Insurance underwriter M&M Underwriting has become an accredited Fair Tax Mark business, following its successful review against the Fair Tax Mark criteria.
M&M Underwriting was established in 2008 to offer specialist & bespoke commercial liability insurance protection for UK-based manufacturers, research & development organisations and university spin-offs, typically those supplying advanced engineering solutions for the automotive, aviation, marine, defence or energy industries.
Paul Monaghan, Chief Executive, Fair Tax Mark said: “We are pleased to announce the Fair Tax Mark certification of M&M Undwerwriting.
“M&M is taking corporate responsibility around tax transparency seriously and has made a commitment to not use tax havens or shift profits for tax avoidance purposes, insteadcommiting to paying the tax it owes at the right time, and in the right place.”
Businesses like M&M Underwriting are demonstrating their corporate, transparent position on tax. All businesses accredited by the Fair Tax Mark are annually reviewed to ensure continued compliance.
Gary Honey, Director, M&M Underwriting said: “I share the frustration of many at the ability of some household names to make sizeable profits in the UK and yet not contribute their fair share back to society, so wanted M&M Underwriting to join the growing number of organisations in the UK who are saying, with pride, that they pay the right amount of tax, at the right rate, in the right place and at the right time.”
“Speaking with UK advanced manufacturing companies, one of their ever-present concerns is the skills-gap in many leaving full-time education. In order for the UK to compete on the global stage, I feel that it is important that students are leaving education equipped with the right tools for industry. In its own little way by meeting its full tax responsibilities, M&M Underwriting are contributing to the teaching of STEM subjects and hoping that this inspires the current (and future) generations to follow a path into Science, Technology and Engineering careers. My hope is that existing and potential new customers will recognise M&M Underwriting’s commitment to their industry, through the Fair Tax Mark.”
“Finally, frankly, I have no time or interest in pursuing complicated tax avoidance processes that will distract M&M Underwriting from servicing the needs of our insurance brokers and policyholders – and leave me constantly looking over my shoulder.”
In becoming a Fair Tax Mark business, M&M Underwriting joins other accredited organisations including Lush, Timpson Group, SSE and the Co-operative Group.
Paul Monaghan continues: “It is estimated that €600bn of corporate profits are shifted annually to tax havens, with corporate tax revenue losses globally of €200bn per year – which equates to approximately £7bn of missing revenues in the UK.
“Paying the right amount of tax is about fairness and ensuring a level playing field for business.”