Newbie help - not enough time to set things up?!

[MiniMani]

Hi everyone,

I'm new here and also new to the contracting world, got offered a contract which is due to start on 1st July. I have done the following so far:

-Registered for vat (cert still to come through)
-Registered my limited company
-registered for PAYE

- got an appointment on Thursday to meet bank manager to open an account

I have been reading around and this seems to be what I need to do initially. The problem I'm having is that although I start on 1st July the first deadline for invoicing to the recruitment company is 5th July! I still haven't set up my bank account or got my VAT cert through.

Can anyone advise on what I should do, I am panicking a bit as I didn't really want to use an umbrella company and it all seems a bit last minute. I'm aware the vAT can be charged at a later date but I don't know if my bank account will be set up in time

Thanks in advance for your help and i'll continue browsing the forums...

Mini

[rd409]

Hi everyone,

I'm new here and also new to the contracting world, got offered a contract which is due to start on 1st July. I have done the following so far:

-Registered for vat (cert still to come through)
-Registered my limited company
-registered for PAYE

- got an appointment on Thursday to meet bank manager to open an account

I have been reading around and this seems to be what I need to do initially. The problem I'm having is that although I start on 1st July the first deadline for invoicing to the recruitment company is 5th July! I still haven't set up my bank account or got my VAT cert through.

Can anyone advise on what I should do, I am panicking a bit as I didn't really want to use an umbrella company and it all seems a bit last minute. I'm aware the vAT can be charged at a later date but I don't know if my bank account will be set up in time

Thanks in advance for your help and i'll continue browsing the forums...

Mini

Most of the good banks wont take too long. I went for HSBC, and if you apply in branch, then they will give you the account number and sort code there and then itself if you are successful. Are you on a weekly invoicing cycle? The deadline for the invoice, means only about the time frame they will payout the money. IMO you should be able to raise an invoice as and when you can, and they will make the payment accordingly.

Invoice deadline of 5th of July for a contract starting on 1st of July sounds unusual to me.

[MiniMani]

Thanks for your reply, the reason it's 5th July is due to the recruitment agencies 2011 invoicing guidelines... in july the deadline is 5th July for the money to be cleared and go into my account by 15th july, if that makes sense?

[JamJarST]

Thanks for your reply, the reason it's 5th July is due to the recruitment agencies 2011 invoicing guidelines... in july the deadline is 5th July for the money to be cleared and go into my account by 15th july, if that makes sense?

When is the next deadline after that?

I invoice my client (the agent) on an agreed weekly basis. I did not have a VAT certificate when I started, so invoiced without VAT, when the certificate arrived I raised a VAT only invoice for the fisrt few invoices. I did not have my bank account before the first invoice but sent them the details before the first payment and they were fine with that.

[MiniMani]

Ok! The next invoice deadline is 3rd August... I was under the impression i'd have to do it for the july one though? Will clarify with the recruiter.

All this stuff seems to be stressing me out, i wish i'd sorted it out sooner but i was offered the role while i was on honeymoon!

[cojak]

Ah well, life is never simple, is it?

Don't panic, write out a to-do checklist and strike stuff off as you do it.

Don't worry about VAT on day 1, get an accountant to sort so e of that stuff out.

And Good Luck!

[JamJarST]

Ok! The next invoice deadline is 3rd August... I was under the impression i'd have to do it for the july one though? Will clarify with the recruiter.

All this stuff seems to be stressing me out, i wish i'd sorted it out sooner but i was offered the role while i was on honeymoon!

Don't stress about this, you would not have anything to invoice by the 4th of July anyway, this is their cut off for what appears to be a monthly process. Make sure you find their full terms, i.e. how often and when can you invoice and the payment terms they will apply. Find out if you can only do monthly invoicing tor whether you can invoice when ver you like.

Oh and congrats/commiserations on the wedding

[Scrag Meister]

Doesn't sound to me like you have much to worry about.

Is the 5th July deadline for days worked in June? or days worked upto 5th July.

Perhaps to give you time, if you can afford it, you can wait until August to raise your first invoice. Tkae your time, all should be sorted by August.

I also thought for VAT registration you needed some invoices to prove you are trading.

[JamJarST]

I also thought for VAT registration you needed some invoices to prove you are trading.

I didn't have any invoices when I registered.

[DaveB]

Hi everyone,

I'm new here and also new to the contracting world, got offered a contract which is due to start on 1st July. I have done the following so far:

-Registered for vat (cert still to come through)
-Registered my limited company
-registered for PAYE

- got an appointment on Thursday to meet bank manager to open an account

I have been reading around and this seems to be what I need to do initially. The problem I'm having is that although I start on 1st July the first deadline for invoicing to the recruitment company is 5th July! I still haven't set up my bank account or got my VAT cert through.

Can anyone advise on what I should do, I am panicking a bit as I didn't really want to use an umbrella company and it all seems a bit last minute. I'm aware the vAT can be charged at a later date but I don't know if my bank account will be set up in time

Thanks in advance for your help and i'll continue browsing the forums...

Mini

The July deadline is almost certainly for invoices submitted for work done in June. Check with the agency to make sure though.

VAT is ok, you can invoice without VAT initially and then raise a VAT only invoice once you have your Number, agencys are used to this, it shiouldnt be a problem. BTW, get yourself on the Flat Rate Scheme as soon as possible as well, it will save you a couple of hundred a month in VAT.

Let the bank manager know you need the account asap but if it doesnt work out you should still be able to invoice for two months once it is up and running. Just talk to your agency about it. They may also be able to issue you a cheque for that months payment that you can then pay in once the account is up and running.