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Tax Strategy Report 2024

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Tax Strategy

E.H Booth & Co (“the Group”) is a responsible taxpayer and recognises the importance of the tax payments that we make in respect of all aspects of tax including, but not limited to; Business Rates, Income Tax, Capital Gains Tax, Employment taxes, Customs and Fuel Duty, Excise Duty and VAT.

How we manage our tax risks

This Group Tax Strategy for the Accounting Period ending 30 March 2024 has been reviewed by the Board of E.H. Booth & Co Limited (“the Board”) and is aligned to the business strategy to support genuine commercial activity.  The Board is committed to manage its tax affairs in a responsible and transparent manner, to comply with all relevant tax legislation and to have due regard for the Group’s wider reputation and corporate social responsibilities.  As a result, it will seek to promote the long term success of the Group and deliver sustainable shareholder value.  All actions taken to secure the aims and objectives of the Group Tax Strategy will be supported by appropriate legal, accounting, valuation and other relevant professional support and advice, including where required, third party professional tax support and advice.

Performance against the Group Tax Strategy is the responsibility of the Director of Finance who is the Senior Accounting Officer.  Controls in place to minimise our Tax Risk include:

  1. The Group will regularly (at least annually) review and document the tax systems and processes to ensure that it can always meet its compliance obligations in full.
  2. The Group understands the complex nature of tax and seeks specialist advice in connection with non-routine transactions.
  3. The Group contacts external advisers with technical queries when appropriate. There are quarterly meetings between the Group and its tax advisers to discuss developments within the Group that requires tax input from specialists and to make the Tax Team aware of relevant legislative changes in relation to taxes.
  4. The Director of Finance, who together with Tax and Treasury Accountant, are responsible for day to day tax across the Group and ensure that it has appropriate tax software systems in place to calculate liabilities in line with up to date legislation and appropriately qualified staff to operate these systems.

Attitude to tax planning

The Group will not engage in artificial transactions the sole purpose of which is to reduce tax.  However, We use tax planning to support the business strategy and as such all decisions will have a sound commercial rationale, within the confines of the law, and will take into account any impact that such actions will have on its external reputation. Where tax incentives and exemptions are implemented by the UK Government or by HMRC to encourage investment, employment and economic development we aim to apply these in the manner intended to minimise the tax cost of conducting our business

Our tax risks and working with HMRC

The Group’s strategic aim is to achieve a low UK tax risk rating as determined by HMRC’s Business Risk Review process.  The UK Group seeks to achieve this aim through submission of all UK Tax returns on a timely basis and paying the appropriate amount of tax at the right time.  In addition the Director of Finance seeks to involve the HMRC Customer Compliance Manager in regular dialogue in relation to any major Group activity that may have a significant tax impact.  As part of this ongoing dialogue the Director of Finance has meetings with the Customer Compliance Manager at least annually.

Our approach to tax has been published in accordance with paragraph 16(2), Schedule 19 of the Finance Act 2016