Demand for short-term workers highest for over 12 years
According to the latest ‘Report on Jobs’ (published by industry body REC, and KPMG), shows that the growth in recruitment agency billings for contract staff during August 2013 rose at its fastest rate in 15 years.
The good news continues, as the report claims that this surge in billings was accompanied by the “sharpest rise in demand for short term workers since December 2000.”
REC’s chief executive, Kevin Green, said that August was “an extraordinary month for the UK jobs market”, with the demand for temporary staff at its highest level since Google was Founded in 1998, and France won the World Cup!
Green also pointed out that temporary / contract rates had risen for a seventh consecutive month, and permanent starting salaries were at a five and a half year high.
You can read the summary release here.
All developers will soon need mobile skills
According to a new survey by jobs site CWJobs, within just 3 years, all developers will need the skills to deliver mobile projects to keep up with business demand.
Given the rapid change in the way people view information, businesses are having to cater for demand across a range of outlets – mobile, video, data, SEO, etc.
80% of businesses expect to spend more on mobile over the coming years. Perhaps this is not much of a surprise as mobile web traffic rose by 78% during the first quarter of 2013 alone.
Read the interesting Whitepaper here.
Simpler accounting for limited company contractors
Almost all limited company contractors will soon be able to take advantage of simpler financial reporting requirements, as the Government aims to reduce the administrative burden on ‘micro businesses’.
When the UK’s implementation of the EU ‘Micros Directive’ takes effect, small companies will simply have to file an abridged balance sheet and profit and loss account each year. Although an exact date has yet to be decided upon, it is likely that the new rules will apply to companies with year ends from 30th September 2013 onwards.
So, what is a ‘micro entity’? For the purposes of this new legislation, it is an enterprise with 10 or fewer employees, a net turnover of £632,000 or less, and a balance sheet turnover of £316,000 or less.
It is estimated that just over 1.5m limited companies will be eligible to take advantage of these simpler reporting requirements – out of a total 2.8m limited companies currently registered at Companies House.
This exemption will be entirely optional – directors can decide whether to continue providing their accounts in the usual fashion, or to adopt the reduced disclosures.
HMRC warns £50k+ earners to declare Child Benefit income
If you or your partner earned over £50k during the 2012-13 tax year, you will need to register for self-assessment in order to pay a ‘tax charge’, HMRC warns. From 7th January 2013 onwards, the Benefit became taxable for people where one partner’s earnings breached the £50k threshold.
Chances are, if you’re a limited company contractor, you have already registered for self assessment (as that’s when you pay the tax on any dividends you have drawn down). However, there’s often no need for umbrella employees to do so, as they are taxed on a PAYE basis.
You can find out more here.
Missed the Real Time Information deadline?
This month, if you’ve not yet registered your company for Real Time Information (RTI), you may receive a warning letter from HMRC. All contractor companies should now be registered – RTI means that your payroll information is transmitted to HMRC before or at the time your payroll is run each month (previously this information was submitted at year-end).
Many accountants (ours included) have reported some initial teething problems with setting contractor clients up on the RTI system, and accordingly, HMRC appears to be giving small firms some leeway in the short-term.