Tag Archive for Small Business Expenses Advice

5 best business expense management solutions

By Nathaniel Dalby on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs

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However, relying solely on your business bank account for everyday expenses can be risky – it’s easy to lose track of how much you have and how much you need, even for the most cautious of business owners.

That’s why businesses are increasingly choosing third party expense management solutions, allowing you to easily maintain and manage an expenses account with just the tap of a button.

We’ve collected five of the best solutions you can find for your business in the UK today.
Wallester

Wallester prides itself on being an ‘all-in-one solution’ for business expenses, and with its wide range of features, it’s difficult to argue against this. Wallester makes business payments and expenses as simple as possible, with a three-step process:

Sign up

Set corporate cards

Control expenses in real time

Visa cards can be issued both digitally and physically, meaning they can be ready to use immediately if required. Once these are issued, you can monitor transactions in real time and approve purchase requests from employees, all through the app.

Accounting and reporting are also made easy, allowing

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Claiming mobile phone expenses as part of your business

Originally written by Adam Wayland on Small Business
You do not say whether the business in question is a limited company or a sole trader or partnership. It makes a difference.
If the business is not a limited company only the business proportion can be claimed, so you will have to keep a record of business calls to justify a claim if the Revenue challenges your figures.
A typical solution for the sole trader wanting to claim mobile phone expenses is to take three to four months’ worth of bills, analyse the calls, and then work out the ratio of personal versus business related. You can then apply this ratio as a percentage of your phone bills for the rest of the year. You may find it useful to review the ratio on an annual basis.
If you are VAT registered, you need to include the VAT only on the business portion of your calls.
For Limited companies, everything depends on the type of mobile phone contract
If the mobile phone (or sim card) is registered in a company name, all the costs can be claimed. The main proviso is that ‘personal use’ must be ‘reasonable and not excessive’. The hardware (the phone itself) counts

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