Could I have a breakdown of the invoice charges?
Below you will find the different line items you will see on an invoice, with a corresponding description. If you have further questions, please reach out to Velocity Global through your normal process, and we will help you.
Affect Refund. If a supported employee opts out of the pension scheme (supported employees are automatically opted in when they start), this is the refund for the employer contributions made during that period.
Allowances. Payment of an allowance. Examples of this are car, cell phone, or fitness allowances.
Bonus. Additional remuneration added to your supported employee's payment.
Class 1A NIC on BiK (PMI). National Insurance Contribution on benefits-in-kind such as private medical and dental insurance.
Compensation. The amount of money your supported employee receives in exchange for their services.
Commissions. Additional remuneration added to your supported employee’s payment due to sales generation.
Employee Expense. Payment of an expense.
Employer Burden—Employer National Insurance. General social security fund paid to HM Revenue & Customs (HMRC) that funds basic state pension, unemployment insurance, maternity allowance, etc.
Employer Burden—Apprenticeship Levy. A mandatory employer contribution paid to the HM Revenue & Customs (HMRC) that funds apprenticeship training administered by the government.
Employer Burden—Employer Pension Contribution. Pension contribution to a workplace pension scheme. Employees are automatically enrolled and employers are required to contribute, though employees may opt out of this plan.
Insurance Premium. Premium for a private insurance plan administered through Velocity Global.
Velocity Global EOR Fee. Velocity Global’s fee.
Wire Transfer Fee. Payment for the cost of a wire transfer.