Skip to content

Intuit Credit Karma UK Tax Strategy

Scope

This strategy applies to Credit Karma UK Limited which is referred to throughout as “Credit Karma UK” in accordance with paragraphs 16(2) and 19 of Schedule 19 of the Finance Act 2016.

The financial statements for the year ended 31 July 2024 require the publication of this strategy, which applies from the date of publication until it is superseded. References to “UK Taxation” are to the taxes and duties set out in paragraph 15(1) of Schedule 19 of the UK Finance Act 2016 which include Income Tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax, and Stamp Duty Land Tax. References to ‘tax’, ‘taxes’ or ‘taxation’ are to UK taxation and to all corresponding worldwide taxes and similar duties in respect of which Credit Karma UK has legal responsibilities.

Aim

Credit Karma UK is committed to full compliance with all statutory obligations and full disclosure to relevant tax authorities. Credit Karma UK’s tax affairs are managed in a way which considers the wider Credit Karma Group’s corporate reputation in line with their overall high standards of governance.

Governance in relation to UK taxation

  • Credit Karma UK’s ultimate parent is Intuit, Inc (“Intuit”). The ultimate responsibility for Credit Karma global tax strategy and compliance rests with the Board of Managers of Credit Karma, LLC, and Intuit’s global tax team.
  • Intuit’s global tax team reviews the group’s overall tax strategy.
  • Credit Karma UK’s tax position is managed by Intuit’s global tax group.
  • A team of qualified experienced in-house tax and finance professionals manage Credit Karma UK’s routine tax matters. Credit Karma UK uses external tax advisors for guidance about UK tax laws that are new, complex, or uncertain.

Risk Management

  • Credit Karma UK seeks to reduce the level of tax risk arising from its operations as far as is reasonably practicable by ensuring that reasonable care is applied in relation to all processes which could materially affect its compliance with its tax obligations.
  • Processes relating to different taxes are allocated to appropriate process owners, who carry out a review of activities and processes to identify key risks and mitigating controls in place. These key risks are monitored for business and legislative changes which may impact them and changes to processes or controls are made when required.
  • Appropriate training is carried out for staff who manage, or process matters which have tax implications.
  • Advice is sought from external advisers where appropriate.

Attitude towards tax planning and level of risk

Credit Karma UK manages risks to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax.

When entering commercial transactions, Credit Karma UK seeks to take advantage of available tax incentives, reliefs, and exemptions in line with, and in the spirit of, tax legislation. Credit Karma UK does not undertake tax planning unrelated to such commercial transactions and aligns its tax planning with its worldwide commercial activities and business objectives.

The level of risk which Credit Karma UK accepts in relation to UK taxation is consistent with its overall objective of achieving certainty in its tax affairs. At all times Credit Karma UK 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, Intuit’s global tax team 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.

Relationship with HMRC

Whilst Credit Karma UK does not have an HMRC Customer Compliance Manager, it seeks to have a transparent and constructive relationship with HMRC where possible.

When submitting tax computations and returns to HMRC, Credit Karma UK discloses all relevant facts and identifies any transactions or issues where it considers that there is potential for the tax treatment to be uncertain.

Any inadvertent errors in submissions made to HMRC are fully disclosed as soon as reasonably practicable after they are identified.

Date of Publication: 31 July 2024

Your experience

Browser cookies help us deliver our service to you.

We also leave them with you so we can do things like improving our service and personalising your experience.