Umbrella Company Regulation: What Does It Mean For You?

3 August 2023

For all the contractor success stories out there, there are still too many tales of terrible worker experiences at the hands of poor umbrella companies.

The truth is, not everyone operates compliantly, which is why the upcoming umbrella company regulation is welcome news.

 

Bring on the regulation

Working under an umbrella company should enable you to enjoy the flexibility and benefits of contracting, without the hassle. After all, that’s why contractors choose to go down this route. But not all companies operate to the same standards.

Now, a consultation will decide how to tackle and regulate umbrella companies, which is great news for contractors and compliant companies like ourselves.

Following new regulations, those who aren’t demonstrating watertight compliance are at risk of being unable to operate. Which is all the more reason for you to choose a compliant umbrella company that doesn’t play fast and loose with your taxes and employment rights.

So, why not get ahead and start working with a compliant umbrella like Workwell?

 

What good looks like

As an aspiring contractor, a compliant umbrella company is the bare minimum you should seek. But choosing one that goes the extra mile can boost your job satisfaction, work-life balance, and more! Here’s what good looks like in a compliant, contractor-centric umbrella like Workwell:

 

Accreditation – Nothing says ‘compliant’ like a stamp of accreditation from a reputable association, such as the Freelancer & Contractor Services Association (FCSA). By running watertight operations under this accreditation, we protect your status, whilst also providing expert guidance and advice on complex matters, such as IR35.

 

Employment rights – We grant you all the statutory employment benefits that in-house employees receive, including holiday pay, sick pay, and maternity/paternity leave. You’ll also get the freedom to choose between your own personal pension or a scheme offered by Workwell.

 

Insurance – Insurance cover should be provided and fully managed on your behalf. Look out for the basics like public liability, professional indemnity, and employers’ liability insurance. As an extra, some umbrellas may offer additional cover, like personal accident insurance – proof that a company is equipped to protect you across the spectrum.

 

Perks – Umbrella companies aren’t obliged to provide perks and benefits beyond the statutory minimum, but your experience as a Workwell employee matters to us – inside and outside of work. That’s why all our umbrella contractors enjoy free access to the Workwell Rewards programme, giving you offers and discounts at high-street stores, supermarkets, restaurants and more.

 

We’ll work well for you

Workwell Umbrella is one of the UK’s longest-established and FCSA-accredited umbrella companies that provides all of the above and more. Our experience, expertise and intricate understanding of umbrella working positions us to help you make the most out of being a contractor.

 

Discover more about our services here, and to find out what your take-home pay could be before you enquire, check out our umbrella calculator.

 

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