Glossary

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 to confirm that they adhere to the rigorous Freelancer & Contractor Services Association (FCSA) Codes of Compliance and a copy of the audit report is sent to HMRC for complete transparency.

Other common terms

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

Umbrella Company

Umbrella companies employ contractors under the terms of a permanent contract of employment, meaning that the individual receives all 84 statutory rights and employment benefits

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