WAYFAIR – OUR APPROACH TO TAX IN THE UK
This tax strategy has been prepared in accordance with the requirements of
paragraph 22(2) contained in Schedule 19 of the Finance Act 2016 and applies
to Wayfair UK Limited, for the year ending 31 December 2023.
INTRODUCTORY SECTION
Wayfair is a multinational group which is headquartered in Boston, USA and
has operations globally including Canada, the United Kingdom, Ireland,
Germany, Poland, and Asia.
Wayfair is one of the world's largest online retail destinations for the
home.
Wayfair believes everyone should live in a home they love. Through
technology and innovation, Wayfair makes it possible for shoppers to quickly
and easily find exactly what they want from a selection of more than 33
million items across home furnishings, décor, home improvement, housewares
and more. Committed to delighting its customers every step of the way,
Wayfair is reinventing the way people shop for their homes - from product
discovery to final delivery.
WAYFAIR’S APPROACH TO RISK MANAGEMENT AND CORPORATE GOVERNANCE
Wayfair identifies and manages diverse risks commensurate with businesses of
its size, complexity, the different countries in which it operates, and the
customers and suppliers with whom it engages. These risks include UK tax
risk and uncertainty.
Wayfair engages a firm of UK tax professionals who support Wayfair in
ensuring its tax strategy aligns and complies with all UK tax legislation.
Wayfair also requires that all appropriate corporate governance requirements
of individual corporate entities within the group are complied with.
Wayfair, its directors, and its employees, work to ensure these requirements
are met.
Please refer to Wayfair’s Investor Relations section on Corporate Governance
for further information.
THE LEVEL OF TAX RISK THAT WE ARE PREPARED TO ACCEPT
We have a low risk approach to tax regarding both operational tax risks and
also when considering tax planning opportunities.
As a dynamic business developing new technologies and supply chain
solutions, we can encounter uncertainty in respect of the taxation treatment
of our products or transactions we undertake. This can give rise to risk
with respect to the application or interpretation of tax legislation. We
routinely seek external professional guidance to reduce such uncertainty
when appropriate.
Our approach to tax risk is understood and communicated within our business.
ATTITUDE TO TAX PLANNING
When appropriate to our business, we will seek to apply for UK statutorily
available tax incentives and exemptions in the manner in which they are
intended to be provided. Should we consider any form of tax planning, we
will carefully assess the transaction, paying particular attention to the
opinion of our third-party advisers, the potential impact on our
relationship with HMRC and the impact on our reputation.
APPROACH TO DEALINGS WITH TAX AUTHORITIES
We are committed to maintaining an open, transparent and collaborative
approach to our dealings with tax authorities.
In the UK, we will engage with HMRC to discuss our tax affairs on a
real-time basis.
We take care to ensure that our tax affairs are reported accurately and on a
timely basis.
In summary, Wayfair is committed to ensuring it pays the right amount of tax
in the UK, and all jurisdictions in which we operate, and to working
collaboratively with tax authorities on the basis of full disclosure should
any uncertainties arise.