Contractor hiring growth in UK business services sector reaches seven-year high
The growth of contractor hiring in the business and professional services segment of the UK’s services sector reached a seven-year high in the three months to August 2014. The Confederation of British Industry’s (CBI) Services Sector Survey also shows that “expectations for the coming three months [are] at a record high since the survey began in 1998”. The demand is leading to skills shortages that will benefit contractors in the short term, but may hold back economic growth. More...
Contractors working in Scotland are facing a new set of tax rules
Contractors with contracts in Scotland can expect new rates of income tax, and other taxation may potentially change, following the passing of the Revenue Scotland and Tax Powers Bill. According to the Chartered Institute of Taxation (CIOT), the new legislation means that Scotland now has its own tax authority that has limited powers to create and enforce tax legislation on top of UK tax laws. More...
Construction contractors to benefit from sector skills shortages
Construction contractors are benefitting from increasing skills shortages in the UK’s construction sector. Staffing Industry Analysts reports that the Construction News Barometer shows that “nearly 90% of construction leaders surveyed said that the skills shortage was one of their business’s top three challenges”. The situation is forecast to worsen, suggesting that construction contractors should be in a strong position to negotiate good rates for assignments that clients are otherwise unable to fill. More...
Oil and gas contractors should target offshore juniors for new contracts
Oil and gas contractors seeking alternative sources of contracts should target offshore juniors engaged in exploration, alongside onshore firms looking to engage in shale gas development. EY (formerly known and Ernst and Young) forecasts in its Oil and Gas Eye that smaller oil and gas firms are doing deals to increase exploration and production capacity, creating fresh contracts in the process. Onshore, firms are consolidating to be in a strong position to better exploit the £33bn investment opportunity EY predicts will arise as a result of mergers and acquisitions in the coming year. More...
Contractor property portfolio values continue to grow, albeit at a slower pace
Contractors who have channelled their earnings into a property portfolio saw the value of their investments grow during August 2014, albeit at slower pace than previous months. The Knight Frank/Markit House Price Sentiment Index highlights that prices rose across all regions during August, with the fastest rise in values predicted across the South East of England, ahead of London. More...
Contractor views sought by PCG on the value of quality accreditation ISO9001
Contractors have been asked to offer their views on the value of acquiring the quality accreditation ISO9001.PCG is asking contractors who have ISO9001 certification to complete a short survey to “gain a little feedback” on their thoughts. PCG has provided an ISO9001 accreditation service for some years and plans to use the survey results to update and refine its current offering. More...
Contractor prospects buoyed by upgraded economic growth forecasts
Contractor prospects look set to improve as the UK economy’s growth is predicted to reach pre-recession levels this year. The British Chambers of Commerce (BCC) Economic Forecast highlights that 2014 growth will reach a seven year high, driven in part by a higher than expected increase in contractor hiring and employment. Contractors can expect a slight slow-down during 2015, but the economy is forecast to remain firmly in growth territory. More...
Contractors facing penalties for filing late payroll information from October 2014
Limited company contractors will be forced to pay penalties if they fail to report their payroll information to HMRC on time. The new HMRC rules say that from 6 October 2014, contractors failing to deliver a full payment summary (FPS), the expected number of full payment summaries, or an employer payment summary (EPS) if they have paid themselves and/or their spouse no salary in the month, can expect a fine. Only contractors making the mistake for the first time or those who have just set up their contractor limited company will be exempt from the new penalties. More...
Contractors must be compliant to win central government contracts
Contractor seeking to win central government contracts must ensure their tax affairs are in order. To qualify for central government contracts, contractors must ensure they are squeaky clean on the tax front, particularly as the latest procurement round shows that all of the bidders for recent government contracts were tax compliant. Government procurement rules prohibit companies engaging in tax avoidance activities, and tax evasion, from bidding for work. More...