UK Invoice number and money transfer
Thread poster: Valentina C.
Valentina C.
United Kingdom
Local time: 11:59
English to Italian
Jan 5, 2013

Hi everybody,

I have just started my career as freelancer and I need some information.

I started my activity in October 2012 and I released 3 invoices in 2012. I would like to know if the invoice that I will send at the end of January will be the number 4 or if I have to restart counting from the number 1 as we are in a new year.

Then, I have been contacted from a US agency and they told me that usually they make payment using cheques; is this method ok or could I have some problem with my bank? They said also that for higher amounts they are available to use money transfer, but I have to pay $10 fee for the service.

I thought that maybe it's better than pay fees for paypal that look higher.

What do you think about this?

Thanks,
Valentina


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Thayenga  Identity Verified
Germany
Local time: 12:59
Member (2009)
English to German
+ ...
Invoicing Jan 5, 2013

Hi Valentina,

it's recommendable to start a new invoice "count" at the first of each year. The year can be placed either at the beginning of the invoice number or at its end, e. g. 001/13 or 001/2013 or 13/001. This enables you to have an overview of the invoices issued each year.

In regards to accepting a check from the USA, it depends on how much your bank and the USA bank or your client will charge you for processing it. The companies in the US that I've worked with all used PayPay or Moneybookers. You should find out which form is the less expensive one for you.

Best,

Thayenga


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Valentina C.
United Kingdom
Local time: 11:59
English to Italian
TOPIC STARTER
Thank you very much Thayenga Jan 5, 2013

I was in doubt, because in UK the financial year starts in April, so I didn't know if I have to considere the new year in January or in April.

About the cheques, I will ask my bank what's the cost, even if I heard that it could be quite expensive.

I have a PayPal account and it could be a good solution, but if I'm not wrong, they should apply 3,4% fees, so for amounts over 300$ is not convenient.

For example: if I gain $1000 I pay $34 with PayPal, while, using the money transfer, I always pay $10.

I think I'm going to request Paypal when I gain less then $300.


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Russell Jones  Identity Verified
United Kingdom
Local time: 11:59
Italian to English
Requirements Jan 5, 2013

Hi Valentina

The requirements for invoices in the UK are detailed here: https://www.gov.uk/invoicing-and-taking-payment-from-customers

You will see that "a unique identification number" is required but there is no requirement for re-numbering each year.

It is very common for US clients to pay by cheque, as they do not yet have a bank transfer system as well established as in Europe and it is expensive. The only problem with this that I am aware of is that it can take some weeks for the payment to be fully cleared.


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Valentina C.
United Kingdom
Local time: 11:59
English to Italian
TOPIC STARTER
Thank you Russell Jan 5, 2013

Russell Jones wrote:

Hi Valentina

The requirements for invoices in the UK are detailed here: https://www.gov.uk/invoicing-and-taking-payment-from-customers

You will see that "a unique identification number" is required but there is no requirement for re-numbering each year.

It is very common for US clients to pay by cheque, as they do not yet have a bank transfer system as well established as in Europe and it is expensive. The only problem with this that I am aware of is that it can take some weeks for the payment to be fully cleared.


This means that I can continue counting the invoices from the number 3 without restarting. In this way they will have a unique number; if I give the number 1 to the next invoice it would not be unique as there is another number 1 in 2012.


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Sheila Wilson  Identity Verified
Spain
Local time: 11:59
Member (2007)
English
+ ...
Your bank's fees? Jan 5, 2013

Valentina C. wrote:
if I gain $1000 I pay $34 with PayPal, while, using the money transfer, I always pay $10.

I'm not sure that's a valid comparison, although the PayPal seems accurate but excludes their currency conversion commision, which is dire. In the case of a bank transfer, that $10 is going to be deducted from your invoice, if I understand correctly - it's to cover some or all of the client's fees at his end. You'll still have the fees that your own bank charges for accepting a bank transfer, presumably in USD. They can be very high. On the other hand, my Spanish bank accepts them without any commission, and gives a reasonable exchange rate. The bottom line is that you must ask your bank exactly what you would pay for each originating country (EU might be different) and for each currency. Even then, if your bank has a special arrangement with a particular US bank then it may be free, but that doesn't mean all US transfers will be free.


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Valentina C.
United Kingdom
Local time: 11:59
English to Italian
TOPIC STARTER
Thanks Sheila Jan 5, 2013

Sheila Wilson wrote:

Valentina C. wrote:
if I gain $1000 I pay $34 with PayPal, while, using the money transfer, I always pay $10.

I'm not sure that's a valid comparison, although the PayPal seems accurate but excludes their currency conversion commision, which is dire. In the case of a bank transfer, that $10 is going to be deducted from your invoice, if I understand correctly - it's to cover some or all of the client's fees at his end. You'll still have the fees that your own bank charges for accepting a bank transfer, presumably in USD. They can be very high. On the other hand, my Spanish bank accepts them without any commission, and gives a reasonable exchange rate. The bottom line is that you must ask your bank exactly what you would pay for each originating country (EU might be different) and for each currency. Even then, if your bank has a special arrangement with a particular US bank then it may be free, but that doesn't mean all US transfers will be free.


I will check the fees with my bank.


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UK Invoice number and money transfer

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