Contractors Find Their Calling

From information gathered by the Recruitment and Employment Confederation and KPMG, it is evident that the need for contractors within the professional market is still in very high demand. With figures having risen throughout 2012, this year looks set to continue the trend, the number of temporary contracts increasing considerably.

The Recruitment and Employment Confederation chief executive Kevin Green commented on the importance of this contract boom. “It’s another milestone for the UK labour market, which hasn’t seen a full quarter of simultaneous increases in both temp and permanent job placements since mid-2011. It’s also further confirmation of the continued strength of our flexible labour market in keeping people in employment. The picture for 2013 is likely to be similar to 2012, and we expect the labour market to yet again outperform the sluggish economic growth in the UK.”

Limited company contractors have had much attention throughout last year, their professional tax status being the subject of much media and government activity, with tax and IR35 rules taking centre stage. With the clear rise in job contracts for those working through limited and personal service companies, it is clear that there is a growing reliance in temporary workers.

“Employers are confident in their own businesses, if not the economy as a whole, and know they have to retain or recruit talent in order to have a competitive advantage.”

Contractor Precautions, IR35

2013 promises much for limited company contractors, with the number of contracts rising, the ever ominous HMRC tightening their grip on tax, and of course, perilous blankets of snow covering our usually dark and dismal streets.

When it comes to contractor protection, on top of the usual standard contractor insurance policies, specific IR35 insurance is heavily recommended, HMRC activity only set to grow in these coming months.

By:Seb Maley

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