The Budget's implications for Umbrella Companies with Thomas Wallace

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.

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00:00 - The Umbrella insdustry is on notice

00:38 - An introduction to Tom Wallace

01:41 - The employers N.I. element of the budget

06:25 - Redundancies becuase 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 and 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