Elan want Bank Statements?

[Kess]

I'm currently with Elan (they have an exclusivity "arrangement" with my client and as a newbie when I started I accepted this without question).

I'd agree with an earlier poster that their Accounts dept are a clueless shambles. They do generally pay on time, but if anything goes wrong then getting it corrected is a nightmare.

There is also an air of arrogance about them. They happily breach contract when it suits them, e.g. deducting >£1000 from an invoice without warning because they (wrongly) thought they had overpaid me the previous week, even though the contract states that no deductions are to be made without notice in writing.

It would be nice to see the back of them.

[MarillionFan]

Every account has a name either personal or a business name, banks do not put Ltd Co on an account name until they have done their checks that the company is real. When they pay by BACS they will have the account name and if the account name does not correspond with account number and sort code then I will not get paid. The account name will show it is not a personal account.

Actually you are very wrong here and thats why they're asking

When you pay my BACS the name of the account is not checked, only the sortcode and account number.

So you give your personal account, but the name of your LTD name, so therefore it looks like you have a legit account. You can then screw the agency and the VATMAN if you require over.

Definitely works 100%(not telling you why I know it works though) but thats the scam and thats why they're asking!!!!

[configman]

Actually you are very wrong here and thats why they're asking

When you pay my BACS the name of the account is not checked, only the sortcode and account number.

So you give your personal account, but the name of your LTD name, so therefore it looks like you have a legit account. You can then screw the agency and the VATMAN if you require over.

Definitely works 100%(not telling you why I know it works though) but thats the scam and thats why they're asking!!!!

I would not say I am very wrong but if what you are saying is true then it is the banks or BACS system that is incompetent if it cannot perform basic validation. I have done everything to give them the info they need but if they cannot use it then they should be brought to justice for promoting activities that can lead to money laundering activity - if they do not check the account name then they are guilty of any criminal activity.

It is against all government, banking, job-board advice to give the information that Elan are asking for. Why is no one else asking for the information that Elan are asking for?

[ratewhore]

You can then screw the agency and the VATMAN if you require over.

Sorry, I fail to see how this is anyones responsibility beyond the invoicing party. The agency can prove they have paid the invoice using the account details they were given, so they haven't been screwed over. If there is any VAT fraud, then it is nothing to do with the agency anyway as they have merely paid an invoice with VAT applied (using a valid VAT number, if they bother to check).

So, again, there is no requirement for the agency to have this information...

[MarillionFan]

Sorry, I fail to see how this is anyones responsibility beyond the invoicing party. The agency can prove they have paid the invoice using the account details they were given, so they haven't been screwed over. If there is any VAT fraud, then it is nothing to do with the agency anyway as they have merely paid an invoice with VAT applied (using a valid VAT number, if they bother to check).

So, again, there is no requirement for the agency to have this information...

Actually in theory there is a requirement. So heres the deal.

The BACS system works off numbers, not accounts. Do any bank transfer from your online account and you'll see that. So the name is irrelevant.

Ignoring the VAT part of my reply as I was only showing an example of how to defraud it. It is up to an Employer(in this case the agency) to ensure that they tax/NI is paid by it's employees. So in the case of contracting it is assumed that you the contractor will pay. Now the agency has to ensure that a) You are a legit company, b) Whether you are VAT registered or not and c) Whether the account you ask to be paid to is legit.

So if you're not a legit company then it is the agency who is liable. Thats why they are asking and thats why they are doing due deligency.

But, in my opinion asking for your bank details is way out of order. They should only ask for your certificate of incorporation, your VAT cert if you have one and they should do a Companies House check to see if you are a director of the company and if they want to make super sure, a reference.

Anything else, tell them to do a running jump.

[SueEllen]

Actually in theory there is a requirement. So heres the deal.

The BACS system works off numbers, not accounts. Do any bank transfer from your online account and you'll see that. So the name is irrelevant.

While I know BACS works of numbers the bank if they choose to do so could query the payment.

One of the many banks I have a personal account with telephones me up everytime I set up a payment to a new person or company they have never heard off. Yeah it's damn annoying and does delay payments. (So far everything has matched so nothing has been declined.)

Also I've worked in a large UK bank doing basic admin involving moving money between business accounts. One of the jobs someone had to do was check that the company and the account we were paying money into matched. The bank looked for businesses who did a lot of these transactions to sell them "enhanced" services or some business asked for them.

[threaded]

Sorry, I fail to see how this is anyones responsibility beyond the invoicing party. The agency can prove they have paid the invoice using the account details they were given, so they haven't been screwed over. If there is any VAT fraud, then it is nothing to do with the agency anyway as they have merely paid an invoice with VAT applied (using a valid VAT number, if they bother to check).

So, again, there is no requirement for the agency to have this information...

No, doesn't quite work like that. The VAT will say that the agency should check, and if they haven't then the VAT will say they can recover their money from them. The money they recover is the money the agency claimed on their VAT receipts as being paid to you.

From your side another example of this is where an agency say you shouldn't charge them VAT. You have to ensure that the name of the agency ltd. co., the address and the VAT number are correct, and are all there on the invoice, also you have to keep a note on your files of how you diligently checked the details were correct, and the reasons why you didn't need to charge VAT.

[ratewhore]

From your side another example of this is where an agency say you shouldn't charge them VAT. You have to ensure that the name of the agency ltd. co., the address and the VAT number are correct, and are all there on the invoice, also you have to keep a note on your files of how you diligently checked the details were correct, and the reasons why you didn't need to charge VAT.

If I'm VAT registered, why should I listen to an agent who tells me not to charge them VAT? Am I not obligated to charge it?

[Cheshire Cat]

If I'm VAT registered, why should I listen to an agent who tells me not to charge them VAT? Am I not obligated to charge it?

If you are VAT registered, you are obliged to pay VAT on your earnings, so HMRC will expect to receive it. I guess you're obliged to charge it on your invoices, or else pay it out of your profits.

[threaded]

If I'm VAT registered, why should I listen to an agent who tells me not to charge them VAT? Am I not obligated to charge it?

In some circumstances you are not obligated to charge it, and in those circumstances you best be getting onto local VAT office for the full SP on what documentation you need and what hoops you need to jump through.

Generally it is when the companies involved are incorporated in different EU countries.

But yes, don't ever take an agents word for anything without properly checking.