Kingsbridge’s Oil And Gas Predictions For 2014

The UK:

2014 could be the year that the UK moves more towards shale gas with the British Government giving out the next round of exploration licenses this year, as well as being granted extra exploration licenses from Norway for oil in the North Sea.

The first nuclear power plant for 20 years is to be built, which also suggests a new period of growth, creating some 25,000 jobs and it should help to tackle the current engineering skills shortage.

More good news for those in the oil and gas sector as it is predicted that the boom in new jobs will also see a wage rise.  68% of oil and gas workers saw a pay rise in 2013, so it’s a positive feeling for the industry in terms of employment. Confidence in the oil and gas industry is strong and likely to increase; the majority of workers are confident that tax breaks will continue to boost investment and interest in the sector.

If Scotland were to claim Independence from the United Kingdom this year it would have a major effect on the North Sea Oil industry. Alex Salmond has increasingly focused his economic case for independence around the North Sea Oil reserves, telling Scots that the remaining reserves could be worth £300,000 per person. However the ‘black gold’ will be fiercely fought over by London and Edinburgh politicians, if it were split via the North Sea border then 90% of the revenues would go straight to Scotland. It is unlikely that England’s politicians would sit back and let this fly as revenues from the North Sea reserves are so high. It will certainly be worth keeping an eye on what the feeling is north of the border.

The US:

It’s likely that the US Shale gas revolution will continue strongly into 2014 and beyond. The US could even become energy self-sufficient by 2015 which could cause huge shifts in the global energy market.

We could also see an increase in development in the production of natural gas and oil. This will again increase chances to work in the sector and open up job opportunities throughout the coming year.

Worldwide:

Advances in technology and improvement in techniques for well-completion could mean steadily increasing recovery rates for shale oil and gas wells across the world in 2014. Those who believe in the Peak Oil theory will continue to ignore this. In the same vein ‘Peak Oil’ will not arrive in 2014.

Overall with an increase in interest and action with fracking it looks set to be a strong year for the oil and gas industries, especially as there will be an abundance of new jobs and investments within the sector. We’ll be keeping up to date with all the relevant oil and gas news throughout the year, so keep an eye on our Twitter account @KingsbridgeProf.

A Contractor’s Guide To Self-Assessment Tax Returns

As if you weren’t excited enough about Christmas, every freelancer and contractor’s favourite time of year is fast approaching too…..Tax Season!

Whether you’re a seasoned pro, or just starting out, self-assessment can be intimidating, particularly when the press is full of horror stories about fines, recent government policy changes and HMRC taking measures to answer to the recent criticisms they’ve been facing around avoidance. Hopefully we can help with our guide to self-assessment.

1 – First you’ll need to register with HMRC for self-assessment.

You can register online, by post or by phone; find more details here. To register for self-assessment you’ll need your National Insurance Number as well as all the details of your business and your personal details.  Registration (if you haven’t already done it) needs to be submitted by 5th October after the end of the tax year for which you need a return. If you are new to self-assessment you will receive a UTR (Unique Taxpayer Reference) which stays with you to keep you linked to your self-assessment records. If you aren’t new to this then you’ll need you reference number to hand to complete the forms.

2 – You need to keep your records in order.

They key to submitting your assessment on time and correctly is in keeping accurate financial records.  Just some of the financial records you should have to hand when you are completing your self-assessment are:  your self-employment income, any dividends, any income that may have come from partnership and interest paid on things such as loans and credit cards. This only the basics so be prepared to also list any additional income or expenditures.

Don’t forget, you always have the option of speaking to a professional and having them help with your accounts and financial information.

3 – Timing is important

You may have already guessed that leaving your self-assessment to the day before its due is not the best idea.  The earliest you can realistically submit it is the beginning of the new tax year.  You do, however need to make sure you have all of your tax forms from the previous year, P60, P45 and P11D, for example, so whenever you have received those you can get cracking. The advantages to early filing are the fact you’ll know how much tax you owe so you can plan the rest of the year on the back of that, knowing in advance can also prepare you for any shocks and having to pay out of your own pocket!

4 – Completing your self-assessment

So, you’ve organised all your papers, you feel prepared and ready, next comes the task of actually filling out the assessment. You can now register online (if you haven’t done it before) and receive your UTR (which we mentioned earlier).  Next you’ll use that code activate your account online and you’re ready to go. You can check this HMRC guide if you’re stuck at this point. If you’ve filed a return online before you’ll have an Id and password and you can get started straight away.

