Once added to an invoice, your unbilled hours or days will reduce to reflect that you’ve created an invoice for that period of services. When recording hours or days worked in time-sheets, your time will remain unbilled until you’ve ‘added billable time’ to a new invoice. It’s an easy way to quickly see what work you still need to invoice your clients for. When you click the button to create a new invoice, your clients will be shown along with the unbilled time from your time sheets. If you have set up a day rate in your contract, enter 1 for a chargeable day or 0.5 for a half day in your time sheet. What you enter in your time sheet depends on what rate you have set in your contract settings. Using time sheets helps ensure complete records and will mean you can create and send an invoice to your client in seconds. This will allow you to record the time spent working for clients which in turn allows you to raise an invoice by simply adding unbilled time from your time sheets. With a contract set up your client will appear in the time sheets of the Quick Entry area. Also, in terms of IR35 – as reported on in a previous article – the rule and IR35 legislation are totally separate travel expenses can be claimed inside or outside IR35.How does unbilled time work? inniAccounts tracks unbilled time from your time sheets, helping to ensure you always get paid the right amount for your services and can raise invoices in seconds. Because of this, the only way to reset the 24 month clock is to make a significant change to your daily commute. Important Things to RememberĪpart from the above, an essential point to remember is that the 24 Month Rule applies to the location that you’re working at, rather than any client in particular. Being prepared is key, so factor in travel costs to your pricing and budget. If you know that the contract will take you over 24 months, you should stop claiming expenses from the moment it’s signed. Firstly, before signing any contracts ensure that you fully understand how long your client would like you in that location – if it goes over the 24 month time period, you’ll know in advance and be able to prepare. There are a few options to take to negate the 24 Month Rule. Also, if you’re used to claiming travel expenses because the journey is quite a long one, it can come as a bit of a sting to your finances. ![]() Why is it Important to be Aware of the Rule?Īlthough it sounds simple enough, the 24 Month Rule requires some foresight into what a client will require from you the rule takes effect from the date you’re aware you’ll be travelling to a location for over 24 months. Why? Because your workplace is no longer deemed ‘temporary’. In short, if you continue to work at the same single location for more than 24 months, you are no longer able to claim any travel expenses on costs incurred by heading to and from work. What Exactly is the 24 Month Rule?Īlthough especially important to contractors, the 24 Month Rule is often forgotten about and overlooked. But what does the rule entail – and why should you be thinking about it? We’ve assembled some essential advice to help. The ’24 month rule’ is a term you may have heard being bandied around by fellow contractors during your time going solo, and it accounts for two important aspects of contracting: travel and expenses.
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