Research Reveals Contractors Worried About Further IR35 Reforms & Late Payments
The government’s recent U-turn on the proposed repeal of Off-Payroll legislation has left many feeling uncertain with almost half of contractors now worried that there will be further IR35 reforms in the future.
More than three-quarters (76%) of contractors have thought about leaving contracting in the last 12 months and concerns include late payments and the impact the current economic situation will have on their sector.
Insight Into Contracting
Cool Company wanted to discover just how the current economic uncertainty was affecting contractors and asked One Poll to carry out research on their behalf on 500 UK contractors in September and October 2022.
Contractors are already feeling the pressure and the latest U-turn has only added to the feelings of uncertainty.
Many contractors in the 55-64 age group feel concerned about material shortages (31%), material costs (27%), late payments (27%) and health and safety (27%). Whereas those in the younger age group (25-34) voiced concerns about how they will find ways to work around IR35 legislation and any potential changes to the legislation (19%).
Digital Support For Contractors and Recruitment Agencies
Fortunately, there are ways to ease the impact of the current economic climate and uncertainty felt by the contracting sector, using an umbrella company like Cool Company is one of them.
Cool Company enables contractors and recruitment agencies to focus on their work and their most important daily tasks by taking care of all the admin. From help with tax and compliance matters to insurance and payroll, our digital platform will ensure your business runs smoothly and efficiently.
You can invoice your clients through us, and we will handle all the taxes and insurance that you owe and make sure you receive any statutory benefits like sickness and holiday pay that you’re entitled to. We will then pay your net amount straight into your account. There is no need to be distracted by late payment issues, the administration side of contracting or any implications of IR35 legislation either.
Our easy-to-use digital solution allows you to manage your contracted workforce and removes unnecessary admin, creating a stress-free experience for recruiters and their contractors.
Everything will be taken care of.
Get The Balance Just Right
In this tough economic climate, contractors may be put off from working in this sector and start to miss the security of full-time employment. However, umbrella companies exist to assist contractors and help them manage the demands of contracting so they can enjoy all the many benefits that this sector has to offer.
Plus, Cool Company really is here for you – we are not a call centre, we are a real team of experts where you talk directly with our HQ. So when you need help or advice to resolve any issue or want to talk through any concerns or tasks that you need to tackle we’d love to hear from you.
Leave your concerns and paperwork worries with us and make the most of the freedom and diverse opportunities that contracting offers!