Energy and engineering contractors to benefit from new offshore wind farms
Energy, oil and gas and engineering contractors could be set for a bumper decade as the Crown Estate announces Round 3 Offshore Wind Development Partners. Development of the offshore wind platforms will rely heavily on offshore engineering expertise developed in the oil and gas sector. More…
HMRC prepares for contractor clampdown… by sacking 1700 taxmen and women!
Just as contractors are preparing for what is expected to be a crackdown on contractors and other high earners after the next general election, the government has closed 130 of HMRC offices with the loss of 1700 HMRC jobs. Pointing out the lack of joined-up thinking, the Public and Commercial Services Union is urging the government to collect the estimated £130 billion in uncollected tax, rather than cutting public sector pay and jobs. More…
New VAT rules for contractors billing EU clients
New Place of Supply Services Rules now apply when charging VAT for contractor services supplied to clients in EU member states outside the UK. Designed to simplify VAT accounting across the EU, the rules mean that instead of billing clients for VAT directly, contractors will bill themselves the VAT owed by the client and account for it in their next VAT return. More…
IT contractors offered new route to professional qualifications
A new Professional Programme launched by e-skills UK promises to develop the business skills of IT contractors and provide nationally recognised qualifications that could lead to a master’s degree. According to e-skills UK’s Employer Engagement Manager Helen Porter: “The e-skills Professional Programme will enable IT professionals to rapidly build a strong foundation of competence beyond their technical expertise.” More…
Tip to avoid Tax avoidance from HMRC
HMRC has spelt out to taxpayers what it considers tax avoidance schemes that it is likely to challenge. In its latest ‘Spotlight’, HMRC has a comprehensive checklist of tax planning activities to be wary of. This includes plenty of sound advice for contractors, who are advised that if it sounds too good to be true, then it could well be tax avoidance! More…
Aircraft carriers build-programme to provide boost to engineering contractors
Engineering contractors stand to benefit from new contracts awarded to UK companies by the Ministry of Defence. Worth £333m, the contracts are for the building the Royal Navy’s Queen Elizabeth Class aircraft carriers. Among the successful engineering contractors are organisations like transport firm Henry Adams, which has announced plans to take on new personnel including engineers to fulfil the contracts. More…
Slow growth forecast for UK manufacturers
Despite promising prospects for engineering and technical contractors in sectors like energy and defence, the latest forecast from manufacturers’ organisation EEF and accountants BDO suggests that manufacturing has a long road to recovery. 2010 manufacturing growth is forecast at 1.2%, picking up to 3.4% in 2011. More…
Wealth creation opportunities for contractors who know where to look
Low interest rates, slow economic growth and turbulent property markets should prove no barrier to effective wealth management in 2010 for contractors who choose the right strategies, an expert independent financial adviser (IFA) tells ContractorCalculator. UK property and stocks won’t provide the stellar returns of past years, but looking abroad to invest retained company profits and equities in BRIC economies could be the answer. More…
Improving outlook for online contract hunters?
European online recruitment contraction appears to be slowing. December’s Monster Employment Index Europe showed that online opportunities were down 24% year on year. Whilst on the face of it this seems like bad news, it does represent a much slower rate of contraction on November’s figures. “Andrea Bertone, head of Monster Europe, says, “…it appears the Index has reached a bottom and the longer term trend is improving.” More…