Invoices are raised on the first of each month and are available to view through the Simwood Portal.
You can set-up an automated payment method for invoices on the Payments section on the portal. You can pay by credit or debit card, set up a direct debit or deduct from your prepay balance.
Start-Up Accounts have a £100 minimum total spend, this means that if by the end of the month your spend is less than £100, you'll be charged an uplift to meet the minimum total spend.
Your total invoice for the month is £80.50, plus £11.09 spent on termination therefore, an uplift of £8.41 is applied to the invoice to meet the £100 minimum spend.
Please note that pre-pay top ups do not count towards the minimum spend.
VAT Reverse Charge
There have recently been significant changes to the way VAT is applied to prepayment, these changes are that we, as a wholesaler, are required to reverse charge the VAT for termination prepay.
In practice this means that if you are VAT registered and you top-up your account, we will invoice you for the amount you have paid and that total amount will go towards termination. The VAT liability for this payment is now with you the customer rather than with us the wholesaler.
For all other invoices VAT is handled in the usual manner.