Oil and gas contractors have long-term North Sea future, says Oil & Gas UK
Oil and gas contractors may have a long-term future in the UK North Sea if the industry addresses its cost issues and the Chancellor George Osborne introduces tax breaks that create right conditions for further exploration and investment. This is according to the Oil & Gas UK Activity Survey 2015, which also suggests that if no measures are announced in the Budget 2015, contractors might want to think about looking for contracts in other oil and gas provinces around the world. More...
Oil and gas contractors a step closer to certainty, following meeting with Chancellor
Oil and gas contractors may be a step closer to greater certainty over their future following a positive meeting between trade body Oil and Gas UK and the Chancellor George Osborne. “We had a good meeting with the Chancellor today,” explains Oil & Gas UK chief executive Malcolm Webb. “We outlined the three areas where action is needed in order to secure the future of our industry, namely: regulatory change; cost and efficiency improvement; and fiscal reform. The Chancellor listened to what we had to say and demonstrated a clear understanding of the current situation.” More...
Contracting clearly pays dividends, as contractor earnings outstrip those of employees
Contracting is clearly paying, as the number of contractors and temporary workers earning more than their permanent employee counterparts increased from only 19% in March 2014 to 36% in January 2015. This is according to February 2015’s Recruitment and Employment Confederation (REC) JobsOutlook. REC chief executive Kevin Green notes: “The option of taking on temporary work is becoming more attractive and this is indicative of a labour market where the need for talent is acute and skilled workers are in increasingly short supply.” More...
IT contractors face another round of 10% rate cuts from April 2015
IT contractors working for Lloyds Banking Group are facing another round of rate cuts that will become effective from April 2015. According to ‘Mike’ of efinancialcareers, sources at the bank also say that IT contractors will be required to take two weeks of enforced leave during the summer. Recruiters have told efinancialcareers that some contractors “are considering their options”, but Mike goes on to say that: “With some of the largest employers of contractors – namely, Barclays and RBS – all offering reduced rates too, opportunities for IT contractors are limited.” More...
Contractors to benefit from EU public procurement rules to prevent late payment
Contractors with public sector clients look set to benefit from late payment protection as the government plans to introduce European Union (EU) procurement rules that forbid payment terms extending beyond 30 days in public sector contracts. However, according to Andy Chamberlain, deputy director of policy and external affairs at IPSE, a similar approach is required for all late payments: “Although policies to tackle late pay should be welcomed, the problem won't disappear until tough action is taken to change the whole culture of pay by big business.” More...
Strong prospects for contractors working in the UK tech sector
Contractors working in the UK tech sector have strong prospects over the next 12 months, as over half of the clients operating in the sector are predicting business volumes will increase during the period. Furthermore, KPMG’s Tech Monitor UK shows that the technology sector actually outperformed the rest of the UK economy during the final quarter of 2014, underlining the advantages of securing contracts with companies in the industry. More...
Contractors and other taxpayers are losing three quarters of appeals to the taxman
Contractors considering appealing against an HMRC decision on their tax strategies have only a one in four chance of succeeding against the taxman. Economia reports on research by Wolters Kluwer that shows “75% of all appeals against HMRC decisions were unsuccessful” during the 2013-2014 tax year. Glyn Edwards, a VAT expert for Wolters Kluwer UK, warns contractors that winning against HMRC is difficult: “As the statistics show, only a few hundred appeals get to tribunal and those that do are more likely to be won by HMRC than the taxpayer.” More...
Contractor advisers in the firing line over tax evasion
Contractor accountants could face tax evasion charges when they “facilitate tax evasion by their clients” if measures proposed by Chief Secretary to the Treasury Danny Alexander make it into law. A report by Rebecca Cave published on AccountingWeb says that: “The Lib-Dem minister wants to push through new legislation before the general election on 7 May to make the support of tax evasion a specified crime.” Cave questions whether any more legislation is required, highlighting that the Promoters of Tax Avoidance Schemes (POTAS) rules already penalises accountants who break the rules. More...
Contractors can access the latest 2015 guidance on expenses and benefits from HMRC
HMRC has published its latest guidance on expenses and benefits that covers contractor limited company directors. Contractors who like to take a more hands on approach to their accountancy and tax will find the guidance particularly valuable. In particular, the guidance describes what taxable and non-taxable benefits are and how these benefits should be treated, such as company cars. More...