Contractor News » Financial News

Pensions Auto Enrolment Workshop Organised by REC

alexsimmonds — Thu, 28 Apr 2011 13:13:26 +0000

May 17th will see the first of a number of workshops organised by REC (Recruitment and Employment Confederation) on the subject of pension auto-enrolment for small businesses and employers. This comes ahead of the change in legislation in October 2012 which will mean that employers must enrol their staff in pension schemes. The rules will also apply to recruitment agencies who have workers who have worked with them on assignment for more than 12 weeks.

Gillian Econopouly, the head of policy at REC noted that the workshop will offer an opportunity for their members to get to grips with auto-enrolment and to explain exactly what the reforms will mean.

PCG Launches Freelancer Magazine Online

alexsimmonds — Wed, 27 Apr 2011 17:58:28 +0000

Contractors will see their own magazine launched online this week as PCG’s in-house publication Freelancing Matters website goes live . The website aims to be a source of freelance news, comments and blogs that will fill the gap between the bi-monthly print publication. Iain Mcllwee, PCG’s Head of Commercial Development commented that

“The magazine and website are vital to helping us to engage, understand and project the community more effectively … freelancing is no longer a niche and 1 in 20 in the workforce now work freelance; simply put, freelancing matters.”

The website can be found here.

Contractor Tax Deadlines for 2011

alexsimmonds — Wed, 27 Apr 2011 17:48:48 +0000

Contractors who manage their own limited companies can now keep abreast of the latest tax deadlines thanks to a new pdf download available from HMRC. This useful download will mean that contractors (or their accountants) should be available to avoid submitting late paperwork and incurring liabilities and fines.

Contractors should be aware that the first deadlines to be aware of are 19th May 2011 for the P35 Employer Annual Return and the 6th July 2011 for the P11D.

The download can be found here.

Remote Working on the Increase

alexsimmonds — Mon, 25 Apr 2011 19:05:04 +0000

A survey by the Orange National Business Awards recently revealed that around 67% of British businesses believe that advances in technology will mean massive changes over the next ten years. More than 40% of those who took part in the survey expected that their complete workforce, as well as themselves, will end up working remotely over the next ten years. Their belief was, in the majority, based on the need for modern workers to strike a balance between their personal and work lives.

Dr james Bellini, a business futurologist, commented on the results that UK contractors would in all likelihood see increasingly better opportunities for remote and virtual working and that the growth in that sector was unsurprising. There are already in excess of 4 million free agent workers in the UK and that number is rising every month. He added that small businesses and freelancers of this kind were extremely innovative and that innovation is the chief driving force of future technological development.

Contractors Go Green

alexsimmonds — Mon, 18 Apr 2011 15:42:16 +0000

Contractors who work in the UK energy sector should hopefully be seeing more work as the government tries to enhance its environmental credentials and more and more companies turn to energy efficient working styles. Recruitment firm Roevin Engineering this week predicted an increase in energy sector hiring as firms begin to change their ways. Mark Tully, the head of Roevin Engineering believes that energy contract workers will spearhead the UK recovery and that ”The strengthening drive for greener energy is also generating significant demand for UK engineers in the utility and renewable sectors”. Tully believes there will be a knock on effect in other sectors:

“More widely, the traditionally strong areas such as oil and gas, pharma, life sciences, infrastructure projects and power generation are also seeing a resurgence in demand as a result of increased investment in UK projects.”

HMRC Brings in the Heavies in Aggressive Dash for Cash

alexsimmonds — Sun, 17 Apr 2011 23:56:41 +0000

Those contractors with money still outstanding on their taxes will be interested to hear that HMRC have hired over 1,100 new temporary staff in order to have a large push to reclaim lost revenue. In an article in the Daily Telegraph this new recruitment drive is referred to as a ‘dash for cash.’ An accountant at Blick Rothenberg, Angela Beech is quoted as saying that HMRC are now becoming ‘more aggressive’ whilst another unnamed accountant reported noticing that HMRC was using bailiffs more regularly, when they had previously only been used in exceptional circumtstances.

