In a business world, where technology is developing faster than most can keep up with, record keeping comes under greater scrutiny and therefore the records we keep must be more accurate, more detailed and usually supported by evidence!
This is true of any financial reporting to government bodies such as HM Revenue & Customs (HMRC). A greater focus is being given to accounting entries that may be open to abuse, such as claiming too much, with mileage claims being one of these areas.
Any employee of the business (including the directors and owners), must keep records of business mileage, claiming HMRC’s Approved Mileage Allowance Payments (AMAP’s). Supporting evidence must be maintained to support any payment in respect of AMAP’s.
You may be thinking that this sounds like a lot of work, a few common questions are:
Do I need to keep a manual spreadsheet?
What if my route is not the shortest route, but the quickest?
Do I need to check every business journey my employee claims to ensure the correct amount of miles are disclosed?
Are there penalties and fines if I do not maintain proper records?
Tracking business mileage doesn’t need to be manual, painful or take too much of your time
This is where we can use technology to assist in the process, making it less painful and more efficient.
We can help you with integrating Trip Catcher, training your staff (if required) and rolling out an expense policy so that employees are clear on the rules when claiming AMAP’s.
Trip Catcher integrates seamlessly with both Xero and Receipt Bank, ensuring that all business mileage claims are correct, can be verified and are backed by the relevant records to ensure that HMRC cannot dispute the tax deductibility of business mileage claimed through the company.
Each employee can complete their own mileage claims ensuring that they are compensated for any genuine business trips while ensuring that the business pays not a penny more than required.
Take action and avoid potential penalties and interest!
Please speak to us if you would like help with integrating this app, or any other apps that may benefit you in your business.