finance Act 2016 for the 2023 financial year.