Expenses Policy

Guidelines: What should and should not be expensed?

In general, we want a culture of trust, care, and common sense. Treat Good-Loop money with the same care as you treat your own -- being neither stingy nor spendthrift.

Away-from-home expenses

As a rule of thumb, when travelling, expense any costs that you wouldn't incur if the trip wasn't happening. So you'd probably be buying a sandwich at lunch wherever you were but you probably wouldn't normally buy a 6am Leon at the airport.

When you are travelling, again we want a culture of spending sensibly.

...You get the idea.

Drinks & entertaining

When buying drinks, the company can put in for the first round for clients or for the team but after that, it's less likely to be a 'business meeting' and so should move to personal costs.

Where possible, take the clients for breakfast or light lunch. It's cheaper than a massive round at the bar and everyone will actually remember your conversation the next day!

Work travel

According to HMRC, costs for your normal trip to work, or similar, are not eligible as expenses. At Stuart lives outside of London we cover his extra TFL costs but generally speaking, TFL travel is not eligible. If you incur extra travel costs above and beyond business-as-usual, it's fine to expense this.

£50 monthly clearance

Processing Expenses

  1. If you have a company Revolut card please use this & upload VAT receipts for every transaction within the app. It takes just a few moments (more info here).

  2. If you don't, then you'll have to use your own card & claim it back via the Xero app. Again, always include a photo of the receipt with a VAT number please.

In both instances, you'll be asked to classify the expense for the accountant. This is important because it decides where on the P&L the cost sits and it also has tax implications.

Classifying Expenses

Please don't classify anything as General Expenses - it just gathers dust on the P&L and we have no idea what's in it. If you're unsure how to classify something just ask finance@good-loop.com.