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The Budget’s Implications for Umbrella Companies with Thomas Wallace
Manage episode 452189460 series 3578135
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The Labour Government’s budget has landed. So, what does this mean for the umbrella industry?
Put simply the implications are huge.
To discuss the impacts being faced by umbrella companies, and the labour market I am privileged to be joined by Thomas Wallace, the Director of WTT.
Tom is an expert in the field of tax, having spent years with HMRC he now advises Parliamentary groups and writes for the Financial Times and The Telegraph on the subject.
So, there’s no one better to discuss the budget’s changes to national insurance, the challenges faced by businesses in adapting to these changes, the potential for redundancies, and the moral responsibilities within the recruitment industry.
We delve deep into the legal implications of non-compliance and the shifting responsibilities for umbrella companies and recruitment agencies.
This is a no holds barred, honest assessment of the budget, it’s strengths and shortfalls, as well as where the future of the industry lies.
Now more than ever is the time to come together, so listen carefully to what Tom has to say.
“I think the industry should consider itself on notice”– Tom Wallace
You'll hear about:
00:00 – The Umbrella industry is on notice
00:38 - An introduction to Tom Wallace
01:41 - The employers N.I. element of the budget
06:25 - Redundancies because of the budget
12:09 - The problem with assignment rate & pay rate
17:28 - Tax avoidance or tax evasion
23:27 - Key outtakes from the budget for businesses
27:49 - The shock of umbrella companies in the budget
34:18 - The biggest challenge from the budget
40:27 - The importance of coming together & educating
47:40 - How to get supply chains educated
54:38 - Timescales for umbrella companies to straighten up
01:02:28 - There are no easy answers to this
Connect with Thomas Wallace:
LinkedIn - https://www.linkedin.com/in/thomas-wallace-tax/
WTT Consulting - https://wttgroup.co.uk/
My resources:
LinkedIn - https://www.linkedin.com/in/robert-sharp-a9530142/
Orca Pay Group - https://orcapaygroup.co.uk/
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