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

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

PSL

Is a ‘Preferred Suppliers List’ that recruiters will use to identify companies that they are happy to work with, such as specific umbrella companies, that

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