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CoComply Wins Innovate UK Smart Grant Award 2024

CoComply Recognised as Innovation Leader with Prestigious Innovate UK Award

Posted by
Michael Cleavely
June 3rd, 2024

We are thrilled to announce that CoComply has been named a winner of the renowned Innovate UK Smart Grant award, solidifying our position as one of the most innovative companies in the UK and Europe.

Every year, thousands of the UK’s most innovative and distinctive companies apply for the highly competitive Innovate UK award, with only a select few emerging as winners. To be considered, applicants must demonstrate their ability to solve substantial problems that impact the UK and wider global jurisdictions.

This recognition highlights our cutting-edge AI solution that revolutionises how businesses navigate the complex landscape of IR35 and worker classification regulations.

The Challenges of IR35 Compliance

Since the introduction of IR35 reforms in 2017 and 2022, UK businesses have faced significant hurdles when engaging contingent workers. The intricacies of the regulations, combined with a lack of supply chain visibility and the time-consuming, expensive compliance processes, have left many organisations grappling with effectively classifying their contingent workforce. As a result, the costs of hiring contractors have skyrocketed by over 60%.

CoComply's Award-Winning Solution

CoComply's pioneering AI-powered SaaS platform tackles these challenges head-on. CoComply streamlines the worker classification process, enabling businesses to identify contractors and accurately determine and maintain their IR35 status at scale. We also help identify hidden contractors in the supply chain, as many organisations are unaware of how many contractors they truly have providing services to them.

This not only saves valuable time and resources but also mitigates the risks associated with non-compliance, such as substantial fines, talent acquisition difficulties, and reputational damage.

Looking to the International Future

As we celebrate this milestone achievement, we remain dedicated to expanding our reach and impact. CoComply plans to roll out its technology internationally in 2025 and 2026, bringing our innovative solution to businesses worldwide. To learn more about how CoComply's award-winning IR35 compliance solution can benefit your business, book a demo below. We are excited to talk to you!

Michael Cleavely
Managing Director at CoComply

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