Booming oil and gas contractor demand drives rates up to over £1000/day
Acute global skills shortages in the oil and gas sector are driving up demand and rates for oil and gas contractors. The latest Oil & Gas Global Salary Guide 2013, published by Hays Oil & Gas and Oil and Gas Job Search, reveals that contractor pay has reached $1,600 (£1,045) a day for senior level contractors working overseas. The report also warns of a ‘brain drain’ of professionals choosing to work overseas, which it says “continues to take its toll on the UK talent pool in particular”. More...
Businesses urged to adopt more flexible, contractor-based resourcing strategies
Contractors underpin the ability of organisations to respond to “chronic instability”. This is according to a new report by ManpowerGroup, which proposes a 10-point plan enabling organisations to become more flexible and responsive to change. The report also highlights that companies able to adopt flexible resourcing strategies that address the challenges of change will be able to outperform inflexible organisations that have more rigid, employee-based workforce planning. More...
Contractors undecided over existing relationship with Europe
Contractors remain undecided about the benefits of proposed changes to the UK’s relationship with Europe. A survey by PCG shows that 49% of contractors believe Prime Minister David Cameron’s proposals to renegotiate the UK’s position with the European Union will have no impact. However, 36% stated it would be ‘wholly negative’, against 15% who feel it would be a positive move.
Contractor clients in the SME sector experience shaky start to 2013, but remain upbeat
Contractor clients in the UK’s small to medium sized enterprise (SME) sector have seen orders and production fall during the final quarter of 2012. Yet, despite this, the latest Confederation of British Industry’s (CBI) SME Trends Survey shows that SMEs “expect total new orders to grow over the next three months, likely to be driven by anticipated growth in domestic orders.” This is positive news for contractors, as new contracts are likely to result from SME clients increasing capacity. More...
Self-employed contractor and freelancer numbers reach record highs
Contractor and freelancer numbers reached record highs of 4.2m as the number of self-employed workers in the UK increased by 60% during 2011-2012, and by 367,000 in the four years to June 2012. Although most self-employed workers fall outside the core contracting disciplines, construction trades do appear in the top five self-employed occupations. More...
Oil and gas contractors to benefit from further North Sea investment
Oil and gas contractors will benefit from yet another major investment in the North Sea, this time by independent oil producer EnQuest plc. Having secured a brownfield tax break from the Treasury, EnQuest plans to invest £169m into its Thistle field, which the company says will generate up to 1,000 new contracts and jobs. This is the most recent investment in what has become a bumper year for the UK’s oil and gas sector. Oil & Gas UK estimates projects worth £8bn have been announced in the last six months alone.
Fewer contractors going bust, with more doing deals with creditors
Fewer limited company contractors who have fallen into financial difficulty are having their companies liquidated, and a greater number are now doing deals with their creditors. The latest data from the Insolvency Service shows that the number of compulsory liquidations in England and Wales during 2012 was 4,243, the lowest since records began in 2003. But businesses entering into company voluntary arrangements (CVAs) rose to 839 in 2012, from 767 in 2011.
All contractors can now opt for alternative dispute resolution with HMRC
All contractors can now choose to refer any disputes they are having with their local tax office to alternative dispute resolution (ADR). Under ADR, a contractor’s case is referred to an internal HMRC facilitator. This can enable contractors to avoid potentially costly and stressful tax tribunals. ADR was launched in January 2012 on a trial across several UK regions and the scheme is now being rolled out nationwide for all individuals and small businesses.
Record numbers of taxpayers filed tax returns on time and online
A record number of taxpayers, including contractors, filed their tax returns on time and online this year. By the midnight, 31st January 2013 deadline, 9.61m taxpayers had filed their returns, out of a total 10.34m people in self-assessment. Over 578,000 returns were received on 31st January alone, with 12 being submitted every second at peak times. However, contractors who did not make the deadline face an automatic fine of £100 and penalties can mount rapidly if contractors take no action,