Invoicing [Sole Traders]
Invoicing [PSC]
Invoicing [Non-UK]
Invoicing [Umbrella Companies]
Why do we only work with FCSA Approved Umbrella Companies
Where do I add my VAT number?
What are YJ's payment terms?
Cancellation Fee
How to update bank details
1. Invoicing [Sole Traders]
Before we begin, please make sure you've accepted a contract and submitted the necessary timesheets.
As soon as you have submitted your timesheet, you can invoice immediately via the 'payments' tab. As soon as your timesheet is approved we'll process the invoice, and we'll get you paid on time!
Please ensure that your invoice includes the following and is uploaded as a PDF:
✓ Your Trading Name
✓ Date
✓ Your Purchase Order Number
✓ Your Invoice Number
✓ Your Bank Account Details
✓ YunoJuno Address: YunoJuno, Fitzrovia 33 Foley Street London W1W 7TL
2. Invoicing [PSC]
Before we begin, please make sure you've accepted a contract and submitted the necessary timesheets.
As soon as you have submitted your timesheet, you can invoice immediately via the 'payments' tab. As soon as your timesheet is approved we'll process the invoice, and we'll get you paid on time!
Please ensure that your invoice includes the following and is uploaded as a PDF:
✓ Your Trading Name
✓ Date
✓ Your Purchase Order Number
✓ Your Invoice Number
✓ Your Bank Account Details
✓ YunoJuno Address: YunoJuno, Fitzrovia 33 Foley Street London
W1W 7TL
3. Invoicing [Non-UK]
Before we begin, please make sure you've accepted a contract and submitted the necessary timesheets.
As soon as you have submitted your timesheet, you can invoice immediately via the 'payments' tab. As soon as your timesheet is approved we'll process the invoice, and we'll get you paid on time!
Please ensure that your invoice includes the following and is uploaded as a PDF:
✓ Your Trading Name
✓ Date
✓ Your Purchase Order Number
✓ Your Invoice Number
✓ Your Bank Account Details
✓ The exchange rate
✓ YunoJuno Address: YunoJuno, Fitzrovia 33 Foley Street London
W1W 7TL
✓ and if applicable your VAT number
We'll make the payment to TransferWise and they will send you an email and all you need to do is follow the necessary steps to receive the funds. The reason why we're using TransferWise is to minimise the international bank charges that occur when you receive an international payment.
Please note: If you do not enter your information within 2 days, Transferwise will send a reminder email automatically. Emails will come from info@transferwise.com.
Also if you do not provide your bank details within 7 days of the transfer being set up it will automatically be cancelled and the money refunded to YunoJuno.
4. Invoicing [Umbrella Companies]
If you use an Umbrella company to manage your payment you will need to select "Umbrella Company" in the "Work Details" section of your profile and fill out the relevant details prior to accepting a booking on YunoJuno.
Once you have accepted your booking on YunoJuno, the booking details will automatically be sent to your umbrella company.
For each week you will be required to log your timesheets, and submit these for the end client's approval. When submitted, you will receive your PO immediately from YunoJuno. We'll also send the PO number to your umbrella company so they can invoice us.
Any questions, feel free to get in touch 🙂
5. Why do we only work with FCSA Approved Umbrella Companies
Umbrella Companies have a unique place within the freelancer economy. In short, an Umbrella Company acts as a limited company on your behalf. So if you take a booking, it's the umbrella company that invoices YunoJuno/Client and they take care of the appropriate taxes so that whatever you receive is free from all tax obligations. You as a freelancer, are effectively an employee of the umbrella company, but only so you can have the appropriate regulations and paperwork is taken care of for you.
A common question is "If I work under an umbrella company structure, am I still a freelance ie. move from client to client, project to project?" The answer is yes. You continue to have the freedom you had as an independent professional but get all statutory rights and benefits such as holiday pay, maternity/paternity, sick leave and pensions. They will take the appropriate tax owing to HMRC as well as have the appropriate insurances against your bookings.
