NFT UK GROUP TAX STRATEGY
NFT Group is the UK’s leading provider of time critical, temperature controlled logistics solutions, to grocery manufacturers and multiple retailers. NFT operates in both Primary Distribution (manufacturer to Regional Distribution Centre) and Secondary Distribution (Regional Distribution to store).
This strategy applies to NFT Distribution Holdings Limited and the group of companies listed below. In this strategy, references to ‘NFT Group’ are to all the entities listed. In accordance with paragraph 19 of Schedule 19 to the Finance Act 2016, NFT Group is fulfilling its responsibility and publishing a tax strategy in compliance with Paragraph 16(2).
This strategy applies from the date of publication until it is superseded. References to ‘UK Taxation’ are to the taxes and duties set out in paragraph 15(1) of the schedule which include Income Tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax, and Stamp Duty Land Tax. References to ‘tax’, ‘taxes’ or ‘taxation’ are to all UK taxes applicable to NFT Group and to all corresponding worldwide taxes and similar duties in respect of which NFT Group has legal responsibilities. Aim NFT Group is committed to full compliance with all statutory obligations and full disclosure to relevant tax authorities. NFT Group’s tax affairs are managed in way which takes into account the Group’s wider corporate reputation in line with NFT Group’s overall high standards of governance.
Governance in relation to UK Taxation
The Board of Directors has ultimate responsibility for NFT Group’s tax strategy and compliance;
- The Directors of NFT Group are responsible for monitoring the integrity of the financial reporting system, internal controls and risk management framework, expressly including those elements relating to taxation;
- Day-to-day management of NFT Group’s tax affairs is delegated to the Chief Financial Officer and the finance teams;
- The finance teams responsible for the day-to-day management of UK tax affairs are staffed with appropriately qualified individuals;
- The Directors of NFT Group ensure that this tax strategy is considered in all significant business decisions and transactions.
- NFT Group operates a system of tax risk assessment and controls as a component of the overall internal control framework applicable to the group’s financial reporting system;
- NFT Group seeks to reduce tax risk arising from its operations as far as is reasonably practicable by ensuring that reasonable care is applied in relation to all processes which could materially affect its compliance with its tax obligations;
- Processes relating to different taxes are allocated to appropriate process owners, who carry out a review of activities and processes to identify key risks and mitigating controls in place. These key risks are monitored for business and legislative changed which may impact upon them and changes to processes and controls are made when required;
- Appropriate training is provided to staff outside the Tax team who manage or process matters which have tax implications;
- Advice is sought from external tax professionals where appropriate.
Attitudes towards tax planning and level of risk
NFT Group manages risks to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax.
When entering into commercial transactions, NFT Group seeks to take advantage of available tax incentives, reliefs and exemptions in line with, and in the spirit of, tax legislation. NFT Group does not undertake tax planning unrelated to such commercial transactions.
The level of risk which NFT Group accepts in relation to UK taxation is consistent with its overall objective of achieving certainty in the group’s tax affairs. At all times NFT Group seeks to comply fully with its regulatory and other obligations and to act in a way which upholds its reputation as a responsible corporate citizen. In relation to any specific issue or transaction, the management is ultimately responsible for identifying the risks, including tax risks, which need to be addressed and for determining what actions should be taken to manage those risks, having regard to the materiality of the amounts and obligations in question.
Relationship with HMRC
NFT Group maintains an open and honest relationship in its dealing with HMRC and will seek to work in ‘partnership’ with HMRC in relation to its tax dealings.
NFT Group ensures that HMRC is kept aware of significant transactions and changes in the business and seeks to discuss any tax issues arising at an early stage. When submitting tax computations and returns to HMRC, NFT Group discloses all relevant facts and identifies any transactions or issues where it considers that there is potential for the tax treatment to be uncertain.
Any inadvertent errors in submissions made to HMRC are fully disclosed as soon as reasonably practicable after they are identified.
List of entities covered by this Tax Strategy
NFT Distribution Holdings Limited
Homecrest Midco Limited
Homecrest Bidco Limited
NFT Distribution Property Limited
NFT Distribution Operations Limited
NFT Distribution Services Limited
N R Evans & Son Limited N R Evans (Holdings Limited)
ACT Control Solutions Limited