Contractors could benefit from Lords PSC inquiry into IR35 administration
Limited company contractors may actually benefit as a result of the House of Lords Select Committee on Personal Service Companies (PSCs) inquiry. This is because it is believed that the instigator of the inquiry, Lord Myners, may be concerned that the resources used to enforce IR35 might be better applied elsewhere to generate a much greater return for the taxpayer. “From the questions asked of HMRC, it appears the Lords are focusing on its new approach to IR35 and how it is working,” says PCG director of policy and public affairs Simon McVicker. More...
Oil and gas contractors can expect the current contract boom to continue into 2014
Oil and gas contractors can be confident that the current contract boom will extend well into 2014, and beyond. The 19th Aberdeen and Grampian Chambers of Commerce Oil and Gas Survey shows that three quarters of oilfield services providers and half of operators are planning to increase their headcounts next year. The survey also warns that acute skills shortages continue, with half of those surveyed losing core personnel during 2013. The skills shortages continue to present opportunities for contractors, including those not currently working in oil and gas. More...
Contractor training and European differences are key, says PCG/EFIP report author
Contractor training and development, alongside the wide variation in contracting practices across Europe, are two key issues arising from the latest PCG/European Forum of Independent Professionals (EFIP) report. “It is…clear that in many sectors, Europe’s independent professionals (iPros) undergo very little structured training in technical and business skills,” explains the report’s principal author, Patricia Leighton, Professor of European Social Law at the IPAG Business School. “Given that knowledge workers such as iPros represent the UK and Europe’s source of competitive advantage in the global economy this is clearly a cause for concern.” More...
Contractors more motivated by lifestyle benefits than money, shows Parasol survey
Contractors are motivated “more by lifestyle benefits than money”, shows a new survey by professional employment services provider Parasol. When identifying their favourite thing about being a career contractor, more than 70% of respondents cited lifestyle factors, such as the freedom and flexibility on offer (38%), the variety of working on different assignments (21%) and work-life balance (12%). Just 29% said earnings potential was the main attraction of working as a contractor.“These findings provide a fascinating insight into the mindset and motivation of today’s career contractor,” highlights Parasol managing director Derek Kelly. More...
Contractor tax avoidance scheme numbers at record low due to HMRC action
The number of contractor tax avoidance schemes reported to HMRC under the Disclosure of Tax Avoidance Schemes (DOTAS) rules is at a record low. According to a report by Out-Law.com, law firm Pinsent Masons has obtained figures showing that there were only 77 DOTAS notifications in the year to 30 September 2013, compared to 121 the previous year. “The figures show that HMRC is taking a tougher stance on tax avoidance and winning the battle, if not the war, to eliminate elaborate tax schemes,” notes Pinsent Masons’ Jason Collins. More...
Contractors to benefit from marginal increases in business investment during Q3
Contractors are likely to benefit slightly as a result of a marginal increase in business investment during the third quarter of 2013. The latest Business Investment Provisional Results published by the Office for National Statistics (ONS) show that transport equipment and new buildings and structures had the fastest growth, with investment in intangible assets falling. Greater increases in business investment will release the cash the UK’s corporations have been hoarding during the economic downturn, creating many more contracts and jobs. More...
Contractors working in retail experience second month of flat growth
Contractors working for retail sector clients have experienced their second month of flat sales growth. However, despite the lack of growth, the Confederation of British Industry’s (CBI) latest Quarterly Distributive Trades Survey shows that hiring has increased in the sector. Contractors should consider targeting those sub-sectors of the economy that bucked the trend and performed strongly, such as industrial and building materials and household goods. More...
Engineering contractors lack faith in government and are doubtful of their UK future
Engineering contractors are showing a “growing lack of faith in government and industry plans for the continuance of the UK engineering industry”. This is according to a report by Staffing Industry Analysts (SIA) on the latest Matchtech confidence index. Matchtech managing director Keith Lewis told SIA: “Whilst the UK engineering industry is continuing to experience further growth and a number of major projects, it is concerning to see that those within the industry continue to feel doubtful about their future here in the UK.” More...
Contractors are a step closer to being able to communicate electronically with HMRC
Contractors could start receiving communications regarding self-assessment from HMRC electronically, rather than by letter. HMRC has announced its plans for paperless self-assessment (SA) in a new consultation document, HMRC Digital Strategy. “HMRC’s Digital Strategy will make processes like SA faster and simpler. It will deliver the tax system for the 21st century that taxpayers expect,” claims David Gauke, Exchequer Secretary to the Treasury. More...
Contractors celebrate the best National Freelancers Day so far
Contractors celebrated PCG’s National Freelancers Day at events throughout the UK last Thursday 21 November 2013. The day’s highlight was a live event featuring a keynote speech followed by an interesting panel debate. “I think this year’s National Freelancers Day organised by PCG was the best one so far,” believes ContractorCalculator CEO Dave Chaplin. More...