Newbie: PayStream the options

[DS23]

is this a cuk wormhole?

[original PM]

This PAYEsafe thing seems to sound a lot like a composite - ok I know you are the sole employee of your umbrella - but Pay stream seem to retain a huge amount of control over your bank account.

I could be wrong but I think you should either go brolly or set up your own ltd - avoid this PAYEsafe malarky

[Alan @ BroomeAffinity]

You might want to have a look at this thread

http://forums.contractoruk.com/accou...ight=paystream

[LisaContractorUmbrella]

Basically there are only 2 options open to contractors since the MSC legislation was introduced so offering 3 products does seem a little odd. If you are being paid by a third party it must be via PAYE; if you are running your own limited company over which you have financial and administrative control AND your contract is outside of IR35 you can draw dividends.

HTH

[Alfie]

Before going with Paystream I would suggest you ask them to clearly explain any exit charges. For example any money they may charge to handover your records to a new advisor...

[MaryPoppins]

My advice is steer well clear of Paystream. Well clear. I literally don't have long enough to list reasons why, but doing a search on their name within these forums alone will give you some idea.

[Epiphone]

If you use Paystream for anything other than light amusement then you're an idiot and deserve everything you get. Their lawyers are no doubt bigger than mine so I won't go into detail but let's just say the PAYE they deduct has a possibility of being 'mislaid' between them and HMRC. Just an example and not intended to be taken as fact...

[MaryPoppins]

Agreed Epiphone! They are clowns at best, extremely dodgy at worst. The most unhelpful, unprofessional company I have ever dealt with - I am actually annoyed with myself for not taking the trouble to investigate more six years ago when I got involved with them as a newbie contractor. I am still attempting to ensure my old Ltd Co is closed down correctly and that my CT liability is calculated correctly. Their charging structure is hilarious, and their practices are extremely questionable. They claim to provide services for over 3,000 contractors, yet have access to around 4 or 5 qualified accountants (none of whom you are ever able to speak to). I could go on, but won't as my blood pressure can't take it.

[Alan @ BroomeAffinity]

Its unlikely that their ad at the top of this page will do them much good then even although it says its umbrella is totally free. Makes you wonder where they make their money - I hope they haven't invested all the retained tax and NIC in an Icelandic bank with a view to getting interest.

[DS23]

yes. but is this thread a wormhole from general?