Moresand Limited – Tax strategy
Moresand Limited (the “Company”) is a company resident in the United Kingdom. It has one wholly owned subsidiary which is resident in the Unites States of America.
The Company is a UK based travel agency supplying flights, hotels, packaged holidays and cruises.
UK Tax Strategy
This Tax Strategy is published in accordance with paragraph 19 (3) of Schedule 19 of Finance Act 2016.
This document sets out the UK entity’s approach to its tax affairs and dealing with tax risk for the year ending 31 March 2021. The Company’s tax strategy will be reviewed annually.
Risk Management and governance arrangements
Responsibility for the tax affairs of the Company lies with the Board of Directors. The tax strategy and tax compliance of the Company are discussed at Board level. The Board of Directors understand the importance of compliance and how they can achieve it.
The company does not have an internal tax specialist; however, the company consults with external tax advisors, who will support the Company in an accurate and timely manner. In line with all applicable tax laws and regulations the Company will endeavour to file all mandatory tax returns, reports and disclosures on time. Utilise, as appropriate, available tax reliefs and incentives, the company will not use such reliefs or incentives for purposes which are knowingly contradictory to the intent of the legislation.
The Company has been tax compliant and are conservative in their approach to minimise tax. The company does not engage in tax planning arrangements that would be considered controversial or at a significant risk of challenge by HMRC. The Company submits Research and Development (R&D) claims where they can and engages with R&D tax specialists to assist in the preparation of the claims. In areas of complexity or uncertainty the Company will seek external tax advice and if appropriate will seek advice from HMRC directly.
Attitude Toward Risk
The Board of Directors understands the importance of tax compliance in the wider context of business decisions, as such the Company considers compliance to be the primary focus in managing risk. Further to this, the Company will ensure that transactions are structured in a way that is not inconsistent with the economic consequence or contrary to the intentions of Parliament.
Relationship with HM Revenue & Customs (HMRC)
The Company aims to preserve a good working relationship with HMRC in order to meet the statutory and legislative tax requirements. The Company is dedicated to being open and transparent with their tax affairs. Should any issues arise regarding the interpretation or application of tax law, the Company will attempt to resolve these in a timely manner. Where appropriate the Company will seek pre transaction clearance from HMRC.