Personal Service Companies (PSCs)

Setting up and working through your own limited company can be a rewarding experience, but not everybody wants to deal with paperwork and accounts every weekend! If so, see what we can do for you.

With Nova’s range of PSC services, we can help reduce the administrative burden leaving you to focus on doing what you do best.

Depending on your personal preferences as well as the specific contractual circumstances, we can offer a number of different options to best suit your situation.

PAYE Prime

Enjoy the benefits of self-employment and your own limited company whilst not having to worry about a challenge to your employment status.

You become the sole director and sole shareholder of your own limited company and supply your services as a self-employed subcontractor.

Nova will handle all aspects of getting you set up with your company, will raise invoices to your agencies/clients and will process your payments each week.

All your income will be treated as employment income via PAYE (after allowable expenses) and will be paid into your personal bank account.

PAYE Reserve

As a director of your own limited company, you can choose not to pay any National Insurance Contributions (NICs) until your taxable income reaches £8,164. However, when you reach this threshold, you will have used up your tax-free allowance and you will be liable to pay full NICs on all remaining payments within the tax year.

This increase in deductions will make a noticeable impact on your income, so if you would like the assurance of knowing what your NIC deductions are going to be each week throughout the year, we are happy to build a reserve from your net pay each week and save this on account for when you reach the threshold. At this point, you should have sufficient funds in the reserve to pay the correct NICs with no significant ‘drop off’ in take-home pay.

PSC Direct

For contractors and self-employed businesses wishing to be paid without any deductions for tax or NICs, this is not a problem. Nova will raise an invoice to the agency/client and then pay the balance less a 3% margin to your business bank account.

Please remember though that it’s your responsibility to manage the administrative affairs of your company, as well as ensure that you account for and pay the correct amount of tax and NICs due. With the assistance of a bookkeeper or accountant this can all easily be taken care of.

Service Pay frequency Cost
PSC Prime & Reserve Weekly 3% margin on gross invoice. A minimum of £10 to a maximum of £30 & £10 Nova Accountancy Fee (If gross invoice value <£100 the cost is £5)
PSC Prime & Reserve Monthly 3% margin on gross invoice to a maximum of £130 & £40 Nova Accountancy Fee
PSC Direct Weekly 3% margin on gross invoice. A minimum of £10 to a maximum of £30 (If gross invoice value <£100 the cost is £5)
PSC Direct Monthly 3% margin on gross invoice to a maximum of £130