Glossary

Contractor Accountant

Contractor accountants are specialists who provide tax advice and accountancy services to independent professionals who work for themselves often via their own limited company. The contractor accountant can provide

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

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

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 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

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,

IR35

IR35 also known as the “intermediaries legislation”. This piece of legislation to is designed to prevent tax avoidance for any contractor working for an end-hirer

Limited Company

A Limited Company must be incorporated at companies house, have its own unique company registration number and is governed by the requirements of the Companies

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

Offshore Structures

This term refers to any structure including a company that is based offshore (i.e. not in the UK) that offers services to UK recruitment agencies

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

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