200,000 Contractors & Recruiters breathe a sigh of relief

200,000 Contractors & Recruiters breathe a sigh of relief as KPMG confirms SJD Accountancy is compliant with the MSC legislation

Today, SJD became the first firm of accountants to be confirmed by KPMG as ëNOTí being caught by the Governments Managed Service Company legislation.

As the UKís largest specialist accountancy firm for contractors and freelancers, SJD Accountancy approached KPMG last year to review their business and processes for their compliance with the new MSC legislation. SJD are now delighted to announce that, after an intensive review they are fully compliant with all HMRC regulations.

In real terms, what this means for recruiters looking to recommend an accountant, is that by referring SJD accountancy they can be certain that they will not be liable for any contractorsí back taxes or penalties. Contractors can also feel confident that by using SJD they will not be caught by the MSC legislation. Currently SJD are the only such firm in the country to be reviewed and found to be compliant.

Managing Director Simon Dolan commented, I am delighted that both SJDís and ContractorUmbrellaís businesses have received KPMGís accreditation. I feel sure that a very large burden will be lifted from recruiters who are looking to recommend bonafide accountancy firms and for contractors who are looking for a safe pair of hands to manage their tax affairs.

More and more people are choosing to operate through their own limited companies, partly due to changes in corporate working practices but also because of the freedom, control and enjoyment that comes from being your own boss. The fact that contractors, consultants and freelancers can command much higher daily rates of pay may also be an influencing factor but surely this is only to be expected, bearing in mind the lack of holiday and sick pay, and other additional benefits which are lost when moving from employment to contract workî.