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Companies centralize and automate Expense Processing to reduce costs of manual processing and fraud. A global view of the data also helps to optimize expense management but local variations in regulation and practices complicate the task of automating expense management. Multinational card programs, when integrated with expense processing software, can sometimes help eliminate manual expense processing and integrate the data flowing from merchants. Reporting based on the consolidated data helps companies find opportunities for striking deals with airlines and hotel companies. Companies can also reduce their costs of currency conversion and banking charges. The practical challenges of implementing such systems are access to data from merchants who are bound by local laws and organizational practices. Nair & Co. assists clients in finding ways to deal with transaction data access in each country and to integrate it with their Enterprise Resource Planning (ERP) systems.

P11D

P11D reporting for U.K. employers has become increasingly stringent and potentially costly with the HM Revenue & Customs (HMRC) imposing hefty penalties for delayed and erroneous filings. U.K. employers file P11D (Report of Expenses and Benefits) for each director and employee earning over a certain amount annually. Employers need to ensure their filings meet all filing deadlines and are error-free to avoid having an increased risk profile with the HMRC, which can potentially affect future dealings with HMRC.

  • Nair & Co. has a scalable and flexible compliance and reporting system in place for streamlined inputting, calculation, reporting and communication of benefits information. We work closely with our employment tax group to resolve our clients’ queries, and issues. Our P11D services remove a major headache out of our client’s year-end reporting obligations in the U.K. Similar requirements also exist in other countries (e.g. India, Singapore, Hong Kong) where we achieve the same result.
  • Award-winning Nair & Co. offers an integrated one point of contact solution to better protect you and your company. By using us, you can rest assured that finance and administration support to your foreign operations is provided efficiently and you operate safely abroad. We are an independent self-sustaining service provider with no links to, or investments in us, by sensitive third-parties such as your bank!
Analyzing

Tracking expenses and calculating sales tax or Value Added Tax (VAT) refunds is essential to the tax reports of a company but often leads to wastage of valuable management hours.

  • In most countries, expenses must relate to a taxpayer’s trade or business activity (e.g. business travel) and the expenditure during the visit (e.g. meals) or on expenditure on clients. These expenses are deducted from the total revenue of the company before corporation tax is determined; therefore the level of income liable for corporation tax decreases by the value of the expense. Companies are also entitled to reclaim sales tax or VAT on specific expenses.
  • Nair & Co., as part of its integrated services for accounting, payroll and tax, provides clients with detailed expense analyses, suggestions for internal control, and assists in the retrieval of sales tax or VAT wherever applicable. The extent of countries refunding sales tax or VAT on applicable expenses is significant. Nair & Co.’s tax specialists have the know-how on compliance and sales tax/VAT refund practices and policies. They take full care of this issue, enabling clients to reclaim accurately their permissible refunds with least effort and in a timely manner.

Payouts

Inefficient processes for expense report submissions, approvals and reimbursements can be expensive both in direct and indirect costs. Nair & Co. offers streamlined practices for expense tracking and Payouts that radically reduces errors and bottlenecks. We examine expense items for designated compliance issues, proactively identify expenses with missing information, protect employers against fraudulent claims, and expedite Payouts by allowing reimbursement along with payroll.

  • Our flexible and client centric approach combines leading-edge technology with tax and accounting expertise to provide a real time, organization-wide view of what is being submitted. Nair & Co. ensures sound business practices and proper reporting of travel, entertainment and non-travel business expenses in compliance with local-country regulations.
  • Award-winning Nair & Co. offers an integrated one point of contact solution to better protect you and your company. By using us, you can rest assured that finance and administration support to your foreign operations is provided efficiently and you operate safely abroad. We are an independent self-sustaining service provider with no links to, or investments in us, by sensitive third-parties such as your bank!


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