Contractor demand sustained in Scotland: rates increase driven by client demand
Scottish contractor demand in August has been sustained for another month, albeit at a slower pace than in July, according to the Bank of Scotland Report on Jobs for August 2011. The Scottish labour market improved overall, with Aberdeen recording “the fastest increase in temp billings”, suggesting strong hiring in the energy and oil and gas sectors. But Bank of Scotland Chief Economist Donald MacRae warns global economic malaise could impact negatively on Scottish contractor prospects: “Maintaining this improvement throughout the winter months will be challenging in the teeth of a global slowdown.” More…
Contractors should receive more support from government, says PCG/REC survey
Contractors should receive greater support from government, according to the results of a new ComRes survey released by PCG and the Recruitment and Employment Confederation (REC). The survey questioned 158 MPs from all parties and 2,000 members of the public. The flexible workforce has played a huge role in Britain weathering the economic storm, but government could do more. “We are now calling for a clear and positive response from the Government, delivering definitive policy action that will…allow freelancing to reach its full potential,” says PCG Head of Public Affairs Simon McVicker. More…
Interim management contractor demand back to pre-recession levels
Private sector demand for interim management contractors now accounts for 61% of interim assignments, with public sector interim demand at 39%, edging towards the pre-recession 70%-peak. The data, from the Interim Management Association’s (IMA) quarterly IPSOS Mori Q2 2011 market audit, represents a major shift from demand patterns during the recession, when in 2009 the public/private sector breakdown was closer to 50:50. According to IMA Chair Jason Atkinson, private sector interim management contractor demand is buoyant: “We’re seeing increased business confidence in driving assignments.” More…
IT contractors facing a potentially bleak future in the UK’s financial sector
Financial IT contractors are facing a potentially bleak future as hiring in London’s financial centre has fallen drastically. August’s Morgan McKinley London Employment Monitor registered an 18% fall in London financial sector vacancies, and also decreased by 26% year-on-year compared to August 2010. As the UK’s financial sector is one of the largest consumers of IT contractor services, its health has a direct impact on contractor prospects. So this fall in hiring is likely to have a knock-on, negative impact on new IT contracts. More…
HMRC introduces steep new fines for contractors filing late tax returns
Contractors filing late Self Assessment tax returns face steep new fines from HMRC for the financial year 2010-2011. An initial £100 fine will apply for all late returns, and after three months a further £10 a day will be added to a maximum of £900. Fines and penalties continue to ramp-up at six and 12 months overdue, plus interest will be charged on top of the penalties. Contractors should file paper returns by 31 October and online returns by 31 January to avoid incurring penalties. More…
Contracting’s importance to the economy will be the focus of this year’s Freelance Lecture
Contracting’s importance to the economy will be a core theme of this year’s Freelance Lecture, to be delivered on Wednesday 23rd November, 2011’s National Freelancers Day. Broadcaster Sue Lawley will once again host the PCG event, which is to be held at 18:30 in the home of the London Symphony Orchestra, St Luke’s in London. Panel members include corporate anthropologist Dr Karen Stephenson, Sunday Telegraph Business Editor Kamal Ahmed and Professor Andrew Burke of Cranfield School of Management. More…
Well-off contractors face scrutiny from new HMRC ‘affluent team’
Higher paid contractors face scrutiny from a new HMRC ‘affluent team’. This is according to Chief Secretary to the Treasury Danny Alexander, in his speech to the Liberal Democrat annual conference in Birmingham. “This year, an additional 2,250 HMRC staff will move into new anti-evasion and avoidance jobs,” revealed Alexander. “In less than a month’s time, a new ‘affluent team’ will be in place. This team will look specifically at the next 350,000 wealthiest taxpayers.” More…
UK-based IT freelancers and contractors are winning increasing volumes of work from US-based clients
UK-based IT freelancers and contractors are winning an increasing volume of work from clients based in the US -- mainly California’s Silicon Valley, New York and Texas. Data released by online business marketplace PeoplePerHour shows a 275% increase over the last 12 months in the number of US firms hiring UK IT consultants. In addition to web design and application development, UK contractors are winning design and content creation work. “Our figures show clearly that the UK is producing highly skilled IT consultants,” says PeoplePerHour founder and CEO Xenios Thrasyvoulou. More…
HMRC compliance activity shrinks ‘tax gap’
Increased compliance work by HMRC, some of which has been focused on contractors, has contributed to shrinking the UK’s ‘tax gap’ by £4bn between the 2008-2009 and 2009-2010 financial years. The ‘tax gap’ is the difference between all the tax that should be collected, the ‘theoretical tax liability’, versus all the tax that HMRC actually collects in a financial year. For the financial year 2009-2010, this gap was estimated by HMRC to be £35bn, representing 8% of the total potential tax take. Small businesses such as contractor limited companies account for as estimated £2.7bn of unpaid corporation tax. More…