The Service Providers Association (SPA) has launched a code of conduct for the professional freelance sector and all organisations who work within this sector including umbrella companies and companies who provide support services to limited companies. The aim of this code of conduct is to improve professional standards across all freelancing sectors.
The code will detail standards and ethics in a bid to encourage best practice. As part of the code of conduct, all members of SPA will be reviewed by a Top 4 accountancy firm, namely PwC, KPMG, Deloitte or Ernst & Young). The outcome of these reviews will be sent on to HMRC on a voluntary basis. It is this open-book policy that has been so readily welcomed by HMRC. SPA themselves provide many services to the freelance sector including tax, employment, accountancy and administrative support services. SPA have stated that they strive to provide their members with a professional service at all times.
Speaking about the launch of the code, an HMRC spokesperson said: “We welcome moves by some service providers in the temporary labour market to self-regulate. A commitment to effective self-regulation and transparency in dealing with HMRC is a positive step in reducing compliance burdens and HMRC is pleased to give advice on its interpretation of the law to those wishing to devise a regulatory framework”