A copy of the recent letter that you will have received in regards to the new weekly accounts summary can be found here.
1. Why have we made these changes?
2. Why have we replaced the Invoice Statement Estimate?
3. What is included in your new Weekly Account Summary and how does it work?
5. When will my weekly account summary be available?
6. Where do I get my copy of the weekly accounts summary and payslip?
7. Can I still use the new Weekly Account Summary to decide what I pay myself?
8. How can I ensure my invoice has been raised correctly and sent to my agency?
9. Will you still send me an SMS message when payments are made for my invoices?
10. How are you making the Weekly Account Summary easier to link back to my accounts?
11. I have received a negative Weekly Account Summary what do I do?
12. Do I have to keep adding these summaries up to know where I am up to?
13. Why are there no details given in the description column in my expenses section?
14. Do I need to keep dividend vouchers and where do I get one?
15. Why is there no invoice shown?
17. What week does my weekly accounts summary relate to?
18. Why is my weekly accounts summary blank?
19. What do I do if an incorrect invoice is shown?
20. How often is the Brookson fee included in my weekly account summary?
21. Why is no VAT shown on my invoice on the weekly account summary?
22. Are my pension contributions included?
23. Why have I got a Corporation Tax liability when my summary just shows a Directors fee?
24. Why isn’t my Corporation Tax exactly 20%?
This video explains how your weekly account summary is calculated.
In order to provide continued development of our services and improve our customer experience to you, we constantly update and enhance our systems in line with customer feedback.
In April 2013 we integrated new software within our existing system, to provide a service that will enable improvements to the way we process and report expenses, provide increased invoicing functionality and visibility and deliver ‘same day’ receipts and payments information into your members area ‘Connect’.
We have made this change based on feedback received from our customers to ensure your weekly statement:
The weekly account summary shows everything that has happened in your company for the relevant trading week, including any income and expenditure that your weekly activities have generated. For a step-by step guide to how your weekly account summary is calculated, please see our video.
Various activities might include:
By using the profit after tax figure which is outlined in the profit and loss section of your weekly account summary, you can ascertain the dividends that can be withdrawn from your company, as long as the company bank account has sufficient funds.
The weekly Account Summary is an accurate picture of what has happened in your business for the relevant week, enabling you to see the funds that you have generated, which can be used as a basis for withdrawing funds from your company each week.
Top Tip: Alternatively, for a cumulative view rather than a weekly view you can use Connect Money Manager ‘my money to take out > How my money is made up’.
It will be available each Friday evening.
A copy will automatically be stored in Connect, which can be found within the document storage area.
If required, we can also email this to you on a weekly basis, please contact [email protected]
Your weekly accounts summary is located within Connect document storage, under the Weekly Accounts Summary tab. Click the images below to view an example.
Yes, by using the profit after tax figure which is outlined in the profit and loss section of your weekly accounts summary, you can ascertain the dividends that can be withdrawn from your company, as long as the company bank account has sufficient funds. Alternatively, for a cumulative view rather than a weekly view you can use Connect Money Manager ‘my money to take out’.
We will send you an SMS message every time an invoice is raised and sent out.
We will continue to do this to ensure you see an appropriate invoice has been raised. It will contain details of the amount invoiced and the agency or client that this has been sent to. It will also contain a link to the Document Storage app within Mobile Connect that will show you a full copy of your invoice should you wish to view this.
Yes. Whenever invoices are paid, provided you have a bank account with one of our banking partners (currently RBS or Barclays), we will send you an SMS message confirming the details of the receipt.
By giving you one statement per week (regardless of how many invoices are raised) you will be able to add your 52 weeks’ worth of statement’s together and match this to the figures that are shown in your year-end accounts.
The summary shows the funds generated in your business each week. If you don’t have any services to bill your customer/agency and your business pays out some ‘business paid’ expenses then funds generated will go down in the week.
By using Connect Money Manager ‘my money to take out’, this takes all your Weekly Account Summaries, adds them together, to see what funds you have generated, whilst also looking at what cash you have taken out of your company bank account. It is simply ‘what you have’ less ‘what you owe’ updated daily. From this, you can see the funds that you can safely withdraw.
If you submit your expenses via Connect your descriptions will be shown on your weekly accounts summary. If you submit your expenses in any other way, we are working on a process which will extract the relevant details from your receipts – we will let you know when this functionality is available.
For best practice once a dividend has been paid you should complete a dividend voucher, which can be downloaded here
Invoices must be raised before 12pm on Friday through [email protected] or up to 5pm on Friday via Connect for them to be included on your Weekly Account Summary for that week. If the deadlines are missed, then the invoice will appear on your next Weekly Account Summary.
If you are with a self-billing agency you may receive a self-billing invoice (also known as a remittance) directly from your agency. We need a copy of this, in order to create the appropriate invoice in your company to appear on the Weekly Account Summary. Please send us self-billing invoices (remittances) to [email protected].
If you received funds but did not raise an invoice, it is likely we have not had a copy of the self-billing invoice (also known as a remittance). Please send us copies of self-billing invoices to [email protected].
The week start and end date can be found in the top right of your weekly account summary. All invoices raised within these dates will be included.
This suggests that we have not raised any transactions in your company in a week. This is rare as more typically a Director’s fee is reflected in the statement each week.
The Weekly Account Summary shows your accounting records for that week so it cannot be changed. If you require us to make any changes, for example if an invoice has not been raised, we will ensure that they appear in your next Weekly Account Summary.
This will show monthly in the week that we take the direct debit from the your account.
The flat rate VAT benefit will be included in the weekly account summary on a quarterly basis. This is to ensure that you do not withdraw this benefit on a weekly basis, and then withdraw the full benefit when you receive your liability letter.
Employer pension contributions are included and will appear weekly, as these are deducted from your business. Any employee pension contributions are also shown on your Weekly Account Summary. Pension contributions also appear in your formal weekly payslip which includes a further breakdown of your Director’s fee.
A Director’s fee is a cost to the company, your company gets tax relief on this. The negative corporation tax on the weekly account summary is tax relief rather than a tax charge.
Tax is calculated based on ‘Taxable profit.’ The difference between ‘Taxable profit’ and the ‘Profit before tax’ you see on your Weekly Account Summary is that taxable profit ignores any disallowable expenses so you don’t get tax relief on these expenses. Disallowable expenses include certain categories of expenses such as business entertaining that do not get tax relief under HMRC rules. If you have paid for personal expenses through your company then this may also be categorised by us as disallowable and again you will not get tax relief on this expense. We do not show ‘Taxable profit’ separately on the Weekly Account Summary.
