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Tax Strategy

Fircroft Engineering Services Holdings Limited

This document sets out the tax strategy of Fircroft Engineering Services Holdings Limited and its UK subsidiary undertakings ('we') and relates to the year ended 31 August 2018. It has been approved by the Fircroft Group Board of Directors and is published in accordance with paragraph 16(2) of Schedule 19 to the Finance Act 2016.

Introduction

Fircroft is one of the world's leading technical workforce solution companies, with over 45 years of experience in the Oil & Gas, Automotive and Power & Energy sectors. We strive to offer best in class services for our clients while upholding ourselves to consistent moral and ethical standards. Our company values define the way in which we want to work together to achieve our mission: Providing workforce solutions to the global technical engineering industries. At Fircroft there are five core values:

  • Integrity – Our people choose to uphold themselves to consistent moral and ethical standards.
  • Accountable – Our people choose to accept responsibility for their actions and decisions.
  • Innovative – By choosing new ideas, better solutions and embracing creativity, our people are in a position to offer our clients the best workforce solutions.
  • Collaborative – Our people choose to work with others to achieve shared goals.
  • Excellence – Our people choose to go above and beyond ordinary standards to ensure that our clients receive the highest level of service at all times.

Our approach to tax in the UK is aligned to our core values.

Tax risk management and tax governance

The Fircroft Group Board of Directors has overall responsibility for UK taxation including risk management and governance. Day to day tax matters are managed by the Group Tax team, reporting to the Director of Finance who holds regular meetings with the Chief Financial Officer, who is also a member of the Board of Directors. The Group Tax team meets weekly with the Director of Finance to discuss taxation and the CFO is also updated regularly. Matters are formally escalated to the CFO as appropriate. The Group Tax team consists of experienced tax professionals with suitable professional qualifications, who benefit from ongoing appropriate training as required to allow proper performance of their roles.

Our primary UK tax compliance objective is to comply with our tax obligations and pay the correct amount of tax on a timely basis. We take a conservative approach to tax risk and our aim is to accept only minimal UK tax risk. Accordingly, where there is uncertainty on a tax position due to the complexity of legislation or potential for different interpretations, we will routinely obtain high quality tax advice from reputable external advisers in order to minimise our tax risk.

In order to ensure that the tax returns filed by our UK entities are accurate, robust review processes have been developed. These processes are also covered by the UK Senior Accounting Officer ('SAO') certification and to support this certification, they are reviewed and tested annually by the Group Tax team.

The Level of Tax Risk that we are prepared to accept

We have a low risk approach to tax, in accordance with our core values of Integrity and Accountability and we do not undertake transactions motivated by tax avoidance.

Attitude to tax planning

Our tax activities consistently follow the commercial substance of our businesses as we seek to minimise our tax risk.

In order to provide shareholder value, we will arrange our tax affairs efficiently including claiming business tax reliefs where available, provided that this is in line with the letter and intentions of the governing UK tax legislation and also our core values. Accordingly, we benefit from tax incentives such as R&D tax relief and capital allowances which are utilised as intended by the government.

Working with HMRC

As a large business in the UK, we are assigned a Customer Compliance Manager ('CCM'). We take an open, honest and transparent attitude in all of our communications with HMRC and our aim is that this collaborative approach fosters a culture of trust between HMRC and our business. We strive to maintain an excellent working relationship with our CCM and our other key HMRC contacts.

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