Cherry Valley

CHERRY VALLEY FARMS Limited

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Tax Strategy

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We regard our tax strategy to be compliant with Paragraph 19 (2) Schedule 19 Finance Act 2016 in terms of content and meeting our responsibility to publish our strategy.

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The Tax Strategy covers the companies listed below and applies for the relevant period, 1 January 2022 to 31 December 2022.

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Cherry Valley Farms Limited

Anatis UK Limited

CVF Holding UK Limited

Cherry Valley Farms (UK) Limited

 

We are committed to a tax strategy that is both open and compliant. We aim to pay the correct amount of tax at the correct time, make all appropriate tax returns and meet all legal requirements. We have not and do not intend to engage in tax planning schemes.

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Risk management and governance arrangements

 

We want our tax affairs to be transparent and compliant with tax legislation and recognise that managing tax compliance is increasingly complex.

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Within the UK, the group is small and therefore has relatively few employees and few complex transactions.  This means that the Financial Controller can closely monitor the day to day running of the Finance and Human Resources departments and is aware of and can advise on any issues that are out of the ordinary and may have tax implications.  Professional advice from the companies’ accountants and lawyers is sought as and when necessary to ensure that all transactions are dealt with correctly.

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The UK based executive members of the board and other senior staff hold regular meetings.  This forum is used to discuss any tax matters that arise and to monitor compliance with legislation.

 

Tax planning

 

Our business strategy in the UK is to remain compliant with UK tax legislation.

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Our international group does not dictate tax strategy to us.  Their focus is on group activities and strategic acquisitions.  The running and decision making of the companies themselves is through the local management team.

 

We do not undertake aggressive tax planning, the sole purpose for which would be obtaining a tax advantage. We have a responsibility to minimise our tax risk and our exposure to negative publicity through non-compliance.

 

Attitude towards risk

 

We see ourselves as a conservative organisation with a very low appetite for tax risk.  We are not prepared to use any tax strategies that have risk inherent in them.  It is our aim to get our tax affairs right so that we have certainty over our tax position.

 

We see compliance with tax legislation as key to managing our tax risk and all complex transactions are reviewed by our Financial Controller.  Finance staff are well trained and aware of online resources but are also aware of the limitations of their knowledge which means they seek specialist assistance where necessary.

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We have ongoing relationships with professional advisers that allow us to seek expert advice on specialist areas of tax and employment law.

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Relationship with HM Revenue & Customs (HMRC)

 

We aim to have an open and honest relationship with HMRC.

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Our communication with HMRC is mainly focussed around timely tax compliance. We aim to meet relevant filing and payment deadlines for all taxes the company pays.  Where HMRC have carried out periodic VAT and PAYE checks we have provided all records requested, answered questions honestly and have demonstrated our tax affairs are compliant.

 

We employ the services of professional tax advisers to act as our agents for our corporation tax affairs, and when necessary, they liaise with HMRC on our behalf.