1. Get a travel and expenses policy. Lay the ground rules for who’s allowed to charge for what – whether that’s burgers and B&Bs, or bubbly and boutique hotels. HMRC loves to see how you figure out your mileage reimbursement, too.
2. Understand VAT rules. Did you know there’s a difference between off-street and on-street parking when it comes to claiming VAT back? Or that if you hire a car for 10 days you can claim back every penny of VAT, but that drops to 50% if you keep the vehicle for an extra day? The rules can be confusing and are constantly changing, and you need to be on top of these.
3. Make sure it’s all signed off. HMRC checks every form, VAT receipt and credit card voucher to see that the company accepts liability for every reimbursement. And it likes this to be verified, by your finance department or a third party.
4. Make it easy for your team. Mobile expense management apps make it simple for everyone to capture their expenses quickly: now your employees can just photograph their receipts, and upload them to the system, from their phone.
5. Make your info easy to access. Expense management solutions can help track the costs of business travel and other expenses and make it all very transparent. Not only does this give the CFO a snapshot of spending across the company, but you’ll be able to pull out accurate reports seamlessly when HMRC demands it. Easy.
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