London 1st independently verified as safe and compliant for the MSC legislation

London 1st has recently been independently audited and assessed to be a safe and compliant service provider for contractors in the UK.

The audit was performed by Professional Passport, an independent business that has pioneered an audit standard for assessing whether contractor accounting service providers are compliant and fall outside of the MSC legislation. The audit process which Professional Passport has developed in close consultation with HMRC, involved a thorough and exhaustive analysis of all areas of London 1st business.

Professional Passport concluded that London 1st is safe and compliant with the Government’s managed service company (MSC) legislation.

London 1st commissioned the audit to ensure that we have taken every step to ensure that our current and future clients are safe from the MSC legislation, brought out by the HMRC in April 2007.

The audit should ease the minds of recruitment agencies worried about the dangers of debt transfer if they recommend our accounting services or add us to their preferred supplier list.

Accountancy Service Providers that are caught by the MSC legislation could cost contractors thousands of pounds and therefore it is not surprising that most companies claim to be MSC compliant. However, these claims are not independently verified and often demonstrate a lack of understanding of the legislation. If a company claims to be outside of the MSC legislation, be sure to ask them if this has been independently verified.

To read a little more about the MSC legislation click here.