Why A Preferred Supplier Lists (PSL) Is Important?
With the introduction of Criminal Finances Act 2017, it is now important for every recruitment agency to create their Preferred Supplier List (PSL) and to ensure that the accountancy and payroll suppliers on it are fully compliant with HMRC legislation. This will help in protecting the business and avoid punitive actions.
Though the process of setting up a PSL system can be time-consuming, it’ll help create a proactive approach to supply chain management.
Things To Consider When Setting Up PSL
- Are the suppliers on your list accredited by Professional Passport or FCSA?Both are industry-leading regulators who audit accountancy and payroll providers to ensure that in compliance with HMRC legislation.
- Financial stability of the providersCheck bank statements, last filed accounts, tax payments made to HMRC, any penalties incurred, etc.
- Presence in the UK and additional servicesReputation, experience, qualified, registered and located in UK– not overseas, bank account is held in UK, their partners for additional services like insurances, IR35 reviews, pensions etc.
- Robust Compliance ProcessesEvidence of knowledge on legislations, strong internal control processes, GDPR compliant, provide auto-enrolment, all contracts available for inspection, policies for umbrella employees and MSC compliant for PSC’s.
Why DNS for your Preferred Supplier Lists (PSL)?
Established in 2005, we are an award-winning firm with in-depth knowledge of the contracting industry, keeping you and your contractor’s safe.
We are an accredited member of FCSA and Professional Passport, the leading regulators of UK contracting industry. Our team is hands-on on every step, providing exceptional support and customer service.
At DNS, we take compliance seriously and have robust processes in place to ensure we are fully compliant.