Originally posted by tractor
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Previously on "Contractor "Fees Payable" vs "Rate" and convention on VAT"
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Originally posted by tractor View PostJust let it die. If you had left it here, a kind mod would have moved it anyways, they usually doLast edited by NotAllThere; 6 November 2014, 09:35. Reason: Removed a slightly naughty word since this is now moved to the professional forums.
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Originally posted by monoceros View PostOpened a thread on the same subject in Accounting/Legal - if someone can tell me how to close this thread (cannot find an obvious way...)
Cheers,
Mono
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Opened a thread on the same subject in Accounting/Legal - if someone can tell me how to close this thread (cannot find an obvious way...)
Cheers,
Mono
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Originally posted by monoceros View Post... when looking at contract rates I have always understood them to be net (i.e. an advert for a rate of £250 is actually invoiced at £300) and so by convention when on a interview if asked what my rate is the convention is to state it net.
Am I mistaken on this? Should I quote Gross or "net + vat"?
In short, understanding is not legally binding. A properly specified rate clause is.
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Originally posted by monoceros View Post... when looking at contract rates I have always understood them to be net (i.e. an advert for a rate of £250 is actually invoiced at £300) and so by convention when on a interview if asked what my rate is the convention is to state it net.
Am I mistaken on this? Should I quote Gross or "net + vat"?
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I remember being pleasantly surprised when my first invoice was paid, because I assumed that the rate was inclusive of VAT and it was an exclusive rate, so I got an extra 17.5%.
I suspect that their "all fees paid" line implies that they are quoting VAT inclusive rates - just make sure you know which it is before you start the contract.
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Ok so let me clarify my question
... when looking at contract rates I have always understood them to be net (i.e. an advert for a rate of £250 is actually invoiced at £300) and so by convention when on a interview if asked what my rate is the convention is to state it net.
Am I mistaken on this? Should I quote Gross or "net + vat"?
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Originally posted by kaiser78 View PostYou have answered your own question - always ensure contract and invoice clearly states 'daily rate + VAT'
Also, with a serious question, you should post in a more appropriate forum e.g. Accounting/Legal because...
This forum is populated by savages; plus people with the appropriate experience will be looking in those fora rather than here for serious questions.
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Originally posted by monoceros View PostHi,
I am currently negotiating my second contract (whoo hoo!). But I need to be 100% about the wording on the amount that I am being paid.
My (still very newbie) question is: when asked to quote a daily rate do you always state the rate before VAT is added (so quote £100 and invoice £120); is there a general convention that the amount stated is always before VAT?
Background:
My first contract quoted a rate of £X per day and this was understood and accepted to be before VAT the the actual amount I invoiced per day was £x+20% .
The new contract has a "Fees Payable" of £X per day; of course I will clarify this in writing with them (that they are expecting to see invoices for £x+20%).
Thanks,
Mono.
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Contractor "Fees Payable" vs "Rate" and convention on VAT
Hi,
I am currently negotiating my second contract (whoo hoo!). But I need to be 100% about the wording on the amount that I am being paid.
My (still very newbie) question is: when asked to quote a daily rate do you always state the rate before VAT is added (so quote £100 and invoice £120); is there a general convention that the amount stated is always before VAT?
Background:
My first contract quoted a rate of £X per day and this was understood and accepted to be before VAT the the actual amount I invoiced per day was £x+20% .
The new contract has a "Fees Payable" of £X per day; of course I will clarify this in writing with them (that they are expecting to see invoices for £x+20%).
Thanks,
Mono.Tags: None
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