Sunday Solutions cold calling

[NotAllThere]

Was just wondering if the poster was using a limited company which is managed by a thrid party

Certainly sounds like it:

the PSC I am using now are quoting that I will pay myself via PAYE and dividends

[Lewis]

The PSC I am using is just a glorified Accounting service that raises invoices on my behalf and provide other accounting services. All the payments from the agency goes straight to my Business Bank Account to which I pay myself based on the advice they provide me. Nothing dodgy at all. However, Sunday Solutions did imply paying myself dividends from my own business bank account was indeed illegal under Tax Laws (surprisingly they weren't able to provide any proof to back it up).

Ok, I see, sounds fine. You must ensure that the accountants don't have access to your bank account though (I am sure they don't but worth a mention for others as this would make them an MSC provider and your company an MSC).

Just to clarify the terminology the PSC is not the glorified accounting service. The PSC is your limited company (e.g. XYZ Ltd) and the accounting service are your accountants (e.g. ABC Accounting Ltd). They are separate companies.

Unless your company is called something like "accountancy service 12345 Ltd" (like Giant used to do). In which case I would feel nervous about the potential for being called an MSC.

[pmeswani]

Ok, I see, sounds fine. You must ensure that the accountants don't have access to your bank account though (I am sure they don't but worth a mention for others as this would make them an MSC provider and your company an MSC).

Just to clarify the terminology the PSC is not the glorified accounting service. The PSC is your limited company (e.g. XYZ Ltd) and the accounting service are your accountants (e.g. ABC Accounting Ltd). They are separate companies.

Unless your company is called something like "accountancy service 12345 Ltd" (like Giant used to do). In which case I would feel nervous about the potential for being called an MSC.

The only thing the accountants have access to is the bank statements and not the bank account. This is done via mutual agreement (i.e. don't want to keep on sending them the statements on a monthly basis... not because of cost, but just want to keep things hassle free). Not sure if they having my bank statements is a problem or not, but they do provide a Management Position Statement on a monthly basis, which tends to help me make sense of things.

[Lewis]

The only thing the accountants have access to is the bank statements and not the bank account. This is done via mutual agreement (i.e. don't want to keep on sending them the statements on a monthly basis... not because of cost, but just want to keep things hassle free). Not sure if they having my bank statements is a problem or not, but they do provide a Management Position Statement on a monthly basis, which tends to help me make sense of things.

All sounds fine to me.

[Manic]

Had a call a few months back, told them I was limited and a mate was my accountant. They couldn't get off the phone quick enough.

[FiveTimes]

The only thing the accountants have access to is the bank statements and not the bank account. This is done via mutual agreement (i.e. don't want to keep on sending them the statements on a monthly basis... not because of cost, but just want to keep things hassle free). Not sure if they having my bank statements is a problem or not, but they do provide a Management Position Statement on a monthly basis, which tends to help me make sense of things.

How does the accountant gain access to these statements ? via an online login ?

I'd much rather send statements to the accountants than give internet access, only due to paranoia as HMRC might investigate and think that they have been in control of the bank account.

[pmeswani]

How does the accountant gain access to these statements ? via an online login ?

I'd much rather send statements to the accountants than give internet access, only due to paranoia as HMRC might investigate and think that they have been in control of the bank account.

The bank, via agreement, sends the paper copies to them on my behalf. Do you honestly think I'm stoopid enuf to give them access to my bank account online?

(Don't answer the bit about me being stoopid.. it's a given!). I don't like paper copies of statements, but there is no option to go green without exposing my bank account to the PSC.

[Lewis]

How does the accountant gain access to these statements ?

If you have a Cater Allen business account opened via your accountants (i.e. they gave you the application form) you will probably find the accountants are getting sent bank statements as well. It's burried deep in the terms and conditions. You can however request to have that cancelled.

[Sausage Surprise]

If you have a Cater Allen business account opened via your accountants (i.e. they gave you the application form) you will probably find the accountants are getting sent bank statements as well. It's burried deep in the terms and conditions. You can however request to have that cancelled.

Hmmm....NW certainly only get copies of my bank statements from me and not from Cater Allen. I never requested anything to be cancelled.

[Lewis]

Hmmm....NW certainly only get copies of my bank statements from me and not from Cater Allen. I never requested anything to be cancelled.

Nope .... NW are getting you bank statements from Cater Allen as well. Ask either them of Cater Allen. That is if you used the pre-filled in form NW supplied you with.