This strategy covers Biocair International Limited (registration 2070874). References to Biocair in this document also apply the permanent establishment of Biocair International Limited in the Netherlands and the branch of Biocair International Limited in France.
This strategy applies from the date of publication until it is superseded.
References to tax are to the taxes and duties set out in paragraph 15(1) of Schedule 19 to the Finance Act 2016. These include Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax and Stamp Duty Land Tax.
Biocair is committed to full compliance with all statutory obligations and full disclosure to tax authorities.
Ultimate responsibility for Biocair’s tax strategy and compliance rests with the Board of Biocair. Executive responsibility for tax matters is delegated by the Board to the CEO. The CEO’s requirement to monitor the integrity of Biocair’s financial reporting system, internal controls and risk management framework includes those elements relating to taxation. The Board and CEO ensure that Biocair’s tax strategy is one of the factors considered in all significant business decisions taken.
Management of Biocair’s tax affairs is delegated to the Finance Director. They are responsible for the Finance department and ensure it is staffed with appropriately qualified individuals. The Finance Director manages the Company’s tax affairs on a day to day basis and reports to the CEO on Biocair’s tax affairs and risks throughout the year.
Biocair operates a system of tax risk assessment and control as a component of an overall internal control framework applicable to the company’s reporting system.
Biocair seeks to reduce the level of tax risk arising from its operations as far as reasonably practical by ensuring that reasonable care is applied in relation to all processes which could materially affect its compliance with its tax obligations.
Processes relating to different taxes are allocated to appropriate process owners, who carry out reviews of activities and processes to identify key risks and the mitigating controls in place. These key risks are monitored for business and legislative changes which may impact them. Changes to processes or controls are made when required.
Appropriate training is carried out for staff who manage or process matters which have tax implications.
Advice is sought from external advisors where appropriate. This could be when there is a change in tax law that may affect the company or when there is a business change that has tax implications. Advice is also sought when an area of tax law is open to interpretation.
Biocair manages risk to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax at the right time.
When entering into commercial transactions, Biocair seeks to take advantage of tax incentives, reliefs and exemptions in line with and in the spirit of, tax legislation. Biocair does not undertake tax planning unrelated to commercial transactions.
The level of risk which Biocair accepts in relation to UK taxation is consistent with its overall objective of achieving certainty in the company’s tax affairs.
At all times Biocair seeks to comply fully with regulatory and other obligations and to act in a way which upholds its reputation as a responsible corporate citizen.
In relation to any specific issue the Board is ultimately responsible for identifying the risks, including tax risks which need to be addressed and for determining what actions should be taken to manage those risks having regard to the materiality of the amounts and obligations in question.
Biocair seeks to have a transparent and constructive relationship with HMRC through regular meetings and communication.
Biocair 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.
When submitting tax computations and returns to HMRC, Biocair discloses all relevant facts and identifies any transactions or issues where it considers that there is potential for the tax treatment to be uncertain.
All inadvertent errors in submissions made to HMRC are fully disclosed as soon as reasonably practicable after they have been identified.