* Some common invoice payment terms: Net 7 Payment seven days after invoice Net 30 Payment 30 days after invoice Net 60 Payment 60 days after invoice Net 90 Payment 90 days after invoice Net monthly account Payment due on last day of the month following the one in which the invoice is dated EOM [read more]
Credit Checks*Before giving your customer credit, it is advisable to do some checks. Below, in no particular order are some of the checks that could be made: request a bank reference request trade references check the limited company’s details against Companies House credit reference check analysis of customer’s year-end accounts You can ask for bank references, [read more] |
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Terms and Conditions*Hopefully, you will have already made your customer aware of your standard terms and conditions at the start of business relationship. Many businesses consult a solicitor for help in setting these out clearly. Having clear standard terms and conditions can help protect your rights in the event of a dispute. Having them printed on the [read more] |
Sales Invoicing*If you give your customers credit (and most businesses do), it’s important to get your invoicing and customer payments systems in order. The obvious benefit is to aid cash flow and it is the first step to good credit control and fewer bad debts. Some while ago, I posted about some basic details that need to [read more] |
Payroll record keeping*Once a payroll is in operation, HMRC lay down certain requirements as to what records and information needs to be kept. These include: employees names, addresses (and their dates of birth) gross pay, NICs, PAYE, other deductions, net pay (keeping a copy of their payslip would normally satisfy this requirement, assuming the payslip contained all [read more] |
Payroll Basics*Logically, the basics of payroll are straightforward but unfortunately, there are various rules and thresholds which can make actually operating a payroll less so. In calculating an employee’s pay, normally, you begin with their gross pay and then work out the deductions. After taking away all the deductions, the net pay figure is what is left owing [read more] |
How to Register as an Employer*It is generally possible to register as an employer by telephone or email (if special circumstances apply, you may have to register via and HMRC office). Either way, you will need the following information to hand: general information about yourself and your company (including your national insurance number and UTR number – unique taxpayer reference [read more] |
