Self-Billing Agreement
The Agent agrees that FormationData Systems Ltd may operate a self-billing arrangement for the purposes of paying commission.
Under this arrangement:
- FormationData Systems Ltd will generate VAT invoices on behalf of the Agent
- Invoices will be issued monthly in respect of commission earned
- Invoices may be issued with or without VAT, depending on the Agent's VAT registration status
- The Agent authorises FormationData Systems Ltd to raise such invoices in its name.
VAT Status Declaration
The Agent confirms that:
- They will notify FormationData Systems Ltd immediately if their VAT registration status changes
- Where VAT-registered, they will provide a valid VAT registration number
- Where not VAT-registered, no VAT will be charged or paid
- FormationData Systems Ltd may rely on the VAT status provided unless notified otherwise.
Invoice Content
Each self-billed invoice will include:
- A statement that it is a self-billing invoice
- The Agent's name, address, and VAT number (if applicable)
- IntroAgents Ltd's details
- The commission period covered
- Commission amount
- VAT amount (if applicable)
- Any deductions or adjustments
Payment Terms
- Commission payments are made monthly
- Payments are made by bank transfer only
- A minimum payout threshold of £50 applies
- Balances below the threshold will roll forward to the next payment period.
Negative Balances, Adjustments & Chargebacks
The Agent agrees that:
FormationData Systems Ltd may deduct amounts from commission where:
- A previously paid commission becomes repayable
- A client chargeback, refund, cancellation, or non-payment occurs
- Fraud, misrepresentation, or non-compliance is identified
Where deductions exceed commission earned in a given period, a negative balance may arise
- Negative balances will be carried forward and offset against future commission payments
- FormationData Systems Ltd may withhold payment until balances are resolved.
Right of Set-Off
IntroAgents Ltd reserves the right to set off:
- Any amounts owed by the Agent
- Against any commission payable
This right survives termination of the Agent relationship.
Record Keeping & Objections
- Self-billed invoices will be made available to the Agent via the platform or by email
- Any objections must be raised within 14 days of issue
- Failure to object constitutes acceptance
Termination of Self-Billing
FormationData Systems Ltd may:
- Suspend or terminate the self-billing arrangement
- Require the Agent to submit invoices instead
- At its discretion and upon notice.
HMRC Compliance
This self-billing arrangement is intended to comply with HMRC VAT regulations.
The Agent agrees to cooperate with any reasonable requests required to maintain compliance.