Reply to: Paystream - AVOID

[cojak]

Yep, short projects are notoriously unprofitable for umbrellas, and your contractor had the misfortune to be split over 2 months. Not many accept such short contracts.

I’m sure that Paystream is ok over longer contracts. They are recommended and you get what you pay for in this industry.

[Smoggy]

I've been using Paystream for a while and they've been very good. I pay £30 a week for getting paid weekly which includes them sorting out a SIPP contribution. Presumably £88 is a monthly figure and you've just been a bit unlucky it's been split over two months. Systems like this will be automatic though and it would be a total pain for them to somehow fudge it to pay your December day in November. Might also not even be possible to do this with something ike national insurance calculations which are dependent on payment period?

Also in their defence I doubt they're actually making any profit from you having had to onboard you for such a short contract. There may be cheaper brollies out there but this forum is full of horror stories of dodgy companies. I'm happy to pay what I think is a reasonable price for a reliable service.

[luckydog]

Yes, please avoid Paystream. I've used 6CATS umbrella before and they only charged £10 per pay - that was 3 years ago (Paystream charge £88).
I had a 14-day job (13 days in November, 1st day of December), and Paystream combined them into 1 payment, but 2 payslips. This allowed them to charge me their exorbitant fee of £88 TWICE. The second time was just for the 1st day of December.

After trying to get a refund of the second fee, they said they could only do that if I had another pay coming (which I don't). The high fee is already a rip-off (another umbrella company did the same for me previously for a fee of £10). But to charge that for one day, on a 14-day total job is another level of rip-off. Don't use this company, there are much better deals out there.

[ascender]

All explained here..

What are the costs and fees of an umbrella company?

Thanks.... no idea how I’ve missed that explanation before.

[BABABlackSheep]

The rest of the payslip is fine, so I know what deductions are being made, pension contributions etc, my tax code is fine, but I’m wondering why my gross pay is split-up in to Basic and Commission, with Commission being the lion’s share?

All explained here..

What are the costs and fees of an umbrella company?

[ascender]

The rest of the payslip is fine, so I know what deductions are being made, pension contributions etc, my tax code is fine, but I’m wondering why my gross pay is split-up in to Basic and Commission, with Commission being the lion’s share?

[BABABlackSheep]

Just a query about Paystream... I have emailed them about it but thought I’d ask on here too as I’m sure this has come up before.

On my weekly payslips, my income is broken down in to Basic Pay, Commission and Holiday Pay. 75% of this is against commission so I was just wondering why they’ve done that?

Apart from anything else, I’m assuming this is going to render payslips pointless if I ever need proof of income because the basic pay accounts for about 15% of the amount. I’m assuming its for tax reasons which is also making me nervous....

You can either accrue holidays and they will deduct them from your salary or opt out and you’ll get paid them. No idea why you wouldn’t opt out.

I would and have recommended paystream after going through them. I have a number of ex-colleagues with them.

[eek]

Just a query about Paystream... I have emailed them about it but thought I’d ask on here too as I’m sure this has come up before.

On my weekly payslips, my income is broken down in to Basic Pay, Commission and Holiday Pay. 75% of this is against commission so I was just wondering why they’ve done that?

Apart from anything else, I’m assuming this is going to render payslips pointless if I ever need proof of income because the basic pay accounts for about 15% of the amount. I’m assuming its for tax reasons which is also making me nervous....

Umbrella pay will be based on:-

Minimum wage - that has to be met
Bonus - which is everything above minimum wage
Holiday pay - which has to be accounted for.

Depending on the umbrella that bonus / commission could be being sent to your pension fund so it's best to keep it separate.

If you are concerned about tax look at the employer and employee NI amounts - those calculations will show that the tax you are paying will be across both the minimum wage and the bonus and quite likely holiday pay to depending on how holiday pay is organised.

[ascender]

Just a query about Paystream... I have emailed them about it but thought I’d ask on here too as I’m sure this has come up before.

On my weekly payslips, my income is broken down in to Basic Pay, Commission and Holiday Pay. 75% of this is against commission so I was just wondering why they’ve done that?

