UCL Consultants Ltd


UCL Finance Process

This information is provided for the attendees of the UCL Finance Conference. Please be mindful that this is often subject to change and to reach out to us on specific questions.


Project Stages

UCL Consultants Project Stages
Budget Approval Form (BAF)
  • These determine how the finances of the project will be split out and managed 
  • Outlines any requirements for the project such as new staff
  • Requires involvement and approval from the departmental Finance Manager and Divisional Manager before the contract can be signed
Process and Steps

UCLC Process and steps
Example project budgets

Project A


Project B


Project C


  • Same VAT group as UCL but different VAT implications.
  • Generally UCLC services are subject to standard VAT rate.
  • Indicate this to clients as early as possible.

Withholding Tax (WHT)

  • Prices are excluding WHT.
  • Generally clients are responsible.
  • Unable to claim back in most cases.
  • Consider as part of project cost if necessary.
Information provided to UCL and departments
  • At every month-end, UCLC finance provide UCL all sales invoices raised during the month together with income related to UCL from each invoice.
  • Also WIP values for each project are advised at month-end and year-end.
  • At year-ends, UCLC finance liaise with lead consultants or project managers of each project if necessary to assess the year-end WIP.
  • Otherwise, year-end WIP are calculated based on information available from contracts and invoicing schedules.
  • For month 1 to month 11, different methods of WIP calculations are made depending on the types of projects.
Work-in-Progress calculation for live projects (Month 1-11)

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UCLC Finance advise UCL relevant WIP value of each project at every month-end.

Example Month-end WIP's

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