The Right Fuelcard Company Limited and its subsidiaries (“TRFC”) are independent distributors of fuel cards with a mission to simplify the fuel management of businesses across the UK.
This document sets out the approach to dealing with The Right Fuelcard Company Limited’s UK tax affairs. It is intended to comply with the duty to publish a UK tax strategy according to para 16(2), Schedule 19 to the UK Finance Act 2016 and has been approved by the Board of The Right Fuelcard Company Limited.
1. Tax governance and risk management
Overall responsibility for minimising tax risk rests with the Board of The Right Fuelcard Company Limited. It is managed by the Head of Finance and individuals in the finance function with the appropriate skills and experience. There is also ongoing engagement with suitably qualified, reputable external firms who, as well as assisting with tax compliance, advise on the tax considerations arising in connection with changes in the business and tax legislation.
2. Attitude towards tax planning
The Right Fuelcard Company Limited will not engage in artificial transactions, the sole purpose of which is to reduce UK tax. However, The Right Fuelcard Company Limited will consider undertaking a transaction in a way that gives rise to UK tax efficiencies, provided this is aligned with its commercial objectives and complies with associated UK tax legislation.
3. Attitude towards tax risk
The Right Fuelcard Company Limited’s strategic aim is to minimise risk wherever possible when conducting its business affairs. It seeks to minimise tax risk through:
Submission of all UK tax returns on a timely basis, with sufficient detail to enable HMRC to form an accurate view of the affairs of the company, filing returns with an adequate supporting audit trail and sign-off process;
Paying the appropriate amount of tax at the right time. Where this view may differ from the position taken by HMRC, The Right Fuelcard Company Limited aims to be transparent about the filing position it has taken;
Maintaining tax accounting arrangements which are robust and accurate;
Ensuring that tax processes are adequately resourced and supported to manage tax compliance issues on a timely basis; and
Ensuring all tax filing positions are supported with appropriate evidence, including details of advice taken from external professional advisers.
4. Working with HMRC
The Right Fuelcard Company Limited will comply with all relevant legal disclosure and approval requirements, and all information will be clearly presented to HMRC as appropriate. In its dealings with HMRC, The Right Fuelcard Company Limited will act in an open, honest and transparent manner (for example, by filing all returns on time and with full disclosure, by providing information lawfully requested by HMRC, and by working collaboratively with HMRC to resolve any areas of uncertainty).
The Right Fuelcard Company Limited’s strategic aim is to minimise tax risk. This is sought to be achieved by:
Holding annual face-to-face meetings with HMRC to discuss current business initiatives and any associated tax accounting;
Where appropriate, seeking pre-transaction clearances from HMRC; and
Making tax compliance procedures and controls available for HMRC review upon request.