ALDERLEY EDGE, UNITED KINGDOM, June 4, 2024 — CoComply, a leading SaaS company specializing in IR35 worker classification and compliance, has been recognized as one of the UK’s most innovative companies by winning the prestigious Innovate UK Smart Grant award. This award acknowledges CoComply’s groundbreaking AI solution, which addresses the complex challenges businesses face in navigating IR35 and worker classification regulations in the United Kingdom. CoComply plans to roll out its technology internationally in 2025 and 2026.
The introduction of IR35 reforms in 2022 in the UK has created significant difficulties for businesses engaging contingent workers. The complexity of the regulations and a lack of supply chain visability, coupled with the time-consuming and costly process of ensuring compliance, has left many organisations struggling to manage their contingent workforce effectively. This has significantly driven up the costs of hiring contractors by over 60%.
CoComply’s award-winning AI-powered platform streamlines the worker classification process, enabling organisations to firstly identify contractors, and to accurately and fairly determine and maintain their IR35 status. By automating the compliance process, CoComply helps businesses achieve compliance up to four times faster and at a fraction of the cost compared to traditional solutions. This saves businesses valuable time and resources and also mitigates the risks associated with non-compliance, such as hefty fines, a lack of access to talent and reputational damage.
“We are honoured to receive this recognition from Innovate UK,” said Michael Cleaveley, Founder at CoComply. “This award validates our mission to solve the complex IR35 compliance challenges faced by businesses in the UK. Our innovative solution empowers organisations to navigate the intricacies of IR35 regulations with confidence, ensuring a fair and compliant engagement of contingent workers.
The funding from Innovate UK is crucial in accelerating the development and deployment of our solution to the UK market and beyond.”
Innovate UK has been a key partner in CoComply’s success story, providing the necessary resources and support to help the company drive innovation and growth.
CoComply is proud to be part of Innovate UK’s network of innovators and looks forward to continued collaboration in creating a better future through life-changing innovations.
To learn more about CoComply’s award-winning IR35 compliance solution and how it can benefit your business, please visit https://cocomply.co.uk/ or contact Michael Cleavely at michael@cocomply.co.uk