UK workers miss out on £1.4 billion in unclaimed expenses, study finds

A survey of 2,000 employed adults recovered 22% person not claimed immoderate costs backmost from their leader since August 2023, averaging £16.71 a month.

Research has uncovered that workers failed to assertion £1.4 cardinal successful expenses implicit the past year.

The astir communal items workers are not claiming backmost see mileage (19%), refreshments (16%) and parking (15%), arsenic 26% judge the magnitude is excessively insignificant to bother.

A 4th (24%) failed to taxable an disbursal due to the fact that they mislaid the receipt, portion 21% complained astir the complexity of the disbursal process successful their workplace.

Steve Paul, lawman CFO of disbursal absorption and payments supplier Equals Money, which commissioned the research, stated: "Many workers underestimate the interaction of unclaimed expenses, often dismissing tiny amounts arsenic insignificant. However, what mightiness look similar conscionable a fewer pounds present and determination tin rapidly adhd up to hundreds oregon adjacent thousands implicit time."

"By neglecting to assertion these expenses, employees are fundamentally leaving wealth connected the table, which could person a important interaction connected their fiscal wellbeing.

"Submitting expenses precocious tin marque currency travel much challenging for employers arsenic they conflict to show their institution spend."

The survey besides recovered that 55% of workers person expenses to taxable astatine slightest erstwhile per month, portion 18% person had their claims rejected successful the past. One successful 3 of these individuals firmly judge they were treated unfairly.

A 4th confessed that they had really submitted it incorrectly, portion 24% were rejected owed to deficiency of due documentation to verify the purchase.

Furthermore, 23% discovered the hard mode that the outgo was not covered by the company, highlighting the problems that outdated disbursal absorption systems tin airs for employees.

On average, workers who taxable expenses enactment done a full of £155 each month, with 40% submitting astatine the earliest imaginable opportunity. However, 30% similar to hold and taxable each their receipts and invoices astatine once.

In an mean moving month, employees walk astir 27 minutes ensuring they volition beryllium reimbursed by their employer. Over 4 successful 10 (43%) are reimbursed wrong a week, but 15% person to hold until their adjacent wage packet.

Three quarters of the workers surveyed via OnePoll.com stated that being capable to assertion expenses rapidly and efficiently makes them consciousness valued arsenic an employee.

Moreover, 52% agreed that timely reimbursements from their leader show respect for their finances. However, 24% person been acrophobic astir covering work-related costs owed to imaginable difficulties successful getting reimbursed.

Steve Paul from Equals Money commented: "It's indispensable for companies to supply their workers with a elemental and seamless strategy for reclaiming expenses."

"When the process is analyzable oregon clip consuming, employees are little apt to assertion what they're owed oregon taxable expenses late. This tin marque it harder for businesses to person visibility implicit their spending."

"A real-time, streamlined strategy not lone gives businesses amended power of their spending but ensures fairness and demonstrates a company's committedness to supporting its workforce and their fiscal health."

TOP 10 COSTS WORKERS FAIL TO EXPENSE:

1. Mileage.
2. Refreshments during and betwixt meetings distant from the workplace.
3. Parking fees.
4. Office supplies (pens, paper, folders).
5. Public transport (bus, tube).
6. Train tickets.
7. Work-related subscriptions (industry magazines, nonrecreational journals).
8. Team drinks.
9. Working from location instrumentality (office chair, desk).
10. Professional improvement (conference fees, grooming courses).