Weekly or Monthly?

[Peter Loew]

Are you LTD or working through a brolly?

I'm LTD so from a "funds in my personal account" point of view I still only see money on a monthly basis. However my company receives payment for invoices weekly. Over the length of a contract that's a fair amount in gained interest in the company account

I've got an LTD and work through that. It all depends on how much you pay yourself too. Previously I was working through a composite so was used to getting a bulk of money every month, a percentage of which I would allocate to a HISA. Only recently have I started to use an LTD, and am getting used to paying myself a silly salary every month and dividends every so often. It changes the way I have to think about my financial management.

[VectraMan]

I've always been weekly, just because that's what the agents have done by default. My first month of contracting I was pretty glad of it, but once you're up and running it makes little difference. It's really just extra paperwork.

[Dark Black]

...Only recently have I started to use an LTD, and am getting used to paying myself a silly salary every month and dividends every so often. It changes the way I have to think about my financial management.

Indeed, I'm trying to manage finances such that I don't pay a dividend every month (yes I know it's "ok" to but I'd still rather not) - initially I had to but I'm managing longer intervals between payouts now.

[Peter Loew]

Indeed, I'm trying to manage finances such that I don't pay a dividend every month (yes I know it's "ok" to but I'd still rather not) - initially I had to but I'm managing longer intervals between payouts now.

Exactly. What I did is put a family member on the payroll, and inject a 4k-ish dividend every 3 months or so (randomised time intervals). I think I can survive like that but we'll see!

[Murder1]

Can't thank everyone enough for the info.

Cheers

[Not So Wise]

Currently weekly into my company account, normally paid same day/next working day from invoice, pay myself monthly

Many ways would prefer monthly though as less paperwork, normally agency chases me for invoice if more than a day late sending invoice, weird feeling having an agency chasing me so they can pay me

[Sundance]

Hi all, long time lurker first time poster.

I've always just assumed the payment timescale put forward by the client but a contractor I've recently got to know indicates that he always insists on being paid weekly.

If you have the option, always go for weekly payments. Just in case the client OR the agency OR the brolly (like the clowns at P4) goes bust! It minimizes the risk to yourself, and remember, always follow the money

[vhadiant]

I'm on monthly payment cycle.