COMPANY INFORMATION
Registered Name: Wollaston Motors Limited
Company Registered Number: 708410
Place of Registration: Wollaston Motors, Bedford Road, Northampton, Northamptonshire, NN1 5SZ
Registered Office Address: Bedford Road, Northampton, Northamptonshire NN1 5SZ
VAT Number: 120 7632 03
Email Address: marketing@williammorgangroup.co.uk
Wollaston Motors Limited is authorised and regulated by the Financial Conduct Authority for its regulated consumer credit activities.
Wollaston Motors Limited is an appointed representative of BMW Financial Services (GB) Limited, which is authorised and regulated by the Financial Conduct Authority, for its general insurance mediation activities.
WILLIAM MORGAN GROUP LTD. TAX STRATEGY.
Background and Scope
In accordance with Schedule 19, Finance Act 2016, William Morgan Group Ltd and its subsidiary undertakings (“the Group”) sets out below its tax strategy. This document will be reviewed annually and updated as appropriate. For the purposes of the Group’s tax strategy, tax is defined as all forms of direct and indirect tax charges or levies, and applies to all UK entities within the Group.
This version relates to the financial year end 31st December 2022 and was approved by the board of Directors on 17 May 2023, subsequently published on 19 May 2023.
Strategic Aim
William Morgan Group Ltd is a UK automotive retail and after sales business operating in Oxfordshire and Northamptonshire. The Group pays a range of taxes including Corporation Taxes and Employment Taxes. We also collect indirect taxes such as VAT and Excise Duties.
The Group’s strategic aim is to pay the right amount of tax, at the right time, and to comply with tax legislation and reporting requirements in the UK. We consider the right amount of tax to be the amount calculated as payable according to legislation in force at that time and which results from a careful evaluation of the particular facts and circumstances.
Governance in relation to UK taxation
The ultimate responsibility for the Group’s tax strategy and compliance rests with the Group’s Board of Directors. The Board’s requirement to monitor the integrity of the Group’s financial reporting system, internal controls and risk management framework, expressly includes those elements relating to taxation.
The Group Finance Director is the Board member with executive responsibility for tax matters and fulfils our Senior Accounting Officer responsibilities. Reports are made to the Board on the Group’s tax affairs and risks during the year. The Group Finance Director is supported by the Group’s finance team, which is staffed with appropriately qualified individuals. The Board ensures that the Group’s tax strategy is one of the factors considered in all investments and significant business decisions.
General approach and use of Third Party advisers
The Group is a responsible taxpayer committed to compliance with tax laws and regulations. It is the Group’s policy to comply with HMRC Laws, rules and regulations concerning all forms of taxation while taking advantage of accepted and efficient practices for minimising the cost to the business.
The Group manages the tax risk by ensuring that only suitably experienced staff are responsible for tax matters. Internal controls are reviewed regularly, and checks are performed monthly to ensure tax liabilities are correctly recorded. Staff attend taxation update courses with third party professional advisers to ensure that the Group are up to date with changes in taxation law and regulations.
The Group involves third party professional advisers in the submission of corporate tax returns and review of its systems, processes and controls.
Tax Risk and Attitude towards Tax Planning
The Group has a low tolerance to tax risk and therefore actively seeks to minimise the risk in relation to Taxation. The Group utilises available incentives and reliefs within the UK Tax legislation, such as capital allowances, and takes specific external advice to ensure our compliance in these areas. The Group does not take part in any tax avoidance schemes or artificial tax arrangements.
To minimise risk in relation to the Group’s taxation compliance we will on occasion seek specialist advice from the taxation department of our auditors as and when appropriate.
To fulfil our commitment to pay the right amount of tax at the right time, and to comply with tax legislation and reporting requirements in the UK, we ensure that we have the effective procedures, processes and controls in place to minimise the risk of non-compliance. These processes and controls are tested on a regular basis. If errors or weaknesses are identified, the potential impact is assessed, and our processes amended. Tax implications are considered and any required adjustments would be made and disclosed to HMRC as appropriate.
Relationship with HMRC
The Group approaches all dealings with HMRC in an open and transparent way. We are committed to addressing any tax enquires or audits with HMRC promptly and resolving these in an open and constructive manner.
All tax related returns are submitted on due dates and any information requests are responded to in a timely manner. Should a disagreement over tax arise, we would endeavour to work in an open and collaborative manner with HMRC to seek to resolve the matter by agreement where possible.
We will not undertake tax planning we consider might adversely impact our relationship with HMRC or reputation with our stakeholders.
Approved by: William Le Fevre, Managing Director