![]() ![]() ![]() Travel expensesĪs one of the biggest sources of employee reimbursement, company travel covers a large number of things. Now that we know more about the characteristics of valid expenses, it's time to dig deeper into the various categories that your company could consider reimbursing. (For UK businesses the exact rules are clearly laid out in this online guidebook.) Reimbursable expense examples If an expense passes these tests, it might very well be eligible for tax deduction purposes. Any surplus amount that the employee has left from the original reimbursement should also be paid back to the employer within the same time frame. The information that should be displayed on the record to make it legally valid differs per country, but at the very minimum it should include the total amount (with tax), the time and place of purchase and a description of the product or service provided.įinally, any reimbursable payments should always be reported to the relevant department within a reasonable amount of time. Secondly, it's vital that they have evidence of the payment in the form of an expense receipt, invoice or other proof of purchase. The rules vary slightly from place to place so be sure to check your local legislation for the exact legal definition. This is a pretty broad definition, and could cover anything from an overnight hotel stay during a business trip, to an extra monitor for their work computer. It should be a purchase that's related to the services of an employee to his or her employer - in other words, something that an employee needs to do their job. To keep things fair and transparent, you need to set clear rules for what counts as a reimbursable expense.įirst off, the expense must have a clear business character. It is both morally and legally required that the company reimburses them for these payments promptly and in full.īut this doesn't mean that employees get to claim reimbursement for every payment they make. When employees incur expenses on behalf of your company, they'll occasionally need to spend their own money. Send us feedback about these examples.It's important to define what we're talking about here. These examples are programmatically compiled from various online sources to illustrate current usage of the word 'incur.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Alison Fox, Travel + Leisure, 17 July 2023 See More Annalisa Merelli, STAT, 21 July 2023 Travelers will also incur a $12 nightly charge per person for all below rim areas and a $4 charge per person for all above rim areas. Tammy Murga, San Diego Union-Tribune, 25 July 2023 This helps put into perspective the costs that would be incurred to get a second opinion, or to add extra tests to rule out certain conditions. Shannon Sollitt, The Salt Lake Tribune, 25 July 2023 Recipients cannot use funds to offset reductions in tax revenues, contribute to rainy day or pension funds, or debts incurred before March 2021. Jason Miller, The Conversation, 25 July 2023 According to Securities and Exchange Commission documents, the company incurred net losses of $163.5 million in 2019 and $164 million in 2020. Herb Scribner, Washington Post, 26 July 2023 The balance of this estimate would result from the disruptions incurred by UPS customers. Jeff Ernsthausen, ProPublica, 26 July 2023 In August 2022, Spacey was ordered to pay more than $30 million to the show’s producers for losses incurred over his firing. Time, 27 July 2023 Violations can incur a penalty known as an excise tax. Recent Examples on the Web Chandrika, for example, will use some of her Karya wages to help her family pay off a large medical loan incurred when her 25-year-old sister fell ill with low blood pressure. To summarize: a person (or something composed of people, like a company) incurs, or becomes subject to, something negative something occurs, or happens, or an idea occurs to, or comes into the mind of, someone. The ancestor of occur, by contrast, paired Latin ob “in the way” with currere, producing the basic meaning “to run in the way of,” or “to present itself.” In English, the verb came to apply strictly to events, things, or ideas something (such as a tornado) that occurs, or “presents itself,” appears or happens a thought that occurs, or “presents itself” to someone, comes into that person’s mind. If you are confused by their similarities, a glance back at their Latin roots might help you to tell them apart.īoth words have a common root in Latin currere, meaning “to run.” In the case of incur, currere was combined with Latin in “into,” which produced the meaning “to run into.” In English, the one who incurs, or “runs into,” is most often a person and the thing incurred is usually some self-inflicted negative consequence (such as a debt or somebody’s foul temper). Incur bears a strong family resemblance to another English verb, occur. ![]()
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