Contractors urged to use FCSA compliant providers by REC
The Recruitment and Employment Confederation have announced this week that they have entered into a partnership with the Freelancer and Contractor Services Association in order to ensure that they are providing a better service to those who work for themselves. Any business that wants to be able to describe themselves as a partner of the REC will need to have FCSA membership and be compliant with all relevant legislation before they will be considered for recommendation from the REC.
One of the major areas where this will be relevant is when it comes to umbrella companies, and the FCSA set particularly rigorous standards for their members to ensure that all their operations are in line with best practice. They use regulated accountants and lawyers to assess their members’ business operations, and the details of the audits that they perform are passed on to HM Revenue and Customs.
The REC is keen to ensure that its members are able to access the very best in financial services and to avoid some of the problems that arise from using services provided by less than scrupulous operators. The news this week has featured the arrest of a payroll firm boss from Essex has been jailed for stealing £250,000 from his clients, siphoning off National Insurance Contributions and tax deductions and using them to fund his businesses instead of paying it to HMRC. His two year jail sentence has reminded contractors that they need to be vigilant about checking the credentials of anyone that they are allowing to handle their finances, so the REC are keen to help their members to make sound decisions and protect themselves against those who might fail to comply with the appropriate legislation.
If you are a contractor and want to know more about the way your income could vary depending on how you organise your finances, our take home pay calculator is a great way to work out what you could be earning. We also have a FREE 60 page guide to contracting which can help you to understand some of the issues you might face, and a range of free contractors’ guides which are designed to provide information on a range of subjects.
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