Stratton Metal Resources Ltd – UK Tax Strategy
Introduction
Stratton Metal Resources Ltd (SMRL) specialises in the pre-finance, off take and marketing of base metals and their ores on a world-wide basis with a particular focus on Nickel and Cobalt. SMRL is a private limited company incorporated in England and Wales, it has a small team of experienced professionals bringing together a wide range of experience in commodity trading, trade finance, accounting, marketing, risk and logistics. SMRL is committed to acting ethically and with integrity in our dealings and relationships with suppliers and customers throughout the world.
Our commitment to compliance
SMRL is committed to comply with all applicable UK tax[1] laws, rules and regulations. SMRL will claim all reliefs and incentives that are available, all of SMRL’s tax is paid within the UK, our policy is to submit all tax returns on time, pay the correct amount of tax on time and strive to identify and actively manage all UK tax risks.
Our approach to risk management and governance.
Any matters material in nature are immediately brought to the attention of the MD, Stratton’s small team of highly experienced professionals work closely together on all areas within the business and discuss and monitor the governance of UK taxes. All accounting and taxation matters are closely monitored and are reported by the Financial Accountant directly to the MD on a regular basis, taxation matters form part of the company’s overall risk management policy therefore any issues are immediately identified and rectified. SMRL uses a number of external advisors and reaches out to them for support and advice when the time arises this way any tax risks are identified and actively managed. These risks are adhered to in the same manner as the operational, market, liquidity and credit risks within the business
Our approach to tax risk
SMRL aims to ensure it is aware of all relevant UK tax risks that arise as a result of the commercial activity of the company. The key UK tax risks are:
- Compliance risk ensuring all submissions and payments are undertaken when required
- Transactional risk ensuring trading activities are undertaken with regard to UK tax regulations.
- Reputational risk the risk to SMRL arising from the wider impact of the tax strategy with respect to our suppliers, customers and other stakeholders.
Our attitude to tax planning
SMRL does not have a complex business model, it has a high turnover due to the nature of the business and always pays tax when it is due. SMRL does not engage in any contrived or artificial planning and will always lean on external advisors for compliance advice and assistance where necessary.
Approach for dealing with HMRC
SMRL seeks to maintain a relationship with HMRC, it has always been transparent and fully co-operative throughout various visits and inspections from HMRC. We seek to be proactive when any matters arise and has always fully engaged with HMRC when requested to do so. SMRL will seek to maintain a constructive and professional relationship with HMRC based on transparency and trust.
This tax strategy applies to the year ended 31/12/22 and has been approved by the board of Stratton Metal Resources Ltd. It applies to FY 2022 and has been prepared in accordance with the requirements of the Finance Act 2016 Schedule 19, paragraph 22(2).
[1] For the purposes of this document the UK taxes that SMRL are subject to are Corporation tax, VAT and PAYE.
Registration, Evaluation, Authorisation & restriction of Chemicals (REACH)
Stratton Metal Resources Ltd have set up a subsidiary company, Stratton Metal Europe Limited, which is located in Dublin with company number 658242.The company will act as a REACH importer after the UK leaves the European Union (EU), allowing us to continue our European business without disruption.