A round up of what’s been piquing curiosity, prompting questions and provoking debate among the Expend team this week.
In this digest: Google's predictability, banking predictability and tax unpredictability makes us conclude there is many-a-head in the clouds. Including at WeWork.
Predictably, Google’s dominance is unlikely to be hit by the European Commission's £3.8bn fine, but it’s good to see some action being taken. At least it’s more substantial than the ICO’s measly £500,000 fine of Facebook, which is roughly 0.0012% of their $40bn annual revenue of 2017. Now if only we could get these large multinationals to pay their fair share of taxes….
Speaking of tax, no sooner have we got to grips with the latest changes & the upcoming introduction of MTD, the government recently released its updates and proposed changes for 2019. Fortunately there doesn’t seem to be anything too major. Although one interesting part is that employers will no longer require evidence for travel expenses within benchmarked scale rates. But the employer will require evidence that the employee travelled for a legitimate business purpose.
In a classic bankers move, interest rates on new credit cards are set to rise. This follows our revelations that expenses are forcing many employees into debt, and millenials don’t even realise credit card debt will cost them money. Something we previously discussed here.
Has the cloud gone to your head? This is the question posed by Accounting Excellence, with the argument that due to the huge rise in adoption of cloud tools, firms can no longer use this as a basis call themselves ‘innovative’. Perhaps, they argue in this discussion, the innovation is now in how you use the cloud software itself. For more about bringing your clients to the cloud, have a listen to the insights on AccountingWeb’s ‘To the Cloud and Beyond’ podcast.
WeWork hit the headlines recently, with the announcement they will stop reimbursing expenses for meals containing meat. Which begged the question from our own Johnny Vowles - how? With 6000 employees worldwide, it sounds like they’ve just created a whole load of admin & oversight headaches. Unless, of course, they were to harness the power of a new breed of expenses management platform….*cough* Expend *cough*.