The UK seems to have finally started the recovery process from the economic shake-up suffered in the past few years. The economic situation is slowly taking a turn for the better, with the International Monetary Fund forecasting a 1.4% growth in the remainder of the year 2013. Further economic growth is also predicted in the year to come.
Employment rates have directly been impacted by economic recovery in a very promising manner. According to facts published by the Office for National Statistics, unemployment rates have already dropped by 1% since May. Employers seem to have more assurance regarding their businesses’ profitability; signalling the need for employees.
However not all companies are looking to hire permanent employees and are instead looking for skilled contractors to come in and perform a specific task. Employees made redundant during the recession may have also chosen to become contractors working with a number of key clients on project or time based projects.
Recent data indicates that the number of contractors in the UK has dramatically risen of late, and appears to be a preferred option for businesses and individuals alike. This has also been shown by the continuous rise in demand for contractors in UK; a fact published by the Bank of Scotland.
Finding a contract in such an economic climate might seem rather easy for some. However, deciding how you want to pay yourself may not be as easy a task. There are many options when it comes to paying yourself and often large amounts of paperwork to be tackled. Legislation such as the IR35 legislation, may threaten to ruin the pleasure of ‘being your own boss’ in the industry you enjoy working in. Such tasks can be daunting, especially with the government constantly changing legislation for contractors.
ICS offer a range of contractor accountancy and payroll services. We have been working with contractors since 2002, operating in a compliant manner and understand all the complex legislation affecting contractors. To find out about the various ways you can pay yourself as a contractor, call us on 0800 195 3750 or alternatively email firstname.lastname@example.org.