Managing employee expenses can be a nightmare if not approached in the right way.
It can be difficult chasing up individual expense claims from employees, not to mention keeping a lid on spending. And if that wasn’t enough of a headache, HMRC have very strict rules on what can be classed as an expense – difficult to understand, but necessary to determine the right amount of tax and National Insurance to pay.
Our recommendation for managing employee expenses is to use a prepaid business card.
We recommend SOLDO – it really makes the problem of expenses go away because you control the type and amount of expenses allowed through the card. For example, you can set a limit of what can be spent, so employees can’t overspend or run up a debt. You can even set up rules on each card that define how the cards are used.
All this is managed from a central dashboard, so it’s easy to change permissions when you need to and you can track spending behaviour and collect digital receipts in real-time.
We’ll get you up and running with SOLDO, which includes the following:
- Register and set up on web platform SOLDO
- Issuing prepaid cards
- Processing employee expenses
- Managing employee top ups
- Adding / removing employee cards as required
SOLDO makes managing employee expenses a breeze – we even use it ourselves and have had an excellent response from the many small businesses that we’ve introduced to the system.
Filling in and submitting P11D forms to HMRC
If you have employees that have received expenses or benefits, then you’ll need to submit an annual report for each one to HMRC using form P11D.
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