The survey of more than 50 attendees at Accountex 2017 found that 66% did not know digital mileage claim technology existed but the results showed they had an appetite and knowledge for the benefits these solutions would bring.
The survey results revealed that 90% believed digital mileage solutions would reduce driver administration, 85% stated it would improve reporting accuracy and 83% said it would improve reporting reliability.
ABAX was present at Accountex – the UK’s biggest event for the accountancy and finance profession - to talk to about software and hardware solutions designed to make the generation of HMRC compliant mileage records as easy as possible.
Chris Miller, ABAX UK Chief Executive, said: “Our survey showed there is clearly a desire for digital mileage claim technology for compiling personal and business mileage, but a lack of awareness in this industry that such solutions are currently available on the market.
“The common way to compile mileages is currently manually, but we were able to outline to attendees how digital technology was able to transform mileage claim reporting and make people’s lives a lot more simple. This includes a 10% reduction in total fuel spend, saving two hours a month on administration work per driver, reduced servicing costs, and 100% privacy compliance.
“The majority of people we spoke to worked in a company with between one and 20 employees, but whether your business has one vehicle or 1000, the same HMRC legislation applies and we find the vast majority of companies do not know all the rules and are leaving themselves open to large tax penalties.
“Failure to comply with HMRC standards has seen businesses and individuals collect five-figure penalties from the tax authorities. We were able to show people how much money they could save by switching to a mileage claim solution and how they can stay on side of the HMRC.
“It made us think that if this lack of awareness exists with the accountancy industry - then how are other industries supposed to comply?”
Visit www.abax.co.uk for more on ABAX’s solutions.
Image attached: The ABAX UK team
Notes to editor:
For more information please contact Mark Pearson, Athene Communications – firstname.lastname@example.org or 01733 207333.
The company’s UK head office is at the Allia Future Business Centre, ABAX Stadium, Peterborough.
ABAX Group is owned by Investcorp, and is a Norwegian company within sales and development of telematics solutions for commercial and private vehicles. ABAX is currently the fastest growing telematics company in Europe. Additionally, ABAX provides products for Fleet Management and GPS tracking of equipment. ABAX has more than 350 employees and offices in Norway, Sweden, Denmark, Poland, Finland, United Kingdom, the Netherlands and China.
Accountex - http://www.accountex.co.uk/