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Limited company

Our limited company accountancy services are designed to give you what you need at a price that makes sense for your business.

Limited company


Switching to PayStream is easy

Are you unhappy with the service your current provider is giving you? If your accountant isn't able to give you the service and expertise that you deserve then now is the perfect time to switch.

Comprehensive Insurance Packages

At PayStream we offer a comprehensive level of insurance cover for our limited company contractors. Take a look at the highlights of this cover.

My PSC vs High Street Accountant

If you've thought about finding a more tax-efficient way to work, you've probably already considered getting in touch with a local accountant. So we thought you'd find it useful to see how My PSC compares to the service you'd typically get from an accountant on the high street.

Expenses for limited company contractors

Working as a limited company contractor has a lot of advantages, but it does mean you're responsible for plenty of running costs. Fortunately, there are tax relief and allowances that can help you maximise your take home pay, as well as different expenses you can claim.

Year End Tax Guide 2021/22

As the end of the tax year approaches there are various rules, rates and allowances in place which if used effectively can ensure you are working in the most tax efficient way.

Limited Company FAQs

Our limited company accountancy services are designed to give you what you need at a price that makes sense for your business and we want to make sure you use the service that's right for you. We’ve answered some of your most frequently asked questions.

What is the best mix of salary and dividends?

This is a question always asked by new limited company (PSC) contractors. Before you look at what the optimum salary vs dividends solution is for most PSC’s, we recommend that you read our ‘what is a dividend article’ first.

A contractors’ guide to payroll forms

As a director of a limited company you are required to navigate all matters related to payroll for your PSC. But do you understand the various payroll forms and know exactly what to do and when to do it?

Principles of VAT for Contractors & Small Businesses

We have created a simple guide that is intended as an introduction to the tax for limited company contractors and other small businesses.


Introducing PSC Insight

Our specially-designed online accounting portal helps you shine a light on your company finances quickly and conveniently, whenever you want. Only for My PSC and My PSC Exec contractors.

A guide to PayStream's Limited company services

If you're a contractor who can work outside of IR35, working through your own limited company is by far the most tax-efficient option for you. This video outlines how PayStream's limited company services can benefit you.

Why should you set up as a Limited company contractor?

What are the main benefits of working as a limited company contractor? We take a closer look in this video.

What is a personal service company?

What's the difference between a personal service company and a limited company? Our video explains...

How do I set up a limited company?

It's very easy to set up your own limited company, or personal service company, as some people like to call it. Our video explains how...

What are your responsibilities as a director?

Setting up a limited company can bring with it a number of responsibilities, including several taxes that you need to pay over the course of the year.

Umbrella vs Limited Company

When you decide to work on a contract basis, you can either work through an umbrella company or become a limited company contractor. But before you decide on which option is best for you, there are a few things you need to consider.


How does a Limited company work?

Making the move to a limited company contractor can be quite daunting as some may find it difficult to understand how it works. Our infographic can help.

Umbrella VS Limited Company Infographic

Umbrella Company vs. Limited Company, what's the difference? Our infographic explains.


An umbrella company is the simplest way to get paid for most contractors. The umbrella company employs contractors carrying out short-term assignments and makes Pay As You Earn (PAYE) and National Insurance contributions - so no unexpected tax bills.



A quick Start-Up Guide from PayStream

So you’re thinking of becoming a contractor? Whatever your reasons for choosing this kind of work, starting out as a contractor means that you need reliable information. We have answered some of the most commonly asked questions for you.

Umbrella Company FAQs

We are regularly asked a wide variety of questions, ranging from what the benefits are of using our services, to what are deemed to be 'allowable' expenses. We have therefore drawn up a 'Frequently Asked Questions' document to assist you.

Your guide to Supervision, Direction and Control

The Government has changed the Travel & Subsistence expense rules for agency and umbrella workers. Find out more here as to what these changes are and what they mean to you.

Umbrella Expenses - what can you can claim?

As an Umbrella contractor working through PayStream you will fall into one of two categories; working under supervision, direction or control (SDC) of either the client or the agency or not.

How to spot a dodgy umbrella company

April 2021 saw the implementation of off-payroll working in the private sector, a considerable number of contractors who currently choose to work through their limited company (PSC) may have that choice removed from them. Those likely to be affected have found themselves in unfamiliar territory in trying to choose an Umbrella Company.

