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  1. #1

    Nervous Newbie


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    Default Anyone used Paystream?

    Hi guys,

    I'm looking for an accountant/accountancy company to do my payroll and accounts for a new ltd company and I was referred to Paystream by the agency. Does anyone know if they're any good? Come across a few reviews online which are a bit off putting but you never know with online reviews what is real and not. They're cost is 75+VAT/month, and they do the tax returns, company set up, help sort out the bank and they've got some kind of arrangement with a bank called Cater Allen, so there's no fees to use the bank or for transactions. Sounds good.

    My contract is only 3 months, with a possibility for extension, but no guarantee. If I close the company down after 3 months, then it'll cost 300+vat to do this. This is the only thing holding me back signing up with them.

    Also I've come across IMS (Income made smart) when I worked on a previous contract, but I didn't use them because I was using an umbrella company at the time. they charge 35+VAT all in.

    Finally, a friend of mine uses Tax Assist, but they're a franchise, so the service varies from office to office.

    I am happy to enter transactions onto a spreadsheet and e-mail/upload to the portal, for the accountant, but I wanted someone to do the vat registration, company set up, vat and company returns and payroll and personal returns if possible (but this last one I should be able to manage).

    Does anyone have any recommendations on the best way to proceed for a ltd. company newbie? Getting really stressed over the whole affair!

  2. #2

    Contractor Among Contractors


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    For three months go umbrella. Far too much @rsing around for minimal benefit if you go Limited.

  3. #3

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    Yes, I have recommendations and my first one is to use neither of those providers. Especially one recommended by an agency that also happens to charge extras for simple tasks. Look at mine and other's recommendations on here. My next recommendation is to consider only FreeAgent accountants. There are lots of them now and the benefits of using FA are huge for a new guy.

  4. #4

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    Quote Originally Posted by Alan @ BroomeAffinity View Post
    For three months go umbrella. Far too much @rsing around for minimal benefit if you go Limited.
    I disagree. I did a 39 day contract through a limited company and it was extremely efficient. It depends on circumstances, you can't make a statement that applies 100% like that.

  5. #5

    My post count is Majestic

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    Quote Originally Posted by Alan @ BroomeAffinity View Post
    For three months go umbrella. Far too much @rsing around for minimal benefit if you go Limited.
    If you are just dipping your toes in contracting and don't expect to stay past the 3 months then do as Alan says. There was a cut off figure that a limited was only more efficient than a brolly if you were pulling in about 30k but that was before the new T&S rules.

    If you are going to stay then get yourself a decent Freeagent accountant. There is a sticky on it here.
    http://forums.contractoruk.com/accou...-requests.html

    I wouldn't go with anyone an agency recommends on principle. They will be taking a kick back for it, rather than recommend the best option for you so I'd go and get my own, particularly if the best they can offer is Paystream. The sticky is a list of trusted accountants that are well known on here for giving quality advice and used by a number of us.
    'CUK forum personality of 2011' - Winner - Yes really!!!!

  6. #6

    Nervous Newbie


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    Quote Originally Posted by Alan @ BroomeAffinity View Post
    For three months go umbrella. Far too much @rsing around for minimal benefit if you go Limited.
    I've been told there is a strong possibility of an extension - woo! It'll definitely be worth it even for three months though, because my take home pay would be significantly more on ltd company basis, even after fees etc.

  7. #7

    My post count is Majestic

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    Assume there is no extension until you've seen the paperwork. That way you won't be disappointed or get caught short when it doesn't appear.
    'CUK forum personality of 2011' - Winner - Yes really!!!!

  8. #8

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    Quote Originally Posted by northernladuk View Post
    If you are just dipping your toes in contracting and don't expect to stay past the 3 months then do as Alan says. There was a cut off figure that a limited was only more efficient than a brolly if you were pulling in about 30k but that was before the new T&S rules.

    If you are going to stay then get yourself a decent Freeagent accountant. There is a sticky on it here.
    http://forums.contractoruk.com/accou...-requests.html

    I wouldn't go with anyone an agency recommends on principle. They will be taking a kick back for it, rather than recommend the best option for you so I'd go and get my own, particularly if the best they can offer is Paystream. The sticky is a list of trusted accountants that are well known on here for giving quality advice and used by a number of us.
    I've decided to use an accountant my dad uses. They charge 750+vat for the year, including everything including vat set up and returns, paye, self assessment returns, company returns, the whole package! Only thing I need to do is set up the limited company and bank account and send them the details.

    Speaking of bank accounts, are there any basic business bank accounts that I could use? They all seem to charge for them - don't really understand why and how they are different from normal personal current accounts?

  9. #9

    My post count is Majestic

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    Are they contractor specialists with a leading cloud portal?

    If you personal and business banking is the same are you sure you're ready?
    Last edited by northernladuk; 21st April 2017 at 10:19.
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  10. #10

    Still gathering requirements...


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    Going Ltd is always a calculated risk for a short contract it always depends on a number of factors but it sounds like you've made a good choice initially.

    As NLUK said, there are a bunch of specialists out there it may be worth looking at once you've decided if the contracting life is for you.

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