Top tips in reducing your expenses bill
International expenses management specialist Concur has released a series of myth-busting whitepapers for businesses that need advice about expenses. This digest for our Business Tax Library summarises some of the key points.
According to Concur, the most common expenses ‘hotspots’ in the UK are driven by HMRC’s risk-based approach to compliance which focuses on areas where companies are lest likely to pay the correct amount of tax.
“Focus groups within HMRC exist to concentrate on these areas, to support companies of all sizes in their tax paying efforts. The smaller the business, the less likely there will be an expert on specific tax areas within the organisation,” said Matt Lewis, director of compliance at Concur.
The full version of this article, available to logged-in AccountingWEB members, "busts" the following expenses myths:
- Myth: Paying expenses can supplement your salary
- Myth: You must keep original paper receipts to meet HMRC requirements
- Myth: all company cars are subject to taxation
- Myth: You can pay any mileage allowances you want
- Myth: You can reclaim VAT on all travel expenses
- Myth: Complying with HMRC guidelines is all you need to do
For more expenses advice, see:
- Concur whitepaper: What’s claimable on expenses in the UK
- Mythbusters: A short-cut to travel expenses in the UK
- Working from home tax checklist
- P11D: Annual expenses and benefits update
- Concur Suppliers' page