Please find below some questions and answers frequently asked to us. We hope you find most answers you require here but if you require further assistance, please call us on +44 (0)20 7850 7400
What is the payment method and how long will it take for funds to clear into the contractor's Ltd company/management company account?
BACS for GBP payments within the UK and it takes 3 working days, International transfer for other currencies and it takes 3-5 working days.
When is the payroll deadline?
- If paid weekly - the deadline for sending timesheets and invoices is 2pm on Tuesday following the end of the week worked; payments will be made the following day with the earliest day for cleared funds to appear being the following Friday.
- If paid monthly - according to Monthly Payment Deadlines calendar.
What happens if a contractor missed the payroll deadline?
Payment will be processed with next possible pay run.
What bank does Greythorn use to transfer payments?
Greythorn uses Clydesdale Bank for all payments.
Who signs the Project Schedule & Terms of Business?
- If using a Management or Umbrella Company - your company signs on behalf of the Consultancy and you need to sign on behalf of the Representative.
- If using your own limited company - you need to sign all pages.
What information/documents do we require from a contractor?
- A copy of your passport (front cover and picture/signature page)
- A copy of your work permit / visa (if applicable)
- Proof of any necessary local registrations (if applicable)
- Full limited or management / umbrella company details:
- Company registered address and contact details
- Please attach a copy of the Certificate of Incorporation
- Please attach a copy of the VAT certificate (if VAT registered)
- Please attach a copy of the Bank Statement or Letter from your bank on headed paper, confirming the account details – we don’t need to see transactions, only the header of the document, which shows the bank, the account name and account details.
(Please note that for all foreign currency (other than Pound Sterling) transactions and Pound Sterling accounts overseas we need: bank IBAN and SWIFT codes, full bank address and full bank name.)
- Signed Project Schedule & signed Terms of Business
- If using Management or Umbrella Company - your company signs on behalf of the Consultancy and you need to sign on behalf of the Representative.
- If using your own limited company - you need to sign all pages.
- Data protection policy agreement (attached)
- Non-Disclosure agreement (if applicable)
- Euro Appendix / International Appendix (if applicable)
Does the contractor has to be VAT registered?
A contractor needs to be VAT registered if his/her remuneration for 'taxable supplies' will exceed £70,000 (info correct as of 01/04/2010) over a 12month period (starting at any given month). "Taxable Supplies" are any goods and services that are subject to VAT at any rate. It is also important to remember that VAT applies to the company's turnover, not profit.
Why does Greythorn require to see limited/umbrella company's bank statement or bank letter?
This is to make sure funds are transferred to the correct company. We do this to prove the company that is invoicing is the company we are paying and to the country we are supposed to be paying. This is mainly a preventative measure against money laundering and also when we are audited we have to prove where we are paying to. It's to help make sure we aren't paying into personal bank accounts for companies as well.