Last week we saw the Chancellor George Osborne deliver the Autumn Statement of 2014, declaring some key changes such as the stamp duty thresholds and various rates such as Personal Allowance and ISA Limits increasing.
Within the statement the Chancellor also announced the Government’s focus being put on the use of Umbrella Company operating structures in the upcoming year.
“With all the recent changes and increased focus on the umbrella sector, we believe that the Autumn Statement in 2015 will be a key point in time for the market” state Professional Passport. “For the first time HMRC will have all the information on all workers, operating structures, rates of pay, as well as a length of time in assignment. This allows them enough time to fully analyse the data and identify any issues. It also provides them with all the evidence they need to support any potential arguments for change”.”
Recent legislation changes such as the Onshore Intermediaries and the increased reporting requirements have applied more pressure on the recruitment industry to ensure compliance is being met however, this can be easily achieved by engaging the services of regulated and audited companies, much like Churchill Knight.
Professional Passport concludes by stating “rather than seeing this as a threat it can provide an opportunity, and significant reason, for recruitment companies to ensure they are dealing with organisations that are recognised as responsible and compliant.”
We will need to wait another 12 months for the real outcome of these changes to be revealed however one point has been made clear and apparent, compliance will always be the Government’s primary focus and it is important for recruitment agencies to react to this in good time.
Sourced by Professional Passport.