Miki Travel Limited Tax Strategy
The Finance Act of 2016 requires each company to publish its tax strategy. The company considers the tax strategy outlined below as complying with its duty under Schedule 19, paragraph 16(2) for the year ending 31 July 2017.
Approach to risk management and governance arrangements in relation to UK taxation:
Miki Travel Limited is a UK subsidiary of Group Miki Holdings Limited. Since 2012 the group has been under divisional based governance with management and control of the group residing in Hong Kong. The board of directors of Miki Travel consider all risks, both tax, legal and commercial, in making decisions to meet the company’s objectives which are to be profitable and compliant with prevailing legislation.
Attitude towards tax planning (so far as affecting UK taxation)
The company does not engage in active tax planning, however when embarking on significant transactions, will consider the impact of tax and endeavour to reduce significant tax exposure.
Level of risk in relation to UK taxation that the company is prepared to accept
The company has a low tolerance for tax risk. No transactions are undertaken that are purely motivated to gain a tax advantage. Tax is paid as it falls due and this depends entirely on the profit made through regular trading activities which is the wholesale supply of travel services.
Approach towards dealings with HMRC
The company is open with HMRC and readily responds to all queries. The company engages its professional tax advisors to interpret tax legislation and provide assistance in complying with its tax filing, reporting and payment obligations. The company outsources the annual tax calculation to its tax advisors.
Responsibility for the company’s tax affairs lie with the Finance Director of Miki Travel Limited who reports on tax matters to the Board of Miki Travel Limited.