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Find out more about what is currently going on in the umbrella company and contracting industry:
- Tax Advice
- Contractor Help
- Business Legislation
- Growth Figures
- Accountancy
- National Insurance
- Agency Worker Regulations
Here we will publish links to the latest online news for contractors, agency workers, umbrella company employees and business owners. If you have any queries or there is something you would like us to research please click here to contact the Paramount Umbrella Company team.
The Construction Industry- Results of the False Self
Employment Consultation
4th April 2014
The Government have recently carried out a consultation aimed at ‘onshore intermediaries’ with potential to have a negative impact on the construction industry and the engagement of self-employed subcontractors.
The legislation comes into force on 6 April 2014.
Construction clients should get in touch so we can discuss the legislation if they have any concerns. Click the links below to read more about the legislation and what it means for you.
Construction Industry False Self Employment PDF
False Self Employment FAQs
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Budget 2014: Growth forecasts raised for 2014 and 2015
19th March 2014
Official forecasts for UK economic growth have been raised for the next two years but cut for later years.
The predictions from the Office for Budget Responsibility (OBR) show that gross domestic product (GDP) is expected to rise by 2.7% in 2014, up from a forecast of 2.4% in December.
The growth forecast for 2015 has been raised from 2.2% to 2.3% and 2016 has been left unchanged at 2.6%.
Source: www.bbc.co.uk
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Auto Enrollment Pensions Information for Umbrella
Company Workers
26th February 2014
In October 2012 new laws came into effect requiring all UK employers to automatically enroll their employees into a pension scheme and pay mandatory minimum pension contributions. The minimum level of employer contributions starts at 1% and rises to 2% and then 3% in subsequent years.
The date by which a company has to comply is determined by the size of its payroll and is called “staging date”. Paramount Solutions will confirm their staging date later this year.
You will be elegible for automatic enrollment if you are aged between 22 and pension age, you work in the UK and earn £8105 per annum. You and your umbrella company will make contributions through the scheme and it is possible for to opt out of the pension contributions after you have been auto enrolled if required. You can also join the scheme is you are not eligable for auto enrollment.
As soon as we are ready to launch our scheme we will contact you with more details.
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Contractors' 2014 financial calendar - Q1 & beyond
9th January 2014
Contractors might have only just finished packing away the Christmas decorations, but a host of changes to the finances of such self-employed professionals loom large, writes Tony Harris, an IFA at ContractorMoney.
Some of these incoming changes are tied to the calendar. For example, the January 31st deadline for self-assessment taxpayers, and the new financial year commencing in April.
Source: www.contractoruk.com - read full article here.
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Chancellor George Osborne: 2014 a year of hard truths
6th January 2014
Chancellor George Osborne has set out plans to cut a further £25 billion from public spending - including £12 billion from benefits - after the 2015 election, as he said that the size of the state and the welfare system must become "permanently smaller".
Source: www.telegraph.co.uk - read full article here.
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What Autumn Statement 2013 means for your money
6th December 2013
What was fiscally-neutral for the UK yesterday won’t necessarily be the same for contractors, so let’s explore where Autumn Statement 2013 - the chancellor's 'mini-budget' - could leave you better or worse off, writes IFA Tony Harris of ContractorMoney Website.
Source: www.contractoruk.com - read full article here.
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IT and Media Talent Shortage
19th July 2013
Latest employment data from The Association of Professional Staffing Companies (APSCo) reveals that the marketing and media recruitment sector continues to suffer from a mass talent shortage. Permanent placements have collapsed by 21% year on year, but actual job openings have risen by 2% which is indicative of an on-going scarcity of available candidates.
Source: www.apsco.org - read full article here.
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Contractor and Freelance Markets Still Growing
17th July 2013
New research sponsored by The Institute of Practitioners in Advertising says that the demand for the services of skilled and qualified umbrella workers or freelancers in still increasing influenced by companies increasing their marketing budgets.
Source: www.ipa.co.uk - read full article here.
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IT Contractor Spending continue to Rise
28th June 2013
New job billings in IT – an industry that has used interim and temporary workers for years – have risen beyond all expectations - considering the UK’s current economic climate. In fact, the number of roles in the IT industry currently looking for skilled and qualified workers has reached levels almost indistinguishable from 2008 figures.
Source: www.umbrellacompanies.org.uk
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Contracting still the order of the day as
UK narrowly avoids triple dip recession
17th May 2013
The UK Government’s continued investment in infrastructure has boosted temporary employment levels across the engineering sector despite the otherwise bleak jobs market. This is according to the latest research by APSCo.
APSCo’s research reveals that whilst both permanent placements and vacancies within the sector continue to fall year on year – 4.7% and 8.6% respectively –the temporary section of the market is faring better. Temporary placements, for example, have risen by 2% since March 2012 and 1% since February 2013, however there appears to be a regional divide. Looking specifically at online recruitment statistics – provided for APSCo by Innovantage – contract placements in Scotland have rocketed by 33% since March 2012. In contrast, the South East has seen a 15% fall in assignments which is in line with the Government’s National Infrastructure Plan schedule.
Source: www.apsco.org - read full article here.
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How to compare umbrella companies
10th May 2013 - source www.contracteye.co.uk
As contracting has boomed in recent years, and ever since IR35 became law in 2000 (which makes umbrella companies more attractive for those caught by the rules), hundreds of umbrella companies have sprung up to serve the swelling numbers of contractors and freelancers in the UK.
In order to find a secure, well-run, and fairly priced umbrella scheme, you need to do your homework. We've compiled a list of things you should look out for before joining a scheme.
Compare umbrella companies - click here to read the 15 key questions to ask
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Budget 2013: National Insurance
20th March 2013
National Insurance raised £101bn for the government's coffers in 2011-12, almost a quarter of all tax receipts, but they are poorly understood and rarely emerge into the spotlight.
This Budget has changed all that.
The Chancellor's headline announcement is a generous NICs relief for employers, wiping away the first £2,000 of their employer NICs.
Source: BBC Online - Click here to read the full article.
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Budget 2013 at a glance: 10 key points
March 20th 2013
All you need to know about the main measures in chancellor George Osborne's budget
Source: The Guardian Newspaper - Click here to read the full aticle
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A £100million NI tax loophole for firms to be closed in Budget
16th March 2013
A tax loophole which allows firms to dodge around £100 million a year in National Insurance (NI) will be closed in the Budget.
Companies are using offshore payroll services in tax havens such as Jersey and Guernsey to pay around 100,000 employees - mostly teachers, nurses, and oil and gas workers.
And Chief Secretary to the Treasury Danny Alexander said the Coalition aims to put a stop to it
Source: The Daily Mail Finacial Pages- Click here to read the full article
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