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

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

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

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