Glossary

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, the payment of some state benefits, as well as other administrative duties.

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

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

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