IT contracts and jobs increase by 8% year-on-year during second quarter
IT contracts and jobs have increased by 8% during the second quarter of 2014, when compared to the same period in 2013. Computer Weekly’s Kayleigh Bateman writes that data from the Robert Walters UK Job Index also shows that the Midlands experienced the fastest growth in IT vacancies. The recruiter’s head of IT recruitment Natasha Brooks explains: “High levels of market confidence are in turn driving increased job flows as candidates look to take advantage of favourable market conditions.” More...
New OTS employment review could benefit contractors and may affect IR35
Contractors could benefit from the findings of a review of employment status initiated by the Office of Tax Simplification (OTS), due out for Budget 2015. OTS says the review is designed “to examine the dividing line between employment and self-employment and whether it is drawn in the right place and in the right way”. Crucially, OTS acknowledges that: “The growth of freelancing as a way of conducting business had led some to suggest this is a ‘third way’ between employment and self-employment.” More...
Contractors have Mayor of London’s support in PCG’s best contractor competition
Mayor of London Boris Johnson has backed the PCG’s competition, 15 for 2015, to find the best self-employed contractors and freelancers operating in the UK. “London is home to tens of thousands of enterprising people who have taken the plunge and set up their own business when it would have been much less risky for them to get a regular nine-to-five job,” says Johnson. “15 for 2015 aims to make life a little easier for those adventurous independent professionals from throughout the UK who want to control their own destiny and will also unearth some of our business leaders of the future.” More...
‘Super-contractors’ in oil and gas, financial services and IT on £1,500 plus per day
So-called ‘super-contractors’ are earning over £1,500 a day, with high paying roles concentrated in the oil and gas, financial services and cyber-security sectors. Lydia Marref, partner at contractor services firm Von Essen, explains that: “Super-contractors are individuals who are able to step in at a moment's notice and take on mission-critical roles which require a very specific, highly sought after skill set.” Day rates in oil and gas have even breached £2,000 for some roles.
Contractors offered settlement opportunity over loan-based tax avoidance schemes
Contractors who have used ‘contractor loan schemes’, or loan-based tax avoidance schemes, have been offered the opportunity to “bring your tax affairs up to date on the best possible terms” by HMRC. Contractors have until 9 January 2015 to take up the offer by the taxman. The ‘amnesty’, covering tax years up to 5 April 2011, would involve repaying the tax HMRC considers to have been avoided as a result of the scheme, with potentially interest and penalties added. More...
Oil and gas contractors could be heading for South West Ireland following oil find
A major oil find off the south west coast of the Republic of Ireland could create a new contract market for oil and gas contractors. Cork has been previously favoured to become Ireland’s oil and gas capital following discoveries in the Irish Sea. But the most recent find by Canada’s Antrim Energy in the Skellig Block off Ireland’s Atlantic coast is sufficiently large that it could lead to the development of onshore infrastructure, and contracts, in the Dingle peninsular. More...
Contractors can enhance their contracting careers through PCG webinars
Contractors have the opportunity to enhance their contracting careers by attending a range of webinars provided by PCG. Recent online events have focused on CV writing for both experienced and new contractors. The contractor and freelancer organisation delivers over 100 events and webinars each year, and forthcoming events cover women in freelancing, tax and financial planning and tax updates. More...
Contractors face increased investigations, with business record checks up 60%
Contractors are more likely than ever to have the taxman go through their business records looking for excuses to start an investigation. FinancialDirector reports that: “The number of investigations rose to 5,515 in 2013/14 from 3,431 in 2011/12 – an increase of 60%, according to tax investigations specialists PfP.” This is the highest number of investigations since the taxman introduced the checks in 2011. As a result, HMRC expects its tax yield to grow from £13m in 2012/13 to £49m in 2013/14. Contractors should ensure that they maintain high quality business records according to best practice and consider taking out tax investigation insurance. More...
Contracts, job vacancies and pay continue to improve month-on-month
Contractors saw more and better-paid contract vacancies in June 2014 compared to the previous month, shows Adzuna’s Jobs Report for July 2014. Trade and construction and accounting and finance roles are performing particularly well, alongside engineering and sales. Energy and oil and gas experienced a slight decline in pay rates between May and June, but average pay in the sector remains one of the highest. “More new roles are popping up as businesses recruit for expanding teams,” says Adzuna’s Andrew Hunter. “Workers can afford to be much pickier about the roles they take on.” More...
Certain contractors can file paper VAT returns following HMRC tribunal defeat
Contractors who can “satisfy HMRC that it is not reasonably possible to file online” can now file paper VAT returns. According to Economia’s Ellie Clayton, HMRC was found by a First-Tier Tribunal to be in breach of the European Convention on Human Rights for failing to “take into account a person’s or businesses’ ability to file tax returns online based on their age, disability, computer illiteracy or the remoteness of their location”. Contractors who fall into one of those categories can make their case for filing VAT returns by paper to HMRC. More...