Contractors gain acknowledgement for their key role in the flexible workforce
Contractors played a vital role in helping businesses survive through the recession and deserve a fair tax regime and greater recognition through more intensive data gathering. These are just some of the conclusions of the Recruitment and Employment Confederation’s (REC) Flexible Work Commission Report, which also includes a call to scrap the proposed controlling persons legislation. More...
Interim management contractor demand dominated by banking and finance
Demand for interim managers is dominated by banking and finance, which accounted for 53% of all private sector interim management assignments in the second quarter of 2012. The latest Interim Management Association (IMA) Ipsos Mori survey also shows that new assignments jumped by 20% in the same period, when compared to the first quarter. “The UK’s interim management sector is both established and well respected,” said IMA chairman Jason Atkinson. “It is now worth £1.5bn and this is an industry where Britain leads the world.” More...
Contractors can access immediate cash for time worked via new timesheet finance service
Contractors requiring immediate access to cash for time worked and approved can use a new timesheet finance service launched by UC Finance. As long as a contractor has a contract for services with a creditworthy agency or client and an approved timesheet, they can draw down up to 80% of the timesheet value immediately, with the balance paid less fees once the client or agency pays. Additional benefits of the service for contractors include credit referencing of clients/agencies, outsourcing of invoicing and credit collection/control.
Shale gas to create 35,000 new contracts and jobs
Contractors are predicted to benefit from a new focus on exploiting the UK’s shale gas reserves, with an estimated 35,000 new contracts and jobs to be created. Britain’s Shale Gas Potential, a report by the Institute of Directors (IoD), cites the North American experience of shale gas exploitation and the 3.6m jobs that are expected to be created directly and indirectly in the USA by 2020. “Shale gas has huge potential benefits for the UK, both economically and environmentally,” notes IoD energy policy adviser Dan Lewis. More...
Creative and media contractors to benefit from European Commission strategy
Contractors in the creative, media and entertainment sectors look set to benefit from a new European strategy. Called Promoting cultural and creative sectors for growth and jobs in the EU, and intended “to boost growth and jobs in cultural and creative sectors”, it was recently unveiled by the European Commission (EC). Although much of the strategy is likely only to have an impact on how Brussels operates, by aligning existing EC policies, there will be direct funding available. More...
Contractor clients show “lowest insolvency rate since December 2007”
Contractor client insolvencies are at the lowest rates since December 2007, reports the latest Business Insolvency Index from Experian. However, the low overall rates mask highly polarised sectoral variations, with August’s insolvencies in banking and finance, business services and IT increasing by 47.5%, 28.1% and 35.4% respectively since August 2011. Experian Business Information Services managing director Max Frith urges contractors to maintain credit checking: “Firms cannot afford to be complacent. They need to continue sensible financial practices such as risk planning and monitoring their financial health and those of their customers and suppliers.” More...
Consumer confidence high will ultimately lead to improved contracting conditions
Consumer confidence is at its “least pessimistic” for 18 months, with a “reduced squeeze” on household cash. Although the headline Household Finance Index was 38.4 in September, a below-fifty index indicating that overall household finances continue to deteriorate, the drop in savings slowed and available cash increased. As consumer spending recovers, the knock-on impact on contracting will be to increase contract numbers in both the consumer and business contract markets.
Opening up public services could save taxpayers billions and create new contracts
Contractors should be given the opportunity to bid for delivering public services currently provided by the state. That’s the key message from the Confederation of British Industry’s (CBI) Open Access report, which estimates that up to £22.6bn of taxpayers’ money could be saved by “further opening up public service delivery to independent providers”. The report also highlights that the public sector must also be equipped with the commercial skills to successfully commission external providers. More...
New markets developing for IT contractors looking to contract in offshore locations
IT contractors wanting to contract abroad have an expanding number of IT offshoring hot-spots to target. According to Gartner, in addition to 30 existing leading locations, there are 50 more countries with expanding opportunities. These range from Cuba and Puerto Rica in the Americas, through Pakistan and Taiwan in Asia, Saudi Arabia and Bahrain in the Middle East, and to Senegal and Ghana in Africa. On mainland Europe, Gartner identifies countries like Macedonia and Portugal, while closer to home there’s the Isle of Man and Wales. More...
HMRC offers real time tax and pay information guidance to limited company contractors
Limited company contractors can access the latest detailed guidance on the implementation of HMRC’s Real Time Information (RTI) for Pay As You Earn (PAYE) in HMRC’s September Employer Bulletin. All limited company contractors will ultimately be legally required to implement RTI, and those not planning to outsource the process to their accountants or payroll bureaux can register for updates via the Bulletin.