Nixon Williams, one of the UK’s leading providers of accountancy services, has announced the creation of a new, sought-after dual contracting solution that combines limited company and umbrella employment working styles
The new addition to their accountancy packages will enable contractors and freelancers to continue working through their own limited companies, with an option to transfer to an umbrella company set-up if a specific contract requires it.
The new offering is part of wider growth plans at Nixon Williams and has been set up ahead of the imminent off-payroll reforms, which come into play in April 2021.
A survey conducted by Nixon Williams last year found that more than 68 per cent of contractors were either ‘concerned’ or ‘very concerned’ about the possible impact of the off-payroll reforms, while 42 per cent believed they would need to utilise an umbrella company to continue working independently.
The same study also found that 30 per cent of contractors already operate with a mixed-set up; a statistic expected to increase once the off-payroll reforms are introduced.
Joanne Harris, technical commercial manager at Nixon Williams said: “It remains unclear exactly how the imminent off-payroll reforms will affect the contracting market, but we’re confident that many of our contractors and freelancers will need to consider umbrella employment solutions in the future, should they face status determination statements that deem them inside IR35 after April.
“Our new dual solution takes the pressure off contractors, who will be trying to find the best possible ways of working to ensure compliance and financial security. The ability to move from their personal service company (PSC) to an umbrella company, and back again, using one system is extremely desirable, especially in these challenging times.
“By eliminating the many administerial burdens that contractors could face if they want to work as both a limited company and an umbrella company contractor post-April, we have ensured that our contractors can benefit from an effortless transition. Our package takes the work away from them and is led by trusted, knowledgeable experts, so we’re confident it is exactly what our contractors and the wider contracting market needs right now.”