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News for the
Construction Industry

Hardhatter.com - News for small businesses in the construction industry

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Umbrella company registrations continue to grow
by The Editor at 13:38 07/11/22 (News on Business)
It has been a confusing time for contractors and businesses that use their services, as the regulations and the political powers-that-be who administer them have operated a policy which has been a mixture of revolving doors and U-turns.

As a slew of chancellors have changed – and changed again – the Government's intentions for the Off-Payroll regulations that dictate contractor’s working practices have been reformed, repealed and had the repeal reformed.

Uncertainty over legislation reform has left many contractors not knowing where they stand. Despite this uncertainty, one umbrella company is reporting a significant increase in contractors wanting to use these services/

Year on year, Cool Company reports a 54 per cent increase in contractor registrations, as well as a 23 per cent increase in the number of contractors using their services. This growth has occurred across the board, with contractors coming from a wide range of sectors.

Particularly strong results over the last 12 months have been noted in four key industries:

  • Restaurant and event contractor registrations have increased by 212 per cent;
  • In the construction industry, there has been a 159 per cent uplift in registrations;
  • IT sector registrations by 157 per cent;
  • and there has been a 65 per cent increase in the number of business/administration registrations.

Kris Simpson from Cool Company said:"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."

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