Opinion

To expense or not to expense

According to expense management firm Concur, around 20 per cent of small firms don't really know what they're paying staff in expenses. Further, they also aren't sure of how to claim tax relief on expenses which, in simple terms, means that they're paying more tax than they really need to.

The survey of some 400 small firms found that although businesses are entitled to claim relief on expenses, some 40 per cent of owners don't think their records are good enough to claim tax relief. A third of businesses said that only their accountant knows all of the details of expense claims which, by extrapolation, means that they're missing out on the ability to negotiate deals with suppliers.

This was first published in September 2011

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