Grupo Bimbo UK Ltd is a leading manufacturer of bagels and continental goods across the UK, and takes great pride in our brand and our image. Our company must pay corporation tax on profits made by business after deducting the relevant expenses and reliefs in each country that we operate. Grupo Bimbo UK Ltd strives to pay the correct tax within the set deadlines on the profits we make. Grupo Bimbo UK Ltd adopts a tax strategy to focus on the following principles:
Grupo Bimbo UK Ltd is dedicated to comply with all applicable tax regulations and has assembled this document, which is approved by the Board of Grupo Bimbo UK Ltd, to set out the policy and approach to conducting its tax affairs and dealing with tax risk. The document will be periodically reviewed, and any amendments will be approved by the Board of Directors.
The strategy is publicly available on the company's website in order to allow external stakeholders to understand the company’s approach to tax.
Grupo Bimbo UK Ltd is part of a larger group, Grupo Bimbo S.A.B. de C.V., a company registered in Mexico. The global approach to tax is crucial to support the strategies aligned across every country and business unit. As the parent, Grupo Bimbo are passionate about ensuring clear understanding when it comes to taxation and ensuring clear lines of responsibility and accountability. There is alignment of the strategy with Grupo Bimbo's overall approach to corporate governance and risk management.
Grupo Bimbo is subject to taxes in all the countries that it operates and has a low risk approach when it comes to managing tax risk. Although Grupo Bimbo and its subsidiaries, will take steps to claim tax reliefs and incentives in the most efficient way, New York Bakery liaises with external auditors to ensure the company adheres to all regulations, and liaises monthly with the corporate tax team to ensure the whole entity is aligned behind the forward-thinking strategy.
(i) COMPLIANCE: Grupo Bimbo UK Ltd is committed to adhering to all of the rules, regulations and disclosure requirements for every country they operate in.
(ii) INTEGRITY: Grupo Bimbo UK Ltd as the sole entity and Grupo Bimbo as the parent have policies and controls in place to ensure the integrity of the tax calculations, filings and other legal requirements.
(iii) TRANSPARENCY: New York Bakery Co Ltd are fully behind the methodology of transparency, and are transparent when it comes to the approach and impact on the business.
(iv) RELATIONSHIPS WITH ALL PARTIES: We achieve to obtain a professional and respectful relationship with all parties involved with our tax position to ensure we continue to build on our strong brand and corporate image.
(v) GOVERNANCE & ACCOUNTABILITY: Both Grupo Bimbo and Grupo Bimbo UK Ltd have a strict governance
facility to ensure that responsibilities and accountability for both
local and group tax are clearly defined. We offer regular training
and opportunities for individuals to ensure the standard of affairs
are beyond and above the legal requirements.
Grupo Bimbo UK Ltd do have a formal matrix that determines the delegation of authority. This is the same throughout the Grupo Bimbo group of companies.
(vi) MANAGING RISK: Professional care, judgement and diligence must be adopted when it comes to assessing tax risks to ensure they are managed in an efficient manner. Where there is any uncertainty, risks and conclusions may be taken from third party advisors to support the decision making process.
Tax incentives are government enticements to encourage a business to act and perform in a certain way in exchange for a reduced tax liability. As an example, HMRC provide tax incentives when it comes to environmental purchases to encourage organisations to make business decisions to support sustainability and the environment.
Grupo Bimbo UK Ltd will seek to utilise tax incentives where necessary when they are aligned to the local and global business model.
Grupo Bimbo UK Ltd are fully supportive of the concept to carry out both internal and external audits to ensure the standard across tax activities are maintained at a world class standard. Any audit and tax queries are handled by the local finance teams and are handled in a timely and professional manner.
All tax audits are subject for review and risk assessment to allow for the correct input and action plans and to ensure the business continues to progress forward in the aim to become a world class organisation.