TBS UK Tax Strategy

Introduction

We are committed to high standards of governance and transparency in supporting our business strategic goals, which is to drive profitable growth and deliver sustainable returns to our shareholders.

This tax strategy is applicable to TBS Engineering and is regarded as satisfying our statutory obligation under Para 16 (2), Schedule 19, Finance Act 2016 for the financial year ending 31 December 2017.

Approach to tax risk management and governance

The UK Board of Directors oversees the UK tax strategy with the Finance Director responsible for implementation and day to day management.

We are committed to paying the correct amount of tax at the correct time in accordance with all relevant laws and regulations, both in letter and in spirit. We aim to maintain compliance via a system of internal governance using appropriately qualified and experienced staff. Where applicable tax advice is sought from external advisors in respect of material transactions or when staff do not have the necessary expertise or skills required in a particular area.

Attitude towards tax planning

We will only engage in tax planning that supports the business, reflects genuine commercial activity and complies with applicable laws and regulations. We will not engage in artificial tax arrangements or aggressive tax planning but may seek to benefit from legislative reliefs or incentives in the spirit of the law.

Approach towards dealings with HMRC

We will strive to maintain an open, honest and transparent relationship with HMRC and interact in a professional, courteous and timely manner. If we were to identify an error we would seek to voluntarily disclose it as soon as reasonably practical, quantify the effect of the error and pay the additional tax and any interest due as a result.