Hi Everyone,
I am currently looking for a way to have multiple standard rates of mileage. For example when someone makes an expense for the first 5000 miles they will received 55 cents, and for all the miles after 5000 they will received 49 cents.
Is that something that can be done out of the box in the Expense Management module?
Thank you,
For sure it can. Here is what you do in the United Kingdom, beware the first 2 lines in the Mileage rate tiers.
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The HRMS states (see https://www.gov.uk/expenses-and-benefits-business-travel-mileage/rules-for-tax) that an employee is allowed to claim £0.45 per mile for the first 10,000 miles in the UK tax year (April the 6th 2016 through April the 5th of the next year).
For example, an employee receives £45.00 for a 100 miles long trip:
100 miles * £0.45/mi = £45.00
However, the bulk of this mileage re-imbursement covers insurance and depreciation which has no VAT.
To evaluate the portion liable to the value added tax for company owned cars, the HMRC advisory fuel rates are applied: https://www.gov.uk/government/publications/advisory-fuel-rates. The advisory rates are usually updated once a quarter. The rates vary by the type of the fuel (petrol, diesel, liquefied gas) and the engine displacement.
See Expense categories > Mileage rate tiers:
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