With compliance increasingly in the spotlight in the contractor umbrella, accountancy and payroll industry, we feel it is more and more important to be seen as committed to raising standards.
This is something we share with the Freelancer and Contractor Services Industry (FCSA) and we are now proud to have been accepted as Associate Members.
Who are the FCSA?
FCSA was set up in 2008 by a group of like-minded founders looking to set the standard and differentiate themselves from less scrupulous competitors in the marketplace. The laws governing this space are complex, with numerous financial, tax and legal regulations to adhere to, and there are a large number of service provider organisations that support these workers.
Unlike the Financial Services industry, our sector is unregulated and it is therefore vital that compliant companies regulate themselves in a transparent way. This is why we have chosen to adhere to the FCSA Charter and further commit ourselves to protecting the interests of the contractor and freelance workforce.
Compliance in the real world
Any contractor or freelancer looking for the best way to be paid for their services is confronted by a barrage of information, much of it aimed to attract them to providers by promises low tax bills and huge retentions. Many promise 85% or higher take home pay.
Given that the minimum rate of tax in the UK is 20% and all of these companies need to take a margin themselves in order to operate as a business, it is clear that somewhere along the line, HMRC are missing out on tax revenue and putting users of these schemes at considerable risk.
The schemes often operate aggressive tax avoidance methods which either skirt around tax legislation or even contravene it.
The old rule applies – “if it looks too good to be true, it probably is”.
By Compliance, we mean that we comply with the letter of the law – we don’t operate offshore or onshore tax avoidance schemes. We have previously written about our approach to compliance – if you would like to read more please take a look at this.
We will make use of legal and ethical tax planning methods that ensure that our clients work in an efficient manner whilst providing them with the peace of mind that they are on the right side of the law.
How we operate
The One Click Group offer umbrella payroll and accountancy services for contractors and freelancers and we see ourselves as a one stop shop. We are happy to give unbiased advice and provide our client with the information they require to make informed decisions.