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27 Oct 2022 Direct Assist Accountants

Invoice Template UK: Free Invoice Templates For Businesses

An invoice is a legal archive that you must submit as a transaction for payment. It includes information about the business, customer, product or service bought, sales, prices, taxes, and other requirements. We have curated a list of invoice template UK including:

Sole Trader Invoice Template
Limited Company Invoice Template
Contractor Invoice Template
Self-Employed Invoice Template
Freelance Invoice Template
Simple Invoice Template
Blank Invoice Template

It is essential to capture every detail of the contract you will sign. As well as paying your invoices on time, you should also get them written up correctly so that you can consistently produce them if needed.

Standard Invoice Format

Vendor’s company name, address, and contact details.
Invoice number and date.
Customer name and address.

An invoice represents a commercial transaction. It consists of a header that describes the document. The middle section describes the details of the customer and the services/products being purchased, the price for each service/product, and details about the delivery of the services/products.

Invoices should be referenced with unique IDs or numbers. A unique invoice ID or number helps identify the invoice by its unique identifier within the books of accounts. However, the body section of an invoice details the services or products due for payment:

The service/product sold
Net amount excluding the VAT
Gross amount inclusive of VAT
Details of expenses

At the Bottom of the Invoice:

Details of payment terms
Vendor’s VAT number
Vendor’s registration number

Terms of Instalment

A seller should clearly define payment terms to avoid confusion with the important client. The terms of the instalment can be:

Method of instalment (with cash, by draft, with a money order alongside account subtleties, or by bank move alongside financial balance and sort code)
Credit period, e.g. payment to be made within 15 or 30 days from the date of invoice

The VAT registration number, company registration number and bank account number should be listed in the business’s name and be included in the invoice. You can automate the process by using electronic software to help you out with the following:

Generate invoices from clients
Upload invoices to the system
Maintain a customer database
Create recurring invoices for customers
Upload receipts and bank statements
Calculate and generate payments
Maintain accounts
Generate reports
Create payment reminders
And much more

Things to Consider While Generating invoices

Invoice Numbering

There are a few different ways to bill your customer; you can bill by cash, by draft, by cheque along with account details, or by bank transfer.

Credit Duration

Credit duration, e.g. price to be made within 15 or 30 days from the date of consignment.

VAT

The correct cost-introduced tax (VAT) must be charged. Some offerings would possibly fall beneath the exemption class.

Copies

Even if an invoice is cancelled, a copy of it has to be kept.

Payment Terms

The length of time you want to give your clients to pay for the goods or services you provide.

Order Number / Reference

If a patron generates a digital buy order, the seller has to ask for a wide variety of orders and point it out on the invoice. This is up to date in the customer’s system with the consignment important points regularly when the order is delivered. This is very common with large customers.

Bank Details

Bank important points alongside the applicable codes must be noted on the consignment to make the processing of financial institution transfers expedient.

Record-Keeping

Online accounting software like Nomisma Solution is used by businesses. It is possible to enable a system for generating invoices automatically. Businesses will have to record all the invoices if they don’t want to use an online accounting system. Essential items to be noted here are:

Date of Invoice

Date of Payment

Invoice complete together with VAT

Invoice number

Name of the customer

Product description or services

Types of UK Invoice Template

Sole Trader Invoice Template

Limited Company Invoice Template

Contractor Invoice Template
Freelance Invoice Template

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11 May 2022 Direct Assist Accountants

Bounce Back Loan Investigations

If you are being investigated for BBLS or any other wrongdoing in relation to a Bounce Back Loan (BBLS) you should get legal help immediately.

Regarded as the savior of small businesses, the Bounce Back Loan Scheme (BBLS) was intended to help businesses adversely impacted by the coronavirus avoid insolvency.

Huge sums of money have been paid out through the scheme, but there are major concerns that the self-certification process and light touch checks to determine eligibility have led to major exploitation of the system.

Some estimates are that 1% of all Bounce Back Loan applications are fraudulent, meaning something in the region of £400,000,000 of taxpayers’ money could have been obtained illegally. Other estimates put the figure as high as £23bn.

The National Crime Agency, police, and other agencies are focusing their full attention on all allegations of fraud and wrongdoing, investigating cases across the country with increasing speed and determination.

If you are unsure about your position with your Bounce Back Loan or have become aware of an investigation, you should seek professional help.

Whether you face an investigation for fraud, may have to repay the money in the future, or if your business has trading difficulties and may need to enter a formal insolvency procedure, it is far better to deal with the situation while you still can.

We have professional solicitors at our penal who can help you through these investigations or help you through your insolvency.

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11 May 2022 Direct Assist Accountants

UMBRELLA SERVICES

If you’ve decided that run your own business as a limited company you might consider working through an Umbrella Company. An umbrella company is a separate company that acts as an employer for contractors working on contracts. An Umbrella company is also an intermediary between the contractor and their end client or agency.

Once you have chosen an umbrella company there are the typical first steps you will take as an umbrella company employee:

The umbrella company will sign a contract with the recruitment agency.
You will sign an employment contract with the umbrella company.
Each week you will submit your timesheet details to your umbrella company.
The client confirms your worked hours.
The umbrella will submit an invoice to your agency on your behalf.
The agency will then pay the umbrella for the invoiced sum.

The Umbrella Company processes the payment and any chargeable expenses and deducts the necessary tax and NI contributions. An Umbrella company provides a payroll service to its employees and pays its employees a salary after deductions.

You will receive your money less tax, NI contributions, and the Umbrella services margin.

Umbrella employment solution is ideal for contractors and freelancers who are planning on working on shorter assignments or are just starting out. Our service and help in your Umbrella Company take care of all the necessary tax and NI calculations and payments on your behalf. Umbrella employment solution is perfect if you want a hassle-free way to get paid. We handle all of the administration associated with contracting so that you can concentrate on contracting yourself!