In compliance with Schedule 19 of the Finance Act 2016, the following statement sets out the tax strategy of Threads Styling Ltd (“Threads”). This strategy applies from the date of publication shown below until it is superseded and renewed for the next Financial Year. 

 

Approach to Risk Management and Governance Arrangements 

Threads is committed to being a responsible taxpayer and complying with tax laws and regulations in the jurisdictions where we operate. We take a proactive approach to mitigating tax risk by identifying and evaluating changes to tax laws and regulations to determine applicability across the business.  

 

Threads has designed and implemented internal control activities relevant to our tax operations as part of the core controls operated by the finance team and also built in relevant controls for other operational teams across the business to further mitigate risk. 

 

Key risk areas and issues related to tax are escalated to and considered by the Board of Directors as appropriate and our overall tax strategy is approved and overseen by the Board of Directors. The strategy is implemented throughout the group by the Chief Financial Officer with support from the finance management team and our parent group’s tax team. 

 

Tax Planning 

Threads’ Code of Ethics requires that we obey the law, in letter and in spirit, and this same requirement applies to how Threads approaches its tax strategy. When entering into commercial  transactions, the Group seeks to take advantage of available tax incentives, reliefs and exemptions in line with, and in the spirit of, UK tax legislation and bilateral tax treaties. 

 

While remaining compliant with tax laws and regulations, Threads may engage in tax planning to support the commercial needs of its business. Threads routinely seeks professional tax advice where the application of tax law requires specialist knowledge. 

 

Working with HMRC 

Threads is committed to working with HMRC in a collaborative and transparent manner. We respond to information requests by HMRC in a timely manner and take a cooperative approach to answer their queries. 

 

Approved by the Board of Threads Styling Ltd 

2 November 2023