Rather than name individual companies, we choose to recommend umbrella companies that sit within a regulatory body. That body being The Freelancer & Contractor Services Association (FCSA).
The FSCA works as an independent body to ensure that the accredited umbrella company members are fully compliant and transparent in their practices with all relevant authorities. There are currently 64 FCSA-accredited umbrella companies. The full list of current members can be found here.
The FCSA is the largest body of its kind in the United Kingdom and upon our own research, delivered the most comprehensive governance and auditing procedures to ensure any freelancer or end-hirer is protected in the supply chain relationship and all the appropriate regulatory obligations are both reviewed and met by HMRC.
For example, no FCSA Accredited Member is allowed to operate Offshore Schemes, Loan Schemes, Trusts, Managed Services Companies Schemes, Pay-day-by-Pay models, or similar.
AN IMPORTANT NOTE:
YUNOJUNO DOES NOT MAKE A PENNY IN REFERRING UMBRELLA COMPANIES OR THE FCSA. THIS IS NOT A REVENUE STREAM FOR US.
Our commitment to our freelancer community is that we will be transparent about all the viable options to freelancers and their hirers. The FCSA threshold is our benchmark to ensure that freelancers are adequately serviced and protected in terms of correct tax obligations and compliance.
6. Where do I add my VAT number?
First of all, please make sure that you've selected that you're VAT registered within the 'Work Details' section of your profile.
You must include the VAT number and the VAT in your invoices to get paid for it.
If you become VAT registered midcontract then please, reach out to us via the live chat or hello@yunojuno.com so we can manually add the VAT number to your contract and you can start charging VAT.
7. What are YJ's payment terms?
Payment terms for Freelancers:
We pay freelancers booked through YunoJuno Marketplace within 14 days of timesheet approval (by the hiring client) and invoice receipt. Please note that when freelancers are directly invited by a client, client payment terms might apply
Payment terms for Clients:
Our payment terms for employers are 30 days.
Once you are ready to book a freelancer this cost will be clearly highlighted on a contract that is created, visible to both you and the freelancer.
As soon as a weekly timesheet is signed off by the employer we begin processing the freelancer's payment and invoice the employer on 30-day terms.
8. Cancellation Fee
As a freelancer, you can (if you wish) add a cancellation fee to your booking in case the client cancels the contract at short notice before the start date.
You should only use this for long assignments booked well in advance and be reasonable in how you calculate your cancellation fee.
If you have never applied a cancellation fee before and don't know what it should be, you can use a simple formula to get a ballpark figure based on your rate and the time taken to find a new assignment.
Cancellation fee = Daily rate x Estimated time taken to find a new assignment
For example if your day rate is £250, and it will take you approximately 3 days to time a new role, you could set your cancellation fee to £750.
It’s important to remember that a cancellation fee isn’t a right, you do have to get the client to agree to it. So it’s really important to be reasonable in what you ask for.
What’s reasonable would depend on the circ*mstances. So for example, the £750 cancellation fee from that example above would look very reasonable to a client on a booking for a 4 week assignment, but if it was a booking for just a couple of days, then that looks more unreasonable to a client.
As a rule of thumb, a cancellation fee should never be higher than day rate x number of days in the notice period for the assignment.
The cancellation fee will only apply if the assignment is cancelled – it’s quite possible that a client may ask you to move your dates a little, and that’s up to you and the client to agree. Moving an assignment is not a cancellation.
9. How to update bank details
If your bank details are changing, you will need to let YJ Finance know by emailing verifications@yunojuno.com with the subject 'New bank details' and the documents detailed below.
There are different documents you can provide in order to update your bank details;
Option 1:
Passport or Driver's License
AND
Statement demonstrating registration of new bank account including name, address, and bank details
Option 2:
Birth certificate OR National Insurance OR Utility bill (need at least 2 of these)
AND
Statement demonstrating registration of new bank account including name, address, and bank details
You should hear from the finance team 2-3 working days after emailing to confirm the update.
