Sharp increase in online contract opportunities across core contracting sectors
Increased online contract opportunities for professional services contractors working in IT & telecoms, engineering, marketing, management and consulting have contributed to the 6% jump in October’s Monster Employment Index (MEI). Construction and extraction, production, manufacturing, maintenance and repair opportunities also increased, helping to lift the year-on-year total by 21%. More…
Contractor tax reliefs threatened by Office of Tax Simplification review
The Office of Tax Simplification (OTS) is to review 1,042 individual reliefs, allowances and exemptions, including many routinely used by contractors to cut tax bills. OTS Tax Director John Whiting warns that many of these will come under close scrutiny: “Other [reliefs], however, may simply no longer be used, or are too complex and burdensome to be properly effective, so it is these that I want my team to focus on.” More…
Revenue-starved HMRC benefits big business and threatens contractors
Savage cuts to HMRC resourcing will result in tax inspectors opting for easy targets, including contractors, leaving big business that can afford expensive tax advisers to exploit tax avoidance loopholes. That’s the stark view of columnist George Monbiot in an article published on Guardian.co.uk. He claims that an under-resourced HMRC will be unable to close the ‘tax gap’, and that the £900m tax-avoidance war chest promised to HMRC in the Comprehensive Spending Review is money already allocated to HMRC.” More…
REC fights IT contractors’ corner over intra-company transfers
The Recruitment and Employment Confederation (REC) has urged the government to ensure the criteria for allowing inter-company transfers of information and communications technology (ICT) staff are rigorously enforced to ensure contract opportunities are not missed by UK contractors. REC Technology Group Chair Jeff Brooks explains: “There are valid reasons for intra-company transfers in a global economy. Getting rid of these all together would impact on the viability of the UK as a location for international businesses. However, the Government must ensure that the criteria are clearly understood and that the system is not abused, which could limit opportunities for UK contractors.” More…
Contractor incomes fall in real terms as inflation edges up
The Bank of England’s Quarterly Inflation Outlook reveals that inflation will remain above 2% in 2011, eroding the value of contractor incomes. Despite this, Governor Mervyn King forecasts that the recovery is likely to continue, although he warns that the UK depends for growth on global developments largely outside its control. He says: “…whether that recovery will be sustained depends heavily on developments in the rest of the world, as domestic spending, especially by the public sector, is likely to grow more slowly looking ahead. And given the scale of the fall during the recession, the level of output is likely to remain weak.” More…
Space contractor fortunes rocket during recession
The space industry is likely to continue to provide new contract opportunities, according to research conducted for the UK Space Agency by Oxford Economics, which shows that 12% of firms in the sector have skills shortages. The sector, which is dominated in the UK by broadcasting activities, contributes over £7.5bn to the UK economy and is growing at an average of 11% a year, a growth rate that continued through the recession. More…
Positive news on annual output growth for contractors
IT, engineering, and oil & gas contractors with clients across the manufacturing and production sectors have seen another month of sustained output growth, according to September’s figures released by the Office of National Statistics (ONS). Manufacturing output rose by 4.8% compared to September 2009, and production output, which includes the oil & gas and energy sectors, increased by 3.8% year on year. More…
Contract medics in great demand as a result of new working time rules
Demand for hospital locums has soared as a result of EU working time rules, which came into force in August 2009 to protect junior doctors from working excessive hours. Figures revealed by Guardian.co.uk and obtained via a Freedom of Information Act request, show that NHS spending on contract medics rose dramatically from £384.4m in 2007/08 to £758m a year in 2009/10. More…