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Commission Receipt for the United Kingdom

Commission Receipt Template for England and Wales

A Commission Receipt Template is a formal document used under English and Welsh law to acknowledge and record the payment of commission between parties. It serves as official proof of payment and includes essential details such as the amount paid, transaction reference, payment date, and parties involved. The document complies with UK tax regulations and provides a clear audit trail for accounting and legal purposes.

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Commission Receipt

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What is a Commission Receipt?

The Commission Receipt Template is designed for use in England and Wales to document and verify commission payments in various business contexts. This document is essential when there's a need to formally acknowledge the payment of commission and maintain accurate records for accounting, tax, and legal purposes. The template includes key information such as payment details, commission calculations, and party information, ensuring compliance with UK regulatory requirements and providing a clear audit trail for all stakeholders involved.

What sections should be included in a Commission Receipt?

1. Receipt Number: Unique identifier for tracking and reference purposes

2. Date: Date when commission payment was made

3. Parties Information: Details of commission payer and recipient including full names, addresses and any reference numbers

4. Commission Amount: Total amount of commission paid including currency specification

5. Transaction Reference: Reference to the underlying transaction(s) generating the commission

6. Payment Method: Details of how the commission payment was made

What sections are optional to include in a Commission Receipt?

1. VAT Details: VAT registration numbers and breakdown of VAT amounts (required for VAT registered businesses)

2. Commission Rate: Details of the percentage or calculation method used to determine commission amount

3. Period Covered: Specification of the time period for which the commission was earned

4. Tax Declaration: Statement regarding tax obligations and withholding requirements

What schedules should be included in a Commission Receipt?

1. Schedule A - Commission Calculation: Detailed breakdown showing how the commission amount was calculated

2. Schedule B - Transaction List: Itemized list of all transactions that generated the commission

3. Appendix 1 - Terms Reference: Reference to relevant sections of the underlying agreement governing commission terms

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

England and Wales

Publisher

Genie AI

Document Type

Invoice Form

Sector

Sales

Cost

Free to use
Relevant legal definitions




















Clauses



















Industries

Sale of Goods Act 1979: Primary legislation governing the sale of goods in England and Wales, establishing basic contractual requirements and obligations

Supply of Goods and Services Act 1982: Legislation governing contracts for the supply of services, including implied terms about care, skill, and reasonable time

Consumer Rights Act 2015: Key consumer protection legislation that may apply if the commission involves consumer transactions

Contracts (Rights of Third Parties) Act 1999: Legislation governing how third parties may enforce terms of a contract

Limitation Act 1980: Establishes time limits within which various types of legal claims must be brought

Value Added Tax Act 1994: Legislation governing VAT requirements for receipts and financial documentation

Money Laundering Regulations 2017: Regulations concerning anti-money laundering requirements and financial transaction documentation

Employment Rights Act 1996: Primary legislation governing employment rights, relevant if commission is employment-related

Agency Workers Regulations 2010: Regulations protecting the rights of agency workers, may be relevant for certain commission structures

Commercial Agents (Council Directive) Regulations 1993: Regulations governing the relationship between commercial agents and their principals

UK General Data Protection Regulation: Post-Brexit data protection legislation governing how personal data must be handled

Data Protection Act 2018: UK's implementation of data protection requirements, working alongside UK GDPR

Financial Services and Markets Act 2000: Regulatory framework for financial services industry, relevant if commission involves financial services

Estate Agents Act 1979: Legislation governing estate agency work, relevant if commission involves property transactions

Insurance Distribution Directive: Regulations governing insurance distribution, relevant if commission involves insurance products

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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