This strategy document has been prepared in accordance with paragraph 16(2) Schedule 19 of the Finance Act 2016 and applies to the Furniture Village Group, which includes the trading company, Furniture Village Limited, in addition to Furniture Village Group Limited and the ultimate parent company, Furniture Village Holdings Limited. The Group also includes two dormant companies, London Bed Company Limited and London Furniture Company Limited.
The principal activity of the Group is the sale of quality furniture in the retail market, encompassing Upholstery, Dining and Bedroom Furniture and Beds, along with other related products and services.
Furniture Village’s activities generate a variety of taxes. References to taxes include Income Tax, Corporation Tax, PAYE, NIC, VAT, and Stamp Duty Land Tax.
This strategy applies to the financial year ending 31st March 2019.
Tax Strategy Ownership
Ultimate responsibility for Furniture Village’s tax strategy and compliance rests with the Board, with executive responsibility for tax matters delegated by the Board to the Finance Director.
Approach to Risk
The Board is responsible for the management of tax risk with delegation, as above, to the Finance Director to ensure that the appropriate accounting processes and controls are in place, identifying and managing tax risks and accounting for them appropriately. The level of risk which the Furniture Village Group accepts in relation to UK taxation is prudent and consistent with its overall objective of achieving certainty in the company’s tax affairs.
We continuously invest in the team’s ongoing professional development and advice is sought from external advisors on material transactions and/or whenever the necessary expertise is not available in-house.
External auditors provide an opinion on the annual accounts which includes tax amounts and disclosures.
The Group’s tax planning is driven by the operational needs of the business and if differing methods exist to achieve the same commercial results, the most tax efficient approach in compliance with all relevant laws will be followed.
The commercial needs of the business will in no circumstances override compliance with relevant laws and regulation.
Approach towards dealings with HMRC
The Group is committed to the principles of openness and transparency in its approach to dealing with HMRC, and the Group will develop an open and collaborative relationship with HMRC. This includes making accurate and timely disclosure in correspondence and returns, as well as responding to queries and information requests in a timely fashion.
The Group will seek advice if required from HMRC in real time and before returns are filed if possible.