Glossary

Service Provider Sector

Service providers offer specialist tax, accountancy and administrative support, and advice for the professional freelance workforce. The specialism provides support to independent professionals across a variety of sectors, all of whom choose to operate as either independent businesses, limited companies, employed by umbrella companies or as self-employed individuals. The tax regulations and employment status legislation affecting professional contractors is complex and the service provider sector exists to support the flexible workforce in being compliant with their tax and legal obligations.

Other common terms

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

Employment Agencies & Businesses

Government departments often differentiate between employment agencies and employment businesses. The Department for Business, Energy and Industrial Strategy (BEIS) categorises employment agencies as those companies

PAYE

Meaning ‘Pay As You Earn’, this term refers to the method of paying Income Tax and National Insurance Contributions (“NICs”) in the UK. Your employer