Tax strategy (year ending 31st December 2023)

Bradford and Sons Limited and group subsidiaries tax strategy

Introduction

This strategy applies to Bradford and Sons Limited and to the group of companies headed by Bradford and Sons Limited in accordance with paragraph 16 of Schedule 19 to the Finance Act 2016. In this strategy, references to “Bradfords” and “the group” are to all these entities.

Trusted by trades and loved by locals since 1770. At Bradfords, we’ve been proudly serving our communities across the South West for 250 years.  Since day one, we’ve always been family owned and today, with over 40 branches across the West Country and a team of 800, we’re just as committed to helping you find the right product for the job as we were back then.  Bradfords Building Supplies is a proud member of The Builders Merchants Federation Ltd (BMF). The BMF is the only trade association representing and protecting the interests of both builders’ merchants and suppliers to the merchanting industry in the UK.

Aim

The Group pays and collects from third parties on behalf of the Government, substantial amounts of UK tax and these are remitted to the UK exchequer as they fall due.   The Group’s objectives in managing and controlling its tax affairs and related tax risks are to: 

• Ensure compliance with all applicable rules, regulations and disclosure requirements under which the Group operates;

• Maintain an open and co-operative relationship with the tax authorities it deals with;   

• Be transparent about its dealings with these tax authorities; 

• Pay the correct amount of tax as it falls due; 

• Maintain appropriate systems, processes and controls to ensure the correct calculation and recording of tax liabilities and receivables; 

• Have a zero-tolerance approach to tax evasion and the facilitation of tax evasion. 

Governance 

The Board is responsible for the Group’s tax strategy and policies and has delegated responsibility for their implementation within the Group to the Group Finance Director (FD). As part of the annual financial reporting process the Group FD, who is also the Group’s Senior Accounting Officer, reports to the Board of Directors on the Group’s compliance with its tax strategy, policies and on its tax position.

Tax risk management and tax planning

Bradfords seeks to protect its reputation by ensuring that it acts in accordance with the letter and the spirit of current tax legislation so that it pays the right amount of tax when it falls due. 

The Group takes a conservative approach to tax risk by ensuring that reasonable care is applied in relation to all processes which could materially affect its compliance with its tax obligations.  External tax advisers are used for tax compliance matters and in determining the tax consequences of significant transactions. 

All returns and other submissions are prepared by either third party advisors or internally trained employees and checked by the Group FD (or another appropriate qualified individual) before filing.

Engaging with tax authorities

Bradfords seeks to have fully transparent working relations with HM Revenue and Customs based on mutual respect and trust.  Where there are complex areas of our tax affairs or we are unsure on the correct interpretation of specific legislation for tax purposes, we engage with our trusted professional advisors to clarify the appropriate tax treatment, and where appropriate, engage with HM Revenue and Customs to gain certainty on the approach taken.

Further information 

The Group’s approach to tax applies to all entities in the Group and to all transactions it enters with third parties outside the Group. The Group’s tax strategy is reviewed and updated annually as appropriate. 

Approved by Lee Harwood, Group Finance Director

On behalf of the Board of Directors of Bradford and Sons Limited 

Date: 20 December 2023