If you’re already prepped it’s an easier task of simply copying data from your records and documents into HMRC’s system. It’s simply form filling. Keep all of all your forms in front of you and once one form has had its data inputted online put it to one side, once all the forms are aside, you’re done!

The great thing is that the online system saves your progress so you don’t have to complete the assessment in one sitting and if there are things you need to double check you can always go back before you decide to submit it. Once you’ve double-checked everything and are happy that you’ve completed the forms you can submit.

5 – Finally, don’t miss the deadline of January 31st.

If you let the deadline go by you’ll be hit with an on the spot £100 fine and be given an extra three months to work through the online forms. If you miss the second deadline the fine will then go up to an additional £300, or a 5% fine of the tax you owe, whichever is greater. So it pays to be prepared for your self-assessment.

Oil And Gas News Resources For Contractors

We work with many Oil and Gas contractors and it’s important for us to keep up to date with the industry news.  This week, we thought we’d share our favourite Oil and Gas news resources.

BBC

The BBC regularly covers worldwide Oil and Gas issues, especially the North Sea and Scotland’s industry. They also have some great informative sections on this page, the future fuel section gives and in-depth look at what the future may hold for the energy generation, including fracking, alternative and nuclear.

Oil and Gas People

Oil and Gas People isn’t just a jobsite.  Their news section is regularly updated with summaries of the latest industry headlines.  They also partner with other industry specialists to provide a range of relevant services designed for the industry and are particularly active on social media channels, making it easy to keep up to date without needing to trawl the papers every morning.

Offshore Technology

This site will give you more technological news and info about the Oil and Gas sector, with the latest press releases and information on suppliers, products and services.  It’s particularly helpful if you’re looking for regular offshore news and information.

Your North Sea Oil News

This site is part of a larger worldwide Oil and Gas news website, but this section is relevant for those in (or interested in) the North Sea industry. The articles are updated regularly, as the news happens, so you’re likely to find a new story each day. If you are interested in the industry news in other geographical areas, such as Norway and Gulf of Mexico, there are also links for these.

Rigzone

This is another great source for North Sea Oil and Gas industry news, with similar articles to the above site. You can find extra information on this site about the world’s Oil and Gas companies as well as there being a job board.

Oil and Gas UK

The news here is about the trade association itself, with news about upcoming events and how the organisation is helping the industry as well as any information about government relations.

The Telegraph

The Telegraph is another regular news site which features great articles on Oil and Gas and the whole energy sector. They have regular industry updates, with historic articles also available. Most articles naturally focus on the UK’s industry but the most significant worldwide Oil and Gas stories feature too.

Are there any other sites you know of you’d like to share with us? Let us know in the comments section or via Twitter.

Top Ten Freelancing Misconceptions

Making the decision to begin freelancing is definitely not one to be taken lightly. However, there are certainly a lot of misconceptions that come with the territory. We’ve taken ten of the most common presumptions and blasted them wide open, for a happy, successful freelancing career.

1 – Freelancing gives you a lot more free time

When you announce that you’ve made the decision to go freelance, you’ll undoubtedly be met with ‘supportive’ soon-to-be-ex colleagues gushing about the fact that ‘at least you won’t have any more early mornings!’.

Sadly, that’s not necessarily the case. Whilst some days you might be able to sneak in an extra half hour in bed, if you want to keep on top of things, you should be working the same office hours as everyone else. This is mainly so that clients can get hold of you, but it also gives you some structure to your day and keeps you in the habit of working 9 to 5.

2 – Being a freelancer makes you loads of money

We’ve yet to meet a freelancer who cashed in during their first few weeks of leaving their office job, so you will probably have to stick at it for a good while before you can afford that second home in the Caribbean.

Whilst some people do charge quite a high hourly rate, the reality is that you’re not working every hour of every day, so it’s a bit of a moot point. There’s also only a certain amount of work/clients that you can service on your own, so it’s important to take it just one step at a time.

 3 – Freelancing means you don’t have a boss

You may be glad to get rid of that stuffy CEO who is stifling your creative flow, but just because you’re a freelancer doesn’t mean that you don’t have anyone to report to.

Clients and others who are paying for your time are expecting a return on investment for their cash, so not doing the work you have agreed means that you’ll certainly have someone to answer to.

Not meeting deadlines is frustrating for those who are expecting a finished product, and it will also earn you a less than desirable reputation. Treat those who you are doing work for as if they are your boss, and it should help to keep you on track.

4 – Freelancing is much less stressful

Another regular misconception that a lot of people have is that freelancing is far less stressful than ‘regular’ employment. We hate to break it to you, but this one isn’t true either.

