Credit Card & Expenses Policy

Last Updated: 06/01/2023

Next Review Date Due 06/01/2026

1. Purpose

This policy sets out the rules and procedures governing the use of company credit cards and the reimbursement of business expenses. It applies to all employees issued with a company credit card or claiming expenses on behalf of the Company.

2. General Principles

• Company credit cards must be used for business purposes only.

• Cardholders are personally responsible for the appropriate use and safekeeping of their card.

• Any loss or theft of a company credit card must be reported immediately to the Finance Manager and the card provider. 

3. Permitted Use

Company credit cards may be used for legitimate business expenses, including but not limited to:

• Travel and accommodation

• Meals while travelling on business

• Business equipment and parts

• Office supplies

• Online services, software, and subscriptions

• Training, conferences, and professional services

• Other operational costs where card payment is the most practical method

4. Approval Requirements

• Any single purchase in excess of £500 must be approved in advance by the Finance Manager (or another senior manager where appropriate).

• The Head of R&D is authorised to make higher-value purchases where required for research, development, manufacturing, or technical operations, without prior Finance Manager approval, provided such expenditure is reasonable and business-related. 

• Significant or non-routine expenditure may be subject to additional review by senior management.

5. Receipts and Record-Keeping

Cardholders must:

• Obtain itemised receipts for all transactions

• Provide a valid VAT receipt where VAT is charged

• Record a clear business explanation for each transaction, including:

  • Purpose of the expense

  • Client or project details where relevant 

Receipts must be uploaded promptly using the Xero app or approved scanning software.

6. Expense Claims (Personal Funds)

Where employees use personal funds for business expenses:

• Pre-approval is required before incurring the expense, unless the cost arises from an emergency or exceptional circumstance 

• Claims must be supported by valid receipts

• Claims should be submitted within one month of the expense being incurred

• The same documentation and approval requirements apply as for credit card transactions

7. Monitoring 

• All credit card transactions and expense claims are reviewed through Xero as part of routine financial controls. 

• The Finance Manager reviews,approves and reconciles the expenses.

• Senior management oversight is applied where appropriate.

• Any misuse of a company credit card may result in disciplinary action.

8. Review

• This policy will be reviewed every three years, sooner if necessary.

Joe Charlesworth

Director - Highway Data Systems Ltd

06/01/2023