Umbrella Company Registrations Continue to Grow Despite Recent Off-Payroll Legislation Repeal Confusion

– Cool Company has reported a 54% registration increase in the last 12 months

– The increase has been seen across sectors

It’s been a confusing time for contractors and businesses that use their services. As a slew of chancellors have changed – and changed again – their intentions for the Off-Payroll regulations that dictate contractor’s working practices. Uncertainty over legislation reform has left many contractors not knowing where they stand. Despite this uncertainty, registrations for the digital payroll solution for contractors, Cool Company, have continued to increase.

In fact, year on year, Cool Company has seen a 54% increase in contractor registrations, as well as a 23% increase in the number of contractors using their services.

And this growth has occurred across the board, with contractors coming from a wide range of sectors. Particularly strong results have been noted in four key industries:

  • Restaurant and event contractor registrations have increased by 212%
  • In the construction industry, there has been a 159% uplift in registrations
  • Cool Company has increased its IT sector registrations by 157%
  • And there has been a 65% increase in the number of business/administration registrations in the last 12 months.

Cool Company’s Country Manager, UK Kris Simpson, comments:

‘The last 12 months have been difficult for all businesses, with the economic downturn and increased uncertainty in a number of areas. Contractors provide businesses with the ability to scale in line with business demands and economic constraints, without the burden of unnecessary red tape. But the conflicting messages surrounding the repeal of the Off-Payroll legislation has left many people confused. Including the contractors themselves.

‘Contractors have needed support through this difficult economic period. And umbrella companies, like Cool Company, have provided a way for contractors to navigate IR35 and adhere to compliance standards while gaining access to a broader potential client base.

‘The need for our services has been underscored by Cool Company’s continued growth. We are delighted by our recent figures and look forward to an equally successful year ahead.

Kris Simpson, Country Manager UK

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