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Last year was a challenging year for almost everyone in the UK, including umbrella workers. Many of these challenges are likely to continue this year, but there will also be opportunities for umbrella workers to prosper in 2021.
In this article, we look at some of the most important challenges and opportunities facing umbrella workers this year.
Many contractors are likely to close their limited companies this year and subscribe to an umbrella company to try and avoid punitive new IR35 rules.
For the most part, limited company contractors love the tax advantages and the autonomy that comes with running their own personal service company (PSC). But a major shift in the way that IR35 legislation is applied in the private sector could lock thousands of contractors into high-tax, low-benefit arrangements.
If you tend to work very closely with your private sector clients and are at risk of being trapped in an ‘inside IR35’ contract, then switching to an umbrella company model of working could be the best move you make in 2021.
