Paystream have changed their name...

[Ledge]

...from Paystream Management to Paystream Accounting Services.

Now, I'm pretty new to all of this so don't bite my head off but surely if they're only providing Accounting and Legal services to contractors they'll be ok. They're pretty adamant about it and have stated the following:

Our position since the publishing of the draft “Managed Service Companies” legislation has consistently been that PayStream provide Legal and Accountancy Services to contractors who have elected to work via Personal Service Companies (PSCs). Those organisations that provide Legal and Accountancy Services to PSCs are specifically excluded from the legislation. We have been in communication with our legal and tax advisers to confirm that our position remains compliant with the legislation. We will continue to communicate with you as the market develops over the coming weeks.

I've signed up to them and formed a Ltd and will get a bank account set up quite soon so I'm hoping I'm not breaking any rules. I've tried to research this but it's so ambiguous and confusing with the amount of different opinions out there. Not to mention that SJD accounting told me that they're "one of the better companies to go with" and they're allowed to advertise on this site makes me inclined to feel relatively safe. However the fact that theyve changed their name and say they'll update me over the coming weeks makes me sh1t my pants. I really wish I'd gone with SJD in the first place.

Any kind souls out there like to advise me?
Ta.

[malvolio]

If you're not happy you can still go with SJD (or anyone else), and SJD will no doubt suggest you check how many of Paystream's people are actually accountants.

As long as you have full ownership, access and control to the company bank account and Paystream don't, you raise your invoices adn you deceide on salsry and dividend payments the MSC rules don't apply (as I understand it, but the water is a bit muddy so don't rely on my assessment!)

By the way, there is no such thing as a PSC, that is merely Gay Gordon's shorthand and has no legal basis: I would hope "accountants" would know that...

[Ledge]

nice one. Cheers

[beerbarrel]

Beware Ledge

both Paystream and SJD will be caught by the MSC legislation, steer clear

[Will808]

Beware Ledge

both Paystream and SJD will be caught by the MSC legislation, steer clear

I don't see how employing an independent accountant could possibly cause you to fall foul of this legislation? Buisnesses need accountants - if that's a crime, I'll enjoy that particular conversation with the taxman when the day comes.

[malvolio]

Ignore him, he's talking nonsense.

[cojak]

SJD does supply a bog-standard accountant's service as well as other things - stick with that and you'll be fine....

[Ledge]

Check out the nice new diagram.

http://www.paystream.co.uk/budget-statement.htm

Seems they're as confused as everyone else.

[happybloke]

Paystream

I have been with Paystream since Dec '05 when they helped me set up my Limited company. This was a whole month before starting in the world of contracting. They have help and advised where I have needed input from those early days. They have also kept me informed ever since Gordon "I like TAX" Brown announced his shake-up of the contracting market in his pre-budget statement. They are always contactable and if the person you speak to on the phone can't answer your question there and then they'll find someone who can.

[Cowboy Bob]

I have been with Paystream since Dec '05 when they helped me set up my Limited company. This was a whole month before starting in the world of contracting. They have help and advised where I have needed input from those early days. They have also kept me informed ever since Gordon "I like TAX" Brown announced his shake-up of the contracting market in his pre-budget statement. They are always contactable and if the person you speak to on the phone can't answer your question there and then they'll find someone who can.