Digital Bank Starling Bank have developed a new integration focused on bookkeeping with accounting providers PayStream, available through the Starling Marketplace. By connecting their bank accounts to PayStream’s online accounting software, customer details and information will update and transfer automatically, syncing daily, simplifying tax returns. Customers will also receive a dedicated accounts team offering advice on pay and tax-related issues.
PayStream provides online accounting software with contractors in mind. It has been a part of the Starling Marketplace, the in-app space where customers can connect to third party products and services, since February 2020. Originally it was used to connect Starling’s business customers with experts on IR35, the tax legislation that can determine if a limited company contractor is an independent business.
The new integration, called My PSC (Personal Service Company) has various levels of service with three tiers to choose from depending on what customers require, and ranges in price from £95 +VAT to £250+ VAT per month.
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 Artificial Intelligence consultant, Edward Sims. “I wanted something I knew was trustworthy. 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.”
Starling Bank has also recently launched Online Banking for its personal and joint bank account customers. Developed in response to customer demand, the new online portal allows Starling customers to manage their money from their computer as well as through the smartphone app. Business accounts have been able to access the service since October 2019.