Tax Policy
INTRODUCTION
As a responsible Tax Advisory business, we are committed to maintaining the highest standards of integrity and transparency in our tax practices. This policy outlines our commitment to ethical tax practices, ensuring compliance with both the spirit and letter of the law. It applies not only to our operations but also to the advice we provide to our clients.
KEY COMMITMENTS
- Avoidance of Artificial Use of Tax Havens
We are committed to not using tax havens artificially for the purposes of tax reduction. Specifically:
No Abuse of Tax Havens: We will not exploit jurisdictions considered to be tax havens to secure tax benefits. This includes refraining from taking advantage of the secrecy that many such jurisdictions provide for transactions recorded within them.
Transparency: All our transactions will be conducted transparently and will be fully disclosed as required by law.
- Adherence to the Spirit and Letter of the Law
We are dedicated to following the spirit as well as the letter of tax laws. Our approach includes:
No Artificial Structuring: We will not structure transactions and operations artificially to avoid tax. This means:
Not using options in tax law, allowances, or reliefs in ways contrary to their intended purpose.
Ensuring that transactions are undertaken for legitimate business purposes and not solely for tax benefits.
Compliance with Disclosure Regulations: We will not engage in transactions requiring notification under the Disclosure of Tax Avoidance Schemes (DOTAS) Regulations.
Avoidance of Abuse: We will steer clear of any arrangements that could reasonably be anticipated to fall under the UK’s General Anti-Abuse Rule (GAAR).
- Declaring Profits Where Economic Substance Arises
We will ensure that we pay the appropriate amount of tax by declaring profits in the location where their economic substance arises. Specifically:
Economic Reality: Our tax affairs will reflect the economic reality of the transactions we undertake.
Right Place, Right Time: We aim to pay the right amount of tax in the right place and at the right time, ensuring full compliance with applicable tax laws and regulations.
APPLICATION TO CLIENT ADVISORY
The principles outlined in this policy are integral to the advice we provide to our clients. We are committed to:
Ethical Advice: Ensuring that our clients are advised to comply with both the letter and the spirit of tax laws.
Transparency and Integrity: Promoting transparency and integrity in our clients’ tax practices, discouraging the use of artificial tax avoidance schemes.
CONCLUSION
Our tax policy is designed to promote ethical behaviour and compliance with tax laws, reflecting our commitment to integrity and transparency in all our tax-related activities. We believe that paying the appropriate amount of tax is a fundamental aspect of our responsibility as a business and a tax advisory firm.
OUR TAX DISCLOSURES
EMW STax Ltd is part of a group of companies. The ultimate parent company of the group is EMW Group Limited. The EMW Group of companies does not include EMW Law LLP, which is a separate business. The results and taxes of the EMW Group for the year ended 31 March 2023 are shown below.
| Turnover | Profit/(Loss) | Corporation Tax | |
|---|---|---|---|
| EMW Group Limited | £0 | (£4,241) | £0 |
| EMW Leamington Limited | £0 | (£192,435) | £0 |
| EMW STax Ltd | £1,080,283 | £104,139 | £0 |
The main reason for no corporation tax charges for the year ended 31 March 2023 was due to overall group losses. However, our average current tax rate for the previous three years was 18.1%.