November 1949, Frank McNamara, head of the Hamilton Credit Corporation, and Alfred Bloomingdale met at Major’s Cabin Grill, a well-known New York restaurant next to the Empire State Building. Over lunch, they discussed a problem Hamilton customer: someone who had borrowed money but was now una...

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Few would doubt that the recession has had a dramatic impact on employment patterns in the UK.  Combined with changes in employment legislation over the years and an employer-driven trend towards flexible working, the changes necessitated by the recession have resulted in a new emerging model...

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The PayStream offices will be closed on the following dates:• Friday 25th December• Monday 28th December• Friday 1st JanuaryFor all other days in between Christmas and New Year the office will be open between the hours of 9.00am and 3.00pm.• Tuesday 29th Decem...

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The Chancellors Pre-Budget speech was quite low key which, compared to previous years, was good news for  freelancers and contractors.  For those operating through PSCs there was no mention of reform to tackle income shifting or changes to IR35 which was a relief. More good news was that t...

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Identity theft is growing and as the popularity of social networking websites such as Facebook and My Space are increasing so is the potential for identity theft.  The more personal information you provide on these sites the easier it becomes for others to take advantage of you and your identit...

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You may already be aware that PayStream purchased Mimax Mosaic back in January 2008.  PayStream has successfully managed Mimax ever since and as a result we have decided to completely absorb this service into PayStream’s business. Why are we making the change? To help PayStream market...

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Since Europe reached agreement on the agency workers directive in October 2008, considerable flexibility has been left to individual member states as to how they interpret and apply its framework of legal protection for agency workers, provided they do so by 5 December 2011. The UK government h...

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Another e-mail scam is making the rounds supposedly offering tax rebates from HMRC.  The e-mail advises you of an amount that you are eligible for and then requests that you complete and submit an attached electronic form.    There has been a recent increase in fake HMRC e-mails an...

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The changes announced in the 2009 Budget Report will have very little impact on contractors, however here are some of the main points to note:   Corporation Tax As announced at the 2008 Pre-Budget Report, the planned increase in the small companies’ rate of corporation tax is being de...

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HMRC have released another warning regarding scam emails supposedly from HMRC offering tax rebates. While HMRC may send you an email from time to time, it would never do so requesting login, bank and credit card details. Despite these emails containing the HMRC logo, they are fake. Please do not fol...

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If you’re a Director of a company please read on…   From 1st February 2009 all companies filing accounts late at Companies House will receive higher penalties.   There are three key changes being introduced: The first increases the level of the penalties to take account of inflation...

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One of the growing concerns during this global credit crunch has been ‘How safe are our savings?’   After the Northern Rock crisis last year, where thousands of people queued to withdraw their cash, there was a change to the system which saw an increase in the amount of bank deposits guarante...

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If you want your contractors to maximise their take home pay but feel confused by the different ways of working, give this article a quick read! This straightforward guide explains the main options available to your contractors.   My Personal Service Company (My PSC)Working through a PSC...

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Before Tax credits were introduced on 6 April 2003 there was a different allowance available for parents and families which was badly publicised by HMRC.  If you did not claim this allowance you can still do so up until 31 January 2009. You may be eligible for this allowance and have the abil...

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As millions of people in Britain prepare to send in their tax returns online before the January 31 deadline, a new phishing scan which claims to offer an income tax rebate has been identified. The email looks genuine but beware, it's completely fake:  ...

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The Chancellor Alistair Darling earlier this week delivered his Pre-Budget Report entitled “Supporting people through difficult times” to the House of Commons. This article considers whether, from a contractor’s point of view, the measures announced are indeed supportive, and considers in particular...

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If you are due to file your annual company accounts on or after the 1st February 2009, PayStream would like to make you aware that the penalties for late filing are increasing. Section 441 of the Companies Act 2006 requires all companies to deliver annual accounts by the due date. Section 453 states...

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The introduction of the Managed Service Company (MSC) legislation from April 2007 had a significant impact on the contracting industry. In this article, we explain why the safest way to work is with PayStream’s support and expert advice.   Overview The introduction of the Managed Service ...

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Everybody knows the pressure and stress that having to get their tax return completed by 31 January can bring.  That desperate hunting through piles of paperwork or filing cabinets to try and find just what you did with your P60.  Then when you find them you realise you have to do the same...

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Case Study Dragonfly Consultancy Ltd lost its appeal to the High Court leaving its co-owner Mr Charles Bessell, a highly skilled IT system tester, facing a tax bill of £99,000. The case was heard before the Special Commissioner in September 2007 who concluded that Mr Bessell would have been ...

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The Service Providers Association (SPA), an independent organisation that campaigns on behalf of contractors, will take a central role in working with Government during the consultation period on travel expenses for contractors working under overarching contracts.   The consultation was annou...

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The contracting market faces another storm as the Government this week issued a consultation paper which considers whether to withdraw the tax relief available to temporary workers who incur travel and subsistence expenses. Workers ‘genuinely in business on their own account’ and working through a P...

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Although yesterday’s Budget speech may have been short on detail, HMRC’s website contained 107 Budget Notes amounting to 270 pages. Amongst the detailed technical material there was surprisingly no reference to the final version of the income shifting legislation which had been widely anticipated. T...

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PayStream, one of the UK’s leading accountancy service providers has today purchased the Glasgow-based umbrella service provider Mimax Mosaic Ltd for an undisclosed sum. By acquiring Mimax Mosaic, PayStream increases its presence in Scotland, continuing its strategy to broaden its customer base in...

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In the last few days, HM Treasury have published a consultation on proposed legislation on how to stop a tax advantage being gained by individuals who are using incorporated and partnership structures as vehicle to provide work/services and then to subsequently  “shift income” from one individu...

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HMRC have released their latest news on the MSC legislation and its effects upon recruitment agencies: http://www.hmrc.gov.uk/employment-status/monitoring-legislation.htm HMRC make it clear that: Using a PSC is a legitimate way to operate; It is not correct that agencies should only refer to ...

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No, if you are working through an Umbrella or other structure such as My PAYEsafe where all your income is taxed under PAYE.  Maybe, if you are providing your services through a Personal Service Company (PSC) and you receive part of your income as a dividend.   As a quick check, if you c...

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