Forthcoming Changes Affecting Umbrella Companies
Whats happening?
The new Agency Worker Regulations are coming into effect in October and this will mean big changes to Umbrellas.
At the very least this is likely to mean the Umbrellas will have to retain some of your earnings so that they can give you holiday pay when you take time off and meet their other obligations under the new rules.
At worst, Umbrellas could simply close.
What should I do?
Find out if your Umbrella will want / be able to retain you as a client.
Even if they can, think about whether this is going to be right for you.
What are my options
If you are a serious contractor, now is the time to consider the Limited Company option.
This puts you in control, is likely to mean higher net income and makes you look more professional.
How do I find out more?
Speak to an accountant.
If you want a cheap option, there are lots of services available that you can find.
However, if you appreciate that you get what you pay for, you should speak to a quality accountant that can match your expectations.
If you are great at what you do and what an accountant of a similar ilk, contact us now.
