Adaptive Accountancy Subcontractors

New research undertaken by Hudson Contract has found that almost 80% of building industry subcontractors have returned to work following the lockdown, suggesting the industry is recovering well.

Hudson is the single largest payer of subcontractor workers within the construction industry in the UK, and during August the company completed 117,591 payments to these workers. By comparison, in April – when the lockdown was at its height – it only made 80,625 such payments. The peak in terms of payments was back in February, when it issued 149,067 payments, indicating that industry recovery is underway, but not yet complete.

The managing director for Hudson Contract, Ian Anfield, told the Construction Index that the figures suggest that the building industry in the UK will be one of those that experience a “v-shaped” recovery, before going on to say that there was plenty of work available within the industry for people who have the skills that are needed. He added:

“Building firms have been tightening up on surplus labour because their margins are being squeezed by main contractors asking for discounts, social distancing measures on site and larger projects splitting into smaller schemes.”

Anfield concluded by saying that workers who have not returned have either chosen to look for work in other industries or are still receiving government COVID-19 support. Some of those who are still weighing up their options following the pandemic may be looking to get advice on this from an accountant for subcontractors in South Yorkshire or any other region they are based in.

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