Policies and Statements
1 Apple Hill Drive
Natick, MA 01760 USA
- Founded in 1984
- Privately held
- Profitable every year since its founding
- $1.25 billion in revenue in 2021
- Over 5000 people in 34 offices around the world
The MathWorks, Inc. "MathWorks" is one word, with the "M" and "W" uppercase.
|US Federal Tax ID#||94-2960235|
|Canadian Tax ID#||89827 4535|
|Standard Payment Terms||Net 30 days|
|NAICS Code and Classification||513210 – software publishers|
USD Remittance Information
|Payment Type||Remit To|
JPMorgan Chase Bank N.A.
JPMorgan Chase Bank N.A.
Visa, MasterCard, or AMEX
|Authorized Purchase Orders||
*Payments to the U.S. bank account MUST be made in USD.
The MathWorks Ltd UK Tax Strategy Statement
In compliance with section 161 and section 19(2) of schedule 19 Finance Act 2016, the company is publishing its tax strategy for the year ending 31 December 2022. This strategy applies to The MathWorks Ltd, which is a UK-based subsidiary of The MathWorks Inc, a US-based company and the ultimate parent company. The MathWorks Ltd is not part of a UK Group for UK corporation tax purposes.
The MathWorks Ltd has a strong focus on corporate responsibility, including tax administration and compliance. Our overall tax strategy is to:
- Comply with appropriate tax processes, and ensure there is management oversight of this compliance.
- Meet legal requirements and execute all required tax returns and tax payments.
- Seek to utilise available tax reliefs and incentives where available in a manner which is consistent with the government’s policy objectives.
Risk Management and Governance Arrangements
We want our tax affairs to be transparent and compliant with tax legislation, and recognise that managing tax compliance can be complex. Our tax affairs are managed locally by our Finance and Operations Manager and are directed and overseen by the Head of Tax. Parent company management are kept informed on a regular basis of all significant decisions relating to tax strategy and take into consideration the company’s approach to ethical business practice when considering questions of tax strategy and corporate structure.
The UK business operates through the sale of software and services to UK customers in a wide range of industries. The UK business operates under the direction of the parent company and purchases software from that company for resale to customers at a price that reflects the level of risk and reward borne by the business. Both parties review this pricing several times each year to ensure that the price paid is fair and reflective of the proportion of risk borne by each party.
We keep under review how we meet our tax obligations, by seeking external tax advice for any areas of potential risk in relation to UK tax compliance.
We undertake tax planning as part of our overall business strategy. Professional advice is sought on a transactional basis, as needed, with the depth of such advice being driven by our assessment of the risk presented by each opportunity. We take into account such advice when considering decisions which will affect the tax profile of the company, alongside our business strategy.
We do not undertake aggressive tax planning, the sole purpose for which would be obtaining a tax advantage. We have a responsibility to minimise our tax risk and our exposure to negative publicity through non-compliance.
Attitude Towards Risk
Management sees compliance with tax legislation as key to managing our tax risk. We understand the importance of tax in the wider context of business decisions and have processes in place to ensure tax is considered as part of our decision-making process. We consider tax risk in the UK to encompass corporation taxes, VAT, and payroll taxes, and seek compliance in all areas by following a prudent approach in each area, preferring long-term certainty in relation to compliance as opposed to short-term minimisation of taxes.
We have relationships with professional advisers that allow us to seek expert advice on specialist areas of tax. Our approach is to ensure we are compliant and understand our responsibilities with regards to tax, rather than looking for ways to aggressively avoid payment of tax.
Relationship with HM Revenue & Customs (HMRC)
Our communication with HMRC is focussed around timely tax compliance, for example meeting relevant filing and payment deadlines for taxes the company pays. We employ the services of professional tax advisers to act as our agents, and in a number of cases they liaise with HMRC on our behalf. Management see this as a way to ensure we get the most out of our relationship with HMRC, thus reducing our tax risk.