Sole trader - address & payment details for invoice
growsell started this topic @ 10:22 on 21/07/2009
Hi
I've spent days searching for what I thought would some simple information, but because its to do with invoices I want to get it right!!
I'm starting up as a sole trader, and have secured a £1500 contract to provide some training guides to a local business. They have asked me to provide a quote, and then an invoice.
I will be working from home, just working on a laptop. I have taken out a mailbox to use as my 'business address'. I believe the local business will pay me using BACS
My questions are this:
1) On the quote/invoice I believe I need to put on my name trading as my copmany name (eg Joe Bloggs Trading As JoeBloggsTrainingServices), but what do I use as the address. Can I simply use my mailbox address and not my home address?
2) I'm currently using my personal bank account - I'm not planning to get a business bank until i see if this venture takes off!) Is this ok?
3) What do I put on the invoice in terms of details theyll need to make payment? I'm thinking :
Bank acc no; Sort code; My name (e.g. Mr J Bloggs); for address, can i put the mailbox address or would it need to be the address where the bank account is registered (i.e. my home address)? Will BACS payments work with my personal account?
4) I;m not VAT registered but the company is, I'm assuming I just dont mention VAT?!
I think thats about it, thank you in advance for any help you can give - it will be hugely appreciated as I've been tearing my hair out with this
Kind regards
Greg
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RE: Sole trader - address & payment details for invoice
RM Business Consultant | 23/07/2009 05:18 PM
Hi Greg
Generally invoice should contain,
name of business, address, invoice number (unique number). amount charged, what is it for (i.e. description of goods and services supplied).
You can deposit money into personal bank account but it is not advisable, it would make easier if you keep them separate.
You need to decide how you want to get paid. Some times some company have a policy to pay by bacs. So you need to decide how confident you are giving away your personal details.
If you not vat register you can not charge vat and you do not need to mention it.
Do not forget that within three months start of sole trading business you have to register with HMRC and have to pay Class 2 nic (weekly payment of £2.40.
You also need to keep records of your accounts and need to file tax return and pay tax and nic too.
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