Tax Strategy

Tax Strategy

Scope

This document applies to Boxxe Limited and to the group of companies headed by Glebe Holdings Limited in accordance with Schedule 19 to the Finance Act 2016.  This strategy applies to Glebe Holdings Limited, Boxxe Limited and all its subsidiaries (herein collectively referred to as “boxxe” or “the company” or “the Group”).  Boxxe regards publication of this Tax Strategy as complying with its duty under Schedule 19 paragraph 16 (2) Finance Act 2016 in the current financial year ending 31 December 2022 and it applies from the date of publication until it is superseded.

The Group’s Tax Strategy, which covers both the internal governance of tax matters and the approach to tax, is approved by the Board.

Approach to Tax

boxxe is committed to full compliance with all statutory obligations and full disclosure to relevant tax authorities.  We manage our tax affairs in a way which considers the Group’s wider corporate reputation and with the highest standards of integrity.  Consistent with our values, we take a principled and low-risk approach to tax.  We commit to paying our taxes in full and on time, in compliance with both the letter and the spirit of the law, and with full disclosure to the tax authorities.

Relationship with HMRC

We strive to maintain and develop an open, transparent, and trusting relationship with HMRC.  Whilst the Group does not have a Customer Compliance Manager (‘CCM’), all dealings with the tax authority are conducted in a collaborative, courteous and timely manner with the aim to strive for early agreement on any disputed matters should they arise or where there is uncertainty.  In the unlikely event non-compliance is identified, the Group would seek to make an unprompted disclosure to HMRC on a timely and transparent basis.

Tax Risk Management and Governance

The Board has ultimate responsibility for the Group’s approach to tax and receives regular updates from the Chief Financial Officer.  The Tax strategy is applied consistently across all companies within the Group, with all subsidiaries tax resident in the UK and liable to a range of UK taxes including corporation tax, VAT, payroll taxes, Insurance Premium Taxes, and stamp/land taxes, with negligible exposure to any overseas taxes.

Day-to-day oversight and responsibility for the management of the Group’s tax affairs and compliance with the Tax Strategy is delegated to the Finance Director and the Finance Manager.  However, ultimate responsibility for tax sits with the Board, who have designated the Chief Financial Officer as the Senior Accounting Officer (SAO);  the SAO is committed to ensuring there are appropriate tax accounting arrangements in place, which contributes to the overall governance arrangements relating to tax.

The Finance Director and Finance Manager are responsible for:

• Embedding the tax strategy consistently across the business and implementing processes and controls to deliver the correct amount of tax.
• Monitoring and updating those processes and controls to support the business as its develops and in response to changes in tax legislation.
• Ensuring that the finance team, whose responsibilities include tax matters are appropriately trained, have a suitable level of experience and are appropriately qualified to carry out their tax duties.
• Supporting the Board and the business as a whole in meeting its commercial goals and, through the Chief Financial Officer the profile of tax on the Board agenda.

Attitude towards tax planning & levels of risk

Approval of the Company Tax Strategy

The boxxe Tax Strategy document was approved by the Board on 15 May 2022.