TRAVEL EXPENSE POLICY
In the interest of its employees, the company is committed to handling available resources responsibly when it comes to travel. This travel expense policy defines the framework and applies equally to all employees.
For each business trip, decisions regarding means of transportation and accommodation must be made with responsible consideration of costs, ecology, time, comfort, safety, and flexibility.
In line with HV’s culture, proportionality, reasonableness, and pragmatism serve as useful guidelines in cases of doubt. As a rule, the lifestyle on business trips should not differ significantly from that of one’s private life.
KEYPOINTS
Travel expense reports must be submitted promptly, at the latest within 3 months after the end of the trip.
For domestic trips where the distance can be covered in under 5 hours, traveling by train should be chosen.
As a guideline, the maximum rate for hotel accommodation in Germany including breakfast is €200 gross (max).
As a guideline, the maximum rate for hotel accommodation abroad including breakfast is €300 gross (max).
Entertainment expenses for lunch should generally be limited to approx. €70 per person max.
Entertainment expenses for dinner should generally be limited to approx. €150 per person max.
Entertainment on Friday evenings as well as the entire Saturday and Sunday is not permitted.
In general, up to 15 percent of the total amount may be given as a tip.
In the USA, up to 20 percent of the total amount may be given as a tip.
For invoices of €250 or more, the company’s full address must be included.
For travel exceptions, the exception form must be sent to Heiko Kottkamp-Ramann and Magalie Karr for approval.
Employees holding a corporate credit card (Qonto) and a designated Travelperk account must make all travel bookings themselves, in compliance with this travel expense policy.
GENERAL
a) Definition of Business Trip
A business trip is a change of location, including the outward and return journey, undertaken for the purpose of temporary professional duties outside the usual place of work. The business trip begins and ends at the employee’s primary place of work or residence, according to the approved travel itinerary.
b) Planning a Business Trip
Business trips generate material and personnel costs. Therefore, careful consideration of the necessity and arrangement of each trip is required.
If a business trip is combined with private travel (after prior consultation with Magalie Karr), company insurance coverage will lapse. Any tax disadvantages for the company arising from such arrangements will be borne by the employee. All bookings should be made immediately after the travel need becomes known, in order to secure cost-effective rates
PREREQUISITES
Only costs for travel necessary for business purposes will be reimbursed or covered. Employees with a designated “TravelPerk” account, are responsible for managing and booking their own travel arrangements through their designated account in compliance with this travel expense policy.
REIMBURSEMENT OF TRAVEL EXPENSES
a) Eligible Travel Expenses
The following costs will be reimbursed or covered:
Transportation costs
Accommodation costs
Additional meal allowances
Other incidental travel expenses
b) Form and Deadlines
Travel expense reports must be submitted promptly, at the latest within 3 months after the end of the trip. All receipts required for reimbursement must be submitted to the back office (Assistance). During this period, employees can be reimbursed for expenses incurred via a travel expense report prepared by the back office. Bookings handled directly through the back office will be paid for directly by the company.
c) Form of Travel Expense Reporting and Deadlines for Trips with Multiple Employees (or Joint Travel)
Travel expense reports must be submitted promptly, no later than 14 days after the end of the trip. Once this time period has expired, receipts can no longer be submitted or reimbursed. All receipts required for reimbursement must be submitted to the Back Office (Assistance). During this period, employees may claim reimbursement for their expenses through the travel expense report prepared by the Back Office (Assistance). All travel bookings processed via the Back Office (Assistance) will be paid for directly by the company.
d) Receipts
Receipts for all expenses are mandatory. They must include all tax-relevant details (e.g. company name with full company address and/or name of traveler) to allow for VAT deduction. Employees must retain all original receipts until the reimbursement process has been fully completed.
Reimbursement will be transferred exclusively to the employee’s designated salary account. If receipts are not submitted within 3 months after the trip, reimbursement claims will expire.
