HMRC is considering implementing an 'audit scheme' for managed service company providers.

Earlier this month, the following extract was published on the HMRC website:

"HMRC is exploring the possibility of publishing an Audit Standard whereby certain external bodies applying the Standard would be able to determine whether a Scheme Provider's business model would or would not result in client companies being Managed Service Companies."

According to the Recruiter magazine, the proposed MSC audit scheme is not far off, although news of the scheme has received a very mixed response from industry insiders.

Legal advisors, Lawspeed, have also published their views on the proposed MSC approval schemes here.