Her Majesty’s Revenue and Customs (HMRC) has issued proposals which, if adopted, will require companies to disclose their tax strategies. Given the recent attention on companies’ tax affairs, the proposed requirements will pose a communication challenge for many. This paper explores the key issues, highlighting some of the implications for companies to consider.
Companies are faced with the realities that their tax arrangements are complex. Tax, perhaps more than anything else in the business world, is not an easy thing to explain to anyone making it a bit of a communications nightmare. Whatever a company says about its tax affairs, there will be someone who won’t like what they are saying.
It’s clear some forward planning and thought is definitely warranted to avoid major headaches in the future. HMRC has probably not spent a lot of time thinking about the considerable changes companies have had to already embrace with the Strategic Report and Corporate Governance Code so some breathing space maybe needed to get the sort of behaviours they are trying to encourage.
Download our full paper below to read more, or contact our Business Development Manager, Mitchell Kirkham-Cooper to discuss this topic further or your corporate reporting needs more generally, please contact firstname.lastname@example.org.