The UK Group tax strategy relates to our group wide approach to compliance, payment and reporting of all UK taxes, the most significant of which are corporation tax, VAT and employment taxes.
Bauer Media regards the publication of this information as complying with the duty under Finance Act 2016, Schedule 19, para 16.
Bauer Media UK Group refers to the UK resident businesses which are part of the multi-national Bauer Group.
Bauer Media UK Group is made up of many multimedia businesses with a portfolio of influential media brands, including many of the best known radio stations, magazines, websites and events in the UK. The group embraces opportunities to expand its brands onto new platforms and devices; ever increasing the reach to our audiences and hence improving our proposal to advertising customers.
Our key strategic objectives in relation to taxes are as follows:
- To follow all applicable laws and regulations in relation to all taxes;
- To pay the right amount of tax at the right time in the right place;
- To ensure the Group has robust and fitting governance to deliver appropriate tax accounting arrangements;
- To maintain an open and collaborative relationship with the tax authorities; and
- To apply diligence and appropriate care in carrying out our tax responsibilities and reporting.
Tax risks associated with the size of the business and its complexity predominantly relate to changes to the corporate structure, whether through acquisition, disposal or restructure.
As a large employer we are diligent in determining the appropriate tax status for all employees and consultants in line with all applicable laws and regulations.
We are mindful that changes to our business and expansion onto new platforms and the generation of new revenue streams potentially expose us to increased levels of tax risk.
We manage tax risk by designing clear and robust processes and procedures across all functions and by ensuring we have tax specialists working closely with the business.
Levels of process design, control and review are established in relation to the materiality of the tax risk and the likelihood of occurrence. There is appropriate engagement at Board level to understand and challenge tax processes, controls and review.
External professional tax advice is sought where the level of expert knowledge within the Group is not sufficient for the complexity and materiality of the risk.
The commercial affairs of the Group are structured in line with the principles of our tax strategy by involving internal and sometimes external tax specialists in any significant business decisions.
We are committed to following all applicable laws and regulations relating to tax activities and will not enter into transactions which have no commercial purpose, are contrived, artificial or knowingly contradict the spirit of the law.
Working with HMRC
We believe we have a professional, open and transparent relationship with HMRC.
The Group makes tax payments and submits all required tax returns and disclosures in a timely fashion.
We proactively approach HMRC and discuss potential and real time issues as well as responding to queries and further information requests within agreed time frames.
We are careful to interpret the relevant tax laws in a reasonable way and to follow the spirit of the law.