Frequently Asked Questions

What 5 pieces of information do you need to make your decision?

In order to make our decision we require you to send us copies the following information:

  • Contract for Services
  • Most recent invoice and supporting timesheets
  • Photocard Driving licence or photo page of Passport (Proof of ID)
  • Utility bill at your current address dated within the last three months (Proof of address)
  • Bank statement for your business account dated within the last three months

When will I get my First Payment?

Subject to you providing us with the necessary information, we can have you up and running within ten days.

How does it work?

Very straightforward! All you need to do is send us your timesheet every week and we will do the rest. We send 80% of the value of your timesheet straight into your business bank account. Your approved timesheet is the vehicle that demonstrates your debt exists - by sending you the cash for it we simply purchase the right to receive payment. The remaining 20%, minus our fees, is sent to your account once your client pays

Why do you need my contract?

Sometimes there are clauses in these types of contracts which need to be addressed with your client. Don't worry, we're very familiar with these and it's in everyone's interests to make this a smooth transition for you. Once we've had a look at your contract we will advise what the next steps should be.

Is it IR35 compliant?

Yes! It's an aid to demonstrating that you are a genuine business. It's not a shield by itself, but shows that you are taking financial risk. Have a look at our insurance products that could enhance your IR35 status. If you become a client you automatically qualify for a free IR35 assessment undertaken by independent specialists.

What are the costs?

There is a small, one-off, arrangement fee to cover the cost of setting the facility up for you, and registering the legal documentation. Other than that, all you pay is a service charge and a cost of borrowing. You can find out more on the Cost page

What is the service charge for?

The service charge is for operating the facility for you, including issuing invoices and undertaking credit control on your behalf

How are the costs calculated?

The service charge is calculated on the gross value of your invoice. The cost of borrowing is calculated on a daily basis and applied at the end of the month - much the same as debit interest on an overdraft