Company taking their time paying expenses.
Discussion
I'm not sure if there's a legal ruling on this, but my Company are currently taking 7-10 days to re-imburse myself, or colleauges, for expenditure out of our own pockets. I have just had expenses approved (Monday 27th) that total £3430, and they won't be audited until next Tuesday, then paid on Wednesday, to reach my Bank Account on Friday 8th of July. Does anyone know if I can legally claim for interest on this? It's regular, and almost as if circa £3k every other week isn't actually mine!! Lol. My Company says no, but then they would!!
BIGDAI said:
No idea on the legality (although I doubt you can claim loss of interest)but can't you get them to make an imprest payment? i.e. a lump of cash up front so you are using that rather than your own money.
Not a chance. We've all asked, but got a big fat NO!! I think I need to find out where I would stand legally.The current Bank of England base rate is 0.5%
At that rate your 3k you have lent your employer will reap you a massive 56p in interest (over two weeks). Is it really worth the grief?
Your expenses are costs incurred doing your job. If you are getting bank charges or interest charges for borrowing the money, I would definately claim them.
In your position, I would get a seperate credit card and put everything on that. When your expenses are paid - pay off the card. Any charges from this card would be claimed as expenses.
At that rate your 3k you have lent your employer will reap you a massive 56p in interest (over two weeks). Is it really worth the grief?
Your expenses are costs incurred doing your job. If you are getting bank charges or interest charges for borrowing the money, I would definately claim them.
In your position, I would get a seperate credit card and put everything on that. When your expenses are paid - pay off the card. Any charges from this card would be claimed as expenses.
7-10 days is pretty quick to be fair.
that's only 5-7 working days, of which 3 could be taken up arranging the BACS run (few corporate systems have implemented fast payments yet).
So they are taking 2-4 days to process your expenses, which at £3k a month are going to need checking pretty carefully. CAn't help but think that if you've got a job involving £3k expenses per month then you can probably organise yourself that it shouldn't effect you. Why don't you get a credit card with cashback or other benefits- there are still cards that offer 1-3%, and seeing as you pay the balance off you could easily get £1,000 back a year for absoluttely nothing. and what's that worth pre-tax? £2k payrise?
that's only 5-7 working days, of which 3 could be taken up arranging the BACS run (few corporate systems have implemented fast payments yet).
So they are taking 2-4 days to process your expenses, which at £3k a month are going to need checking pretty carefully. CAn't help but think that if you've got a job involving £3k expenses per month then you can probably organise yourself that it shouldn't effect you. Why don't you get a credit card with cashback or other benefits- there are still cards that offer 1-3%, and seeing as you pay the balance off you could easily get £1,000 back a year for absoluttely nothing. and what's that worth pre-tax? £2k payrise?
zippy3x said:
The current Bank of England base rate is 0.5%
At that rate your 3k you have lent your employer will reap you a massive 56p in interest (over two weeks). Is it really worth the grief?
Your expenses are costs incurred doing your job. If you are getting bank charges or interest charges for borrowing the money, I would definately claim them.
In your position, I would get a seperate credit card and put everything on that. When your expenses are paid - pay off the card. Any charges from this card would be claimed as expenses.
I guess it's not so much about the odd 56p here and there, it's over a longer period, and mainly on principal. It's been pretty much like this for a couple of years now. I work for an extremely large Engineering Company, who are not short of a bob or two, but it just seems like our business unit that are scrimping. Other groups have Corporate Credit Cards, but we have been denied them. A couple of the guys are sAt that rate your 3k you have lent your employer will reap you a massive 56p in interest (over two weeks). Is it really worth the grief?
Your expenses are costs incurred doing your job. If you are getting bank charges or interest charges for borrowing the money, I would definately claim them.
In your position, I would get a seperate credit card and put everything on that. When your expenses are paid - pay off the card. Any charges from this card would be claimed as expenses.
t with money, and it's known, so the HR guy has tarred us all with the same brush and put a stop on it.I had a credit card that I set up solely for Business expenses, but I selsom used it due to having a load of jobs in the Middle East, where the Contract Manager picked up the tab for most things, therefore my expenses were minimal, so much so, that due to very little useage, the Credit card Company reduced my Credit Limit from £12,750, to £500!!!! Which is another story/gripe of mine!! And as I'm sure you'll agree, £500 can't get you much these days!! So, everything comes out of my own money these days.
It annoys me that it's expected of us. And then even when I'm trying to get "my own" money back, they question exchange rates, why I put petrol in a hire car earlier than I did the previous week blah blah!! It's really bugging me now!!
Take out a credit card which offers 'cash back', airmiles, or some form of incentive.
There's a few 1% cashback cards, which is better than the .5% AER you're concerned about.
Here's one: http://www.capitalone.co.uk/creditcards/world-mast...
Amex Platinum is a much better deal (1.5%), but then it's Amex, and not all places accept that
There's a few 1% cashback cards, which is better than the .5% AER you're concerned about.
Here's one: http://www.capitalone.co.uk/creditcards/world-mast...
Amex Platinum is a much better deal (1.5%), but then it's Amex, and not all places accept that
Edited by ILoveLamp on Thursday 30th June 09:30
ILoveLamp said:
Amex Platinum is a much better deal (1.5%), but then it's Amex, and not all places accept that
1.25% IIRC.Edited by ILoveLamp on Thursday 30th June 09:29
As mentioned, reap the benefits of cashback through a good credit card rather than fight over a few days interest. It's better than when they pay you interest.
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