Cosmos Tours Limited’s Tax Strategy
This strategy is published in respect of the financial year ended 31 December 2024. Cosmos Tours Limited regards this publication as complying with its duty under paragraph 19, Schedule 19, Finance Act 2016 for that financial year, as the UK subsidiary of a non-UK group. This tax strategy has been reviewed and approved for publication by the Board of Directors.
Cosmos Tours Limited is the only UK company within the Globus Family of Brands worldwide group which is a leading provider of travel and tourism services. The company meets its obligations in relation to UK taxes including Income Tax, National Insurance Contributions, Corporation Tax, Value Added Tax, Stamp Duty Land Tax, Insurance Premium Tax, Employment and other taxes under PAYE regulations.
Approach to UK tax risk management and governance
Our approach to tax is led by our Board of Directors which is committed to a low-risk attitude to all tax planning.
The Board of Directors ensure that the company’s tax strategy is considered in all significant business decisions but does not do so for the sole purpose of realising tax savings.
Day-to-day management of tax matters are the ultimate responsibility of the Finance Director, who is responsible for the company’s tax strategy and policies.
The company operates and maintains a system of tax risk assessment as part of its internal control processes and ensures that all personnel whose activities may have a tax impact have a good understanding of identifying tax risk and management.
The company engages external tax specialists to assess risk, support compliance, review significant transactions and increase certainty over areas involving judgement due to the complex and dynamic nature of tax law.
Attitude towards tax planning and level of risk
The company manages risks to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax.
When entering into commercial transactions, the company seeks to take advantage of available tax incentives, reliefs and exemptions in line with, and in the spirit of, tax legislation. The company does not undertake tax planning unrelated to such commercial transactions, nor does it engage in artificial, aggressive or contrived tax arrangements.
The level of risk which the company accepts in relation to UK taxation is consistent with its overall objective of achieving certainty in the company’s tax affairs. At all times the company seeks to comply fully with its regulatory and other obligations and to act in a way which upholds its reputation as a responsible corporate citizen. In relation to any specific issue or transaction, the Board is ultimately responsible for identifying the risks, including tax risks, which need to be addressed and for determining what actions should be taken to manage those risks, having regard to the materiality of the amounts and obligations in question.
This is measured through support from external advisors to ensure an independent view is taken and subject matter expert advice received.
Relationship with HM Revenue & Customs
The company does not have a formal, dedicated point of contact at HMRC, and therefore the majority of its communications with HMRC relate to making UK filings and payments on time. It is the company’s general policy to be transparent and proactive in all enquiries and correspondence with tax authorities, and our team is encouraged to proactively foster this principle.