Contracting market in Scotland softens: should contractors look south for work?
Scotland’s contract market suffered another soft month during March, according to the latest Bank of Scotland Report on Jobs. Demand from clients fell to a two-year low, with core contracting disciplines such as interim management and the financial sector shrinking. “Contractor demand growth in Scotland is at a two-year low, with six falls in the last eight months,” says ContractorCalculator CEO Dave Chaplin. “The broader UK contract market has outperformed Scotland for the thirteenth consecutive month. This suggests that contractors struggling to find work might have to look beyond their local client base.” More...
Contractors are being paid more than employees, shows REC JobsOutlook
Contractors are being paid more than permanent employees, according to 71% of major contracting clients. This is according to the Recruitment and Employment Confederation (REC) JobsOutlook for March 2015, which also shows that 84% of client organisations need contractors “to gain short-term access to key strategic skills”. However, skills shortages continue to threaten to derail the UK’s economic recovery, but they do present contractors with an opportunity to fill those gaps. More...
Contractor numbers reach 1.88m, shows research by IPSE and Kingston University
The number of independent professionals in the UK has reached 1.88m, according to research just published by Kingston University commissioned by the Association of Independent Professionals and the Self Employed (IPSE). “This research adds to the mounting evidence of a structural, rather than cyclical, change to the labour market,” believes Suneeta Johal, IPSE’s head of research, education and training. “The figures are hugely impressive; an 8.7% rise in the total number of independent professionals on the year and a huge 35.1% increase since 2008 has resulted in 1.88m now working in the UK.” More...
‘Contractorpreneurs’ increasingly choosing the UK to start their business
An increasing number of entrepreneurs from overseas are starting businesses in the UK. Research by professional services consultancy Procorre shows that an increasing number of directors from India, Pakistan, Germany and China are starting new businesses, including contracting businesses. “The UK provides a favourable environment for start-ups and this is reflected in the high number of internationally-connected entrepreneurs who have chosen to set up here,” notes Wiktor Podgorski, contracts & HR manager at Procorre. More...
IT and financial contractors benefit from growth in London’s financial sector
IT contractors and those working in finance and accounting are benefiting from a surge in growth in London’s financial sector. The Morgan McKinley London Employment monitor for March 2015 highlights that new work opportunities have increased by a fifth in the last month, alongside “strong optimism” in the sector. “With the double digit increase in job openings month-on-month, we expect this to be the start of a positive trend that will continue through to April and May,” says Hakan Enver, operations director of Morgan McKinley Financial Services. More...
Contractors working in Europe have been let down by HMRC over VAT, says report
Contractors with European Union-based clients have been let down by HMRC over its handling of new VAT measures introduced in January 2015. A report by Enterprise Nation “argues that HMRC drastically miscalculated the number of businesses that would be affected by the changes and did little to raise awareness of the changes in the marketplace until just weeks before implementation”. Jordan Marshall, policy and external affairs adviser at the Association of Independent Professionals and the Self Employed (IPSE) said: “The huge impact the changes have had on microbusinesses dealing in digital content is now clear. Today's report highlights that the implementation of these EU VAT changes was poorly thought through.” More...
North Sea oil and gas contractor prospects threatened by oil glut
Oil and gas contractors working in the North Sea should consider seeking contracts in other oil and gas producing regions. The Telegraph’s Ambrose Evans-Prichard reports that British Petroleum’s (BP) chief executive Bob Dudley warns of a “painful adjustment” in the region. “The latest tax cuts in the Budget will help margins but do not go far enough to avert a bloodbath for smaller drillers and exploration companies,” Dudley has warned. More...
Contractors owing money to HMRC less likely to face external debt collection
Contractors who owe money to HMRC are less likely to face demands from external debt recovery agencies, as the taxman “halves external debt collection”. Economia reports that research by accountancy firm UHY Hacker Young shows that “In 2014, HMRC spent £6.8m on external debt collectors, down from £14.8m in 2013.” Head of UHY Hacker Young’s private client services, Mark Giddens commented: “Debt collection agencies are rarely the most appropriate way for HMRC to collect unpaid taxes. There are often issues regarding communication within HMRC; when an outside agency is involved as well there is a significant risk of action being taken on the basis of incorrect or out-of-date information.” More...
Self-employed contractor numbers increase by 3,000 in quarter to February 2015
The number of self-employed contractors increased by 3,000 to 4.523m in the quarter to February 2015, when compared with the previous quarter. This represents a year-on-year increase of 308,000 in the number of self-employed workers in the UK. “It’s great to see 248,000 more people in work, the fastest rise in employment in just under a year–thanks to our flexible jobs market,” says Neil Carberry, director for employment and skills at the Confederation of British Industry (CBI). More...
Self-employed contractor guidance updated by HMRC: new webinars
HMRC has published updated guidance for self-employed contractors, including new webinars, email alerts and videos. Webinars are planned throughout April and May to help contractors to ensure their tax affairs are in order. The latest information specifically targets those contractors who are sole traders or working via a partnership, and are not intended for limited company contractors. More...