Glossary

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 Act (and its own articles of association). There are three common types of companies Private Limited Company (LTD), Limited Liability Partnership (LLP) & Public Limited Company (PLC). A Limited Company is a legal entity in its own right and the owner is protected by limited liability (meaning the shareholders’ financial liability is limited to the value of their investment in the company).

Other common terms

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

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

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,