Apart from anything else, I’m assuming this is going to render payslips pointless if I ever need proof of income because the basic pay accounts for about 15% of the amount. I’m assuming its for tax reasons which is also making me nervous....

[fairy081]

OUTCOME????

Just to share my experience with Paystream - in a word, AVOID

They provided illustrated take home pay with higher amt by inserting salary twice then never told me that I'm obliged to stay with them for three months at least nor the insurance policy I purchased through them is tied in with their services meanining that I will not be covered when I leave them.

After seriously dreadful accounting advice - suggesting backdated claim then critising me when I reminded them with their own advice (hilarious) , suggesting weekly salary amt. which is lower than my expenses etc.. all extreamly poor exercises, I've decided to switch since their fee is top end in the market £120 +VAT for nothing , then they sent me the screenshot capture of tick box area where small print of T&C stating this ridiculous three months staying rule.
Then insisted I accept T&C therefore it's my director's liability to pay them for three months fee.

Since the stage of accpting T&C is even not accessable now (it was only registration stage), surely, it's not the first time they've done this to the hard working contractors.

I'm considering sending this story to the BBC Watchdog as well as financial ombusman for small print T&C victims.

Any experience with them? Btw, I was with them as my job agent, Consultancy group introduced this as a part of biz package so surely he got his commission out of this and disappointed that he did not mentioned this either when I was singed in.

Does anyone dealt with Consultancy group, too? What was experience with them?

Hi,

I have a similar issue with this company, conned me into signing into their clause for 3 month.. etc

Did you get an outcome at all?? Did you get charged for 3 months?
I have complained and said i do not want to pay them for 3 months

[Craig@Clarity]

I joined them only due to necessity (made redundant-thanks brextulip) took a temporary contract as umbrella, they kept on calling and mailing me with grand illustrations of riches if I became Ltd. I refused but they went ahead against my wishes or without my express consent (I stayed Umbrella) anyway, having now got a permanent job and left their slimy clutches five weeks ago I'm now hit with a £600 debt collection notice from them for 'my' Ltd company!

Did you sign any terms of engagement? If not, and you outright refused to go limited, then I can't see how they can enforce the debt. When they set up the limited company "on your behalf", they would have ticked the box to say that they agree to the 'Consent to Act' statement on behalf of the director. You'd also have been written to by Companies House to notify you that you're a director. If you didn't consent to act, I'd apply to have the notification of the appointment to be removed with Companies House and the public record.

[CharlieJay]

They Stiffed me too

Just to share my experience with Paystream - in a word, AVOID

They provided illustrated take home pay with higher amt by inserting salary twice then never told me that I'm obliged to stay with them for three months at least nor the insurance policy I purchased through them is tied in with their services meanining that I will not be covered when I leave them.

After seriously dreadful accounting advice - suggesting backdated claim then critising me when I reminded them with their own advice (hilarious) , suggesting weekly salary amt. which is lower than my expenses etc.. all extreamly poor exercises, I've decided to switch since their fee is top end in the market �120 +VAT for nothing , then they sent me the screenshot capture of tick box area where small print of T&C stating this ridiculous three months staying rule.
Then insisted I accept T&C therefore it's my director's liability to pay them for three months fee.

Since the stage of accpting T&C is even not accessable now (it was only registration stage), surely, it's not the first time they've done this to the hard working contractors.

I'm considering sending this story to the BBC Watchdog as well as financial ombusman for small print T&C victims.

Any experience with them? Btw, I was with them as my job agent, Consultancy group introduced this as a part of biz package so surely he got his commission out of this and disappointed that he did not mentioned this either when I was singed in.

Does anyone dealt with Consultancy group, too? What was experience with them?

I joined them only due to necessity (made redundant-thanks brextulip) took a temporary contract as umbrella, they kept on calling and mailing me with grand illustrations of riches if I became Ltd. I refused but they went ahead against my wishes or without my express consent (I stayed Umbrella) anyway, having now got a permanent job and left their slimy clutches five weeks ago I'm now hit with a £600 debt collection notice from them for 'my' Ltd company!

