Our UK tax strategy (1)
We are a leading manufacturer and seller of cereals and other cereal based food products and breakfast drinks and we currently export to over 80 countries across the world. Our global business activities incur a substantial amount and variety of taxes, including corporate income tax, business rates, stamp duties and, in the UK, employer’s national insurance. In addition, we collect and pay employment taxes and indirect taxes such as VAT. This strategy covers all UK subsidiaries of Post Holdings Inc and all UK taxes.
Our approach to tax risk management and governance
We identify and manage risks that may affect the achievement of our business plans and strategic objectives, our shareholder value and our reputation, through our risk management process. Our executive leadership team sets and oversees the risk management strategy and the effectiveness of the Group’s internal control framework and processes. We have policies, processes and practices in place to ensure the integrity of our tax filings and other tax compliance obligations in the UK and worldwide. Ultimate responsibility for our Tax Strategy and UK Tax compliance rests with our executive leadership team.
Our attitude towards tax planning
We seek to balance our goal of sustained economic value creation with ensuring that our ways of working comply with current tax legislation. Our business has a strong focus on corporate responsibility, and we view compliance in administration and payment of taxes as a key element of doing business in the right way.
The level of tax risk we are prepared to accept
Tax risks, both transactional and operational, are considered as part of our broader enterprise-wide risk management process. The business regularly reviews tax risks and controls and this is overseen by our executive leadership team. Our policies and governance framework are designed to ensure compliance with tax laws and regulations both in the UK and internationally, and to ensure that we identify, and then mitigate, any significant tax risks within our business.
Our approach to dealings with HMRC
We try to ensure that our engagement with HMRC is professional, open and honest, and undertaken in a spirit of cooperation.
(1) The purpose of this statement is to satisfy the UK legislative requirements of paragraph 16(2) Schedule 19 Finance Act 2016 in relation to the publication of tax strategy insofar as it affects our UK Group. This covers the period ending September 2020 and we review and refresh our tax strategy annually.