Newbie - Does anyone have any experience of Paystream

[Nixon Williams]

Also, is there any difference to being inside IR35 and outside if you use an umbrella?

Contracting via an umbrella will be worse (financially) then being caught by IR35, this is due to:

1. No 5% allowance can be claimed
2. You cannot join the Flat Rate VAT scheme and so save 3.4% in year 1
3. There fees tend to be higher than getting your own accountant to sort things.

Alan

[youngguy]

Umbrella after April

Looking at the Parasol website, they claim that they will continue as normal after april and state that legitimate business expenses will still be something 'their' contractos can claim for. Does everyone feel this is true?

Also, is there any difference to being inside IR35 and outside if you use an umbrella?

[dreadducks]

Guys,
Thanks very much for all the advice, I appreciate it all... It is likely that I'll go with Paystream to start with, and move over to a Ltd company in 6 months or so when my contract ends and I (hopefully) get another one...

I will keep an eye on this thread in case any additional advice comes in. Keep up the good work...!

[Back In Business]

Then again, I ain't worth listening to

. . . and yet you make so much sense

[Will808]

Then again, I ain't worth listening to

[Will808]

Well, I've just left Paystream and gone with Darren@1stAccountancy (in the business sense, not the Biblical one).

If you really need to go down that route, then Paystream are definitely one of the better options, but you have plenty of time to set yourself up with a Ltd, and use one of the 3 accountants who are recommended here time after time.

I was basically forced / lied to / tricked into going with Paystream by the agency that found me my first contract, so that they could make a little bit more commission out of me. I don't blame Paystream for this, and they did a very good job for my company while I used them, but the more I realised how that agency had shafted me, the more I just wanted to get away from the whole thing.

To be fair to Paystream, they were very professional and very accomodating about my move (although a little slow at times), and I know that they are being very proactive about the legislation change for April 7th.

Basically, if you're really worried about doing things yourself, or just lazy, go with Paystream. If you're not, then set up your own Ltd. If you want any more info, feel free to PM me.

[Diestl]

Im with umbrella until end of March then im with Nixon Williams with my Ltd company, I would have prefered to start with Ltd but couldnt get a business bank account or VAT set up in time.

[cojak]

Listen to NW - if I need to change accountants I'll go with them...

[Nixon Williams]

Get your own company, join up to the Flat Rate VAT, keep the interest on your own money, claim expenses etc.

If you can manage to post some documents each month you can operate your own Ltd company.

Alan

[jh0711]

please do!!

[Sockpuppet]

use a brolly - ignore the advice from sockmuppet

I'll remind you of that come April.

[jh0711]

use a brolly - ignore the advice from sockmuppet

paystream are ok but for total piece of mind try the PCG (QU) product

if after 12 months you still fancy contracting look at limited

[Sockpuppet]

Darren or SJD are the way to go.

[dreadducks]

Good morning Contractors....

I am currently a Permie with IBM and am leaving Big Blue after a 9 year stint to go contracting for the first time... I am very excited.

Firstly can I congratulate you all on such a great site. Well administered and excellent in terms of content... I have been most impressed.

Now, to the question... As a newbie I have read through the Ltd vs Umbrella discussions etc etc and think I know which way I want to go.

I am talking with a company called Paystream, who (so far) have been excellent on the phone, very helpful and knowledgeable... (they want my business I hear you all cry...) Hence I wanted to test the water here and see if anyone had any experience with them and what that experience was, good or bad. I have a few days before I need to make a decision, and would greatly appreciate any help / support / advice from the experience contractor market (enough sucking up!!!???!!! )

Many thanks,
Dan