Back-to-school Finance: Spending Lessons for Q4
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As school bells ring and the leaves turn golden, it’s back-to-school season for all of us. 🍂
With Q4 just around the corner, don’t worry if you haven’t finished all your "homework" yet. We’ve got you covered.
The September Edition of The Expense brings a fresh chance to organise, strategise, and finish the year with top marks.
📝 So, sharpen your pencils and take out your notebooks – it’s time for some lessons in finance.
Spending tips
Business travel is on the rise in the UK
A new study by American Express shows that 85% of UK businesses maintain or increase their spending on travel in the next year. 🚆
The reason? Companies see value in sending people out into the world to build stronger client relationships or get a better feel for local markets.
For Gen Z employees, travel is more than just a perk. It's a career advantage.
81% of Gen Z think travelling for work makes them more attractive to future employers, and 83% say it improves their chances of getting promoted.
Gen-Zers prefer sustainable travel too. 48% of Generation Z are actively working on greener travel options with their employers, like using public transport and staying at eco-friendly hotels.
Global compliance updates
GDPR compliance: Avoid financial detention
With the introduction of the GDPR in 2018, CFOs have had to change how they handle data compliance. Think of it like solving a tricky math equation – but the stakes are a lot higher.
Staying compliant with GDPR can cost larger companies over €10 million each year. That results in an average profit drop of 8% and a 2% dip in sales for businesses targeting EU markets.
However, not complying is even more expensive. ❌
Amazon’s €746 million fine in 2021 was a massive wake-up call for CFOs everywhere.
What can CFOs do to stay on track?
Recommended by LinkedIn
Learn more in this article: GDPR Impact on Finance: Navigating Compliance Costs and Strategic Challenges.
The money minute
How to get a UK VAT refund: A guide for EU businesses
Ever been hit with a complicated exam question you didn’t expect? Getting a VAT refund for UK expenses can feel like that (especially if you’re an EU-based business).
If your company isn’t VAT registered in the UK and doesn’t have a UK office, you can still reclaim VAT on things like travel, accommodation, and business-related expenses.
You’ll need to fill out forms, gather original invoices, and submit claims to HMRC. There are some exclusions, though, like business cars and entertainment expenses.
🔧 Using tools like Mobilexpense can simplify this process, saving you time and ensuring compliance.
Want more details? Check out this guide on VAT refunds for EU businesses.
P.S. Is your business operating in the UK? Then learn how to get a VAT refund for UK businesses.
Upcoming event
7 reasons why you should be attending The Expense Summit 2024
Have you signed up yet for this full-day finance masterclass? This is one you definitely didn’t get in school!
Here’s why you should sign up now for The Expense Summit 2024:
Thank you for joining us for this edition of The Expense Newsletter 💸. If you found it insightful, don’t forget to share it with your network. Thank you!
The Mobilexpense Team