Glossary

Limited Company Service

This service (offered to freelancers by FCSA members) covers the primary support services needed to help an individual in business on their own account run their own limited company. It traditionally includes administrative support (invoicing, record keeping, and document administration), bookkeeping, accounting, production of business financial information, company secretarial services, production of required corporate returns and corporate and personal tax advice, together with legal advice and support covering employment status.

Other common terms

FCSA Codes of Compliance

The Freelancer & Contractor Services Association (FCSA) operates best practice codes of compliance designed to ensure that its Accredited Members are providing compliant advice and/or

PSL

Is a ‘Preferred Suppliers List’ that recruiters will use to identify companies that they are happy to work with, such as specific umbrella companies, that

HMRC

Her Majesty’s Revenue and Customs (HM Revenue & Customs or HMRC) is a government department responsible for the collection of taxes and National Insurance contributions,