Introduction
Co Wheels was set up to provide an environmentally friendly, socially just, community-based alternative to car ownership. Co Wheels has grown to become one of the UK’s largest car club operators. Our primary focus is to help our members save money, reduce car ownership and creating a cleaner environment by making lower-emission transport operations available to everyone.
In accordance with the requirements of paragraph 19(2) Schedule 19 Finance Act 2016, Co-Wheels presents its group UK Tax Strategy for its UK subsidiaries in respect of the financial period ending 31 December 2023. The tax strategy applies to all UK taxes applicable to the UK subsidiaries[1].
Approach to Risk Management and Governance
The business has a low-risk approach to tax and is committed to compliance with all statutory requirements and obligations. The responsibility for the identification and management of tax risk sits with the finance function of the business and ultimately with the Head of Operations and Finance.
The finance function work closely with the business to ensure matters from day-to-day operations are identified, escalated and resolved in real time. There are clear lines of escalation from the Head of Operations and Finance directly to the Senior Management Committee of the business. The Senior Management Committee is comprised of the Department Heads across the business and meet regularly to discuss ongoing and emerging matters.
The finance function comprises of appropriately skilled, qualified and experienced individuals, who are supported by external tax advisors. This support includes tax advice and tax compliance assistance with the preparation of relevant tax returns. The finance function undertake regular training and engage with external advisors to ensure their knowledge stays up to date in line with the relevant legislative developments.
Level of tax risk we are prepared to accept
The business has a low-risk approach to tax and seeks to fully comply with its regulatory requirements.
Approach to tax planning
The business seeks to comply with all relevant tax laws and only enters into transactions that support the commercial and strategic operations of the business. The business utilises government reliefs and incentives (e.g. R&D relief and Capital Allowances) in line with tax laws.
Approach to dealings with HMRC
The business seeks to have an open and transparent approach to dealings with HMRC.
(1. Co-Wheels UK Limited, Co-Wheels Car Club Community Interest Company, TripIQ Systems Limited)