PayStream online accounting software is designed with contractors in mind. It is available directly through the Starling Marketplace, the in-app space where customers can connect to third-party products and services.
Back in February, PayStream became part of the Starling Marketplace to connect our business customers with experts on IR35, the tax legislation that helps determine if a limited company contractor is an independent business, or if they’re essentially an employee working for a client without being on the payroll.
We have now developed a new integration with PayStream, focused on bookkeeping. By connecting your bank account to PayStream’s online accounting software, everything will update and transfer automatically, making tax returns less of a headache. You also receive a dedicated accounts team, who provide a safe pair of hands, to help with limited company admin and advice on pay and tax-related issues. Once you’ve integrated your Starling account with PayStream your transactions will sync once a day, typically overnight.
How do I sign up to PayStream?
If you have a limited company account with Starling, go to your app and tap Marketplace in your menu. Find PayStream under the ‘Accounting’ category and click on its tile to sign up or log in.
If you’re new to PayStream, we’ll ask permission to fill in some of the details for you, such as your name and company name, and save you time on form-filling. If you’re an existing PayStream customer, all you need to do is log in and form a seamless link between your Starling banking transactions and your PayStream system.
What does PayStream provide?
The product that you’ll be able to sign up to or sync is called My PSC (Personal Service Company). Features include a dedicated accounts team, help with the preparation and submission of annual accounts, tax returns and quarterly VAT returns, as well as a loyalty scheme.
Customers who choose a more in-depth service can also have access to financial advice on company tax efficiencies and personal tax planning, as well as a dedicated mobile app and free reviews on IR35.
“PayStream has got a really good reputation specifically in the contracting business,” says contractor Edward Sims. “I wanted something I knew was trustworthy. It’s my first foray into the world of self-employment, which feels just like the Starling advertisement with the woman starting a business in her shed, getting up and running and not knowing what will be in the future.”
Edward, 26, became a Starling business customer after seeing Starling on a list of recommended providers on the PayStream website. As an Artificial Intelligence consultant, he was immediately drawn to Starling as the only FinTech on the list offering business accounts.
“Starling has made my life very easy,” he says. “I use the app every week and I really like the Spaces feature so that I can separate my tax and differentiate between leftover profit and liabilities.”
PayStream also helped him set up by registering his business on Companies House and giving advice on starting out as a contractor. “PayStream treats me like an individual and I really appreciate the relationship I have with my accountant and financial advisor. They’re not patronising, they answer every question I have and give me the respect that makes me feel I can ask more questions.”
How PayStream can help new contractors
Contractor Christian Carne chose My PSC Exec, rather than the more light-touch options My PSC Online or My PSC. “I went for the top level because it provides so much more support in terms of tax claims, public liability Insurance and financial advice. It was the most supportive option for someone going into contracting for the first time.”
Chris, 52, works as a Senior Business Analyst on a contract basis for the company he used to work for full-time. “Originally, I thought of contracting under an umbrella company - I didn’t want to get caught up in the stress of doing my own taxes and VAT submissions. But a colleague recommended that I speak to PayStream about my options - it didn’t cost me anything and they carefully explained the differences between going with an umbrella company and setting up a limited company,” he says.
In the end, he decided to set up a limited company, even though he only had a few days to do so before his contract started. “PayStream answered everything I asked and they recommended Starling for my bank account because I could get it set up quickly,” he says. “I received confirmation of my business account opening within an hour and the debit card turned up a couple of days later.”
What Chris likes most about both PayStream and Starling is the clarity of information. “Getting into my Starling account is nice and straightforward. Your balance comes up straight away and statements have been really easy - you dip in, choose a time period and then drop it into your email. In PayStream, my pending receipts are nice and clear and I can define what my dividends are and what my salary is,” he says.
“Both Starling and PayStream have worked really well for me in terms of service, support and speed, and the link will make things even easier.”
How much does PayStream cost?
If you sign up to PayStream through the Starling Marketplace, you won’t pay more than if you had gone to PayStream directly - it’s what we call the Starling Promise.
PayStream customers have three tiers to choose from, depending on the services they require, ranging from £95 + VAT to £250 + VAT, per month. Every PayStream customer will work with a dedicated accounts team who provide a safe pair of hands to help with limited company admin and advice on pay and tax-related issues. You will also have 24/7 access to an online portal, which now syncs to your Starling business account once a day, to save manual data entry, minimising the risk of human error.