Originally posted by lucycontractorumbrella
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Previously on "PS IR35 - Paystream and still use ltd instead of umbrella - VAT?"
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Originally posted by nosolog View PostI know a very poor agency who continually mention Paystream whereby they force contractors to use Paystream claiming that Paystream is the only 'regulated umbrella' out there and that in the event of taxes not being correctly paid the agency may face lawsuits if its contractors use a different umbrella. Essentially the agency is referring contractors to Paystream, one can only guess what reward is in it for the agency!
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Originally posted by psychocandy View PostOne decent umbrella seems to be the nice lady who posts on here but my agency wont deal with them.
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Originally posted by nosolog View PostI know a very poor agency who continually mention Paystream whereby they force contractors to use Paystream claiming that Paystream is the only 'regulated umbrella' out there and that in the event of taxes not being correctly paid the agency may face lawsuits if its contractors use a different umbrella. Essentially the agency is referring contractors to Paystream, one can only guess what reward is in it for the agency!
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Originally posted by psychocandy View PostNLUK - when you wake up sweating in the middle of the night and log on to CUK I'll be here!!!!
So, I guess, that's kind of guaranteed.
You are a bit of a bed wetter though
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Originally posted by northernladuk View PostYou sure about going with Paystream? There seems to be a couple of posts pop up that aren't that complimentary about them. Hate for you to be pissed of with them and have to moan to us constantly about it.
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Originally posted by northernladuk View PostOh crap
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Originally posted by psychocandy View Post6 month extension starting soon! BOOOOOOMMMMMM
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Originally posted by northernladuk View PostThis gig is gonna be over by the time you get this sorted.
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PayStream is voted Contractor UK’s umbrella provider of the year - Contractor Weekly
2013 but feck me...... The rest must have been bad.
Saying that my recent experience of umbrellas has not been good. They all seem to employ staff on minimum wage who have little idea what they're doing. Its money for nothing for them.
One decent umbrella seems to be the nice lady who posts on here but my agency wont deal with them.
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Paystream to be fair are totally crap. Completely clueless. Depends which person you speak to you get a different answer.
I thought it was all sorted at £5 per invoice but now apparently its 0.75% - bit of a difference!
To be honest, I'd can them but I'm keen to get away from umbrella and back using ltd. And these are the only ones agency will allow.
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Originally posted by TheFaQQer View PostThat sounds sensible.
Would you rather have a tax bill via self assessment at the end of the year and pay that, or overpay tax now and then have to claim that back? I'd sooner have the money in my bank and know I get the figure right, compared with someone else guessing it based on a singular point in time assumption about the work that I'll do in a year and then have to make sure it's correct in the future.
Otherwise, in perm employer could do the same. Tax you on basic rate allow you to stick the rest in bank account for few months which would be nice. Surely not allowed?
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Originally posted by psychocandy View PostThings not so sure about:-
1. Paystream will only deduct PAYE as per basic rate taxpayer. Not sure if you'd have to then account for the rest monthly via ltd or just at end of year tax return?
Would you rather have a tax bill via self assessment at the end of the year and pay that, or overpay tax now and then have to claim that back? I'd sooner have the money in my bank and know I get the figure right, compared with someone else guessing it based on a singular point in time assumption about the work that I'll do in a year and then have to make sure it's correct in the future.
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Bit dubious of using paystream but this is the only way to go ltd via the agency in question.
Waiting to speak to them today but basically, the way it works is:-
1. Submit invoice plus vat in the normal way.
2. Agency pass to paystream who deduct paye and ni.
3. They pay this PLUS the vat to limited.
4. You pay yourself.
Good points about this:-
1. Paystream will pay whatever you want from the money they recieve into a pension fund of your choice (my main reason for moving away from umbrella - not many are interested in doing anything other than the minimum).
2. It costs just £5 per invoice. (Previously, I was paying £24 a week, PLUS half fees to accountant to keep ltd going - Now its full accountancy fees plus £5 per week)
Things not so sure about:-
1. Paystream will only deduct PAYE as per basic rate taxpayer. Not sure if you'd have to then account for the rest monthly via ltd or just at end of year tax return? NI is a flat rate dependent on income that week isnt it so that should be ok I guess?
2. Obviously, still need to pay accountants fees etc. Ltd has zero income now effectively. Accountant mentioned being able to claim these costs back as expenses so saving on the tax but you wouldnt save NI (because paystream paid this out already)? Confused here.
So anyone else done similar?
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