Tax Strategy

POLICY

Introduction

Ringway Jacobs Limited is an incorporated joint venture operating in the construction industry within the UK.

This document is approved by the company’s Board of Directors and consists of the Ringway Jacobs Tax strategy to conform to paragraph 16(2) of Schedule 19 of the Finance Act 2016. It is effective for the year ended 31 December 2021 and will remain in effect until another tax strategy is published.

Risk management and governance arrangements in relation to UK taxation

The company aims to comply with tax laws, regulations and practices in a responsible manner in the UK and to pay the taxes due at the right time.

The Board of Ringway Jacobs recognises that compliance with tax filing and payment obligations is one of its key responsibilities. Tax matters, as all other financial information, are reviewed on a regular basis by the Finance Director notably during the budget phases and for the preparation of the annual and interim accounts and annual tax return purposes and when it is needed. The Finance Director reports directly to the Board of directors any key tax events. This allows all the Board members to be adequately engaged in the tax affairs of the business and thereby ensure Ringway Jacobs is adhering to its responsibilities.

The Board must ensure that financial data is established in compliance with the standards, principles and procedures in force. Financial data, which includes tax data, are reported, managed and controlled through robust accounting systems, constantly monitored to ensure they operate effectively and are regularly audited. Staff using those systems are regularly trained.

Attitude to tax planning

The company aims to comply with the applicable laws and regulations. To support business operations and through operational decisions, the company considers tax efficiency and aims to make use of tax incentives and exemptions prescribed by the tax legislation in the way in which they are intended to be used. For any tax matter, the Finance Director can be assisted either by one of the in-house tax supports or by UK tax advisors, that are routinely involved, or both, depending on the subject-matter and its materiality. We engage with our external advisors, PwC, throughout the year to assist with operational and compliance matters. When UK external advisors are appointed, the company must ensure that such intermediaries do not compromise the company by committing unlawful acts. In any case, its overriding principle is to not engage in aggressive and/or artificial tax avoidance.

UK tax risk

There is no rigid level of acceptable tax risks. The materiality level is assessed by the Finance Director and, if need be, the Board of Directors, to be appropriately and duly reported to the upper tier level of the organisational structure. The company faces various types of generic tax risks, which may notably arise because of its size and/or the complexity of its operations, and that can be categorized as follows:

1. Financial risks:

a. Tax compliance failure and associated risks as for instance late filing, filing of inaccurate tax returns, failing to submit in due time claims and elections, or any other tax compliance failure no matter how it is caused (human error, system failure);

b. Operational tax risks that can happen notably in case of technical or factual inaccuracies, lack of in-depth tax analysis of the business operations, unanticipated changes in tax laws, misinterpretation of complex or unclear tax rules;

2. Reputational risks: those risks are the consequences of financial tax exposures which may impact the relationship with its stakeholders including HMRC.

How Ringway Jacobs works with HMRC

The company has and maintains an open, transparent and constructive working relationship with officers of HMRC.

This implies open communications when required and where disagreements arise, to work with HMRC to resolve issues by agreement where possible.