Contractors legitimately work via PSCs without avoiding tax, Lords told
Contractors use personal service companies legitimately and not as a tax avoidance strategy, experts told peers in the latest evidence session of the House of Lords Select Committee on Personal Service Companies (PSCs). The Federation of Small Business’s (FSB) taxation and financial affairs chairman David Ramsden also highlighted that the use of PSCs is widespread and not restricted to just contractors – its common in the high street, too, he noted. More...
Contractor demand growth in Scotland reaches near historic levels
Demand for contractors increased at one of the fastest rates since 2003 to reach a near historic high during November 2013. The latest Bank of Scotland Report on Jobs also shows that the IT and computing sector experienced a marginal increase in contractor demand during November, which took it to a 17-month high and third place in the demand league table. All other core contracting disciplines were in growth territory. The stronger growth in the accounts, financial and executive and professional categories points to a sustained recovery of Scotland’s financial and interim sectors. More...
Improved prospects for financial IT contractors as City jobs show triple digit growth
Financial IT contractor prospects took a turn for the better during November 2013 as London’s financial centre continued to recover, albeit slowly. Compared to October, the number of City vacancies actually fell by 2.6%, but year-on-year growth was 122%. Morgan McKinley Financial Services operations director Hakan Enver noted: “The month-on-month decrease we have seen is indicative of organisations waiting until the New Year to begin the hiring process, namely within infrastructure and support functions where we expect there to be an increase in hiring from January onwards.” More...
Financial IT contractor demand to be driven by compliance during 2014
Growth in financial IT contractor demand will be driven by efforts “to meet new regulatory requirements”. This is according to IT analysts Ovum, in a report by Out-Law.com, which also highlights that “most financial services businesses are set to increase their IT expenditure next year”. New regulatory regimes such as the European Union’s European Market Infrastructure Regulation (EMIR) and the USA’s Dodd-Frank Act are adding to the financial sector’s already heavy regulatory burden. Firms are turning to IT to help implement compliance cost effectively. More...
IT contractors should target contract opportunities in big data and analytics
IT contractors should be targeting contracts in big data and analytics, two areas which IT analyst Gartner predicts will be top focus for IT directors. Computing’s Danny Palmer reports that business intelligence and analytics “will remain a top focus for CIOs until at least 2017”. In contrast, for big data, “current confusion surrounding big data will limit growth until 2016”, although the relatively lower level of current investment “leaves room for significant growth in the coming years”. More...
Self-employed contractor and freelancer numbers surge in quarter to October 2013
The number of self-employed contractors and freelancers grew by 80,000 in the quarter to the end of October 2013, bringing the total number of self-employed workers in the UK to 4.253m. The quarterly increase in self-employment included 57,000 full-time workers, which suggests these are contractors and freelancers making a conscious career choice, rather than workers turning to part-time self-employment because they are unable to secure a permanent role. More...
Energy contractors a step closer to enjoying a shale gas development-led contract boom
Energy, oil and gas and engineering contractors could be a step closer to enjoying a shale gas development -led contract boom following the publication of a new government commissioned report. An independent assessment of the impact and benefits of shale gas development by engineering consultants AMEC shows that up to 32,000 new contracts and jobs could be created. The government will wait for responses to the AMEC report before issuing onshore exploration and production licences. More...
Contractors need increased air travel capacity to help access global markets
Contractors and freelancers need access to increased air travel capacity as the number of flexible knowledge workers with overseas contracts increases. This is the belief of PCG, which is calling for urgent action to expand airport capacity following the Davies commission report. “For the growing army of British freelancers working with multiple clients on short-term, international projects, quick, affordable air travel is crucial,” highlights PCG director of policy and public affairs Simon McVicker. More...
IT contractors with commercial backgrounds in demand by the NHS
IT contractors with commercial, non-healthcare backgrounds, are in demand by an NHS that is undergoing huge reorganisation. This is according to IT contractor Sam Bailey, writing on recruiter max20’s NHS portal. Bailey highlights that IT contractors with strong records in developing change management solutions are highly sought after. “You are not going to get bored or feel your skills are getting dated,” believes Bailey, “This is cutting-edge stuff”. More...
Contractors easy target for HMRC as the taxman avoids tackling corporate tax avoidance
Contractors, and other small businesses, are an easy target for the taxman, as HMRC “seems to lose its nerve when it comes to mounting prosecutions against multinational corporations”. This is just one of the damning criticisms the Public Accounts Committee (PAC) has for HMRC in a new report, ‘HMRC tax collection: Annual Report & Accounts 2012-13’. PAC Chairman Margaret Hodge also criticised HMRC for its plans to fine companies still experiencing difficulties with RTI (Real Time Initiative). More...