Five key tips for keeping the taxman happy

SPONSORED CONTENT: If you're not sure yourself whether your expenses are in order then you're bound to feel uneasy when the inspector comes calling. These pointers from Concur will help that dreaded audit go like a dream.

Last Updated: 07 Apr 2016

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. 


Find this article useful?

Get more great articles like this in your inbox every lunchtime

“You literally have to rewrite your job description”

One minute briefing: In hard times, your network becomes more important than ever, says Prezi...

5 bad habits to avoid when leading remotely

In a crisis, it can be hard to recognise when you've taken your eye off...

A top-level guide to scenario planning

COVID creates unprecedented uncertainty, but there are tried and tested ways of preparing for an...

Is it favouritism to protect an employee no one likes?

The Dominic Cummings affair shows the dangers of double standards, but it’s also true that...

Masterclass: Communicating in a crisis

In this video, Moneypenny CEO Joanna Swash and Hill+Knowlton Strategies UK CEO Simon Whitehead discuss...

Remote working forever? No thanks

EKM's CEO Antony Chesworth has had no problems working from home, but he has no...