Leo Group will publish its tax strategy before the end of each financial period, to ensure it satisfies the requirements of the Finance Act 2016 Schedule 19, paragraph 16(2).
The Board of Directors have reviewed and approved the Group’s tax strategy for the financial year ended 30 April 2023. The strategy, and the Group’s adherence to it, will be reviewed and updated as necessary on an annual basis.
The Group’s tax strategy, including the application of appropriate policies and procedures, is designed to ensure that the Group complies fully with all relevant tax legislation in the UK.
This commitment applies to all areas of business taxation, including corporate, employment and indirect taxes.
To ensure such compliance and appropriate treatment, the Group takes regular advice and guidance from leading professional advisors, as required and when appropriate.
Tax Risk and Governance
Leo Group’s policy in the UK is to ensure complete legislative and regulatory compliance, satisfying all reporting and disclosure requirements, and to pay in full all tax obligations.
The Group ensures it is regularly updated and informed about any legislative or regulatory changes that could impact the business.
External professional advisors support the Group with the preparation of corporate tax computations and returns, which are then reviewed and approved by the board to ensure accuracy and completeness in the timely submission to HMRC.
The Group’s tax strategy and all associated policies and procedures are reviewed on an on-going basis by the Board of Directors, to ensure they are both robust and effective.
If any potential risks are identified with regards to the interpretation or application of tax legislation or compliance requirements, the business will seek independent external advice where necessary and ensure such risks are managed accordingly.
Tax planning
Leo Group does not engage in any form of aggressive tax planning where the sole objective is to avoid paying tax in the UK.
Business decisions are focused on achieving strategic and commercial objectives and are not made with the intention of reducing the amount of tax that is paid.
Any tax planning that does take place will be in the normal course of business, taking advantage of the reliefs that are available, and in accordance with UK tax legislation.
The Group recognises that tax can be a complex area, and therefore will seek independent advice and guidance from its external advisors regarding any tax planning matter, to ensure that the business remains fully compliant and consistent with the tax strategy in the UK.
How Leo Group works with HMRC
Leo Group maintains an open, proactive and mutually respectful relationship with HMRC, ensuring complete transparency and full disclosure at all times.
The Group’s objective is to ensure that all reporting requirements and responses are accurate, timely and complete, so that all UK taxation obligations can be met.
If guidance is required or legislative interpretation is unclear, the Group will communicate directly with HMRC to ensure the appropriate treatment is applied.