Reply to: Just Been overpaid

[mcquiggd]

'reimbursement is strictly by 90 day terms' .... Ive never liked that phrase but you might as well use it...

Alternatively, buy yourself a peerage and change the law so agents cant claim money back when they make mistakes.

[BoredBloke]

They can wait until they have given me written confirmation of their mistake. I am going to hold out for this as I still want something to cover me with the IR. Once they have ticked that box they can have it. At the end of the day their money has saved me in charges as my ltd company account would have gone overdrawn without it. My fees will have gone in by Monday, so the bit which was used by the DD's and standing orders will be back in the account.

[boredsenseless]

Sorry Tony, but this payment has no effect on your VAT return or your P&L, both of which are calculated using *invoice* amounts. The only thing it affects is CIH.

You can extremely easily, just pay this back without the need to go anywhere near you accountant's office. All you need is the letter form the agency explaining the mistake (and possibly not even that).

Anything more than 25 quid in expenses on your part is TTP. They know this, you know this and if it were to get to court the judge knows it as well.

Suggesting that you should keep 300 could find you on the wrong end of a summons that you have zero chance of winning.

tim

Good answer

Pay them their money back by return of post or at least give them a credit note in the same timeframe.

[tim123]

I am being moral about this. I propose drawing the process out and then stating that I have to visit my accountant due to this cocking up my vat return etc as funds which were on the bank statement where declared which shouldn't. They will eventually get back their money minus my expenses. That is fair. If I wanted to I could have wound the company up and done a runner. At least they will get 98% of their cash back, rather than nothing. At the end of the day I never asked them to rest their moeny in my account.

Sorry Tony, but this payment has no effect on your VAT return or your P&L, both of which are calculated using *invoice* amounts. The only thing it affects is CIH.

You can extremely easily, just pay this back without the need to go anywhere near you accountant's office. All you need is the letter form the agency explaining the mistake (and possibly not even that).

Anything more than 25 quid in expenses on your part is TTP. They know this, you know this and if it were to get to court the judge knows it as well.

Suggesting that you should keep 300 could find you on the wrong end of a summons that you have zero chance of winning.

tim

[BoredBloke]

I am being moral about this. I propose drawing the process out and then stating that I have to visit my accountant due to this cocking up my vat return etc as funds which were on the bank statement where declared which shouldn't. They will eventually get back their money minus my expenses. That is fair. If I wanted to I could have wound the company up and done a runner. At least they will get 98% of their cash back, rather than nothing. At the end of the day I never asked them to rest their moeny in my account.

[boredsenseless]

OK, I think I'm going to send them their money back, after drawing the process out a little and getting written notification from them (for tax reasons) and look to getting a days pay + expenses for the hassle. I think that's fair as it means I will have to travel to my accountants to sort all this out

Now where could my accountants be?

Its not your money! You'd be mighty p155ed if you'd paid your mortgage by direct debit, then by accident also sent a cheque for the same amount, and then got told you couldn't have it back.

However if you want to string it out, you can do the following.

a) Issue a letter asking for the details of the overpayment.

b) Once in receipt issue a credit note for the value of the overpayment. State in the credit note, that this is to be offset against future work, and that if sufficient future work is not performed within 12 weeks your company will repay the amount minus the telegraphic transfer cost (£35) and an administration fee for the time spent by accounts and accountants (you won't get away with this being any more than £50)

Do not tell them that you've spent it and paying will go overdrawn, cos they'll either

a) report you to the authorities for spending money that isn't yours (commonly called theft)
b) issue winding up prdoceedings which if carried through will blacklist you from being a director for up to 7 years

I know we all hate agents, but for G@ds sake at least be moral and decent yourself

[BoredBloke]

OK, I think I'm going to send them their money back, after drawing the process out a little and getting written notification from them (for tax reasons) and look to getting a days pay + expenses for the hassle. I think that's fair as it means I will have to travel to my accountants to sort all this out

Now where could my accountants be?

[Francko]

Feck it you only live once.
Rent a Ferrari, buy some champagne and rent out some high class whores

Why do you think he doesn't have the 15k any longer?

[vetran]

Bankrupt the company which Agency was it?

Yours

[IT contract agent]

that’s a shout!! dissolve your ltd company!!! lol -

Which agency was it?

[The Lone Gunman]

What would be the upshot of bankrupting the company?

[sasguru]

Feck it you only live once.
Rent a Ferrari, buy some champagne and rent out some high class whores

[BoredBloke]

My account had an overdraft set up so that the dd's were being paid. It was going overdrawn. However, I was not expecting this cash and so paying it back will send it back overdrawn.

I think I could spin this out for a few weeks at the most, so it is not going to earn much in a high interest account. I just want to be as difficult as they would be to me if the boot were on the other foot. Like when they refused to pay because my timesheet had missed their self imposed deadline, meaning I was short of cash for a month.

[Denny]

"Just book a flight to Panama and take a very long holiday. £14K will last for ages there."

Not very child friendly that option. I'm thinking along the lines of you can have x now, but you'll have to wait for the rest as my company can't afford it.

Just string it out as best you can legally and put it in a high interest account.

Don't gamble on the horses though, will you or, worst still, put the money on Sayed winning The Apprentice ;

[shaunbhoy]

How much of an admin fee should I charge?

£15K has a nice rounded ring to it IMHO.