Sole Trader issues with Invoicing... "trading as"?

[turniphead11]

Hi,

Currently I run 2 YouTube channels, I'll call them X and Y. I am registered as a sole trader and am 'doing business under my own name' as I found it easier that way, as X and Y are very different in both name and nature.

Recently, I was sponsored on channel X and have been asked by the company to provide them with an invoice for my service. This is the first invoice I have ever made, so I do have a couple of questions and am using a template of an invoice on word.

1. As I am doing business under my own name, where it says Company on the invoice, should this be my own name?

2. Should I put: "My Name trading as X" just so that the customer is aware of where the invoice has come from (although I did have my name at the end of the contract)?

3. If I do put "trading as X", I have read that I must put this on all documents and websites etc, does this mean I would have to add "trading as X" on my YouTube channel?

4. If I do put "trading as X", would there be an issue with me getting paid into a personal bank account that is in my name, as I do not have a business account, as I am not making enough yet to really justify one.

5. I have not mentioned the names of my channels when I signed up for Self Assessment. Should I have mentioned these/ am I supposed to declare these names somewhere?

6. For Invoice number, do I just put #000001 ? Or would it be better to use a different number to begin with to appear more professional? (perhaps I am overthinking it)

7. On the template, it has a space for a PO number. Do I need one of these and if so, how do I number this?

Any help would be greatly appreciated!

 

[WaveJumper]

Invoicing and taking payment from customers

Invoicing and taking payment from customers, what invoices must include, VAT invoices, sole trader invoices, limited company invoices, payment options, charging for late payment, chargebacks

www.gov.uk

 

[turniphead11]

Invoicing and taking payment from customers

Invoicing and taking payment from customers, what invoices must include, VAT invoices, sole trader invoices, limited company invoices, payment options, charging for late payment, chargebacks

www.gov.uk

Hi!

Yeah I came across this while researching, but I was still left with those questions, such as what the company name would be in my scenario. I thought I would post on here to see if anyone had any experience about a similar scenario.

 

[SEODEV#338055]

You should get some professional advice about this

It's worth a consultation fee

 

[Scalloway]

1. As I am doing business under my own name, where it says Company on the invoice, should this be my own name?

Yes

2. Should I put: "My Name trading as X" just so that the customer is aware of where the invoice has come from (although I did have my name at the end of the contract)?

I wouldn't bother

3. If I do put "trading as X", I have read that I must put this on all documents and websites etc, does this mean I would have to add "trading as X" on my YouTube channel?

If your name is already on them I wouldn't bother

4. If I do put "trading as X", would there be an issue with me getting paid into a personal bank account that is in my name, as I do not have a business account, as I am not making enough yet to really justify one.

Another reason to put the invoice in your own name

5. I have not mentioned the names of my channels when I signed up for Self Assessment. Should I have mentioned these/ am I supposed to declare these names somewhere?

There may be a space on your self assessment form (I can't recall).

6. For Invoice number, do I just put #000001 ? Or would it be better to use a different number to begin with to appear more professional? (perhaps I am overthinking it)

I would just put Invoice 1.

7. On the template, it has a space for a PO number. Do I need one of these and if so, how do I number this?

The company requesting your service will provide this. If they didn't give you one leave it blank.

 

[Socio South West]

Its very easy to get bogged down in HMRC Gobbledegook when all you want to do as a sole trader is present an invoice and be paid.

Responding to your questions as below:

1. As I am doing business under my own name, where it says Company on the invoice, should this be my own name? If this is your trading entity, and probably the name on your bank account, yes.

2. Should I put: "My Name trading as X" just so that the customer is aware of where the invoice has come from (although I did have my name at the end of the contract)? This will help - and long term will be your identity: It's perfectly acceptable and normal. You mention a contract - There is probably a reference on that which will tell your customer what the invoice relates to. (See PO Number below)

3. If I do put "trading as X", I have read that I must put this on all documents and websites etc, does this mean I would have to add "trading as X" on my YouTube channel? Its the sort of information that sits in the small print places - Terms and Conditions, Privacy statement or on anything related to payments through a website. Many choose not to display this, but IMHO it should be displayed to show you are a bona fide business

4. If I do put "trading as X", would there be an issue with me getting paid into a personal bank account that is in my name, as I do not have a business account, as I am not making enough yet to really justify one. It shouldn't make any difference - Your invoice should include payment instructions... and as payment is most likely by Bank Transfer, you should give the name and account details of the bank account. However, I would recommend you get your business banking and personal banking separated if this is to be a long term and growing enterprise.

5. I have not mentioned the names of my channels when I signed up for Self Assessment. Should I have mentioned these/ am I supposed to declare these names somewhere? I don't believe this is required information: This will probably appear in your invoicing and other business paperwork and be picked up by HMRC from that but stand to be corrected on this.

6. For Invoice number, do I just put #000001 ? Or would it be better to use a different number to begin with to appear more professional? (perhaps I am overthinking it) No one should worry about this, but understand where you are coming from: Just keep the sequence once you start!

7. On the template, it has a space for a PO number. Do I need one of these and if so, how do I number this? This will be supplied as a reference by your customer, and is probably on the contract you refer to. A lot of your customers will not pay unless you put this on the invoice: If there is no actual reference on the contract you mention, suggest you supply a copy of the contract with your invoice and refer to it in the invoice details.

Also check the contract as it may give specific details on who the invoice is to be in the name of: Make sure this is correct so that processing and payment is not delayed.

(Edit - @Scalloway posted as I was composing - I bow to his vastly superior experience with accountancy matters - my information in based solely on my experience from being a sole trader )