[genji7]

I hope they at least refund you the £300. Or maybe they are mistaken (won't surprise me), maybe you can still use the insurance. Might be worth contacting Hiscox to see.

I don't think that pay stream can blackmail you like this, i.e. give me the money or you don't get your company's property. This seems highly unprofessional, and definitely worth challenging them on or reporting them. I feel like they are holding you hostage. Good luck with your fight.

Marry in haste, repent at leisure.

I know, it's unbelievable that this type of ripping off biz still operates under the daylight, shameless company and still no single apologies from the headhunter agent nor from the PS client relationship director who never replied. Stay well away from them to save your hard earned money and time, energy

[JB3000]

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I paid 300 for annual insurance and the policy provider is Hiscox, not Paystream. Hence there is no reason stopping coverage of biz even I leave the PS and of couse, it was not advised in a first place when I purchsed it thorugh them. It's an another hassle for director to resource another biz insurance at this point.

This afternoon, I had to make a phone call to the paystream after hearing that they're refused to passing on my company accounting info that requires time to re-register and they did not transfer me to the right person either. After writing an another email, the sales person replied finally.

Yes, I'm definately going to report them to the ACCA and BBC as it's agreed by current accountancy provider, too that this kind of practice is not a standard in its industry and they're ripping off hard earned money.

I hope they at least refund you the £300. Or maybe they are mistaken (won't surprise me), maybe you can still use the insurance. Might be worth contacting Hiscox to see.

I don't think that pay stream can blackmail you like this, i.e. give me the money or you don't get your company's property. This seems highly unprofessional, and definitely worth challenging them on or reporting them. I feel like they are holding you hostage. Good luck with your fight.

Marry in haste, repent at leisure.

[genji7]

Ignoring what the 1 post wonder has said, generally these firms that pay a kick back to the agent have to rip you off (its the only way they can make their money back on the commission they paid to the agent).

You could probably mention to watchdog you got screwed over by their take home pay illustration. They are probably not the only ones doing this. And the commission too. This type of thing is widespread within the industry. 'Everyone' seems to be at it.

How much did you pay for your insurance certificate? Surely if you paid a stand alone fee for the insurance for a year's worth of insurance you are covered? If the insurance is just bundled into the monthly fee, then you can't be surprised that you are no longer covered if you no longer pay the monthly fee.

What were you trying to back date?

I don't understand the point about weekly salary is less than your expenses? What expenses? Business or personal? In addition to the weekly salary, did they mention dividends?

You should report your agent to his employer/manager. I don't think the agent should be taking commission (it should be the employer taking the commission).

I think the BBC may take this case. The BBC are taking a lot of blame with regards to contractor tax and I'm sure they would love the opportunity to blame someone else.

Report them to ACCA or whatever organization regulate them or their accountants.

What are you going to do about the 3 months fees?

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I paid 300 for annual insurance and the policy provider is Hiscox, not Paystream. Hence there is no reason stopping coverage of biz even I leave the PS and of couse, it was not advised in a first place when I purchsed it thorugh them. It's an another hassle for director to resource another biz insurance at this point.

I do not claim personal expenses, all are biz. Yes, they did mention dividends which suggested to be paid on a monthly basis which I'm not followig it after discussed wtih new accountants.
I've decided to leave them since the three months fee they're after is covering the cost of company incorpoation fees and registering VAT which was described as a 'free services' initially but then asked to pay 3months fee due to these services when I wanted to leave them.
Also I do not want to stay another day with this horrendous company i've ever dealt with.

I'm very happy with new accountancy provider AJ accountancy in my local whom pointed out all accounting mistakes they've made so far - including missing VAT claims on an invoice even after completed registration.
I highly recommend their service.

This afternoon, I had to make a phone call to the paystream after hearing that they're refused to passing on my company accounting info that requires time to re-register and they did not transfer me to the right person either. After writing an another email, the sales person replied finally.

Yes, I'm definately going to report them to the ACCA and BBC as it's agreed by current accountancy provider, too that this kind of practice is not a standard in its industry and they're ripping off hard earned money.