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Tax Strategy

The Board of P.D. Hook Group recognises that compliance with tax filing and payment obligations is one of its key responsibilities. In common with all aspects of the operation of its business, the oversight is assigned to one member of the Board, namely the Group Finance Director (GFD), whose responsibility is to appraise the Board of key tax events.  This allows all Board members to be adequately engaged in the tax affairs of the business and thereby ensure P.D. Hook is adhering to its responsibilities.

In making this strategy available the UK group is fulfilling its responsibilities under paragraph 16(2) Schedule 19 FA 2016 for the year ended 31 October 2021

There are five key principles to which P.D. Hook Group adheres when considering all aspects of taxation. These principles provide steering to key stakeholders and offer a framework for decision making as follows:

  • Transparency with HMRC – P.D. Hook Group has an open and transparent relationship with HMRC and values the trust which HMRC places in the business to correctly deliver taxes due. In all dealings with HMRC, P.D. Hook Group seeks to maintain and further build on this relationship through proactive engagement.
  • Appropriately qualified Tax team – P.D. Hook Group is supported by an appropriately qualified and experienced tax team and invests in continued professional development. The Board will continue to review the structure of the Tax team at suitable intervals to ensure it remains appropriate to the business environment and external tax environment.
  • External advisers – To assist the Tax team, P.D. Hook Group engages with external advisers to provide technical expertise when necessary. This engagement takes place with the GFD for operational and compliance matters.
  • Attitude to tax planning – P.D. Hook Group has a strong commercial focus and as part of its duty to its stakeholders to control unnecessary costs, the Group utilise tax reliefs and allowances available in the manner in which intended by the tax authorities and statute. P D Hook Group does not engage in any artificial tax arrangements.
  • Risk Management and Governance – P.D. Hook Group has a clear overview of its tax risk which is documented in its tax risk matrix. The Board recognises this and considers that the tax strategy sits alongside stringent financial controls to manage tax exposures.

As an employer with a large number of employees, corporation tax alone is not a balanced reflection of the total tax contribution made by P.D. Hook Group. The estimated taxes borne or collected by P.D. Hook Group in relation to the 2022 financial year were as follows:

2023 2022 2021
£000 £000 £000
Employer’s National Insurance 2,492 2,477 2,463
Employee’s National Insurance 1,888 2,109 1,830
PAYE 4,154 3,907 3,665
Corporate Tax 2,601 2,329 3,896
Total 11,135 10,822 11,854

Issue date 24/04/2024