Oyster card trips

[TheCyclingProgrammer]

I ran the idea of the simplified approach (business only Oyster, paid for from business account) past my accountant and not only did he think it was fine, he told me it's what he does himself.

So thats less hassle going forwards!

[zudecke]

I ran the idea of the simplified approach (business only Oyster, paid for from business account) past my accountant and not only did he think it was fine, he told me it's what he does himself.

So thats less hassle going forwards!

Ah that's good news .

Even so, I think one would be ok doing the same thing, but using personal account. I really don't see an issue..

In any case, thanks for getting back! V useful!

[TheCyclingProgrammer]

Ah that's good news .

Even so, I think one would be ok doing the same thing, but using personal account. I really don't see an issue..

In any case, thanks for getting back! V useful!

If you mean paying the topup and getting reimbursed by YourCo, then I don't see why that would be a problem either but I would still get a separate business Oyster card and keep the travel reports so you can show it was only ever used for business journeys and avoid any suggestion of there being a BIK.

[zudecke]

If you mean paying the topup and getting reimbursed by YourCo, then I don't see why that would be a problem either but I would still get a separate business Oyster card and keep the travel reports so you can show it was only ever used for business journeys and avoid any suggestion of there being a BIK.

Yeah, dedicated business Oyster card, but just topped up from my personal account.

Simply because its easier really and I want to keep expenditure from my biz bank account to a minimum. But hardly matters either way tbh.

Thanks for all the advice guys!

[TheCyclingProgrammer]

Yeah, dedicated business Oyster card, but just topped up from my personal account.

Simply because its easier really and I want to keep expenditure from my biz bank account to a minimum. But hardly matters either way tbh.

Thanks for all the advice guys!

Don't forget it still needs to be reported on your P11D unless you have a dispensation.

Not sure if that's the case if YourCo pays directly but it might still be. I have a dispensation anyway so paying direct from the business account just means less faff for me.

If paying directly from the company account means not having to report on a P11D, then that's probably a good argument in favour if doing it that way, but check with your accountant as it still might be reportable either way.

[Contreras]

Don't forget it still needs to be reported on your P11D unless you have a dispensation.

Not sure if that's the case if YourCo pays directly but it might still be. I have a dispensation anyway so paying direct from the business account just means less faff for me.

If paying directly from the company account means not having to report on a P11D, then that's probably a good argument in favour if doing it that way, but check with your accountant as it still might be reportable either way.

Source of payment makes no difference to an expense being P11D reportable (or not). The guidelines are quite clear on this point.

[zudecke]

How would one if they have special dispensation from reporting travel expenses on P11d?
Under what circumstances?

Cheers,

Z

[TheCyclingProgrammer]

How would one if they have special dispensation from reporting travel expenses on P11d?
Under what circumstances?

Cheers,

Z

If you have a dispensation for business travel expenses, then it won't need to appear on the P11D.

You can apply for a dispensation online. It's easy. I got mine approved in a few weeks.

[zudecke]

If you have a dispensation for business travel expenses, then it won't need to appear on the P11D.

You can apply for a dispensation online. It's easy. I got mine approved in a few weeks.

Thanks TCP. Applied and awaiting response.

Back to the original discussion.. All the replies are around PAYG Oyster usage.

What about monthly travel card top ups?

If that make sense? I.e. zones 1-3 cost me £140 or something..

Rather than doing PAYG top-ups..

[TheCyclingProgrammer]

Thanks TCP. Applied and awaiting response.

Back to the original discussion.. All the replies are around PAYG Oyster usage.

What about monthly travel card top ups?

If that make sense? I.e. zones 1-3 cost me £140 or something..

Rather than doing PAYG top-ups..

You can apply the same rules to monthly travel cards on your Oyster as normal travel cards, so read the HMRC guidance on this.

IIRC, travel cards can potentially be a BIK however if it's more cost effective to buy a travel card than pay for individual journeys, then there is no BIK charge as far as I'm aware, even though the employee can still use the travel card for personal journeys. If the travel card exceeds the cost of individual journeys then I think there is a BIK charge on the excess.

But don't take my word for it, read the HMRC manual as it's all outlined there.