Tax Strategy Statement

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 subsidiary group companies. This tax strategy is effective in respect of the 31 March 2023 accounting period and is effective until it is replaced.

Being a responsible taxpayer

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.

Tax governance

Buy It Direct has clear tax procedures 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.

Tax risk appetite

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.

Managing tax risk

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. For example:

  • new and developing tax legislation is monitored and where it is relevant Buy It Direct participates in consultations issued by the tax authorities. When new or changed legislation is announced, the impact on the Group is assessed and active measures are taken to ensure there are adequate processes in place to comply with any change;
  • tax risks in relation to compliance and reporting are managed by meeting regularly with professional advisers, industry groups and the tax authorities to both keep abreast of changes in these areas and to seek information on new systems and software; and
  • risk in relation to tax in general is managed by the finance team and if a position is uncertain the Group may obtain third-party advice in order to gain clarity or support and ensure the Group is acting in accordance with legislation.

Interaction with tax authorities

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

Daniel Myers Senior Accounting Officer

Daniel Myers
Chief Financial Officer

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