‘What Revolut built for consumers, we built for business’: CleverCards chief promises to ease corporate reporting pressures
View original article at Business Post
For Kealan Lennon, the new enhanced reporting requirements (ERR) represented an opportunity to highlight the value of its digital banking offering.
The founder and chief executive of CleverCards, a platform that allows businesses to send a prepaid digital Mastercard via email or WhatsApp to the Apple, Samsung or Google Pay wallet in the phone of employees, said that his digital cards are “not in the scope of the reporting.”
The ERR are a set of reporting obligations designed to give Revenue greater visibility of certain non-taxable employee benefits and expenses, with the objective of improving employer compliance. For many employers, this additional tax reporting requirement may be an onerous compliance obligation.
But Lennon, told the Business Post that with his product, the pressure on business owners to comply with ERR can be eased.
“So, what we are is a digital banking infrastructure for businesses only. And on that digital banking platform businesses can issue what we call configurable MasterCards to their staff, and they issue those to their staff for business expenditure,” Lennon said.
“What Revolut has built for consumers, we’ve built for businesses.”
Business Post subscribers can read:
• How Clever Cards can help firms as they prepare for Revenue’s new reporting requirements
• What companies must be aware of as the deadline on the tax body’s ‘period of leniency’ approaches
• Why some business groups are calling on Revenue to simplify the current reporting system on non-taxable employee benefits and expenses