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How existing contractors can benefit from using PayStream
If you are an existing contractor you are sure to already be aware of all the pitfalls and benefits of having limited company status.
What you may not know is that it is possible to reduce the amount of hassle involved in running your personal service company, without losing any of the advantages.
Using PayStream's My PSC service will allow you to hand much of the paperwork over to a team of expert accountants, who will ensure your affairs are handled in the most tax-efficient way possible.
You will still maintain complete control of the business, but will have to spend less time on filling out forms and drawing up accounts, allowing you to focus on finding the most lucrative assignments.
Limited company services from PayStream
While working on a limited company basis has obvious benefits – such as shielding you from business debts, making it easier to obtain work and allowing you to maximise net pay – there are also drawbacks.
Keeping your accounts up to date, completing tax returns and associated paperwork can at times feel a little overwhelming, particularly if your assignment involves working long hours.
Using Paystream's My PSC service will allow you to concentrate on your project, safe in the knowledge that your books and tax affairs are being looked after by accountants with vast experience of working with contractors.
We will complete your tax and VAT returns, as well as ensuring all the appropriate documentation is filed with Companies House on time.
Our team will also check your books are correct and have a dedicated account manager available to explain everything to you in layman's terms and deal with queries without resorting to jargon.
You will be able to rely on PayStream to take care of your invoicing and chasing payment from agencies and other customers.
Once the money is in the bank, our accountants will help you take it out of the company in the most tax-efficient manner possible, ensuring you maximise your net earnings.
This may involve receiving some of your income as dividends rather than salary, as well as taking advantage of all deductable expenses. Working out the best way to do this can be complicated, but our expert team will choose the best route for your circumstances.
In addition to all this, we can provide advice on IR35 compliance.
PayStream's limited company services start from £116 + VAT a month, but you will be able to offset some or all of the charge against tax, so the actual cost could be as little as £93 a month.
Should existing contractors switch to limited company status?
If you have been freelancing for some time on a self-employed basis or are being paid on a PAYE rate by the agency, you may wish to consider the benefits of setting up a limited company.
Most agencies prefer working with limited company contractors and you will also benefit from the protection afforded by limited liability, but the main attraction is the potential to increase your net earnings.
Get in touch with PayStream for advice about setting up a limited company and our experts will be able to assess whether it is the best option for you.
In some circumstances our umbrella services may be more appropriate, particularly if you wish to work inside IR35 regulations.
Why should existing contactors choose PayStream?
PayStream has been providing payroll and accounting services to contractors and freelancers for more than 30 years, meaning we have a great understanding of what you need.
Our customer service is second to none, as you will be able to see from the client testimonials page on our website.
For a free personalised, no-obligation quote, contact us via our website or give one of our team a call on 0800 197 6516 for an initial discussion.
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