It has never been more important for your recruitment agency to consolidate your Preferred Supplier List (PSL) and to ensure every accountancy and payroll provider on it is fully compliant with HMRC legislation. With the introduction of the Criminal Finances Act 2017, your recruitment agency and your Directors could face severe punishments for facilitating tax avoidance – even if it was accidental!
Below are some tips to help you spot non-compliance on your PSL. Answer each question with yes or no. Are the companies on your PSL:
- Accredited by the FCSA – the industry-leading regulator who audits accountancy and payroll providers to ensure they are operating in compliance with HMRC legislation?
- Offering you realistic referral incentives, and not excessive rewards that stand out compared to other providers in the industry?
- 100% compliant with HMRC legislation, and able to prove it?
- Registered and located in the United Kingdom – and not overseas?
- Experts with the latest legislation and able to provide your consultants with guidance on any of the legislation affecting the recruitment and contracting industries?
- Well established in the industry?
- Able to provide your candidates with useful services such as insurances, pension advice and IR35 reviews (either through their own company or by approved partners)?
- Strict with your candidates’ expense claims?
Hopefully, you will have answered every question with yes. If there are any questions that you have answered no to, your recruitment agency is at risk because of a potentially non-compliant provider on your PSL.
Churchill Knight has been an industry-leading provider of contractor accountancy and payroll services since 1998. Having never offered or promoted a tax avoidance scheme, you can be assured that we are fully compliant.
Since our first day of operation, we have helped over 20,000 contractors legally maximise their take home pay by operating through a personal service company (PSC). However, our services are not just limited to limited company contractors. We also have industry-leading services for:
- Contractors looking to get paid via an Umbrella Company (Churchill Knight Umbrella).
- Limited Company contractors working in construction (CIS Limited).
- Contractors working in the construction industry who want to remain as sole traders (CIS Sole Trader).
- Small Business owners who are looking for an accountant who can take care of their company’s finances.