TRANSPORTATION AND AIRFARE
a) Flights
The decision to travel by air, particularly for domestic trips, must be carefully considered, taking ecological aspects into account alongside cost, time, comfort, safety, and flexibility. Air travel is permitted if it results in significant time and cost savings, if the travel time by the fastest alternative mode of transport (e.g., train or rental car) would be substantially longer, or if business requirements justify it in specific cases.
Flights should ideally be booked at least 7 days in advance. If a booked flight is no longer required, it must be canceled or rebooked immediately.
For all flights, the “best-buy principle” applies, meaning the lowest available fare must be booked. Domestic and intra-European flights must always be booked in Economy Class at the lowest available rate.
For intercontinental or non-European flights, Business Class may be approved in justified exceptional cases and for flight durations exceeding 5 hours, provided prior approval has been obtained from Magalie Karr before booking.
Frequent flyer programs must not influence the choice of airline. Benefits earned through such programs as a result of business travel may be used privately by the employee. If the airline does not apply lump-sum taxation on these benefits, employees are obliged to report them to the company. In such cases, the company will process payroll taxation; any income tax and employee’s share of social security contributions will be borne by the employee
b) Rail Travel
As a general rule, the company expects employees to travel primarily by train. Discounted first-class fares should be booked well in advance. For frequent travelers, a BahnCard (BC 50, 1st Class) may be provided if proven to be cost-efficient. Employees holding a BahnCard 100 are required to travel exclusively by train within Germany.
For domestic trips that can be completed within 5 hours, rail travel should be chosen. For journeys exceeding 5 hours, flights may be permitted in urgent cases and only with prior approval from Magalie Karr.
c) Rental Cars / Private Vehicles
Rental cars may be used for business trips if they are significantly more cost-effective than other means of transport, or if the use of public transportation is not possible, impractical, or unsuitable. This also applies at the travel destination. A mid-size category vehicle should be prioritized when booking. Rental cars are handed over with a full tank and must be returned refueled accordingly.
If damage occurs to the rental car during the business trip, it must be reported to the rental company without delay. The driver will receive a damage report form from the rental company, which must be returned immediately. In the event of damage, the rental company will generally charge an excess. All claims are to be handled in coordination with the Back Office (Assistance).
Use of private cars should be avoided whenever possible. Private vehicles may be used for business trips only if public transport or rental cars are not feasible for time, cost, or other reasons. Use of a private car must be reported to the Back Office (Assistance) prior to departure, including the anticipated mileage, travel destination, and purpose of the trip. In case of damage to the private car, a damage report must be submitted immediately to the Back Office. Any potential reimbursement claims by the employee can only be recognized within the framework of statutory provisions. Traffic fines, penalties, or towing costs resulting from traffic violations will not be reimbursed.
d) Public Transportation
Employees are expected to consider the use of public transportation as part of their own responsibility and in the interest of the company and the environment. This applies in particular when it represents a reasonable and cost-effective alternative
ACCOMMODATION
a) Hotel Bookings
As a guideline, the maximum rate for hotel accommodation in Germany including breakfast is €200 gross.
For international travel- particularly in major cities (e.g., London, Paris, Stockholm, New York) -bookings should be made with discretion and in line with the company’s culture. As a guideline, the maximum rate for hotel accommodation abroad including breakfast is €300 gross.
Expenses for minibar consumption and other personal extras will not be reimbursed under any circumstances. If a reserved room is no longer needed, each employee is obliged to inform the Back Office (Assistance) immediately so that the reservation can be canceled in due time. Cancellation policies are determined individually by each hotel and may vary significantly, even for the same hotel (e.g., during trade fairs under “best rate” conditions).
b) Overnight Allowance
For overnight stays without receipts (e.g., accommodation in private households), a allowance will be reimbursed in accordance with the regulations currently in force as issued by the German Federal Ministry of Finance.
MEAL ALLOWANCE
The additional meal allowance for business travel is reimbursed on a flat-rate basis in accordance with the current regulations of the German Federal Ministry of Finance. For international travel, the respective country-specific rates apply. If meals are provided, e.g., during business meetings or other company events, the reimbursable allowance is reduced accordingly.
a) Examples:
Meal allowances are flat rates established for tax purposes to cover the additional costs of meals during business travel. They do not constitute reimbursement of actual expenses incurred, but rather fixed daily amounts that depend on the duration of absence. In Germany, the current rates are €14 for an absence of more than eight hours and €28 for a full 24-hour absence. On arrival and departure days of a multi-day trip, employees are entitled to €14 each, regardless of the actual period of absence.
