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Choose PayStream for limited company services
Choosing to work on a limited company basis has significant advantages for contractors and small businesses, but also involves a lot of paperwork, including VAT and tax returns.
But there is a way to enjoy the financial benefits of operating as a limited company contractor, without all the hassle.
PayStream's My PSC service can help you to cut down on the amount of work involved in running your own business by assisting you with all of administrative and accounting tasks required, leaving you free to focus on winning new customers and meeting deadlines.
Why set up a limited company?
There are three main reasons contractors opt for limited company status – protection from business debts, clients prefer it and potentially significant financial advantages.
Limited company status is attractive to agencies and other customers when they select contractors for assignments.
They do not want to take on responsibility for an employee-employer relationship and prefer to use a contract for services with a limited company when they wish to have a specific project carried out.
Assuming you fall outside IR35, there are also financial benefits to setting up a personal service company.
You may choose to use different methods to remunerate yourself, helping to minimise the amount of tax you pay and increase your net wages.
But to do this yourself requires a good understanding of tax regulations and allowable expenses, and you must be prepared to spend time completing VAT returns and other documentation.
You may discover it is easier and more cost effective to allow a team of accountants experienced in working with contractors to assist you in managing your company's financial affairs.
How does PayStream's limited company service work?
PayStream can take much of the hassle out of setting up and running a limited company for contactors who fall outside IR35.
We have a team of expert accountants who can guide you through the process of establishing a limited company and then running it.
Our My PSC service will carry out services such as raising invoices on your company’s behalf, producing tax returns and advising you when to make a tax payment and how much to pay. We may also provide you with management accounts every time your agency make payment into your business bank account telling you how much money to retain for future tax payments and how much is available to withdraw, leaving you free to concentrate on securing the most lucrative assignments.
As our staff all specialise in working with contractors they can provide advice on issues such as IR35 compliance, as well as completing tax returns, VAT returns and all the statutory documentation required by HM Revenue & Customs and Companies House.
You can also be assured that PayStream's team will advise of the most tax-efficient way for you to take money out of the company, allowing you to maximise your take home pay.
The services will not reduce your control of the business and you will continue to be free to choose which projects you accept.
Why choose My PSC from PayStream?
We have been providing payroll and accountancy services to limited company contractors for more than 10 years and have unrivalled experience in the market.
Our My PSC package can be used for as little as £116 + VAT a month and your dedicated account manager will help you offset part of the cost against tax, so the actual cost could be as little as £93 a month.
For more information about My PSC or to receive a free personalised, no-obligation quote, call us on 0800 197 6516 or contact us via the PayStream website.
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