Glossary

Open Book Accounting

Open book accounting involves companies publishing information whose availability is often restricted on the grounds of commercial sensitivity. FCSA’s approach to auditing Accredited Members involves open book accounting as a copy of the audit file is lodged with HMRC for full transparency. This principle is based on the view that transparency will lead to greater accountability and help the service providers sector and the Government to work closely and openly together in a relationship of mutual benefit.

Other common terms

FCSA Charter

The FCSA Charter sets out the minimum ethical standards and levels of conduct expected from the Freelancer & Contractor Services Association (FCSA) Accredited Members. All

FCSA Accredited Member

An FCSA Accredited Member is a service provider – namely an umbrella employer, contractor accountant or CIS payroll provider – that has been independently audited

Personal Service Company (PSC)

This is another term used to define a limited company and is most commonly used with reference to a company that contains a sole director/shareholder