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Regular Payments |
 Most people have regular payments, usually made by Standing
Order or Direct Debit. These include insurance premiums of various kinds and payments for
car finance. (Varying amount payments settled by direct debit e.g. credit card bills are
dealt with as purchases).Independence™ allows you to record details of regular payments. It assumes that it is a financial type payment and exempt from VAT (so is not suitable for vehicle contract hire). When you click on the 'yes' button (enabled when all the relevant data has been entered), the instructions to make the payments are recorded. Thereafter, each time that you log on to Independence, it checks whether any payment have become due and, if so, records them on the payments and purchases database tables. You will be advised of any payments recorded in this way. According to the invoice date, it will also be classified into a Tax Year for IR35 purposes. Payments do change e.g. health insurance premiums as you get older, or get cancelled, so facilities are provided to amend and cancel regular payments.
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