One of the biggest adjustments a contractor will have to make from being in PAYE employment is not receiving a regular payslip that tells them how much money is going to be paid into their bank every week / month after tax has been deducted. At Exchequer Accountancy Services we want the adjustment into contracting to be as simple as possible for our clients, so we produce the next best thing to a payslip, an ‘Invoice Statement’.
Every time an invoice is raised through the Exchequer Accountancy Services portal your Personal Accountant will produce an Invoice Statement for you. The Invoice Statement will advise you on the following:
- The businesses total turnover for the year
- A breakdown of the businesses liabilities for the year; Corporation Tax, Employers National Insurance etc
- The total amount of expenses for the year
- How much money you have personally taken so far during the year
- Your salary for the week / month in which the invoice was raised
- How much the business owes you personally in reimbursable expenses
- How much will be available for you to pay yourself once the invoice has been paid
- How much money to leave in your bank account to meet all your liabilities when they are due
Our clients love the fact that we produce the Invoice Statements for them. With Exchequer Accountancy Services you and your Personal Accountant will always be aware of the financial position of your business allowing for much better tax planning and more pro-active advice.