Commission payments

[paulb]

Notice we are neighbours Daz, Im based in Widnes

[Venderbase]

Yeh, not too far away

[mikeholness]

I have the Inland revenue breathing down my neck every night(my wife).
And yes I use tubz vending reciept books for most of my sites to put through my accounts.

Mike Holness
Topvend

When I was new to vending I used to pay on site each time I vended and give a receipt.
On 80% of my sites I still do this.
The reason I changed this for some sites was that I lost a couple of sites who thought their "cut" was to small. So in some cases I ask them how often they want paying.
I now have about 15 sites where cash up each time but only pay half yearly, either April or October or annually.
This means they get a decent chunk of cash in one go and it makes it look worthwhile.
I also receipt this but it is up to the site what they do with it.

I think a signed receipt is important, as my accountant says, you don't want the Inland Revenue breathing down your neck.

Valiant

[Ade]

only bother with signature if i dont know site, ie a new one, other than that i have my own company reciept book, i write what machine took and show site commission, duplicate copies left in book if inland rev want to look, a signature wont mean anything to them. with H4H you could have a list of your sites showing what you took? how much you pay h4h? then just file it monthly.



Ade

[PGBrew]

I'll give receipts, but only when asked. In 5 years vending I have never been asked to produce one as proof of payment. It's too time consuming and as Noel say's landlords don't want them. Had one site where the manager kept the money for himself plus money out of the till. The club just sacked him, no legal action, just out of the door finished. Didn't need any receipts to do that.

Pete

[Rossi fan]

I'll give receipts, but only when asked. In 5 years vending I have never been asked to produce one as proof of payment. It's too time consuming and as Noel say's landlords don't want them. Had one site where the manager kept the money for himself plus money out of the till. The club just sacked him, no legal action, just out of the door finished. Didn't need any receipts to do that.

Pete

Hi Pete,

I presume your accountant is ok with this. If HMRC inspected you, how would you show them who has had commission and what amount.

Thanks,

Paul

[northern exile]

For the non-H4H sites I get a signed receipt/invoice from the site and enter it as a cash payment in my accounts. Just as though you were buying something with (business) cash. I enter a total for each week, otherwise there will be loads of entries.

For the H4H sites I keep a running total of all sales and pay the 10% every 3 months. I used to give the site a slip saying how much they had rasied, but lost a couple of sites when they complained that the 10% was not enough, so stopped doing that. Trouble is that people think it costs nothing for the stock and machine and that you are driving round in a van that doesn't cost a penny to run. They reckon 90% is going in admin fees. The donation is in fact 10p of your profit, which is over 20%.

[PGBrew]

Paul,

Everything is documented in my accounts. because it is a cash business I don't have receipts for all of my sales or commission transactions.

Pete

[sadler2886]

i use tubz vending invoices, i write the site name, how much the total sales are and commision due to them and then they sign it and i give them the top copy and i keep the bottom copy, i then hand all commision slips to accountant who then takes it off the tax liabillity.