Contractors set to benefit from CMME acquisition of Contractor Financials
Contractors can look forward to a broader range of financial services tailored towards their needs following the acquisition of financial adviser Contractor Financials by CMME. Private equity firm Livingbridge has also invested in CMME in a bid to “accelerate growth”. The combined group will employ 130 specialist staff and aim to deliver over 6,000 contractor mortgages each year. “We are keen to broaden the choice for this growing sector and will continue working to develop financial products that meet contractor’s needs,” highlights CMME CEO Sat Singh. More...
Contractor expenses tax relief abolition is anti-competitive, warns IPSE
Abolishing contractor tax relief for travel and subsistence expenses is anti-competitive. This is according to Andrew Chamberlain, deputy director of policy at the Association of Independent Professionals and the Self-Employed (IPSE), who claims many small businesses could be forced to close as a result of HMRC’s proposals. “If the proposals are implemented in their current form, larger businesses that will remain unaffected and so can continue to claim tax relief for their employees’ expenses will have a competitive advantage over small businesses,” warns Chamberlain, who urges contractors to act before the consultation over HMRC’s proposals closes at the end of September 2015. More...
Contractors shouldn’t have to endure IR35 but engagers should pay NICs, says expert
IR35 should be abolished for contractors, but engagers should be required to pay employers’ National Insurance Contributions (NICs) when the worker passes the tests of employment. This is according to IR35 expert David Kirk of David Kirk & Co., who claims that this would be the best possible outcome of HMRC’s IR35 Intermediaries Legislation discussion document published following the Summer Budget. “The current IR35 rules require contractors to pay more than their fair share of tax liabilities,” acknowledges Kirk. More...
Contracting vacancies record modest growth, boosted by buoyant finance sector
The number of contracting vacancies across the core contracting sectors increased marginally at 0.7% year-on-year, according to new survey data from the Association of Professional Staffing Companies (APSCo). This is in large part due to the finance & accounting sector, where contacting vacancies grew by 11%. APSCo Chief Executive Ann Swain claims the statistics reflect the importance of contractors to the economy: “Despite the fact that employment levels remain close to record highs, there has been no drop in demand for contract professionals. This cements the fact that the flexible workforce is now an essential element to any strategic workforce plan.” More...
Contractor incidents decline in oil and gas sector
UK contractors in the oil and gas sector appear to be benefitting from improved safety conditions after Oil and Gas UK’s Health and Safety Report 2015 revealed an encouraging trend in the reduction of injuries suffered by contractors over the past eight years. Statistics for 2014 show that 431 in every 100,000 oil and gas contractors and employees sustained an injury over the course of the year, down from 450 in 2013 and marking an eighth successive decline since 2006. The results place the sector as the second safest to work in. Only the low-risk finance industry recorded fewer workplace injuries between 2011 and 2014. More...
Contracting prospects in Germany remain promising despite disappointing employment growth
Contracting opportunities in Germany are set to increase during the second half of 2015, despite lower than average levels of employment growth witnessed throughout the beginning of the year. Staffing Industry Analysts reports that according to data provided by iGZ, 27% of employers in Germany are planning to increase contractor headcount,. “Employers are becoming cautiously optimistic,” highlights CEO of CareerBuilder Europe Tony Roy: “They are taking on a lot of employees in a number of areas. They want to ensure that they remain competitive in a market that is growing more slowly.” More...
HMRC tax revenue reaches record high
Contractor contributions have contributed to HMRC collecting a record £515.3bn in taxes throughout 2014-15, allowing the UK to achieve its first surplus in three years. The rise in revenue is up 4.4% from the £493.6bn collected in the previous tax year and has exceeded the government’s own expectations. A substantial increase in the amount of tax paid by contractors has also been reported and is believed to be a driving factor behind the increased tax yield, with millions of self-assessors paying more tax. More...
Australian contracting advocacy group opposes Unfair Contracts Bill
Contractor advocacy group Independent Contractors Australia (ICA) has submitted an inquiry into treasury legislation amendment regarding protections for unfair contract terms for small businesses. A Bill is currently before Australia’s Parliament which includes a stipulation that the protections against unfair contracts are limited to those with an annual value of less than $100,000. The ICA claims this will exclude many contractors working in sectors such as IT, finance and engineering, who make up a significant portion of Australia’s almost 1m strong contractor workforce and who can expect to earn in excess of $100,000 per year. The ICA is requesting a removal of the contract value limitation, or failing that a rejection of the Bill. More...
Financial contractor contract market affected by summer holidays
Financial contractor contract vacancies dropped substantially last month as a result of the summer holiday season, according to Morgan McKinley’s London Employment Monitor for July 2015. A 16% decrease in available jobs was recorded month-on-month, which Morgan McKinley Operations Director Hakan Enver considers to be an anomaly: “This is likely to have an effect on next month’s statistics as well, and then it will be back to business as usual.” Despite the month-on-month decline, statistics showed a 17% increase in professional opportunities compared with July 2014. More...
IPSE searching for Britain’s best contractors
Outstanding contractors could receive recognition at the 2015 Freelancer Awards, hosted by the Association of Independent Professionals and the Self Employed (IPSE). IPSE is searching nationwide for ambitious and enterprising contractors in a celebration of the UK’s 4.5m strong contingent workforce. Contractors have until 1st September to apply and are encouraged to do so via IPSE’s website. The ceremony will take place on IPSE’s National Freelancer’s Day on 12th November. More...