Tax strategy

Tax strategy and strategic objectives


Somfy UK Ltd is a company specialised in the distribution of Somfy Group products in the UK. This distributing function does not generate per se, specific tax risks or tax planning.

The tax strategy is focused on ensuring that taxes (and tax risks) are managed to provide outcomes consistent with commercial reality and are within the parameters of the Group's strategic objectives. The strategy also requires that all tax obligations are complied with in the UK as well as other relevant jurisdictions.

With the tax landscape constantly changing, Somfy UK's tax affairs and tax risk management procedures are regularly reviewed to ensure that processes and measures are up-to-date so that we are able to identify, assess, manage and mitigate tax risk as well as being aligned with the Somfy Group's business strategy and governance framework.


Tax risk management
The day to day management of Somfy UK tax affairs is provided by the UK financial team.
Somfy UK does not engage in artificial tax arrangements and ensures that the outcomes are consistent with commercial realities.

Somfy UK's appetite for tax risk is low and we only structure our affairs based on sound commercial principles and in accordance with the Somfy Group policy and relevant tax legislation. Aggressive tax planning is not proactively considered and external advice is sought where appropriate.

 

Relationship with HMRC
It is Somfy UK's general policy to be transparent and proactive in all interactions with HMRC through regular meetings and communications with HMRC.

We have an open, honest and positive working relationship with HMRC. We are committed to prompt disclosure and transparency in all tax matters with HMRC.

Any inadvertent errors in submission of tax returns and tax computations to HMRC are fully disclosed as soon as reasonably practicable after they have been identified.