Contractors to benefit from sustained long-term demand, says REC JobsOutlook
Contractors can look forward to continual demand for their services for the foreseeable future as increased confidence in the market looks set to result in a rise in contractor agency billings. This is according to the Recruitment and Employment Confederation’s (REC) JobsOutlook for October 2015, which reveals that 38% of clients intend to increase their contractor headcount before the turn of the year, despite the fact that 94% report to be operating at a capacity. “Employers are turning to temporary workers in order to access key strategic skills,” notes REC chief executive Kevin Green, who highlights engineering and construction as two sectors in which contractors are set to benefit from exceptional demand. More...
Contractor skills shortages in Scotland intensify, creating contract opportunities
Contractor candidate availability in Scotland fell throughout September 2015. Meanwhile, demand, contractor agency billings and rates all increased. This suggests that contractors struggling to source work elsewhere in the UK should consider relocating to take advantage of the strong demand and supply shortages. This is according to the Bank of Scotland Report on Jobs for September 2015, which reflects excellent working conditions for contractors, with billings rising for an eighth successive month. “Scotland’s contracting sector has performed strongly throughout 2015 and, with the exception of oil and gas, clients and agencies have unfilled roles that can offer opportunities for contractors in other parts of the UK,” highlights ContractorCalculator CEO Dave Chaplin. More...
ContractorCalculator’s third and final response to HMRC’s IR35 discussion document
ContractorCalculator has issued its third and final article summarising its response to HMRC’s Intermediaries Legislation (IR35) discussion document, in which it suggests that a more functional alternative would be to share compliance between contractors and clients. However, ContractorCalculator warns that, before embarking on any new compliance regime, HMRC must make far greater strides in attempting to understand the flexible workforce, specifically the contracting sector. This, it believes, will ensure that HMRC’s goals are realistic and that any new rules are fair. More...
Strong demand for IT and finance contractors in Ireland’s financial sector
Contractors exploring opportunities in Ireland look set to benefit from broad-based demand growth throughout the country, according to Morgan McKinley’s Irish Employment Monitor for September 2015. The month saw professional opportunities increase by 10% compared with the same period last year, and 4% more opportunities month-on-month. Finance contractors are in particular demand with accountancy firms looking to supplement growth by making additional hires, while firms are also looking to invest in IT professionals. Regionally, opportunities in Cork have almost doubled upon September 2014. More...
Contractors given greater protection from Finance Bill amendment
Contractors and other taxpayers with significant and long-term tax debts owed to HMRC are now better protected after an amendment was made to the Finance Bill, reports Credit Today. The change withdraws the Treasury’s right to recover debts directly from personal bank accounts. The move was welcomed by Joanna Elson, chief executive of the Money Advice Trust: “We are pleased that the government has agreed to amend the Finance Bill to address this concern, and that vulnerability will now be taken into account.” The original powers to be granted to the Treasury would enable HMRC to take money directly from a taxpayer’s bank account without having to undergo due process through the courts. More...
Scrapping of contractor business record checks a “victory for common sense”
Contractors will no longer have to suffer Business Record Checks by tax inspectors after the procedure was scrapped by HMRC. The announcement was welcomed by the Chartered Institute of Taxation (CIOT) as “a victory for common sense”. Business Record Checks had previously been criticised for being an ineffective and poorly targeted means of ensuring contractors were submitting accurate tax returns. Andrew Gotch, Chairman of the CIOT’s Owner Managed Business Sub-Committee notes: “As HMRC acknowledge, this initiative has not proved a cost-effective way of achieving the desired result.” More...
HMRC ‘hits back’ at criticism for plans to offer expenses tax relief to councillors
HMRC has responded to accusations from the Freelancer and Contractor Services Association that it values councillors over contractors, claiming “councillors are not in the same position” as contractors, reports the Recruiter. They criticised HMRC after it emerged that the Government planned to offer expenses tax relief to councillors, whilst proposing to restrict travel and subsistence tax relief for contractors. However, in a statement the Treasury attempted to justify the move, arguing: “[Councillors] carry out their duties in their own time, often in addition to other professional and personal commitments. Many receive no payment other than allowances in recognition of the time and expenses they occur.”
Contractors could prove key to oil and gas capital reduction
Contractors could prove to be a more convenient alternative to permanent hires in the UK’s bid to access a £20bn investment cash reservoir, reports EnergyVoice. UK Oil & Gas firms are currently sitting on the “war chest” of capital for investment, but research by financial services company PwC suggests that many are missing out on the opportunities available to them. PwC claims that tightening up working capital is essential for oil and gas firms to maximise their potential, which is where the more cost-effective contractor workforce factor in. Many firms are already evaluating and implementing long-term cost reduction strategies. More...
Contracting activity in London’s private sector surges
Contracting activity in the capital city’s private sector shot up throughout the course of September 2015, according to research by Venn Group. The Venn Group Index reveals a 50% increase in contractor agency recruitment activity throughout the month, compared with August. This surge has helped to drive 3% growth year-on-year, whilst emphasising a strong year of growth for the UK economy as a whole. “Venn Group expects to see even greater demand for talented contractors to finish the year stronger than ever,” the report reads. More...
Expat contractors decide London is their top city of choice for contracting
Contractors from overseas consider London to be their most favoured destination when looking to relocate, according to a study by global recruitment agency Hydrogen Group, reports the Recruiter. The capital is seen as a dominant hub for multiple sectors, with notably buoyant markets within finance and IT, making it the most popular destination for EU contractors. Other contributing factors include the strong British pound and the ease of movement into the UK from neighbouring countries. More...