iCalculator

Time Sheet Calculator

Time Sheet Calculator
DescriptionHoursRateTotal

Total HoursTotal Amount

+ VAT at 20%

Total including VAT

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How to use the Time Sheet Calculator

  1. Optional: Enter a description of the work / activity
  2. Enter the number of hours worked (or parts thereof)
  3. Enter the hourly payment rate associated with the role / activity
  4. Click the + sign to add more timesheet lines
  5. Once you have entered all your hours, you can email the timesheet to yourself or your agency etc. for reference/record keeping

An introduction to timesheets

A Timesheet is a system used to document the amount of time you spend working, quite simply a timesheet is time recorded on a sheet for auditing purposes, most typically associated with accounting (for payroll) and human resource (for attendance). Smart business use electronic systems nowadays, rather than having paper copies clogging up their filing cabinets! Most project managers will have a Timesheet as part of their document set for ensuring tasks are tracked effectively in order to make sure that milestones and deadlines are met.

Why use a Timesheet?

There are many benefits to using a timesheet including:

  • Accounting: Accuracy when billing clients for services provided is an essential part of being a contractor. HMRC expect you to keep accurate upto date records and can review or query your accounts during any audits By recording 'hours worked' regularly, businesses can be confident that their fees are more accurate.
  • Tracking milestones: When project managing a job, time is allocated to a specific task within the workload. By checking timesheets against targets, Project Managers can identify if there is likely to be slippage or early completions.
  • Comparing staff output: If managing several staff who are completing the same task, using a timesheet can help identify tasks completed, by length of time e.g. If John puts a cabinet together in 2 hours, but Mike takes 3 hours to complete the task, John has a higher output.
  • Payroll Accuracy when paying the workforce, especially when payin hourly and using different rates of pay for day, night and overtimes activity etc.

You and the Taxman

It is a legal requirement that records are kept by the self-employed, in order to complete tax returns, self-assessment etc. Keeping a Timesheet is a good way of providing evidence of work undertaken and subsequent payments received, should an audit of the business take place. It is also useful if there is a workforce, to ensure accurate payments to staff.

Tempo Accounting provide timesheet records as part of their their suite of accountancy tools which have been specifically designed with contractors in mind. Tempo Accounting will provide you a free consultation to discuss the most tax efficient accounting solution for you and the smart accounting tools that they provide to support your contract. Tempo Accounting's smart accounting tools can be used via your computer or mobile which means you can record receipts and accounts as you generate them during the day, meaning less accounting fuss and hassle in the evenings and at weekends.

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