Connecting to LinkedIn...

Blank

1st Option Consulting breaks new ground with HMRC review

1st Option Consulting breaks new ground with HMRC review

Coventry based contractor accountant, 1st Option Consulting has achieved an historic first by successfully passing a full HMRC review of its operating procedures around ITEPA 03 Chapter 9 (the Managed Service Companies legislation)

1st Option has been providing accountancy services to the contracting sector since 1996 and had become increasingly concerned by evolving legislation as well as the ever increasing numbers of contractor management companies and structures, who seemed happy to flout compliance procedures. After the Managed Service Companies Legislation was enacted into law, as part of the Finance Act of 2007 (with its associated provisions for the transfer of tax debts if structures are deemed to be involved with their clients), the company approached HMRC to seek greater certainty around its own approach.

As a result, HMRC undertook an exhaustive 15 month review of the business, including the scrutinizing of procedures and client files all designed to satisfy themselves that the company was not only going about its affairs in an appropriate way but, more importantly, that it was not a Managed Service Company Provider. The completion of the process in February 2009 has resulted in written confirmation from the Sheffield based compliance unit that 1st Option Consulting is not involved and as a result no debt transfer arrangements can ever ensue.

Commenting on the process, Director of 1st Option, David Mount said: 1st Option has always been totally committed to best practice and demonstrating a compliant approach it goes without saying that we are delighted to have completed this complex process successfully. Our hope is that it will increase confidence amongst our contractors, our agency partners and the recruitment market generally.

Tags:

Articles similar to

Articles similar to