Agency?

Creating a PSL

Why have a preferred supplier arrangement?

Managing a large number of suppliers can be very inefficient for any business as each supplier will have different processes and diverse working practises. This is no difference in the recruitment world.

At the end of the day, focus on an agency's core activity of placing contractors and generating margin means that great service is required from any partner selected. The reality is that umbrella and accounting providers do also have vastly different approaches to servicing contractors and agencies.

Additionally the legislation around the recruitment sector is such that the supplier processes may well create a different risk profile to the recruitment agency.The emphasis on compliance within the provider provides a level of comfort to the recruitment agency.

We are all in business for the longer term, therefore choosing a partner who has been around for many years, has good staff retention and is financially strong is paramount.

What should you consider in choosing your preferred supplier?

Do they provide good service to both the agency and contractor, considerations may include: Reputation, Breadth of service offering, Account management approach, etc
What's their financial strength, considerations may include: PBT generation, Evidence of bank reconciliation between office and umbrella funds, Confirmation tax payments are up to date, no late payment penalties, Recent statutory accounts, quality of audit sign off e.g. big 4 firm, etc
Do they have resilient compliance processes, considerations may include: Supplier has a separate Compliance function, Evidence of internal controls and internal audit processes, Dispensation and overarching employment contract readily available for inspection, IR35 and MSC compliance processes in respect of PSC business, etc

Why is PayStream the right choice as your preferred supplier?

Service is paramount - list achievements/recognition
  • Contractor uk
  • Service accreditation (CSE)
  • Customer surveys
  • Outbound/proactive support
  • Business /service KPIs
Financially strong
  • Many years trading
  • Strong balance sheet
  • Daily bank reconciliations
  • Segregation of duties
  • Big 4 audited
  • Offsite data storage and DR plans in place
Compliance processes
  • Ex Eversheds inhouse lawyer
  • Internal Compliance team
  • Accredited by PP, apsco,
  • Compliance processes reviewed twice yearly by BDO
What our clients think
I must say that I am really impressed with the service and accessing my account from the web portal (my paystream) is not only convenient but well detailed. I have not been too concerned with taxes & tax timeline in the past but after joining PayStream, I have a clear understanding of how the system works (thanks to my accountant), my income statement is well laid out and detailed and the news feed is very informative. It is comforting to know that PayStream strives to work within the law and ensure it's clients are also well covered - I recently did an IR35 evaluation and valuable advice has been passed on.

Finally, queries and or complaints are handled swiftly which makes it more reliable.

I would definitely recommend to friends and colleagues - have done so already.
- B. Ekpe, Document Controller
Outstanding service born from our relationship with PayStream.
- S. Murray-Hession, Venn Group
Best umbrella service on our PSL - they always deliver!
- A. Tattum, Computer Futures
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Find out more
What is your contractor's pay rate?
Above Below £16 per hour or £128 per day
How long do their contracts tend to last?
More Less than 3 months
Are they working in the construction industry and genuinely self employed?
Yes No
Your contractor might want to look at My PSC
Our limited company service.

With My PSC, your contractors can set up and run their own limited company in the most tax-efficient way possible, with minimum fuss. Not only that but if they sign up now they'll get three months completely free. Find out more.

If you or your contractors would like to talk about My PSC in more detail and find out their IR35 status, please call us on 0800 197 6516, or fill in the form below and we'll be in touch whenever suits you.

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Your contractor might want to look at My CIS
Our special service for the construction industry.

My CIS lets your contractors enjoy all of the benefits of their CIS card whilst cutting down on all of that annoying paperwork - leaving your contractors to get on with their job. Find out more.

If you or your contractors would like to talk about My CIS in more detail, please call us on 0800 197 6516, or fill in the form below and we'll be in touch whenever suits you.

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Please enter a valid phone number
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Your contractor might want to look at My Max
Our umbrella service.

With My Max, your contractors can balance the benefits of continuous employment with the advantages of being a contractor. Find out more.

If you or your contractors would like to talk about My Max in more detail, please call us on 0800 197 6516, or fill in the form below and we'll be in touch whenever suits you.

Full name
Please enter your name
Email address
Phone number
Please enter a valid phone number
Call me on a
at
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Please Select an Option

By completing and sending this form you agree to receive a telephone call, postal communication or email from us. If you do not wish to receive future news about our products, services and offers, please uncheck this box.
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What does compliance mean to PayStream?