Introduction
Inspecs Group Plc operates globally across a number of jurisdictions. The Group takes its responsibilities as a corporate citizen seriously. This includes respecting and complying with local tax laws and paying the required levels of tax in the different countries where we operate.
This document sets out the policy and approach of Inspecs Group Plc to its UK and Overseas tax affairs and regards its publication as satisfying the requirements of paragraph 16(2) of Schedule 19 of the Finance Act 2016. It applies to all companies forming part of the Inspecs Group and applies to the year to 31 December 2024.
Our tax strategy forms part of our wider corporate governance and reporting strategies and considers the Group’s corporate reputation in line with its overall standards of governance, core ethical behaviours and values.
Approach to tax risk management and governance arrangements
Our approach to tax risk and governance is owned and endorsed by the Board of Directors and responsibility for its overall implementation rests with the Group’s Chief Financial Officer.
We always seek to comply with all relevant laws, rules, regulations, and compliance procedures required wherever we operate. Where considered appropriate, advice will be sought from external third-party advisors to help inform the decisions made by us as a business.
We are committed to upholding the values of good corporate governance and accountability to all the Group’s stakeholders including shareholders, colleagues, clients, suppliers, and our local communities. Our Code of Conduct provides a clear and straightforward framework for colleagues to use, which allows the business to develop and be run in a sustainable way, building our reputation and minimising risk.
Attitude towards tax planning
Our approach to tax planning is conservative in nature and reflects the Board's recognition of the importance of high standards of ethical behaviour throughout its business.
When entering commercial transactions, we seek to utilise available tax incentives, reliefs, and exemptions in line with, and in the spirit of, tax legislation.
When deemed necessary, external advice will be sought in relation to areas of complexity or uncertainty to support us in understanding the tax consequences of its commercial and economic activities and complying with those effects.
Level of tax risk accepted
As noted above our position with respect to tax planning and tax risk management is to take a conservative approach, aiming to comply with relevant tax law, rulings and case law. Nevertheless, the nature of operating in a complex, international business environment means that tax risk can never be fully eliminated. We seek to balance tax risk by maintaining a vigilant and robust oversight of our tax reporting processes and by taking third-party advice in areas of complexity. We have a conservative approach towards tax risk. We also have a consistent approach of filing all tax returns on a timely basis and engaging in an open and transparent manner with HMRC.
Approach to dealing with tax authorities
We aim to engage with tax authorities in an open, collaborative, and transparent manner. Inspecs believes that such relationships are beneficial to the Group as a whole and minimise the risk of substantial tax disputes arising.
We make the necessary corrections of any material errors or misstatements in tax filings where permissible and/or required by law and practice without undue delay. Any inadvertent errors in submissions made to tax authorities are fully disclosed as soon as reasonably practicable after they are identified.
27 January 2025