Changes to IR35 have sent ripples through the private sector. From 6th April, new regulations will apply to contractors who work as Personal Service Companies (PSCs) and the businesses that employ them. Although the updates to the IR35 rules have been met with dismay and criticism, there’s no doubt they’re here to stay. And while many are grappling with the changes, start-up company Colnort has taken an innovative approach by creating a new, disruptive business model with the sole purpose to help contractors and companies manage IR35 reform.
Colnort has over 30 years’ experience delivering talent and project services to SMEs and international enterprises. Thanks to this background, the business has a deep understanding of the incredible value interim consultants can bring. Colnort also recognises that many businesses fail to manage their contractors effectively due to onerous paperwork, complex compliance issues and a natural focus on delivering to the core business. With this and the introduction of IR35 in mind, Colnort has taken on the challenge of creating a whole new solution.
Innovation that will change your tomorrow
The result is an innovative ‘outside IR35-friendly’ model that benefits contractors and companies alike. In short, Colnort guides and helps you stay outside IR35 by allowing both companies and contractors operating their own limited companies (PSC), to work within a compliant framework verified by the UK’s leading IR35 expert lawyers. Colnort becomes the end client, taking on the IR35 burden AND absorbing all liability.
It’s a fully compliant option where contractors can continue operating their businesses and enjoying an independent lifestyle. Meanwhile, companies can re-deploy or onboard contractors under pre-defined, outcome-based service agreements – all in a single seamless process.
Making contractors’ lives’ easier
Right now, contractors affected by IR35 may be resigned to choosing between an umbrella company or permanent employment. The Colnort model offers a third solution – one that allows contractors to continue as before, but on a deliverable and outcome-based service agreement. Contractors are paid within 48 hours of their work being approved. What’s more, Colnort provides free bespoke IR35 insurance and takes responsibility for producing the official IR35 Status Determination Statement (SDS).
While these features make Colnort’s model highly attractive for contractors, it’s perhaps the opportunity to maintain a flexible lifestyle and a positive work-life balance, that really makes it special. After all, there’s nothing like the feeling of being your own boss. Contractors can decide their schedules and choose to work around other commitments: day-time appointments, parental duties, adult learning classes… the list goes on. Plus, when people work to their own rhythms, they tend to accomplish more. With good work-life balance (and without the stress of the typical 9 to 5) contractors get a better sense of well-being and the opportunity to thrive.
Colnort’s model brings major benefits for business too. Through a managed service solution, companies can enhance the performance and output of their contractor workforce, while stepping free of complex and time-consuming processes. One-off engagements and longer term projects are underpinned by deliverables and outcomes. Through these deliverable and outcome-based service agreements, companies can drive productivity and efficiency to increase daily output. Add Colnort’s fast, convenient processes to manage all contractual governance and compliance, and you remove all IR35 complexity while guaranteeing rapid onboarding for contractor staff. It’s all about helping businesses make the most of their contractor workforce by driving greater value and business performance.
Peace of mind
With a long history in the industry, Colnort has a keen insight into contractors’ and companies’ needs and concerns. Its consultants also understand the complexities of the new IR35 law. The Colnort business model has been verified by the UK’s leading IR35 expert lawyers to ensure it’s fully compliant. And just for extra piece of mind, Colnort even underwrites the risk for the entire supply chain, indemnifying you against any liability.
Is the new off-payroll legislation proving a headache for you – as a contractor or as a company? Put your trust in a business with in-depth industry expertise and a brand new outside IR35-friendly model. To find out more, call 0203 971 5668 or email email@example.com