Gorilla Accounting, specialist Contractor and Freelancer accountancy firm, launches new umbrella business for flexible workers, following changes to the sector.
The technology-driven accountancy firm, based in Bolton, serves contractors across the UK, and has rapidly risen to the ranks since establishing in 2014.
Following their success, Gorilla Accounting have launched a new umbrella company, Gorilla Payroll, which will offer an alternative operating solution for contractors.
The expansion is expected to attract more jobs to the Lostock-based firm, adding to the growing number of over 25 members of staff.
Philip Hammond, Chancellor of the Exchequer, announced in the Spring Budget that the IR35 status of public sector contactors will now be determined by the public-sector body, rather than the contractor.
IR35 legislation is a tool which determines employment status. It is used to tackle ‘disguised employment’, which is when a self-employed worker carries out the same work as an employee, but avoids paying National Insurance Contributions and Income Tax, as an employee would.
The umbrella company will allow contractors to run their contract through the payroll service, also managing Income Tax and NIC, making it suitable for IR35 caught contractors.
The umbrella business will function as an intermediary between the end-client and the contractor, essentially making the flexible worker an employee of Gorilla Payroll.
Daniel Fallows, Director of Gorilla Payroll, said, ‘The latest changes in the sector, as announced in the Spring Budget, are massively affecting the way contractors operate, especially those in the public sector.
‘We are welcoming change and adapting our service offering to provide the best possible solution to flexible workers across the country.’
Self-employed professionals are not traditionally entitled to employment rights, but as the employee of an umbrella company, they will have full employment rights. Benefits of joining an umbrella include statutory sick pay, holiday pay, and maternity/paternity pay.
Gorilla Accounting also offers a limited company option, which may work as more financially efficient for some self-employed professionals.
Gorilla Accounting has been recently shortlisted for two competitive E3 Business Awards, including ‘High Growth Business of the Year’ and ‘Professional Firm of the Year’.
For more information on Gorilla Accounting, head over to their website.