Introduction
The px group is the group of companies headed by px Holdco1 Limited, which are predominately based in the UK, but also Norway, Netherlands and Germany, and provide services to clients based in those countries. The group provides innovative operations management, engineering services and energy management solutions to partners in high hazard, highly regulated industries.
Tax strategy
This strategy covers:
- Our approach to tax
- Our attitude to tax risk and tax planning
- How we manage our tax affairs
- How we engage with HMRC
Our approach to tax
Paying taxes is an important part of contributing to society and the px group is committed to paying its fair and correct share of taxes.
The key performance measure of the group is EBITDA and payment of tax is a by-product of this. We will not engage in any tax schemes that would appear to be at odds with the spirit and intention of tax legislation.
Our attitude to tax risk and tax planning
We want to be regarded by tax authorities as a low-risk taxpayer. Key elements of our group ethos are to minimise risk in a professional and conscious manner and we apply these principles in managing our tax risk as we do to other operational risks in our business.
How we manage our tax affairs
We maintain and review our financial systems and procedures to minimise tax risks and we employ appropriately qualified and trained staff within the teams responsible for all the taxes that we deal with. We also engage the services of expert tax consultancy agents to support assurance in respect of overall tax compliance, as well as assisting in the more technically demanding elements of the tax compliance framework.
How we engage with Tax Authorities
Our policy is to be transparent, open and honest in all dealings with tax authorities. Where tax treatment is uncertain, we obtain advice from our tax advisors, and to the extent possible and when the situation requires, the group’s aim would be to discuss the issues with the authorities in advance.
Statutory requirements
This tax strategy is published in respect of the accounting period ended 31 March 2023. It will be reviewed and republished annually with any necessary changes that reflect an actual change in strategy.
This statement is published to comply with the duty set out in Paragraph 16 Schedule 19 Finance Act 2016.
