Contract market in Scotland running at two speeds
Contractors in Scotland are working in a two-speed market, says the latest Bank of Scotland Report on Jobs, which shows the financial sector in Edinburgh and Dundee’s video gaming centre outpace the oil and gas industry in Aberdeen. “Scotland’s contracting sector is performing strongly except for oil and gas,” says ContractorCalculator CEO Dave Chaplin. “This is a reversal of the softening Scottish contract market of a few months back and a clear call to action for contractors in UK regions that are performing less well to consider a move to Scotland.” More...
Contractors deserve government acknowledgement and support
Contractors have had their place in the economy validated by the Freelancer & Contractor Services Association’s first monthly Contingent Labour Workforce Update. The new report confirms that the UK’s use of non-permanent labour remains significant, showing that over one fifth of the UK’s workforce are working on a contingent basis. Julia Kermode, CEO notes: “It is more important than ever that the Government acknowledges these trends, keeps pace with change and works harder at supporting this flexible contingent group of workers rather than penalising them with unhelpful and prohibitive legislation.”
Contractors are a driver of the UK economy and a vital part of the workforce
Contractors are a significant driver of UK productivity, according to the Royal Society for the encouragement of Arts, Manufactures and Commerce (RSA). In a new report, the RSA states that microbusinesses, which include contractors, are an intrinsic part of the economy. According to ContractorCalculator CEO Dave Chaplin: “This latest study into the reasons why contracting is increasingly popular, which includes autonomy, decision-making and relations with management, highlights that contracting is increasingly becoming a positive career choice.” More...
Contractor demand enjoys a post-election surge across the core contracting disciplines
Contract workers across the core contracting disciplines benefitted from a post-election surge in demand, highlights the Venn Group’s May 2015 Contract Recruitment Index. Contracting in banking and IT are flourishing, with the finance sector focusing on hiring compliance specialists to meet demanding new regulations. Contractor vacancies within London’s financial services sector increased by 45% between April and May, and confidence in the commercial property market positively impacted the construction sector. More...
Contractors living in Scotland will pay income tax where they live not work
Contractors with a home in Scotland will soon be classed as taxpayers for the Scottish rate of income tax (SRIT), reports Out-law.com. In draft guidance, HMRC states that SRIT will come into effect in April 2016 for those who are resident in Scotland in any particular tax year. While this will be straightforward for many Scots who live and work in the country, the situation could be more complicated for contractors who move around for work. “For those with more than one property available, and with more mobile lifestyles, it will depend upon weighing up a number of factors,” says tax expert Karen Davidson of Pinsent Masons. Contractors needn’t worry unduly yet; according to Davidson nothing will change unless the Scottish government raises the rate of income tax above the 45% currently charged in the rest of the UK. More...
Contractor numbers drop as employment rate hits record high
Contracting may be losing some ground to employment, according to the Office for National Statistics (ONS) Labour Market Statistics to June 2015. Self-employment fell to 4.472m in the quarter to April, down 92,000 year-on-year. The unemployment rate for February to April 2015 was 5.5%, down from 6.6% for a year earlier. The Association of Independent Professionals and the Self-Employed’s (IPSE) CEO Chris Bryce notes: “While slightly down on last month, the number of self-employed people working in the UK remains robust and we expect this sector to remain a significant proportion of the labour market.” More...
Contracting in Ireland is flourishing, with job opportunities up 40% year-on-year
Contractors looking for assignments outside of the UK could find their next contract in Ireland. May 2015’s Morgan McKinley Irish Employment Monitor has shown a 40% increase in professional job opportunities when compared with the same month last year. The core contracting disciplines all show positive growth, including a strong demand for engineers and IT roles in cyber security. Many of these new contracts do not require the legacy skills available from existing candidates, making it a recruitment challenge for companies to find contractors with the right skills. This, in addition to the number of professionals seeking new roles down 12% compared to May 2014, is forcing firms to look overseas and suggests there are lucrative contracts available for contractors who are able to relocate. More...
Financial IT contractors increasingly lured away from big banks to fintech start-ups
Contractors working in financial IT are increasingly being lured away from traditional clients in the banking sector to start-ups and fintech companies. The Morgan McKinley May London Employment Monitor for May 2015 shows start-up and fintech firms offering increasingly lucrative contracts in what the recruiter calls an “interesting shift”. With year-on-year figures showing an increase of 13% in contract and job opportunities, there are a rising number of opportunities for contractors who are on the lookout for a profitable move. More...
Contractors filing late RTI PAYE returns no longer face automatic HMRC penalties
Contractors who make a late Full Payment Submission under Pay As You Earn (PAYE) Real Time Information (RTI) will not automatically face a penalty. HMRC has announced that penalties will apply only when contractors are among those the taxman considers to be ‘the more serious defaults on a risk-assessed basis’. HMRC has reiterated its intention ‘to help employers who are trying to do the right thing’ Contractors should, however, be mindful that they are legally required to file on time and if they do not may be penalised on a future occasion. More...
Contracting can learn from permanent hiring trends focusing on ‘traditional’ methods
Contractors seeking new contracts should take note that companies still favour ‘traditional’ methods of recruitment over referrals and word of mouth, research by Robert Half UK reveals. Less than one in five senior roles are filled via referrals, and HR professionals within client organisations continue to rely on jobs postings and recruitment firms. “While candidates have more avenues available to them today, through technology and social media,” highlights Robert Half UK managing director Phil Sheridan, “working directly with a recruitment consultancy when looking for a job still provides added value.” More...