How fuelGenie can help you save money in the run-up to tax time
Everyone knows that fuel cards can offer significant time- and money-saving benefits. But did you know these benefits also extend to staying on top of your taxes? As tax-returns deadline approaches in the New Year, and fleet managers are preparing their year-end financial statements, we thought it would be a good time to take a look at ways your fuelGenie card can help with your tax communications.
Simplify mileage claims
Mileage claims and fuel usage are a potential source of big headaches in the end-of-year financial period. Not only is there a huge likelihood that your employees are unaware of HMRC guidelines and penalties for incorrect claims: they are also exposed to the temptation to falsify mileage logs. A fuel card like the one supplied by fuelGenie removes this temptation by removing the need for your drivers to pay for their own fuel and invoice you for its cost. Instead, all fuel bought at participating supermarket forecourts is invoiced directly by fuelGenie, via HMRC-approved invoice, at the end of each month.
The records kept by fuelGenie are used to power spending and fuel-usage reports that are available to you at any time—enabling you to cross-check and confirm mileage claims throughout the year.
Keep better records
HMRC is able to request back-copies of records and receipts in support of fuel claims, up to six years after the claims were made. A fuel card removes the need to store large volumes of paper by streamlining the fuel-invoice-and-receipt process.
Improve your processes
Constant updating of core processes is key to the continued health of any business. Overhauling your reporting processes can cut down on time spent on end-of-year statements, and reduce the cash leakage caused by overlooked claims or missed opportunities to claim.
We recommend instituting an approval stage into your fuel-claims process. It’s vital that you get driver buy-in to avoid sowing seeds of dissatisfaction in the workforce. Explain your process, which should be designed to add an extra level of checking to driver-raised claims before payment is made. Depending on the size of your fleet, checking could be done at directorial or line-manager level.
Keep tabs on technology
The technology that drives your fleet is changing all the time. With driver-behaviour apps and business telematics suites in common use, it is relatively easy to build a bigger picture of fuel usage, route deviation, and unauthorised vehicle use. Similarly, there is no need to fall behind in your knowledge of the current HMRC rules for reimbursement. Make sure you stay up to date with current regulations, and you won’t miss the opportunity to reclaim VAT payments.