The Group's core business is as an online retailer trading worldwide through a number of domains under two brands. The Wiggle brand specialises in tri-sport (cycle-run-swim) and road cycling products to inspire everybody, everywhere to experience the joy of sport. The business offers a wide range of cycle, run and swim products (equipment, clothing, accessories and sports events). Chain Reaction Cycles (“CRC”) focuses on mountain biking and down-hill cycling whilst also offering road bike equipment. The Group services customers across the globe from its operating facilities in the UK.
WiggleCRC is committed to complying with tax laws in a responsible manner and to having open and constructive relationships with tax authorities.
Therefore, and in compliance with duties outlined under paragraph 22(2) of Schedule 19 of the Finance Act 2016, the following sections set out WiggleCRC’s position in relation to tax in the UK and represents how tax is undertaken within the business during the financial year to 31
WiggleCRC’s Chief Financial Officer has overall responsibility for the Group’s UK tax accounting arrangements, with oversight provided by the Board of Directors.
The Board of Directors meet, when required, to discuss any updates on significant tax matters and developments. The Chief Financial Officer attends all meetings where the Board has the opportunity to highlight any significant tax matters and developments.
The day to day operation of the Company’s tax affairs are managed by the Head of Tax who acts as the main point of contact for all the Company’s tax related enquires and is also responsible for ensuring that statutory tax requirements are both identified and adhered to.
The Head of Tax maintains close contact with external legal and tax advisors to obtain any updates on rules and regulations that might have a material impact on the Company and for relevant support on key business processes.
WiggleCRC engages in tax planning that supports the Group’s business and reflects commercial and economic activity and does not engage in artificial tax arrangements.
The Group adheres to relevant tax laws and seeks to minimise the risk of uncertainty or disputes.
Tax incentives and exemptions are sometimes implemented by governments and fiscal authorities in order to support investment and economic development. Where they exist, the Group seeks to apply them in the manner intended. Where appropriate, professional advice is sought to support any submissions.
The focus of the Group is to conduct business in a way that both meets and exceeds our stakeholder’s expectations including customers, suppliers, communities and employees. Operating with this focus impacts how the Company considers all of its tax affairs within the communities in which it operates.
The Group is committed to complying with all applicable tax laws and has a low risk appetite in relation to tax matters, assessing tax risk and making tax decisions with regard to its reputation, integrity and status in a consumer branded product environment.
Where appropriate, the Group aims to discuss any issues in real time with a view to them being resolved in a timely manner with full disclosure of the relevant facts and circumstances presented to HMRC.
The Group supports the principle behind the movement towards greater transparency and increased understanding of tax systems that build public trust.
This approach to tax is applicable across the WiggleCRC Group. The below statutory entities are within the Group for purposes of the WiggleCRC Tax Strategy:
This document is reviewed and updated annually. It was last approved on 26 November 2019.
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