In November 2021, the UK Government called for evidence in the umbrella company sector. This consultation period closed on 22 February 2022 and now, 16 months later, in June 2023, they have published their proposed plans for regulation of the umbrella company market. The consultation document, which can be viewed by clicking here, outlines their plans with a host of options which could impact different parts of the supply chain. Three main objectives have been highlighted for the umbrella market are:
- Delivering improved outcomes for workers
- Supporting a level playing field in the umbrella market
- Protecting taxpayers from the significant revenue losses that currently arise from non-compliance
There was also a new consultation called for, entitled ‘Tackling non-compliance in the umbrella company market’. This consultation closes on 29 August 2023. If you would like to contribute to the new consultation, please see page 48 of the consultation document.
We here at ICS Accounting welcome the first steps into a government-approved umbrella company market regulation. Our compliance record is exemplary, plus we are a member of the Freelancer & Contractor Services Association (FCSA), the industry’s compliance gold standard. It is rigorous and stringent and annual assessments are carried out independently by nationally renowned professional service firms.
Accreditation is awarded to umbrella employers, limited company advisors, and self-employed/CIS contractor providers who can demonstrate the highest industry standards.
If you have any questions about how we at ICS Accounting tackle compliance, please don’t hesitate to contact us at 01524 580720 or email info@icsuk.com.
