So basically I’m all set up for LTD but my accountant is now asking for my remittence for last week and I assumed my agency would just give me an invoice and I’d forward it to my acccountant but it turns out I have to do it all myself but I have no idea how to do it. Do I just tell my accountant my hours and pay and they work it all out? I’m so confused!
I create a word document with your company details, bank account etc.
In the description I put down the days worked, hours and rate as each contract with the agency will be different (thats if you negotiate each time)
Save it as a PDF and then send this to the agency and hopefully it matches what they are going to pay you. Your accountant should trust that money going into your account has an invoice that it matches.
Its not necessary that the Agency will give you a remittance for what you have invoiced as they may just pay directly into your account…either way you have a record of what the money in your account was from with no risk of come backs.
Good Luck
Go and see an accountant they will give you the best advice and be able to explain what is what
So I managed to get that bit figured out and I’ve just been paid for my first week with my accountant but I’m down way more than compared to both umbrella and PAYE. My accountant added 20% VAT on top of my earnings and worked it out from there. This can’t be right as I’m not earning that extra 20% so it just gets taken away from me.
Are you vat registered (you should have a VAT number for that)… also, you should be charging the agency vat or the vat should be within their quoted payments to you.
Your Accountant will be vat registered you may not be.if the accountant is vat registered they have to charge you vat whether or not you are vat registed. You need to come clean with your accountant and tell then you haven’t a clue. By the way of the accountant messes your tax your fully responsible. And are responsible for everything you do you’ve started a business and all that goes with it.