Acacium Group (“The Group”) is the UK’s largest healthcare solutions partner offering staffing, managed services, and innovative delivery models at scale to health and social care systems and the global life sciences industry. We are focussed on using our experience and capabilities to improve people’s lives through expert healthcare, social care, and life sciences.
This tax strategy document sets out Acacium Group’s approach to managing the Group’s tax affairs and the associated risks. It is underpinned by an overall adherence to corporate and social responsibility in the countries in which we operate, while serving the interests of our employees, stakeholders, clients and candidates.
This tax strategy is approved by the Board and is subject to annual review. Publication complies with the requirements of Finance Act 2016 Schedule 19, paragraph 16 (2).
Acacium Group Tax Strategy
The Acacium Group tax strategy is as follows:
- We comply with the spirit as well as the letter of the law in all the countries in which we operate, and we seek to pay the right amount of tax at the right time and in the right place.
- We have established controls and risk management processes to reduce the risk of non-compliance or misstatement and to enable identification of key risks.
- We manage taxes efficiently to support our business activities. We do not engage in tax evasion or planning which aims to achieve results contrary to the spirit of the legislation.
- We aim to build meaningful relationships and maintain open dialogue with tax authorities.
Tax risk management and governance arrangements
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 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 and to identify key tax risks.
We do this through:
- Regular communication with finance and other relevant operational staff to keep informed of any significant business developments;
- Involvement in all acquisitions including review of financial and tax due diligence reports;
- Monitoring and assessing the impact of changes in tax legislation;
- Consultation with reputable external tax advisors when necessary.
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 to 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 they are carried out.
External tax advisors are consulted on the tax consequences of certain potential transactions including acquisitions and restructuring. They advise on tax planning and risks 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 is sought.
Relationships with tax authorities
The Group is in regular contact with the tax authorities, both directly and through external advisors. We seek to maintain an open and transparent approach to dealing with HMRC and other tax authorities and commit to:
- a proactive, collaborative and professional relationship with the tax authorities;
- making fair, accurate and timely disclosures in correspondence and returns;
- seeking to resolve issues in real time, and where disagreements or uncertain positions arise, working with the tax authorities in a timely and constructive manner to resolve them.
Approved by the Board of Acacium Group Ltd on 19th DECEMBER 2022 for Financial Year 2023.