Invoicing
Getting paid
on time
The key part of getting freelance work is actually getting paid within a realistic time-frame. Unfortunately lots of companies can view freelancers as the last people on the list to get paid. It’s frustrating but a reason why using an agency means the rent/mortgage gets paid on time.
We handle invoicing for over 130 freelancers each month. One of the key ways to remove financial headaches and paperwork piling up is to use a cloud-based accounting system. At Frame 25 we recommend Xero – a very reliable, simple and capable piece of software to store and track invoices whilst reconciling your bank transactions. When setup properly you can have a VAT or Tax Return completed in a click of a button. Xero can significantly save time and increase the agility of your business.
Invoices should always be submitted in .pdf format.
- Candidate/Company Name
- Invoice Number
- Date
- Address
- VAT number
- UTR Reference
- Payment Terms
- Bank Details
Payment terms
We work to a 14 day payment term with our freelancers and normally aim to pay within half of that time.
Rates
Each assignment or booking is working to a different budget and therefore rates will vary. There is a rough guide on the Bectu website, rates are also determined by length of booking, experience required and urgency of booking.
VAT
Being VAT registered is a legal obligation for turnover of more than £75k. You are then liable to pay VAT at the end of each quarter in a VAT return.
Banking
Business bank accounts are available at most highstreet banks. We are increasingly impressed with new challenger banks, like Starling, Tide, Revolut and Transferwise. These banks significantly speed up the process of getting an account setup whilst the majority have well established Xero integrations.