An Agency operating a self billing system means they do not require an invoice to be submitted by the Contractor‘s Company and they will pay for services provided on submission of a timesheet.
If you are a Client who is classed as a “self biller”; you are still required for FW Accounting invoicing purposes to email a copy of your timesheet or your self- billing remittance to; timeandexpense@fwaccounting.com. Without this, our invoicing software is unable to calculate & deduct your VAT and Corporation Tax liability for the purpose of the tax reserve service, where applicable.
Please also remember to provide us with details of any changes to contract rates or end dates, to help ensure our records are kept up to date and we are producing invoices at the correct rates paid.
More Blogs
How Much Should You Set Aside for Tax as a Sole Trader?
Unlike employees, sole traders do not have tax deducted at source. There is no employer calculating PAYE, no automatic deduction for National Insurance, and no reminder each month that part of your income is not really yours. Instead, tax builds up quietly in the background until a large bill arrives – the tax year AFTER the income was earned. This article therefore explains why it is essential for sole traders to set aside sufficient funds for tax, and how you can estimate a “safe” amount to put aside during the year. It is written for UK sole traders and focuses on Income Tax, National Insurance, Payments on Account, and the upcoming changes under Making Tax Digital.
How will the 2025 Autumn Budget Impact My Business?
This article examines how the recent 2025 Budget announced by the Chancellor of the Exchequer Rachel Reeves will impact small owner managed businesses.
How Do Pensions Work and What Tax Relief is Available?
This article briefly explains how pensions work, the main types of schemes available, and the tax advantages that accompany them.