Third Sector Accountancy gains the Fair Tax Mark
Third Sector Accountancy has today secured its first Fair Tax Mark accreditation, the gold standard of responsible tax conduct.
Third Sector is a UK firm of Chartered Accountants and Registered Auditors offering accountancy services primarily to those within the not-for-profit and co-operative sector. Formed in 2017, they are a worker co-operative with the primary purpose to support and encourage positive social change through financial services.
“It’s great to see a growing number of accountancy firms making a commitment to responsible tax conduct by becoming Fair Tax Mark accredited. As part of the accreditation process, Third Sector Accountancy have published their first Fair Tax Mark Statement. This details a new tax policy which commits them to shun tax avoidance and aggressive tax planning, while asserting that they will take the same approach in terms of tax advice offered to their clients. The Statement also explains in user-friendly fashion how much corporation tax they have paid and why.” – said Greg Yates, our Senior Accreditation Manager.
Scott Lockwood, Director, shared his thoughts on the accreditation.
As an accountancy firm, what does Fair Tax Mark accreditation mean to you and your clients?
“Being awarded the Fair Tax Mark accreditation means a lot to us as an organisation. It reaffirms our belief that we are acting in accordance with our wider vision, values and aims as an organisation, in which we believe in a world in which compassion, cooperation and autonomy are the guiding principles, rather than greed and competition.
“The vast majority of our clients operate within the non-for profit, charitable and/or co-operative sectors and as such one of the key reasons for wanting to work alongside ourselves is the fact that we are a value-driven organisation, whose primary purpose is to support and encourage social change by providing quality financial services. The awarding of the accreditation, gives our client’s confidence that we are practising what we preach and also looks to encourage our client’s to do the same.”
What motivated you to secure the Fair Tax Mark?
“As part of our provision of tax services we promote transparency, fairness and ensure we do not advise clients to do anything that gains a tax advantage that is not within the spirit of the law or to disguise the economic reality of a transaction, or to use a tax haven.
“We recognise the importance of practicing what you preach and are committed to paying all the taxes that we owe in accordance with the spirit of the law and feel that it is important for ourselves to be transparent and open regarding our own tax affairs. We believe that paying our taxes in this way is the clearest indication we can give of being responsible participants in society. We will fulfil our commitment to paying the appropriate taxes that we owe by seeking to pay the right amount of tax, in the right place, and at the right time. We aim to do this by ensuring that we report our tax affairs in ways that reflect the economic reality of the transactions that we undertake during the course of our trade.”
How did you find the process?
“The process for securing the Fair Tax Mark accreditation was a smooth and collaborative process whilst also being suitably rigorous in which our tax policy, reporting and tax payments were reviewed and challenged where appropriate.”
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 listed PLCs, co-operatives, social enterprises and large private businesses. A Fair Tax Global Multinational Business Standard was launched in November 2021, enabling multinationals headquartered outside of the UK to be accredited for the first time.
Find out how your business can get accredited.