My Max FAQs

Our umbrella company, My Max is the award winning umbrella company that covers it all, this makes it the simplest way to get paid for most contractors. My Max takes care of all of your Pay As You Earn and National Insurance contributions leaving you to get on with what you do best. How an umbrella company works really is simple so we’ve answered some of your most frequently asked questions below.


What is an umbrella company?

So, what is an umbrella company? In this video Damien quickly explains what an umbrella company is and lists just some of the benefits you can enjoy by using one.

How does My Max Umbrella company work

If you’re new to contracting, then working under an umbrella company is arguably the best way for you to work. But what exactly does this involve? This video outlines how an umbrella company can help you.

Join PayStream in less than 10 minutes

Joining PayStream comes with a raft of benefits, but joining up is simple and can take you under ten minutes to complete.

Travel and subsistence explained

On 6th April 2016 the Government introduced new legislation which imposed restrictions on an umbrella worker’s ability to get tax relief on their travel and subsistence costs. We explain in further detail what these changes are and how they affect contractors...


How an Umbrella company works

Understanding how an Umbrella company works can be tricky so let our infographic help to explain.

Umbrella vs PAYE

It can be difficult to understand how an umbrella company differs from working through the agencies payroll, so let our infographic help to explain these differences.

Umbrella benefits

Our umbrella service, My Max, offers contractors that little bit extra. From employee rewards, to help and advice with big financial decisions, we like to think that My Max is well ahead of the pack in every respect.


In our industry, a strong focus on compliance is essential, both for us and our contractors' peace of mind. That's why it's important that we keep our clients up to date on all the latest legislative changes.



IR35 Advice For Contractors

IR35 looks at whether a contractor is working any differently from an employee of the client. There should be noticeable differences between how contractors and employees work, otherwise IR35 may apply to the contractor.

The pro's and con's of using the CEST tool

HMRC first introduced it's 'Check Employment Status for Tax' (CEST) tool back in 2017. However since its introduction CEST tool has not been without it's critics, we take a look at the pro's and con's of CEST in this article.

IR35 MythBuster #1 - What happens if a client says an assignment is outside IR35

If a client says the assignment is outside IR35, there is no risk to the agency if it pays the contractor’s PSC gross - Fact or Myth?

IR35 MythBuster #2 - what happens if a client deliberately misleads an agency

If the client deliberately misleads an agency on IR35 status the client bears the tax risk - Fact or Myth?

IR35 MythBuster #3 - The small company exemption

If the small companies' exemption applies, an agency could still be liable for unpaid tax under the new IR35 rules - Fact or Myth?

IR35 MythBuster #4 - Who is liable?

Agencies can leave decisions on IR35 solely to their clients without risk - Fact or Myth?

How do I avoid IR35?

The simple answer is you can’t, so stop looking. As of April 2021, the decision regarding your IR35 status will rest with your end client. However there are certain things you can do to ensure they take into account all the facts.


What is IR35?

IR35 is a piece of legislation that applies to limited company contractors. We take a more in-depth look at what the IR35 legislation is and how it affects contractors.

Who does IR35 apply to?

Determining whether you fall inside IR35 or outside IR35 can be tricky. It looks at various factors, including whether you have the right to substitute, how much financial risk you take and who controls when, where and how the services are performed. We take a closer look at who IR35 applies to.

What helps and what hinders IR35?

Understanding whether or not you fall inside or outside IR35 can be tricky, even for the most diligent contractor! Our video outlines which factors help and hinder your IR35 status.

What is the off-payroll working legislation?

HMRC says that if you look and work like and employee then you should be subject to the same tax and National Insurance deductions as other regular employees. Our Legal Director, Julian Ball, explains what exactly the off-payroll working legislation is.

What do the public sector changes mean for contractors

IR35 within the public sector was introduced in April 2017. This video looks at what IR35 is, what these public sector changes were and what they meant for contractors and their agencies.

What is CEST?

So, what exactly is CEST and what has it got to do with IR35? Our Legal Director, Julian Ball, explains.

What is IR35 Comply?

Understanding whether or not you fall inside or outside IR35 can be tricky, even for the most diligent contractor. Our innovative IR35 portal makes completing an IR35 review quicker and easier. It also leaves an audit trail of the outcome and supporting documents, ready for you to refer back to later.


What helps and hinders IR35

IR35 asks whether the worker would have been an employee of the client if engaged directly. It looks at a number of factors to determine this some of which can be quite confusing so our infographic is here to help.

What is IR35 Comply? Infographic

IR35 Comply is PayStream's complete IR35 review service which enables you to manage IR35 throughout your supply chain, all via our market leading online portal.

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