Sorted
Just spoke to the agent. I'm going to bill at the end of the week, to be paid next week, and from then on monthly with a 7 day payment. Eventually it will revert to their 28 days, but not for a couple of months.
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Payment terms
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Payment terms"
Collapse
-
At least you wrote "tide you over" instead of "tie you over". Which was nice.
Leave a comment:
-
Originally posted by Andywthe trouble with Pondlife is they seem to spend most of their time occupying stagnent water !
FFS
Leave a comment:
-
Ditch the contract and go and get a proper job in the Public Sector !
Leave a comment:
-
Hi Tony,
The 30 days payment terms aren't unusual. They're standard if you're going direct, so I guess the agent isn't getting paid much more often either. I mentioned this on another thread.
Personally I would have gone for weekly invoicing though. Credit cards (especially zero percent ones as someone has already said) will delay the day of reckoning. I wouldn't bank on the agent paying on time though - maybe more like 40-45 days if you include processing and clearing, especially if they only do one payment run a week. You could always ask the bank for an arrangment on your business account, especially as you have already got a contract and presumably some invoices as evidence of future income.
Leave a comment:
-
Originally posted by hyperDThank you for your very kind offer, but we've over 5 years of cash in our business accounts now.
Leave a comment:
-
Originally posted by PondlifeBeen saving all your pocket money and not blowing it all on sweets and comics?
Or did some bigger kid kick all your teeth in and you got a windfall from the toothfairy?
the trouble with Pondlife is they seem to spend most of their time occupying stagnent water !
Leave a comment:
-
Originally posted by AndywI can lend you a couple of grand to tide you over at a really reasonable rate !
Or did some bigger kid kick all your teeth in and you got a windfall from the toothfairy?
Last edited by Pondlife; 19 September 2006, 13:39. Reason: Damn that TonyEnglish for typing so fast.
Leave a comment:
-
Originally posted by AndywI can lend you a couple of grand to tide you over at a really reasonable rate !
Leave a comment:
-
I can lend you a couple of grand to tide you over at a really reasonable rate !
Leave a comment:
-
Originally posted by hyperDIf your business has 5 years worth of cash in the company accounts then I would say this is "wasted" opportunity. If it is quick liquidable assets yielding more than bank rate interest then fair enough.
5 years is probably paranoid, but 1 year is absolute minimum IMO, 2-3 is reasonably good area.
Leave a comment:
-
Originally posted by AtWEvery business should have enough cash ready to sustain zero cashflow for at least a year, better 3-5.
If your business has 5 years worth of cash in the company accounts then I would say this is "wasted" opportunity. If it is quick liquidable assets yielding more than bank rate interest then fair enough.
Just to put another view on this payment lark: We had several contracts with a major global top FTSE player who had just outsourced their whole accountancy department to....
...none other than our benevolent Bangalore monkey friends.
Needless to say, we didn't have any payments from them for over 5 months and we were competing for payment with companies such as TNT (who could turn around and say we're not doing business with you until you resolve our accounts) whereas we couldn't.
We finally got paid (fortunately we had stage payments - this is also negotiable and can be problematic with your cash flow) and as goodwill from the client, negotiated a much higher 1st stage payment for all future projects as a result of this.
The bottom line is that a company MUST have sufficient cash flow to allow for abortions like the above scenario and also must have cash/insurance put aside for non-payment of creditors.
We've only learnt by our mistakes and luckily, we managed to pull through.
Also, apart from being illegal to draw down cash that has been reserved for tax/VAT, some business accounts do not have an overdraft facility.
Leave a comment:
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: