The Royal Yachting Association (RYA) has today secured its first Fair Tax Mark accreditation, the gold standard of responsible tax conduct.
The RYA is the UK’s governing body for dinghy, yacht and motor cruising, all forms of sail racing, RIBs (rigid inflatable boats) and sports boats, windsurfing and personal watercraft, and a leading representative for inland waterways cruising. They represent the rights and freedoms of recreational boaters, provide world-leading training, grow and broaden participation in boating and make boating accessible to all. They also support the British Sailing Team, the most successful Olympic sailing team of all time.
“We are delighted that the Royal Yachting Association has achieved Fair Tax Mark accreditation. As part of the assessment process, RYA has supplemented its most recent Annual Report and Accounts with a Fair Tax Mark Statement. This Statement details a new tax policy, which commits them to shun tax avoidance, and also discloses a numerical current tax reconciliation and detailed supporting narrative. It’s great to see such a prestigious organisation leading by example in their tax conduct,” said Greg Yates, Senior Accreditation Manager.
We talked to Dave Strain, Finance Director at the Royal Yachting Association, about their motivation and their experience with the accreditation process:
What motivated you to seek out the Fair Tax Mark accreditation?
“As a signatory to the UN Global Compact the RYA has pledged to operate with integrity, ensuring we remain transparent and honest, and seeking accreditation that shows we pay the right amount of corporation tax, at the right time and in the right place is part of that commitment.”
How did you find the accreditation process?
“The accreditation process was relatively straight forward and easy to understand. The conversations we had with the Fair Tax Foundation were open and clear and the whole project was really informative and enjoyable.”
What do you think the accreditation will mean to your members and other stakeholders?
“I hope our members and other stakeholders see this as a positive step, our members are increasingly keen to know that we act as a good corporate citizen and I think that illustrating our tax position is a really great way to demonstrate another way that we make a contribution to society as a whole.”
The Fair Tax Mark accreditation scheme seeks to encourage and recognise businesses that pay the right amount of corporate income tax at the right time and in the right place.
Businesses carrying the Fair Tax Mark include brands such as Timpson, Lush, and Richer Sounds, FTSE listed companies including SSE and Marshalls Plc., as well as co-operatives, family businesses and social enterprises.