Our UK tax strategy (1)
Weetabix Limited is a leading manufacturer and seller of cereals and other cereal based food products and breakfast drinks. We currently export to over 80 countries across the world. Our global business activities incur a substantial amount and variety of taxes, including corporation, business rates, stamp taxes and, in the UK, employer’s national insurance. In addition, we collect and pay employment taxes and indirect taxes such as VAT. This strategy covers all UK subsidiaries of the Weetabix Food Company and all UK taxes.
Our approach to tax risk management and governance
We identify and manage risks that may affect the achievement of our business plans and strategic objectives, our shareholder value and our reputation, through our risk management process. The Board sets and oversees the risk management strategy and the effectiveness of the Group’s internal control framework and processes. We have policies, processes and practices in place to ensure the integrity of our tax filings and other tax compliance obligations in the UK and worldwide. Ultimate responsibility for our Tax Strategy and UK Tax compliance rests with the Executive Board.
Our attitude towards tax planning
We seek to balance shareholders’ interests for sustained economic value creation with ensuring that any arrangements comply with current tax legislation. Our business has a strong focus on corporate responsibility, and we see responsible administration and payment of taxation as a responsibility of our business.
The level of tax risk we are prepared to accept
Tax risks, both transactional and operational, are considered as part of our broader enterprise-wide risk management process. The business regularly reviews tax risks and controls and this is overseen by the Board. Our policies and governance framework operate to ensure compliance with tax laws and regulations both in the UK and internationally, and to ensure that we identify and mitigate tax risks to the low level of risk that the Group is prepared to accept.
Our approach to dealings with HMRC
We seek to ensure that our engagement with HMRC is professional, open and honest, and undertaken in a spirit of cooperation.
(1) The purpose of this statement is to satisfy the UK legislative requirements of paragraph 16(2) Schedule 19 Finance Act 2016 in relation to the publication of tax strategy insofar as it affects our UK Group. This covers the period ending September 2017 and we review and refresh our tax strategy annually.