This tax strategy has been prepared and published in accordance with paragraph 16 (2), Schedule 19, Finance Act 2016, on behalf of Buy It Direct Ltd and its group companies. This tax strategy is effective from 1 April 2020.
Buy It Direct recognises that paying taxes arising from its activities is an important part of how it contributes to the society which it serves. The Group makes a major contribution to UK tax revenues. For example, the Group’s tax contribution extends significantly beyond corporation tax and the collection of substantial amounts of income tax and includes the payment of significant employer social security contributions. The Group’s tax strategy, approved by the Board, is to sustainably minimise tax cost whilst complying with the law. In doing so, it ensures it acts in accordance with Buy It Direct’s core ethics and corporate social responsibility beliefs. The Group aims to meet all legal requirements, filing all appropriate tax returns and making tax payments accurately and on time.
Buy It Direct has clear tax policies, procedures and controls in place which are overseen by the Chief Financial Officer.
The Group’s finance team, led by the CFO, is responsible for the implementation of the Group’s tax strategy and supporting tax policies. Members of the team have appropriate professional qualifications and experience which reflect the responsibilities required for their roles.
The Group manages its tax affairs in a proactive manner that seeks to maximise shareholder value. The Group does not enter into artificial arrangements that lack commercial purpose in order to secure a tax advantage. The aim is to ensure full compliance with all statutory obligations and as a consequence attempt to minimise risk wherever possible.
There are a number of factors that affect the Group’s tax risk and these arise both internally and externally. Buy It Direct’s ability to control these factors varies and it works to minimise these risks to an acceptable level. For example:
Buy It Direct’s approach to its tax affairs is supported by an open, honest and positive working relationship with the tax authorities, with regular dialogue. Should any dispute arise with regard to the interpretation and application of tax law, the Group is committed to addressing the matter promptly and resolving it in an open and constructive manner.
Signed on behalf of Buy It Direct Ltd
Senior Accounting Officer