Call us on

0845 834 0269

Head Office

0203 318 3024

info@123contracting.co.uk

Banner of smiling man - 123 Contracting, Accountants for Contractors, Freelancers & Consultants.

The information every
freelance contractor
needs to know!

The 123 Guides

Invoicing

Business Structure Review

The 123 Way

What is included as standard for a fixed fee of £65.00 + vat per month:

Full Contracting health check - is your business performing as best it could - we'll ensure it is.

If you're new to freelance contracting, we'll ensure you start trading in the right way.

Then you can sit back and relax, your ongoing HMRC & Companies House compliance will be taken care of.

The 123 Way - simple & stress-free.

By law you have to issue an invoice to your clients for the services you provide to them. This must contain certain information.

The Basics

Legally, an invoice must contain:

1. Business name and address

2. VAT number (if registered)

3. Invoice date (the date you create the invoice not necessarily the date you did the work)

4. Invoice number - this should be a consecutive number, i.e. #0001 then #0002.

5. Itemised breakdown showing the fee and VAT separately and then the total invoice cost.

Expenses

Many people invoice their client for expenses incurred such as travelling to site etc. If you do this and are registered for VAT then you need to add VAT on top of what you are charging - even if the expense does not include any VAT when you pay for it i.e. a train ticket has no VAT but if you
expense this to a client you must add VAT on top (only if you are VAT registered).

Self-Billing

If you work through an agency it is most likely that they run their own self-billing procedures – this will generate an invoice for you, so there is no need for you to issue one.

The 123 Way will provide you with a template invoice for you to customise and send to your clients.

Running a Limited Company

Being a Sole Trader

Responsibilities

Business Bank Account

Drawings

Bookkeeping & Records

Trading Accounts

Business Tax

VAT - The Basics

VAT - The Choices

123 Income Illustrator

The 123 Income Illustrator shows you what you can expect to take home from a given contract.

It also compares the differences between freelance contracting through your own Limited Company, through an Umbrella Company, as a Sole Trader or if you were to return to full time employment.

The123 Income Illustrator

Invoicing

Expenses

Expenses - Detailed Guide P1

Expenses - Detailed Guide P2

Personal Tax/Self Assessment

Importance of Information

Important Dates

Calculators

123 Referral

We run a simple referral programme where for every client you refer to The 123 Way we will give you £123.00

For more information check out the link below:

123 Referral

FAQs

Disclaimer:
This information is for general information only. No responsibility is taken for any action taken or refrained from in consequence of its contents. Always seek professional advice before acting.