Fane Valley Co Operative Society Ltd UK Group Tax Strategy
With its headquarters located in Glenavy Road Business Park, Moira (Northern Ireland) the farmer owned Co-operative is one of Ireland’s most progressive agri-food businesses and operates across the UK and Europe. Currently, the Group has interests in red meats, porridge oats and breakfast cereal, feed compounding, agricultural supplies, and renewable energy.
We believe in giving our customers great service and value and making a wider contribution to the community in which our businesses operate, in part through the taxes that we pay. Below sets out the strategy for conducting our tax affairs and managing tax risk.
The strategy has been approved by the Board of Fane Valley Co Operative Society Ltd and will be reviewed annually.
Fane Valley's approach to managing tax risks
The Group has a policy of complying with all relevant laws, rules, regulations, reporting and disclosure requirements and to settle any tax liabilities as and when they become legally due. The Group seeks to ensure that its tax affairs are consistent with its core values, at all times.
Tax risk management is a key consideration of the Fane Valley Co Operative Society Ltd, with tax matters being proactively managed by the Group. This is achieved by having a clear internal governance framework, business controls and processes and receiving input from professional tax advisers.
The Group Finance Officer has overall responsibility for the management of the Group’s tax affairs and has been appointed as the Senior Accounting Officer. The Group Finance Officer is also supported by the Financial Controllers and Accountants across the Group.
Where there is uncertainty over the tax treatment in any aspect of the business, advice is obtained from external, professional tax advisors. The Group’s annual Corporation Tax computations and returns are also prepared by professional tax advisers and checked for accuracy and completeness by the Group Finance Officer prior to their submission to HMRC. The Group has a policy of ensuring that all computations and returns are submitted within the relevant statutory deadlines.
The Chairman of the Audit Committee is consulted in respect of tax related matters when required, and the Audit Committee also review the tax affairs of the Group on a periodic basis. Any significant tax issues arising during the year are brought to the attention of the Audit Committee and resolved separately.
Fane Valley's attitude to tax planning and the level of acceptable risk
Fane Valley use external professional advisers to provide guidance on any tax policy changes or any tax planning. Ultimately the Board, in conjunction with the advice given, take responsibility for the Group’s tax planning initiatives.
Fane Valley's relationship with HMRC
We engage with HMRC openly and constructively, based on mutual trust and co-operative compliance. We feel this is the best way to ensure that we pay the right tax at the right time and to maintain a good working relationship. Where appropriate and possible we endeavour to engage with HMRC on a real time basis in any areas of material uncertainty, so as to minimise our tax risk and to provide greater certainty for both parties in advance of formal tax filings.