PSC

[scooby]

now, i know i can be thick at times, but what the feck is the definition of a PSC??

[BigTime]

A Guide To Personal Service Companies for IT contractors :: Contractor UK

[amcdonald]

All you need to know is that a PSC has no meaning in law, it's just a made name by the Inland Revenue that has no legal basis

[northernladuk]

now, i know i can be thick at times, but what the feck is the definition of a PSC??

It is what you are.....

[scooby]

It is what you are.....

Allegedly

[Waldorf]

There doesn't seem to be any definition but I would say that it is a limited company used as a vehicle to supply the services of an individual, ie usually a ine man band, rather than a larger consultancy employing several staff.

[LisaContractorUmbrella]

The term was, I believe, introduced by HMR&C at the same time as the MSC legislation came out and, although they have never commented on it as far as I know, I believe the terms was coined to differentiate between a single person Ltd Co v a 'company'.

[scooby]

The term was, I believe, introduced by HMR&C at the same time as the MSC legislation came out and, although they have never commented on it as far as I know, I believe the terms was coined to differentiate between a single person Ltd Co v a 'company'.

clear as mud then!

[LisaContractorUmbrella]

clear as mud then!

Yep if there's one thing you can rely on HMR&C for it is to act without an clarity whatsoever

Oooo look at that I've just hit 1500 posts

[Wanderer]

There doesn't seem to be any definition but I would say that it is a limited company used as a vehicle to supply the services of an individual, ie usually a ine man band, rather than a larger consultancy employing several staff.

People are correct that there is no definition in law but HMRC's definition states that you are using a personal service company if:

• you performed services (intellectual, manual or a mixture of the two) for a client (or clients); and
  
• the services were provided under a contract between the client(s) and a company of which you were, at any time during the tax year, a shareholder; and
  
• the company’s income was, at any time during the tax year, derived wholly or mainly (that is, more than half of it) from services performed by the shareholders personally