Acacium Group Tax Strategy
Acacium Group (“The Group”) is the UK’s largest healthcare solutions partner offering staffing, managed services, and innovative delivery models to health and social care systems and the global life sciences industry. We are focussed on using our experience and capabilities to improve peoples’ lives through expert healthcare, social care, and life sciences.
This document has been approved by the Board for publication and sets out the Group’s policy and approach to conducting its tax affairs and dealing with tax risk. This Tax Strategy applies to all UK entities in the Group. Publication complies with the requirements of Finance Act 2016 Schedule 19, paragraph 16 (2). The Strategy will be reviewed annually and any amendments will be approved by the Board.
Tax risk management and governance arrangements in the United Kingdom
The Board member with executive responsibility for tax matters is the Chief Financial Officer, who is also the Senior Accounting Officer (SAO) under UK tax legislation. The main duty of the SAO is to take reasonable steps to ensure the Group establishes and maintains appropriate tax accounting arrangements to enable the Group to fulfil its tax compliance obligations.
The Group is subject to various different UK taxes which include Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax, and Stamp Duty. The SAO delegates management of these taxes to appropriately qualified and experienced employees. The Group maintains appropriate tax accounting arrangements by putting controls in place to reduce the risk of non-compliance or misstatement of the Group’s tax liabilities.
The SAO and his delegates, including a dedicated group tax manager, identify and manage UK tax risks using their knowledge of the Group’s operations and UK tax legislation. They do this through:
- Regular communication with finance and other relevant operational staff within the UK businesses to keep informed of any significant business developments;
- Involvement in all acquisitions including review of financial and tax due diligence reports into the target’s business;
- Monitoring proposed changes in tax legislation to identify its potential impact for the UK group;
- Consultation with reputable external tax advisors regarding all tax matters.
The Board’s Audit Committee also includes taxation within its remit to monitor the effectiveness of internal financial controls, the external audit process and internal & external financial risks.
Attitude toward tax planning and level of tax risk
The Group believes it is important to plan its business operations so that it can comply with all tax obligations and believes it is important to consider the tax consequences of significant transactions before carrying them out.
External tax advisors are consulted on the tax consequences of potential transactions including acquisitions and restructuring. They advise on tax planning, advise on tax risk, and offer expertise on recent or pending changes in relevant tax legislation to ensure compliance with all relevant laws, rules, regulations, and reporting and disclosure requirements.
The Group’s attitude to tax planning is to ensure it complies with all legal requirements but noting that there is always a degree of taxation risk. This arises due to factors including complex and changing tax legislation, the scope for disagreement over the interpretation of laws and the variety and volume of different taxes that affect the Group’s activities. These risks are managed as noted above and where there is uncertainty or complexity, external advice will be sought.
Interaction with HMRC
The Group is in regular contact with HMRC, both directly and through external advisors. The Group has an open and transparent approach to dealing with HMRC and commits to:
- a proactive, collaborative and professional relationship with HMRC;
- making fair, accurate and timely disclosures in correspondence and returns;
- seeking to resolve issues with HMRC in real time, and where disagreements or uncertain positions arise, working with HMRC to resolve them.
Approved by the Board of Acacium Group Ltd on 15 December 2021 for Financial Year 2022.