Vestel UK 2017 Tax Strategy
Vestel UK Limited is one of 18 subsidiaries of Vestel, parent company in Turkey.
The principle activity of Vestel UK Limited is to market, promote, service and distribute branded products to the Consumer Electronics and Major Domestic Applıances marketplaces within the UK and Europe. Brands include Sharp and Toshiba, sold under licensing agreements, as well as those of Vestel Group and retailers.
In compliance with paragraphs 19 and 25 of Schedule 19 to the Finance Act 2016, the company is publishing its tax strategy for the year ending 31 December 2017.
Our Tax Strategy
Vestel UK Ltd is committed to complying with UK tax legislation and have identified risk areas in Corporation Tax, PAYE, NIC and VAT. Responsible persons have been appointed to these areas of Tax compliance. Regular meetings are held to review new compliance and ensure knowledge is up to date. Systems, controls and processes are monitored to aid the policing of this area.
Risk management & governance arrangement
Risk management is a critical element of Vestel UK’s everyday business activities and takes place at all levels of our organisation.
Vestel UK is committed to compliance with tax law and practice in the UK. Compliance for us means paying the right amount of tax in the right place at the right time.
Vestel UK Limited seek assistance from external professionals and tax specialists to mitigate risks.
- We have a monthly compliance review to check due dates for payment and filing deadlines.
- We have developed a system to capture relevant financial data accurately to mitigate any risk.
- We educate staff on issues of compliance and try to adhere to tax legislations on a prompt basis.
- We seek help from external professionals in specialist tax areas and have timely communication with them to resolve any unclear issues.
- We take immediate remedial actions when we find any errors/mistakes and have a control system is in place to prevent further occurrences.
- We encourage staff to draw attention to any issues/uncertainties and take the relevant measurements to resolve the issues.
- We proactively plan our workloads in order to perform on a timely basis reducing the risk of mistakes/errors, which will add value to all stakeholders.
Attitude towards tax planning and level of risk
We manage risks to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax.
Our attitude towards tax planning is to be aligned with our business strategy and disclose relevant facts to relevant tax authorities.
We will not put in place any arrangements that are contrived or artificial where the sole purpose of which is to reduce UK tax.
Relationship with HMRC
Vestel UK Ltd seek to ensure that our engagement with HMRC is proactive, transparent, open and honest and is conducted in a co-operative manner. We aim to communicate promptly with HMRC by responding/taking actions or seeking advice either directly or via agents. We would seek to contact HMRC for any clearance issues in a timely and professional manner.