Introduction
This document sets out Vizion Network Limited's and its subsidiary company, Vizion Europe Limited, ("Vizion") approach to handling their UK tax affairs for the year ended 31 December 2024.
This document is intended to comply with Vizion's requirements under Schedule 19 of the Finance Act 2016 and has been approved by Vizion's Board of Directors on 10 December 2024.
UK tax strategy
Vizion was a standalone company until February 2023 when it set up a trading subsidiary, Vizion Europe Ltd., which was created to expand the group's activities into Europe. Both parent and subsidiary have a clear objective to comply with tax legislation and account for the correct amount of tax where necessary.
Vizion has detailed its tax strategy as it relates to UK taxation using the main headings within Schedule 19 Finance Act 2016 and in accordance with the group's compliance objectives.
The approach of Vizion to risk management and governance arrangements in relation to UK taxation
The Board of Vizion is responsible for ensuring compliance with UK tax law with day-to-day responsibility falling to its professionally qualified central Finance team. Support is also provided by Vizion's tax advisors either through specialist topic reviews, or regular compliance calls and meetings to ensure the group's risk management and governance arrangements are aligned.
The Vizion Board is responsible for ensuring that UK tax risk is managed appropriately and meets the group's overall attitude towards acceptable levels of risk. The overall aim of Vizion is to manage and reduce any tax risk across all taxes to an acceptable level. Material transactions are therefore reviewed for tax risk by the Finance and legal teams, and where necessary, complemented by further scrutiny from Vizion's external tax advisors. These external qualified advisors are competent with the required knowledge in each area of taxation and are used by Vizion to ensure compliance with local tax legislation and to mitigate any tax risk arising.
Transactions within the group are commercially driven in line with Vizion's governance policies. Any tax risks arising from these commercial decisions are managed within the commercial and reputational objectives set out and agreed by Vizion's Board of Directors.
The attitude of Vizion towards tax planning
Tax planning is undertaken to utilise tax incentives or reliefs as set out in the legislation. This will only be undertaken where the underlying transaction meets the commercial and governance objectives of the group. Any planning is aligned to the policy of complying with tax legislation and paying the right amounts of tax on time, and which are legally due within each jurisdiction.
Vizion does not enter artificial transactions which lack economic substance to reduce tax and does not use nil or low corporate income tax jurisdictions to artificially reduce tax liabilities.
Where legitimate and commercially driven tax planning is undertaken, external advice will be sought to ensure that the planning is carried out efficiently, but also that it is carried out in accordance with the intentions of prevailing international law and the purpose of the applicable legislation.
For all material transactions, the Finance team (appropriately supported by their external tax advisors) will be involved in assessing the potential tax impact these transactions have on the business and how best to manage the related tax risks. The assessment of risk and compliance is undertaken across all taxes.
Managing risk in relation to UK taxation
Vizion has a risk-averse approach to managing tax risk and will only accept a low level of tax risk that does not have a material tax impact or exposure on the group's business. The Board of Vizion will review each material transaction on an appropriate basis to assess any risk and to ensure that it meets all internal risk and control objectives.
Where there is uncertainty as to the application of the legislation, or where the Finance team or the Board does not have the necessary expert knowledge, appropriate external advice will be sought to help assess the risk and provide advice on reaching the correct tax position.
Professional care is taken when the group is deciding on the levels of tax risk to accept. These decisions are made by competent professionals with the required knowledge and skills to arrive at conclusive and supportable decisions.
The approach of Vizion towards dealing with HMRC
Vizion's aim is to have an open and constructive relationship with HMRC. All tax filings and tax payments are made to HMRC on a timely basis to meet statutory deadlines and to reduce the risk of penalties. This is consistent across all taxes and related tax filing obligations.
Accurate and timely disclosures are made in the tax computations and returns to reflect transactions undertaken and any positions taken where the tax treatment is uncertain, are appropriately identified.
If inadvertent errors occur in the tax submissions, full disclosure is made to HMRC as soon as is reasonably practical once the errors have been identified, underlying issues resolved, and any outstanding tax settled promptly.
In the event of a disagreement with HMRC, the group seeks to resolve all such disputes on a timely basis. The group may also engage external advisors to help resolve the dispute where appropriate.