We do our bit
Paying tax funds so many of the things we rely on day to day. We’re big believers in doing our bit for our community, so we’ll always pay tax in line with the requirements and spirit of all relevant laws and regulations.
We don’t engage in artificial planning
We’re pretty imaginative here at Atom, but we don’t think applying this creativity to our tax affairs is the right thing to do. We’ll only enter into transactions to support commercial activities – we won’t engage in artificial tax planning for the sake of cutting our tax bill.
We protect value
We want to provide great value for our customers. One of the ways we achieve this is by minimising our costs through effective tax management, and claiming reliefs and incentives where we can – but only in line with the intentions of Parliament.
We act with due care
Given the impact tax can have on our business and stakeholders, we’ll be diligent in how we manage all our tax-related processes by reviewing everything through clear reporting lines, and making any changes we need to via these structures. The Atom Board oversees compliance with laws and regulations and approves the tax strategy. Board Risk Committee monitors compliance with tax legislation and Atom’s tax strategy.
We manage our risks
Tax law and regulation can be complicated. So can running a bank. This means we’ll run into tax risks from time to time. We’ll make sure we have the right policies, systems and procedures in place to manage these and try to ensure we’re paying the right amount of tax.
We work with the right people
Our team is small and, in our opinion, perfectly formed. Rather than employing a large in-house tax team, we’ll work alongside our excellent advisors to manage our tax position and keep it compliant.
We keep things transparent
We adopt HMRC’s Code of Practice for Banks, and collaborate openly and honestly with them. We’ll be proactive in our discussions with HMRC and strive to meet all deadlines they set.
This strategy, approved by the Board of Atom Bank plc, fulfils the obligations per paragraph 22(2) Schedule 19 FA16 for the year ended 31 March 2024.