Reply to: Anyone used Paystream?

[Andrew@Wisteria]

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.

Agreed if LTD co earnings at a high level and perhaps higher rate tax level of earnings expected for the 18/19 tax year regardless of trading vehicle (assuming this particular Ltd income is outside of IR35).

Circumstances will of course dictate decision made.

[Andrew@Wisteria]

Would it be safe to assume that all accountants would know how to run a limited company in the most tax efficient way and put through their fees as an expense to reduce corporation tax, and the same with other expenses etc?

I honestly don't plan on having complex company accounts. Money in, monthly bus pass, nothing else. Paystream advised me I won't be able to put my lunch groceries through the company either, as Buying bread and hummus and things to make a sandwich don't constitute an expense whilst at work! So as a result of this I'll have pretty much just one expense!

Have you thought about things such as use of Home as Office, mobile phone expenses - Freeagent won’t give you this advice or any add value re company structure / tax planning which is really what distinguishes the accountants that staff up with school leavers who press a button to file the accounts and tax and have no idea what they are looking at, and those that save tax and make sure your records are correct and take great care before signing their name to anything - it’s their professional duty and livelihood at risk if they get it wrong.

[Andrew@Wisteria]

No unfortunately they don't have any fancy cloud website. :/. They seem like a small business specialist.

North London Accountants | Finance | Free Consultation | Call Us Today

Would any of those cloud services websites be better than this company? I don't plan to have many expenses - just a bus pass a month, and maybe the odd coffee perhaps. I was told I would be able to send a .csv download to the accountant to do the bookkeeping by e-mail.

Wow they have computerised payroll....definitely go for them ;-)

[northernladuk]

not any more

Oops Lol.. Good point well made.

[pr1]

FTFY

Your accountant is doing your invoicing?

not any more

[northernladuk]

I have just quit Paystream. They are comlete cowboys. They have been invoicing on my behalf and I have found numerous discrepencies. How can an accountatnt get invoicing wrong? For the amount they charge also...I have never had sound accounting adviCe off them either. Has taught me a few lessons...one of them is to never use them again!

FTFY

Your accountant is doing your invoicing?

[domthepom]

Do not use paystream

I have just quit Paystream. They are comlete cowboys. They have been invoicing on my behalf and I have found numerous discrepencies. How can an accountatnt get invoicing wrong? For the amount they charge also...I have never had sound accounting advise off them either. Has taught me a few lessons...one of them is to never use them again!

[northernladuk]

There'll be a few more using Paystream whether they like it or not, now. Just learned that they've bought Outsauce and Simplyco in the last 6 months. May be gearing up for a round of acquisition similar to the JSA Group .

Wasn't PC with them?

[Alan @ BroomeAffinity]

There'll be a few more using Paystream whether they like it or not, now. Just learned that they've bought Outsauce and Simplyco in the last 6 months. May be gearing up for a round of acquisition similar to the JSA Group.

[TheFaQQer]

Snag is, I'd have to travel at least 400 miles round trip to visit a branch for account opening. Maybe they will change that in time.

Some accountants will facilitate that, if you are still using one. Mine opened the account for me and set up the data feed into their non-FA system - which also means that they get the data direct and I haven't had to share my login with anyone (it was set up before I even had internet or mobile banking working).

[Fred Bloggs]

Metrobank don't charge if you have a balance over £5k in there.

Details here.

Snag is, I'd have to travel at least 400 miles round trip to visit a branch for account opening. Maybe they will change that in time.

[TheFaQQer]

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?

Metrobank don't charge if you have a balance over £5k in there.

Details here.

[radish2008]

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?

You can't use a personal account at a bank for business purposes. Why would you be surprised they charge ? I think I pay about £10 a month, it's not exactly earth shattering.

[psychocandy]

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?

Are they contractor it specialists? If not beware..... I've got some horror stories for you.

Back in the day when IR35 first came out a local accountant wanted to charge me £750 for "research into IR35". Yeh right. I'll tell client they owe me a weeks pay while I stay home and read the manual.

Even this time around, different local accountant didn't have a clue. Tried to tell me I couldn't use a limited company, and that HMRC would'nt let me trade if I only had an invoice to one client a month. Lasted weeks that one.

[SteelyDan]

When I first started out contracting, many years ago, I signed up with these people. They were very knowledgeable, very helpful, & full of good advice - I, on the other hand, knew nothing about contracting, or how it all worked in those days, so thought Paystream would be the answer to my prayers on starting out as a contractor.

Problem I had with them was they could not do simple arithmetic, i.e adding up a list of expenses, etc. I found myself needing to double check everything, and after 3 strikes (& heated calls) they were 'out'; I'd lost all faith in them by this time. I found a decent, local accountant, & went ltd. I'd like to think that things have improved since my time with them, but judging by some of these posts...