Financial IT contractors to benefit from renewed financial sector growth
Financial IT contractors look set to benefit from renewed investment into IT and infrastructure by financial services firms. The latest Confederation of British Industry (CBI)/PricewaterhouseCoopers (PwC) Financial Services Survey confirms that “activity in the sector rebounded strongly in the three months to March”. The report also highlights that “investment intentions for the next twelve months were particularly strong for IT and marketing”. More...
Contractors facing “dangerous chaos” following the introduction of GAAR
Contractors are facing “dangerous chaos” from the “utterly confusing” General Anti-Abuse Rule (GAAR) introduced in the 2013 Budget, say experts. According to The Telegraph’s Louise Armitstead, “Lawyers and consultants have called for a delay in the introduction of the GAAR…until it has been made clearer.” Pannone partner Jane Lee told Armitstead: “There is scope within the GAAR legislation for it to be used far more widely than the original government report had previously suggested.” More...
Contractors invited to apply to join PCG’s Consultative Council
Contractors who are PCG members are being invited to have their say and join the freelancer organisation’s Consultative Council. PCG says that the council “is a group of 30 PCG members who meet six times a year to raise and discuss key issues”. Contractor members seeking a place on the council must submit their application by 17:00 on Thursday 10th April 2013, and also require a proposer to submit a statement in their support.
Contractors unlikely to be paid faster following late payment legislation changes
Contractors are unlikely to benefit from changes to the late payment legislation as the new rules still do not legally require client organisations to pay their small business suppliers within a specified time limit. There is in theory a 30-day standard and 60-day limit, but contractors and their clients can mutually agree to extend this deadline as long as the practice is not “grossly unfair”. However, legal experts suggest few small firms will want to jeopardise their relationships with their large customers by refusing requests for extended terms. More...
Contractor markets polarising as the services sector continues to grow
Contractor markets are polarising, as contractors with construction and manufacturing clients are experiencing a market contraction, versus services sector contractors seeing ongoing expansion. The March 2013 Markit/Chartered Institute of Purchasing and Supply (CIPS) UK Purchasing Managers Index (PMI) for manufacturing and construction show these sectors in negative growth territory, albeit with conditions improving marginally. In contrast, growth in the UK’s services sector reached a seven-month high during March. More...
Construction contractors targeted by HMRC paid 18% more tax during 2012
Construction contractors targeted by HMRC’s compliance campaigns saw their tax payments grow to £78.9m in 2012, compared to £66.9m in the previous year, representing growth of 18%. The results of a Freedom of Information request by contractor accountant NoPalaver reported on Economia confirmed that HMRC’s increased compliance work in the sector was responsible for the growth. Specifically, Pay As You Earn (PAYE), Construction Industry Scheme (CIS) and other ‘disguised worker’ issues netted the taxman the greater yield. More...
Oil and gas contractors from outside Europe can now apply for UK contracts
Oil and gas contractors who are non-UK and Non-European Union (EU) citizens can now apply for oil and gas contracts in the UK. Energy Business Review reports that changes to the Migration Advisory Committee’s shortage occupation list mean that oil and gas assignments and jobs have opened up to non UK/EU contractors. The rules have been relaxed in response to the increasing skills shortages affecting clients in the sector following record levels of investment in growing North Sea capacity. More...
Contractor prospects buoyed by “positive but subdued” economic growth in 2013
Contractor prospects look encouraging for 2013, following the predictions in the British Chamber of Commerce’s (BCC) Quarterly Economic Survey for Q1 2013 that the UK economy will enjoy “positive but subdued” economic growth this year. More encouragingly, the report highlights that firms are starting to invest in capacity, signifying not only renewed business confidence but also the likelihood of more opportunities for contractors. More...