Workers who use their own funds to pay for work expenses are spending nearly £400, and almost half of those fail to claim the money back from their employer. Half of employees use their own cash or credit cards to settle expenses, and spend an average of £367 a year doing so.
45% of employees fail to claim back expenses
However, 45% of those employees fail to claim back these expenses according to new research by Capital One.
Only 14% of employees actually use a business credit card, and 7% using a business debit card, when they are spending on behalf of their employer.
Travel across the country was found to be the main business expense, more than half of those surveyed claiming for this, followed by the purchase of office equipments and supplies at 34%. Overnight accommodation came in at 33%.
In 42% of the cases receipts get lost
However, there were different reasons cited for failing to claim back expenses, with the main one being the loss of receipts; 42% of those who didn’t claim said this was the reason. A fifth of these employees were reluctant to claim back certain expenses. One in 10 said they had had their expense claims queried and rejected by their employer.