This strategy applies to Travlock Private Limited and to the group of which it is a member in accordance with the Schedule 19 of the Finance Act 2016. Travlock deals as a travel agent and a tour operator. The strategy is being published in accordance with the paragraph 16(4) of the Schedule. This strategy applies from the date of publication until it is superseded.
References to 'tax', 'taxation' or 'taxes' are to UK taxation and to all corresponding worldwide taxes and similar duties in respect of which the group has legal responsibilities. The references to 'UK Taxation' are to the taxes and duties set out in the paragraph 15(1) of the Schedule.
Travlock is dedicated to full agreement with all lawful responsibility and full disclosure to relevant tax authorities. The group's tax affairs are managed in a way which takes into account the wider corporate reputation in line with Travlock's overall high standards of governance.
Government in relation to UK Taxation
The management of Travlock's tax affairs is the responsibility of the Finance team
Ultimate responsibility for Travlock's tax strategy and compliance rests with the Board of Travlock
The Finance Team is staffed with appropriately qualified and experienced individuals who seek professional tax advice where appropriate.
Travlock operates a system of tax risk assessment and controls as a component of the overall internal control framework applicable to the group's financial reporting system
Travlock seeks to reduce the level of tax risk arising from its operations as far as it is reasonably practiced by ensuring that reasonable care is applied in relation to all processes which could materially affect its compliance with its tax obligations
Appropriate training is carried out for the team who manages or process matters which have tax implications.
Attitude towards tax planning and level of risk
Travlock manages risk to ensure agreement with legal requirements in a manner which ensures payment of the right amount of tax.
Travlock utilizes available tax incentives, reliefs and exemptions in line with the tax legislation while entering any commercial transactions.
The level of risk which Travlock accepts in relation to UK taxation is uniform and dependable with its overall objective of achieving certainty in the group's tax affairs. At all times Travlock seeks to comply fully with its regulatory and other obligations and to act in a way which upholds its reputation as a responsible corporate citizen. In a relation to any specific issue or transaction, the Board is ultimately for identifying the risks, including tax risks, which need to be addressed and for determining what actions should be taken to manage those risks.
Relationship with HMRC
Travlock seeks to have a clear and effective as well as positive relationship with HMRC. Travlock discloses all relevant facts and details while submitting tax computations and returns to HMRC.
Any inadvertent errors in submissions made to HMRC are fully disclosed as soon as reasonably practicable after they are identified.