If meals are provided during the trip, the allowance is reduced accordingly: by 20 percent for breakfast and by 40 percent for lunch or dinner. For example, during a one-day business trip to Munich with departure at 7:00 a.m. and return at 8:00 p.m., an absence of 13 hours entitles the traveler to €14. For a two-day trip to Hamburg, €14 is granted on both the arrival and departure days, resulting in a total of €28. On a multi-day trip with one full day in between, the entitlement increases to €56: €14 for Monday’s arrival, €28 for Tuesday, and €14 for Wednesday’s departure.
If the hotel booking includes breakfast, the allowance is reduced by 20 percent (€5.60 of the full daily rate), leaving €22.40 instead of €28. If lunch and dinner are provided, the allowance is reduced by 40 percent each (€11.20 per meal), meaning that only €5.60 of the full daily allowance remains payable.
b) Business Meals
Different situations are distinguished when it comes to business meals. If a meal is paid with the corporate credit card, it is considered a meal provided by the employer. In this case, the daily meal allowance is reduced by 40 percent, which corresponds to €11.20 of the full daily allowance of €28. It is essential that the receipt, including details of location, date, participants, and purpose, is uploaded in Qonto.
For example, during a 24-hour absence, the entitlement is normally €28. If lunch is covered by the company, this amount is reduced by €11.20, leaving €16.80 payable. If an employee is invited to a meal by external business partners, this is likewise treated as a provided meal since no personal costs are incurred. In this case, the allowance is also reduced by 40 percent. A receipt is not required, but the invitation must be noted in the travel expense report.
c) Breakfast
Breakfast provided as part of a hotel stay is treated as a provided meal. In such cases, the daily meal allowance is reduced by 20 percent, which corresponds to €5.60 of the full daily allowance of €28. If a hotel room without breakfast is booked, no reduction applies, and the full allowance remains. For example, if breakfast is included in the room rate, the payable amount is €22.40 (€28 minus €5.60). If no breakfast is provided, the full €28 daily allowance applies.
d) Other Meals
Snacks and small food items consumed while traveling—such as a croissant, sandwich, coffee-to-go, or fruit—are not reimbursable, as they do not fall within the scope of business-related meals and must be borne privately. Likewise, meals paid for privately during a business trip—such as lunch with colleagues at one’s own expense—do not reduce the meal allowance, as they are considered private expenses.
ENTERTAINMENT EXPENSES
Entertainment expenses must serve the legitimate business interests of the company and may only take place in accordance with the company’s compliance policy. Entertainment on Friday evenings, Saturdays, and Sundays is not permitted, and expenses incurred during these times will not be reimbursed.
As a general guideline, Entertainment expenses for lunch should not exceed approximately €70 per person, and for dinner they should not exceed approximately €150 per person. Any exceptions (e.g., closing dinners, founder meetings) must be agreed with Magalie Karr on a case-by-case basis.
Reimbursement will only be made upon submission of the receipts. For invoices of €250 or more, the company’s full address must be stated.
OTHER TRAVEL-RELATED EXPENSES
Other incidental expenses, such as telecommunications, postage, tips, or baggage transport and storage, will be reimbursed in full in justified cases upon submission of appropriate receipts. As a general rule, tips of up to 15 percent of the total amount may be given (e.g., for taxis, hospitality, etc.). In the United States, tips of up to 20 percent of the total amount are permitted.
TRAVEL EXCEPTIONS
For trips that become a travel exception due to a private extension or comparable circumstances, the designated exception form (PDF) must be completed without fail. The fully completed form must be sent by email to Heiko Kottkamp-Ramann, with Magalie Karr in cc. The trip may only be booked after approval by Heiko Kottkamp-Ramann.
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