Paystream limited companies query

[Maslins]

I think the lesson from experience is that the ex-MSC providers like Brookson, Paystream etc are generally pretty expensive options as well as poor service providers. Plenty of reasonably priced proper accountants out there.

It does seem a rare thing to see good stuff written about them.

Inevitably firms with lots of clients have more public complaints than those with only a few...but you'd also expect big companies to have more public positive comments.

[Fred Bloggs]

Never been with a MSC provider, but I will never forget the guys who went weeks/months with no pay when the MSC legislation came in. Those shiny new "accountants" were useless then and I wouldn't trust them now either.

[AlexV@Paystream]

PayStream limited companies query - Our response

Hi,

I'm Paul Foster, an Accountant here at PayStream Accounting Services Limited. Hopefully I can clear some of these points up - apologies for not being a regular poster! We do keep an eye on queries and threads more generally here.

The illustration provided to the customer is arithmetically correct. The taxes payable would be:

• Corporation tax of £140.89
• PAYE would be Nil as his salary is less than the personal allowance
• Employers National Insurance would also be Nil if the contractor wishes to claim the employment allowance (removed from April 2016)
• Employees National Insurance would also be Nil in the initial period but once the threshold has been reached, there will be minimal employees NI to pay, as detailed on ‘My PSC yearly’ column on the illustration
• There may also be a small personal tax liability but this is dependent upon sensible tax planning and the contractors individual personal circumstances
• No expenses are assumed, we ask all contractors what expenses they incur after clarifying that they are eligible. All expenses are discussed in line with HMRC guidelines.

In reference the points in the thread Cojak linked - we have a number of mechanisms for receiving (read only!) customers bank statement information once they have signed a viewing only customer authority form, which helps us deliver a more up to date / real time accounting service.

The customer in question was offered a discounted rate as Waldorf identifies.

We're discussing the correct FRV sector with the original thread poster ‘Ubiquitous’. This is something the contractor’s accountant discusses in more detail once joined.

Lisa - the two “flavours” of PSC service are a full service and a service we offer to more experienced contractors with less support for a lower fee.

We pride ourselves on compliance, our accounting service is audited by BDO and Professional Passport for compliance with legislation (including MSC); we're also members of the sector trade bodies PRISM and FCSA affiliates who promote compliance in the industry, moreover it’s a company core value.

Obviously we provide illustrations to help people understand their tax position better not to confuse. We are working with Ubiquitous to answer his questions.

Paul Foster | Accountant
PayStream Accounting Services Limited

[northernladuk]

Hi,

I'm Paul Foster, an Accountant here at PayStream Accounting Services Limited. Hopefully I can clear some of these points up - apologies for not being a regular poster! We do keep an eye on queries and threads more generally here.

The illustration provided to the customer is arithmetically correct. The taxes payable would be:

• Corporation tax of £140.89
• PAYE would be Nil as his salary is less than the personal allowance
• Employers National Insurance would also be Nil if the contractor wishes to claim the employment allowance (removed from April 2016)
• Employees National Insurance would also be Nil in the initial period but once the threshold has been reached, there will be minimal employees NI to pay, as detailed on ‘My PSC yearly’ column on the illustration
• There may also be a small personal tax liability but this is dependent upon sensible tax planning and the contractors individual personal circumstances
• No expenses are assumed, we ask all contractors what expenses they incur after clarifying that they are eligible. All expenses are discussed in line with HMRC guidelines.

In reference the points in the thread Cojak linked - we have a number of mechanisms for receiving (read only!) customers bank statement information once they have signed a viewing only customer authority form, which helps us deliver a more up to date / real time accounting service.

The customer in question was offered a discounted rate as Waldorf identifies.

We're discussing the correct FRV sector with the original thread poster ‘Ubiquitous’. This is something the contractor’s accountant discusses in more detail once joined.

Lisa - the two “flavours” of PSC service are a full service and a service we offer to more experienced contractors with less support for a lower fee.

We pride ourselves on compliance, our accounting service is audited by BDO and Professional Passport for compliance with legislation (including MSC); we're also members of the sector trade bodies PRISM and FCSA affiliates who promote compliance in the industry, moreover it’s a company core value.

Obviously we provide illustrations to help people understand their tax position better not to confuse. We are working with Ubiquitous to answer his questions.

Paul Foster | Accountant
PayStream Accounting Services Limited

One post Newbie!!! 'Av 'im lads!!!!!

[SlipTheJab]

So do you provide referral fees (aka bungs) to agents to recommend you to new contractors before they know any better?

[TykeMerc]

So do you provide referral fees (aka bungs) to agents to recommend you to new contractors before they know any better?

Even if they did the default answer to that would be no, so it's a reasonably moot point. No doubt the practice isn't "official" even though we all know that it happens all the time.

[Fred Bloggs]

My position is clear, however, fair play for sticking a head above the parapet to explain.

[Waldorf]

Hi Paul, care to comment on the following?

http://www.mirror.co.uk/news/firm-cl...ur-pay-6818487

Whilst not related to the limited company services it doesn't show your company in a good light.

[Ubiquitous]

My position is clear, however, fair play for sticking a head above the parapet to explain.

Indeed, have to give them credit for that. And to be fair, they have been courteous and prompt in getting back to me in private to try to answer my questions with regard to the issues raised in the thread too. I do find though that the personal illustration doesn't do a great job of breaking down the tax liabilities and how the net earnings is calculated, although I accept that as Paul says above, the numbers may be arithmetically correct.

So while some of the criticisms thrown at Paystream may be legitimate, my intention wasn't to make this thread a hit job on the company, I just wanted to get a second opinion on the figures I had been quoted.

[Waldorf]

Ah, but you are still willing to pay over the odds for your accountancy needs? I can only assume that your recruiter is pushing you hard, so that he gets his bung, don't be forced, make your own choice.