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Euronics UK Anti-Slavery Statement
About our Supply Chain
Euronics UK works with a wide range of suppliers to provide the variety of products and services that we offer to our customers. Our products are purchased via local supplier divisions of global organisations and the partnerships are managed by both our specialist buying teams and our marketing team at the Euronics UK Head Office in Andover.
Our policy in relation to slavery & human trafficking
As well as caring about our customers, we also care about our role in ensuring that slavery and human trafficking is not taking place anywhere in our business or wider supply chain. We have a policy that states ethics and integrity are expected of all employees irrespective of their role within the Company and we extend this expectation to our suppliers as well. Whilst we do not visit individual factories, we do visit our suppliers at their Head Offices here in the UK and Internationally.
Our Due Diligence Processes
As part of our ongoing efforts, we are committed to:
- Identifying and assessing potential risk areas in our business
- Mitigating the risk of slavery and human trafficking in our business via a thorough recruitment process
- Protecting whistle blowers and give them ways to raise issues
- Maintaining anti-bribery and anti-bullying policies.
We will continue to rigorously follow our due diligence processes and closely monitor our organisation, and those of our suppliers. In addition, we will also:
- Aim to achieve a higher level of understanding of the risks of modern slavery & human trafficking throughout our organisation by training our staff and encouraging them to identify and report any areas of potential concern.
- Investigate any reports of concern on a case-by-case basis and modify any resulting action appropriately to the situation, changing policies and procedures where required.
This statement has been approved by the Euronics Board of Directors who will review and update it on an annual basis.
Tax Policy - Financial year ended 31 March 2022
This tax policy applies to the period of 1st April 2021 to 31st March 2022 and was approved by the Board of Combined Independents (Holdings) Ltd (‘CIH’) on 7th April 2022. This is an annual policy and will be reviewed annually in March/April each year. The publication of this policy fulfils the group’s obligations under Para 16(2) of Sch 19 FA 2016.
The group consists of Combined Independents (Holdings) Ltd and Euronics Ltd. Combined Independents (Holdings) Ltd are recognised as mutual.
The principal activity of the group is purchasing electrical goods on behalf of its shareholders and Associate Members who are independent electrical retailers. Electrical retailers who trade with the group must purchase a share in CIH if they wish to become a full member. If an electrical retailer does not want to take advantage of the full benefits of membership, they can join as an Associate Member, and therefore do not have to purchase a share. Any benefits gained from economies of scale by the group ultimately result in benefits to the members’ own businesses.
The strategy applies to 'UK taxation' as defined within the UK tax strategy legislation (Para 15, Sch 19 FA 2016).
How tax risks are managed:
- Our Board has overall responsibility and accountability for tax and adherence to current tax laws. Any areas of concerns or contention are communicated to the Board during regular meetings.
- All aspects of tax are dealt with by appropriately qualified and experienced people. The SAO (Senior Accounting Office) is currently Head of Finance and manages all areas of tax within the business. This role is supported by the Finance Manager and Management Accountants. We use SAP as the main accounting system.
- Internal controls exist for day-to-day practice, and all returns are validated and authorised by the SAO.
- We have a robust and focussed approach to managing tax within the business. However, where matters of complexity arise, we apply a collaborative approach to engaging with other parties and may seek guidance and/or clarification from either HMRC or our advisors. We operate open and transparent relationships with all outside agencies.
The Company tax risks
- We adopt a low-risk approach to tax and do not engage in artificial tax arrangements.
- We do not undertake any transactions where we consider the main purpose, or one of the main purposes is realising tax savings.
The Company attitude to tax planning
- Tax planning opportunities are evaluated to ensure the company only engages in tax planning that is aligned with both our principles and commercial objectives and that we consider are within the spirit and letter of the law.
- Our approach to tax is to pay the correct amount of tax at the right time, under all relevant laws and regulations.
Working with HMRC
- Our relationship with HMRC is open and transparent.
- We adopt a collaborative approach to our interactions with tax authorities.
- Where there is uncertainty on a tax matter, we will discuss the issue with the relevant tax authority to fully understand our tax obligations and seek to agree the position wherever possible before we adopt the relevant treatment.
- We are committed to disclosing relevant information to enable tax authorities to carry out any review and will respond to queries and requests for information in a timely fashion.