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 2024.
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 40 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.