Contractors can celebrate as UK finally emerges from recession
The UK is finally out of its longest recession in modern history. Manufacturing made one of the largest contributions to output growth, which is good news for engineering and technical contractors. But Britain is only just out of recession, with the economy having increased GDP by a mere 0.1% on the previous quarter; so it looks like contractors have a long wait before we see buoyancy across all sectors. More…
Clarity for contractors on impact of Agency Workers Regulations
Uncertainty for umbrella and limited company contractors is over as the Department for Business, Innovation and Skills (BIS) has released its response to the second consultation on the Agency Workers Directive, and the final text of the Agency Workers Regulations has been laid before Parliament. Umbrella companies will be within scope of the regulations, but limited company contractors genuinely in business on their own account will be outside the scope. More…
Government plans for IT – good for contractors, bad for taxpayers?
A new Government ICT Strategy has been published this week, which, according to Cabinet Office Minister Angela Smith, will be: “…smarter, cheaper and greener and will save the public purse £3.2 billion annually”. The proposals are likely to be a mixed blessing: good for IT contractors who will gain as a result of new contract offers; but bad for taxpayers who are likely to be lumbered with more IT white elephants if civil servants and politicians commission yet more ill-thought-out projects. More…
Contractors will benefit from tax breaks for oil and gas exploration
More good news for engineering, energy and oil and gas contractors, as the Government announces tax breaks for oil firms operating in the North Sea. Designed to stimulate exploration and exploitation of the West Shetland field, reserves estimated to contain 20% of the UK’s remaining oil and gas reserves, the measures will gain up to £160m worth of tax relief for each qualifying gas field. These fields present some of the greatest engineering challenges ever faced in the North Sea, and will rely heavily on expert and experienced contractors to exploit them. More…
Contractor umbrella Springboard launches free service
New contractor services provider Springboard Umbrella has burst onto the contracting scene offering a free service to contractor clients. Springboard claims it will provide an ”integrated, hassle-free and compliant payroll service”, taking care of contractors’ invoicing and tax issues’, offering a completely free service for contractors, at least for now. Describing itself as “well backed and well funded”, the firm is seeking to grow market share through its free offering and then discuss pricing with its contractor clients in future. More…
PCG champions contractors in Europe
In its submission to the European Commission’s EU2020 consultation, PCG has called for more recognition of contractors and contracting as a valid career option throughout Europe. According to PCG managing director John Brazier: “It is important that European policymakers fully familiarise themselves with the freelance model of working, which is already bringing benefits to the UK economy.” More…
KPMG survey shows contractors should be fraud-aware
KPMG’s Fraud Barometer shows that now more than ever contractors need to be alert to fraud, as record levels were recorded in 2009. According to KPMG Forensic, cases totalling £1.9bn made it to court. Hitesh Patel, a partner at KPMG Forensic, says: “The comfort, if there is any, is that more fraud cases are successfully being brought to court. This is the result of a combination of factors: companies have become better attuned to the signs of fraud; there has been a greater focus on corporate governance; and new laws and regulations to combat fraud have been introduced.” More…
Published: Friday, January 29, 2010
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