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Please see below for details of the 2011 Contractor Payment Schedules. Please read this very carefully as there are some important amendments to how and when we pay.
Submission Deadline (Friday)
This is the date by which we must receive all authorised timesheets and their relevant invoices for the specified period. The deadline is strictly 4pm. Any timesheets, authorisations or invoices received after that cutoff time will NOT be included in that week's payment run. We have moved this to a Friday to ensure that more timesheets are able to meet the cutoff, especially on a Bank Holiday week.
Period End (Sunday)
This is the last, valid for inclusion, working day of the month. It always falls on a Sunday.
Funds Credit (Friday)
This is the date that funds will credit your Limited Company bank account (providing your authorised timesheets and invoices were received prior to the submission date). Please note that this date is the Friday of the week FOLLOWING the period end, rather than the same week. This still represents payment terms of less than 14 days from period end.
Other Important Information
If you are late submitting an invoice please do not include charges for the next calendar period as we will not pay the total invoice, only the portion that is due.
Any authorised timesheets and invoices missing the deadline will be included in the payment run the following week. They will have to be received by 4pm on the following Friday and will credit your Limited Company Account on the Friday of the subsequent week.
Monthly Invoices
Please note that we only require a monthly invoice. Submitting weekly invoices will not mean that the invoice gets paid earlier. Each monthly invoice should cover the periods below NOT calendar months
Month |
Period End(Sunday) |
Submission Deadline (Friday) |
Funds Credit (Friday) |
No. of Wks |
|
January
February
March
April
May
June
July
August
September
October
November
December
|
30/01/2011
27/02/2011
03/04/2011
01/05/2011
29/05/2011
03/07/2011
31/07/2011
28/08/2011
02/10/2011
30/10/2011
27/11/2011
01/01/2012
|
04/02/2011
04/03/2011
08/04/2011
06/05/2011
03/06/2011
08/07/2011
05/08/2011
02/09/2011
07/10/2011
04/11/2011
02/12/2011
06/01/2012
|
11/02/2011
11/03/2011
15/04/2011
13/05/2011
10/06/2011
15/07/2011
12/08/2011
09/09/2011
14/10/2011
11/11/2011
09/12/2011
13/01/2012
|
4
4
5
4
4
5
4
4
5
4
4
5
|