A spokesman for HMRC said: “Improving our service to PAYE customers is an HMRC priority for 2011-12. We are recruiting more than 1,000 temporary staff to help us ensure good standards of service to all our customers. This will enable us to restore service standards and work old open cases.”

Contractors in Space

alexsimmonds — Sun, 17 Apr 2011 18:30:03 +0000

Contractors whose skills are needed to support the space sector could be about to see a benefit from the coalition’s fresh focus on certain priority research and technology areas, including access to space and telecommunications. Having recognised the potential for growth in the UK’s small space sector, the government is now investing £10 million to launch a national space technology programme.

David Willetts, Minister for Universities and Science and Space Leadership Council co-chair, said of the launch:

“The UK’s space sector is a key driver of economic growth and is increasing rapidly each year. In the Government’s Plan for Growth we committed to removing the regulatory barriers to further growth and announced a £10 million investment to start a national technology programme with industry.

“Today’s strategy is an excellent example of the value of working closely with industry, and I am confident it will provide our space sector with the advice and guidance it needs to truly flourish.”

Public Sector Contractors Offered Chance to Present Ideas

alexsimmonds — Sun, 17 Apr 2011 13:55:22 +0000

Contractors with experience of working in the public sector who have ideas on how to increase efficiency, productivity or quality in public sector services will now have a chance to have those ideas heard. The Cabinet Office is looking for small businesses to submit ideas to the new ‘Innovation Launch Pad‘. The best ideas submitted to the scheme will then be put to a team of specialists who will help mentor the small business to develop them into something concrete. The best ideas will then be invited to be presented at a product surgery and Downing Street will also host a reception for those businesses involved. The idea of the scheme is to stimulate new, open competitions in Government markets. Initial ideas should be submitted before Friday 22nd April 2011.

HMRC Allays Fears Over Business Checks

alexsimmonds — Fri, 08 Apr 2011 13:44:39 +0000

Contractors and small businesses will be relieved to hear that HMRC has moved quickly to respond to industry fears regarding the business records checks system. HMRC recently noted that the new system, which has caused so much consternation, is currently only a ”test and learn” pilot scheme, and will only see businesses issued with fines in the most extreme cases.

The business records checks scheme had attracted the attention of the Chartered Institute of Taxation (CIOT) which had raised concerns over “premature business records checks” being carried out by HM Revenue & Customs. The CIOT has welcomed the new announcement but called for clearer communication from HMRC towards those who might be affected by the new system. The CIOT deputy president, Anthony Thomas, said recently:

“HMRC’s reassurance that this is a ‘test and learn’ pilot where no penalties will be levelled, other than in exceptional circumstances, is welcome … However they should have made this clear to tax advisers, business organisations and, above all, those taxpayers – represented and unrepresented – they are targeting, from the outset. By not doing this HMRC gave the strong impression that they were proceeding with this project prematurely and without listening to consultees.”

Energy Contractors Face Uncertain Future After Budget Disappointment

alexsimmonds — Sun, 03 Apr 2011 19:30:26 +0000

Gas and Oil contractors had high hopes in recent months as the energy sector had predicted an increase in contract opportunities and contract rates in 2011. In addition the Oil & Gas Global Salary Guide 2011, published by Hays Oil & Gas and Oil and Gas Job Search, had revealed that skills shortages were looming.

However, the surprise decision by energy firms Centrica, Valiant Petroleum and Statoil to cancel or postpone significant North Sea projects which had been expected to bring thousands of jobs has left the industry reeling. The cancellations, expected to be followed by more negative reactions from other energy firms, come as a result of the surprise ‘windfall tax’ introduced by the Chancellor in this year’s budget.

It is expected that gas and oil sector representatives will meet with Chris Huhne, the Secretary of State for Energy and Climate Change to make clear their feelings on the tax.