This page lays out the guiding tax objectives for Neenah UK that are to be disclosed online per the UK Finance Act 2016. This strategy is not designed to be an operational manual with detailed instructions on the execution of the processes.
Our tax strategy is reviewed annually. The Chief Financial Officer and Vice President of Tax are responsible for management of the tax affairs of the group.
This strategy applies from the date of publication until it is superseded. References to ‘UK taxation’ are to the taxes and duties in the UK which include:
- All corporate income taxes
- Indirect taxes (VAT)
- Employment taxes (PAYE / National Insurance)
- Other applicable tax matters
The tax strategy is approved by the managing board of Neenah UK and sets out the group's general tax arrangements as well as the policy and approach to tax risk management, attitude to tax planning and working with HMRC.
As part of a multinational group we follow Neenah’s global guiding principles, code of conduct and tax policy for the group. We strive to be in compliance with all applicable tax law and regulations.
We take a holistic view of transfer pricing to ensure that margins between related parties are at arm’s length and representative of the economic value added.
We report and disclose our tax positions in accordance with applicable regulations and requirements.
Tax strategy and strategic objectives
Generally the tax strategy and strategic objectives are intended to establish a clear and unequivocal approach to all aspects of tax reporting and compliance.
The tax strategy is focused on ensuring that taxes (and tax risks) are managed to provide outcomes consistent with commercial reality and are within the parameters of the Group’s strategic objectives. The strategy also requires that all tax obligations are complied with in the UK and other relevant jurisdictions.
Neenah UK does not engage in artificial tax arrangements. The company’s appetite for tax risk is low and we only structure our affairs based on sound commercial principles and in accordance with the Neenah Group policy and relevant tax legislation.
Relationship with HMRC
It is Neenah UK’s general policy to be transparent and proactive in all interactions with HMRC through regular meetings and communications with HMRC and we strive to be compliant with all aspects of UK taxation.
Any inadvertent errors in submission of tax returns and tax computations to HMRC are fully disclosed as soon as reasonably practicable after they have been identified.