There is increasing pressure on all sizes of business to fully understand and address how they incur, monitor and reimburse employee expenses and benefits.

The implications for getting matters wrong are significant, including:

Corporation and Employment Tax

HMRC interventions now focus on systems and controls around expenses. Well-controlled and approved systems mitigate behaviour-based penalties.

Fraud

Employee expenses fraud costs UK businesses circa £1.3 Billion per annum and it is generally accepted that the risk of fraud increased during economic uncertainty.

Cost control

Expenses often represent a large cost to organisations. Poor controls may allow excessive and unnecessary expenditure being incurred.

Ethics and governance

Robust expense and benefit policies can demonstrate commitment in areas such as remuneration, entertainment and environment. Inappropriate expenses can damage reputations as well as profits.

For further information please contact the Cobia team on 0845 226 0580 or email info@cobia-uk.com