Markythesparky
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Yeah - without doubt cash basis is my way to go. MTD won’t affect me at present so I can ignore those perils at the moment.
Non-Notifiable work
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And no doubt building up a cash balance in your business account is a good move too - then you can pay your suppliers and not be too worried about slow payers
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A card terminal, (numerous are available all accepting credit/debit/apple/google etc..), to accept customer payments once you finish a job can remove the slow/late payers problem..
So customer doesn't have to worry about having cash available or setting up a bank transfer etc..
For just a small nominal transaction fee the money is typically in you bank within a couple of days..
Plus a lot of customers do tend to like cash-free payment methods..
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Never used one but there again never seem to have issues with slow payers
Markythesparky
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May have look at the card payment systems - cheers
Fair point, but BACS works for lots of people, and has no fees.
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It's commercial customers, who expect you to send them an invoice that are the usual slow payers. A card terminal would not speed that up.
Stage 1 towards retirement, I don't fo commercial any more.
Stage 1 towards retirement, I don't fo commercial any more.
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I have only had two late payers since going self employed in Feb 1999, but card payments are still easier for a domestic job in my experience. (As ProDave says.. commercial works typically wait until their regular scheduled BASC's transfer day of month and would not do card payments!).
However many people don't like the faff of setting up a BACS transfer for a one-off payment..
But they are happy to do a contactless card/phone payments, especially for transactions less than £100..
[ Although I have also done four figure card payment transactions as well ]
Fee's are negligible.. and/or no worse than some of the traditional bank charges for paying in cheques etc. into a business bank account.. Which are easily covered by ensuring that your job costs include your admin charges...
(No different than adjusting your invoice charges because your fuel costs, insurance cost, material costs, etc. have gone up bit)
I picked up a card terminal back in Nov/Dec 2019 on offer at £9.99 from Rymans.. (but they are a bit more expensive now!!)
IMHO one of the best decisions I have made.. Especially if you have done small "minor works" / "non-notifiable" / "fault rectification" job.. that you couldn't give the customer an exact cost until you had finished...
e.g. customer phones/text/e-mails describing problem.. I suggest an approx cost, Min/Max, if they are happy I trot along do the job. get a card payment.. Easy solution everyone is happy!
As I read the question "Markythespark" is looking at doing some easy domestic non-notifiable electrical jobs, rather than commercial or larger notifiable works??
Probably less than a day's work... Objective:
"Get In", "Do The Work", "Get Paid", "Get Out", "Get Down The Pub To Spend The Money Earned"...
but I may be wrong?
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Doing simple little non notifiable jobs is not all plain sailing.
This from today's "change a few switch and socket fronts" job.
This from today's "change a few switch and socket fronts" job.
Markythesparky
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Haha, Ah yes Indeed - what was the outcome?
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IT was a DIY Joe additional spurred socket. Thankfully not far away in a stud and plasterboard wall, so correct cable pulled through and connected properly, CPC and all.
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£28.50 from Amazon, so not bad really.
https://www.amazon.co.uk/mobile-ter...3398938&sprefix=credit+card+re,aps,114&sr=8-3
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