Contractor availability in Scotland falls to a ten-year low, as demand continues to rocket
Contractor demand in Scotland showed the “most marked rise” in seven years, as contractor availability slumped at the fastest pace since 2004. This supply and demand mismatch could offer opportunities to contractors from elsewhere in the UK, where demand is less pronounced. “Demand for both permanent and temporary staff was expressed by a surge in vacancies accompanied by a drop in the number of candidates available,” notes Bank of Scotland chief economist Donald MacRae. More...
Contractors who don’t invest in key skills face being dropped by their agency
Contractors must continuously develop niche, in-demand skills to ensure that their agency keeps finding them contracts. The alternative is to be dropped, as a new survey of 40 recruitment consultants by umbrella company Parasol has shown. “Plenty has been said and written about the UK’s skills shortage in recent months,” says Parasol sales director Jeff Blakemore. “The talent crisis only represents an opportunity…for those contractors who possess the expertise and niche skills that recruiters and their clients are crying out for.” More...
Contracting clients turning to contractors for key strategic skills
The principal reason contractor clients hire contractors is to access their skills, highlights a new report from the Recruitment and Employment Confederation (REC). The REC’s latest JobsOutlook shows that 82% of clients use contractors “to provide short-term access to key strategic skills”, which is currently “the dominant reason for accessing” contractors. The report also highlights that over a third of clients now have no spare capacity to cope with any new work, suggesting that clients will increasingly turn to the flexible workforce to assist with capacity management. More...
Self-employed contractor and freelancer numbers reach 40-year high
The number of self-employed contractors and freelancers has reached a 40-year high according to the Office for National Statistics (ONS). BBC News reports that self-employed workers now account for 15% of the total UK workforce, which has grown from 13% in 2008. The number of self-employed management consultants and accountants has risen steeply, but the largest rise in self-employed workers has been in the construction and building sector. More...
Contractor markets, including pay and opportunities, return to pre-recession levels
The contracting market has returned to pre-recession levels and both rates and contracts are forecast to increase over the next 12 months. This is according to a survey by umbrella company Giant Group, which also highlights that some sub-sectors are already exceeding pre-recession market conditions. “While we expected the results one year on from the 2013 report to be positive, we didn’t predict such wide spread improvements to have occurred so quickly,” explains Giant group managing director Matthew Brown. “The upturn in optimism in the IT, engineering and education sectors has been remarkable and is indicative of wider growth in the economy.” More...
Manufacturing contractor prospects remain strong, shows CBI survey
The prospects for contractors working in the manufacturing sector remain strong as the sector is predicting growth over the next quarter. The Confederation of British Industry’s (CBI) Industrial Trends Survey shows that demand at home and abroad is keeping manufacturers busy and contractors in work. “The outlook for UK manufacturers remains healthy, with both total and export orders firming up. Despite a dip in the pace of output growth, companies expect a strong pick-up in the next three months,” notes CBI deputy director general Katja Hall. More...
Oil and gas contractors should look to Africa for their next contract, says UKTI
Oil and gas contractors could find their next contract in emerging oil and gas provinces in Africa. Out-Law.com reports that the government agency responsible for helping UK companies to export, UK Trade & Investment (UKTI) is encouraging oil and gas supply chain companies to explore African markets outside of the traditional locations like Nigeria. Oil and gas contractors could follow other UK firms to countries such as Ghana, Kenya, Uganda, Mozambique and Tanzania. More...
Contractors with hidden offshore assets are a step closer to being criminalised
Contractors who still have cash and assets hidden offshore and undeclared to the taxman are a step closer to becoming criminalised follow the latest HMRC consultation. HMRC is proposing that failing to declare taxable offshore income and gains will become a ‘strict liability criminal offence’, meaning that if a contractor did not mean to hide the money, they may still be liable for conviction. HMRC is pushing for custodial sentences as the ultimate sanction, if the proposals become law. More...
Contractors losing Employee Benefit Trust (EBT) settlement opportunity
Contractors concerned about the validity of their Employee Benefit Trust (EBT) scheme are losing the opportunity to settle their tax affairs and minimise any penalties, as HMRC will be closing the EBT disclosure opportunity in March 2015. Although anti-avoidance legislation introduced in December 2010 meant tax avoidance schemes using EBTs no longer provided any benefits, HMRC can still investigate and challenge the validity of any schemes used by contractors before that date. More...
Contractors who missed the tax credits deadline can still apply, if they act quickly
Contractors who missed the extended 6 August 2014 tax credits deadline can still take action to get their tax credits reinstated if they act quickly. Although most contractors will earn too much to qualify for tax credits, they can be a lifeline if a contractor’s income suddenly drops, especially if they are on the bench for a long period. The Low Incomes Tax Reform Group explains that, by contacting HMRC following receipt of a tax credit statement, contractors who did not renew can still qualify for 2014/15 credits. More...