This 2019 Tax Strategy statement applies to Flux-UK Limited ("Flux UK"), which is a UK subsidiary of a New Zealand domiciled company, Flux Federation Limited (together, the two companies form the "Flux Group").
Flux UK supports the provision of an energy retail platform. The company generates and contributes both direct and indirect taxes including corporation tax, employee taxes, withholding taxes and VAT.
Our approach to risk management
At Flux UK we adopt a responsible and low-risk approach to meeting our tax obligations, ensuring we pay the correct amount of tax in accordance with all applicable tax laws in the United Kingdom. The Board of Directors is ultimately responsible for the tax strategy of Flux UK.
Flux Group's Chief Operating Officer takes ownership of the company's tax operations along with all associated risks. The detailed analysis and preparation of the tax records is the responsibility of the Flux Group Financial Manager.
Our tax policy principles
The principles which govern Flux UK’s approach to our tax obligations are:
- We pay the right amount of tax in accordance with applicable UK tax laws.
- We claim properly available allowances, deductions and reliefs, and only in the manner in which they were intended.
- Tax is considered in significant business decisions but is not the driver of decisions.
- We maintain an open and transparent relationship with HMRC at all times.
Day to day management of our tax affairs
There is no dedicated tax team in Flux UK or in the Flux Group. Day to day tax responsibilities are delivered by the Flux Group finance team managed by the Flux Group Financial Manager. A professional services firm is engaged to assist Flux UK in all aspects of our regular tax obligations as required (the "External Advisor").
VAT obligations are determined by the Flux Group finance team and are supported by the External Advisor. Withholding tax obligations are determined by the Flux Group finance team and are supported by the External Advisor. On an annual basis, corporation tax compliance is prepared by the External Advisor following input from the Flux Group finance team. All employment tax compliance is supported and settled by an external payroll provider.
Working with HMRC
Flux UK are open and transparent in our dealings with HMRC and adopt a collaborative approach to all interactions with HMRC and other tax authorities. Where there is uncertainty on a tax matter, we actively engage with HMRC to achieve a resolution.
This statement is for the financial year ending 30 June 2020 and complies with the requirements outlined in Part 2 of Schedule 19 of the Finance Act 2016. This statement applies to taxes in the United Kingdom and is reviewed annually.