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New research shows that more than a third of contractors have left self-employment because of changes to off-payroll working (IR35) rules.
A survey published by the Association of Independent Professionals and the Self-Employed (IPSE) shows that 35% of contractors no longer work for themselves.
As a contractor, your hourly rate is more than the equivalent of a permanent employee doing a similar job. That is largely down to the added expertise that you bring to the table, with a varied and notable work history across various projects. Even amongst contractors, there will be people doing the same type of role on a lower rate than you. No two contractors are the same.
Self-employed pension savings hit a record low in the year leading up the pandemic, according to figures released by HMRC.
Whether it’s through an umbrella company like Umbrella.co.uk, as a sole trader or through a limited company, more people are choosing to work for themselves. But the amount that self-employed workers pay into their pension pots is on the decline.
There are a number of advantages to operating through a limited company rather than as a sole trader. Working through a limited company is more tax-efficient. It also gives you limited liability, so you won’t be held personally responsible for business debts.
The tax increase has been created by the Government to combat the NHS backlog. It will also fund social care initiatives, such as care home costs and disease prevention.
From April 2022, National Insurances contributions will rise by 1.25% for employees and the self-employed who earn over the minimum threshold. Employers NI contributions will also be increased by 1.25%.
The increase to NI contributions will only last 1 year, with rates returning to the current level in April 2023. However, the 1.25% tax is here to stay and will be known as the ‘Health and Social Care Levy’ from 2023.
New research reveals that more than two million workers are planning to switch jobs before Christmas, with most workers motivated by a better work-life balance.
According to Totaljobs - which analysed more than 4.2 million job changes since 2015 and surveyed more than 4,500 jobseekers - a quarter of the UK workforce is planning on a change in the next two years.
Employer demand for contractors is soaring in key sectors, including IT and construction, as the economy bounces back from the coronavirus pandemic.
Competition for contractors has been intensified by a number of factors, including long-term labour shortages and an IR35 exodus from the contracting sector.
Recruiter trade body REC said that there was ‘fierce competition’ in the jobs market in September, where labour shortages contributed to issues in petrol stations and on supermarket shelves.
The HGV driver shortage is wreaking havoc on UK supply chains. It’s estimated that Britain needs an extra 100,000 HGV drivers and the shortage is resulting in long queues at petrol pumps and missing stock on supermarket shelves.
The government has announced several tax increases on contractors and employees as it looks to bridge the funding gap in health and social care.
From April 2022, National Insurance Contributions (NICs) for employees and employers will increase by 1.25% along with a matching increase in the tax paid on dividends.
A survey has revealed that more than half of the UK’s small and medium-sized enterprises haven’t introduced formal IR35 processes five months after a major rules shake up.
