The following tax strategy has been approved by the Board of NOVA Group (“the Board”) and outlines how we seek to:
In respect of UK tax obligations relating to the group headed by Nova Acquisitions Limited (“the Group”) and its subsidiaries.
Our business operations are focussed on a foundation of core corporate values which are embedded into our Group strategy. As part of the wider Group’s ‘Stock : Service : People’ philosophy we believe that it is important for us to comply with all tax rules and regulations as defined in current legislation.
During the Year ended 31st December 2021 the Group paid £2.894 million in taxes collected on behalf of our colleagues, customers and suppliers through the day to day activities of the group.
Governance and approach to risk management
The Board has ultimate responsibility for the Group’s tax affairs, it reviews and approves the Tax Strategy on an annual basis and any proposed changes have been agreed unanimously by the board
The Board has delegated the day to day responsibility for the management of taxes to the Groups Financial Director who heads up the tax function within Finance. The Tax function comprises of a team of professionals within the Head Office finance department who are equipped with the appropriate knowledge, skills and capabilities to manage the Group’s tax affairs and maintain oversight of the tax risks across the group.
The Group Financial Director maintains oversight of all significant and emerging risks. Discussions are help on a regular basis with our tax advisors, Hamiltons Group Limited along with quarterly tax update meetings. These meetings are attended by the Group Financial Director, Financial Controllers, together with other members of the Tax and Accounts function as appropriate.
There can be instances where we face uncertainty as to the interpretation and application of certain tax laws, and/or a transaction or activity may have a material impact to our financial position. If this happens, we seek appropriate external tax advice to support our interpretation of tax, taking into account both the spirit and the letter of the law.
Our attitude to tax planning
We do not engage in artificial tax arrangements without business or commercial substance.
Our Tax function works with our businesses and operations to ensure that the appropriate tax analysis and considerations are undertaken for material business decisions.
Where relevant, the Group utilises legitimate tax incentives and reliefs offered by government bodies and approved statute.
Level of risk that we are prepared to accept
We are prescriptive in terms of the levels of acceptable risk, however we comply with legal requirements in a manner that ensures we pay the required amount of tax. This is underpinned by a professional, co-operative and open relationship with HMRC.
Approach to dealings with HMRC
We adopt a collaborative approach to our interactions with HMRC including in relation to considering current, future and retrospective tax risks, events and interpretations of laws across all relevant taxes and duties. We aim to work with HMRC in real time where possible.
This document fulfils the UK legislative requirement of Finance Act 2016 schedule 19, paragraph 16(2) and is in relation to the accounting period 31st December 2021.
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