Your schedule hours are a lot more flexible, and you do have a certain amount of freedom, but these do not necessarily a walk in the park make.

Not only do you have to be constantly on the look out for new work, you also have to structure your own time, organise your workload and then find the time to do all that work… by yourself. There’s little delegation in the freelance world!

5 – Being a freelancer means you’re lonely

A life without colleagues isn’t the be all and end all, and freelancing doesn’t necessarily have to be a lonely profession.

Not having the constraints of office life means you can arrange to meet clients and other business contacts for lunch and coffee, getting you out of your homemade office.

Thanks to the wonders of social media, there are thousands of meet-ups around the country, so why not investigating what networking events and meet-ups are going on in your area? It’s a great way to meet new people, make friends and try and snare some new business!

6 – You have to take any work you can get

No-one wants to turn away business, but just because you’re a freelancer doesn’t mean that you have to accept that job for your Aunty Jackie’s sister’s brother’s new plumbing venture.

Don’t get us wrong, it’s lovely when people think you’re worthy enough of supporting their business, but just because you’re not based in a regular office job doesn’t mean that you have to take it.

We all like doing a couple of feel-good jobs for free to help out friends and family, but sticking to your professional network will probably mean more success on the new business side of things.

7 – Anyone can do it

Similar to the assumption that freelancing is easy, a lot of people think that it’s possible for anyone to be a freelancer. However, we’d have to disagree.

You need a variety of skills to be a freelancer, just as you need a variety of skill in any other job. Good time management and organisation skills are key, and you have to be confident in what you do and how well you’re doing it in order to win new business.

Freelancing isn’t just a job that you can fall back on, and if you don’t put in a considerable amount of effort, then it’s unlikely you will succeed.

8 – You don’t have to pay taxes

Getting yourself an accountant is one of the first things you should do when you become a freelancer, as registering as self-employed with HMRC can be confusing to say the least.

You need to take responsibility for both income and tax and National Insurance, which are calculated by reference to your profits as a stand-alone business.

Even beginning to think about tacking taxes by yourself can end up leaving you a bit frazzled, so we’d definitely recommend getting a professional in to help, at least while you’re finding your feet.

9 – Freelancing limits future career opportunities

A number of people worry about life after freelancing, but moving into self-employment doesn’t mean that you have to stay there for the rest of your life.

Being able to be successful as a freelancer shows a lot of skills, many of which will impress a potential future manager. Many freelancers also see job opportunities with people that they’ve worked for on a freelance basis, so often you don’t even have to go through the tedious application stage.

Depending on the length of your freelance career, you should have a number of happy clients who are willing to give you an excellent reference.

10 – Get as many clients as possible on your first day

Don’t worry if you haven’t filled your books on your first day. You need to make sure you’re dedicating time to nurturing your business, as well as finding new clients.

Taking a few hours to make your website look top notch, spending a little bit extra on the design for some business cards that are going to make you really memorable and writing up a business plan are all things that will benefit in the long run, and mean that you can continue to grow your business.

Creating A Home Office On A Budget

As a freelancer or contractor there’s a good chance you’ll need to work from home at least occasionally.  We all know how tempting it can be to just plonk yourself down on the sofa in front of the TV with your laptop but we also know that’s probably not going to lead to your most productive day!

Having an environment at home that you reserve purely for work will make a big difference to how effectively you can work from home.  I’m not talking about loft conversions or new structures in your back garden (I’ll get on to that later) but there are a few things you can do to create yourself a home office or work area without breaking the bank.

Space – Clearly you’re going to need to find or make space.  A spare room is perfect if you can make use of one but, if not, finding a crook or alcove within your home is the best idea, so you in some ways feel sectioned off from the rest of the house.

 

chair

 

Plan – It’s a good idea to make a plan of where you want things to go, measure out proportions and check where radiators and windows are. You don’t want to buy/move all your furniture before you’ve decided on a layout; you’ll be doubling the time you spend on setting it up!

Furniture – You’re going to need a chair and a desk – might sound like stating the obvious but choosing the right furniture is paramount for your occupational health.  Ikea do a great range in ‘office’ furniture if you want to buy new but you’ll almost certainly get better quality if you opt for something used.

Get organised – invest in or reallocate some storage.  A bookcase, filing boxes, wall mounted shelves – whatever works best in your space.  Anything to keep files and paperwork away from your ‘home’ environment or off the floor!

Lighting – Don’t overlook the importance of lighting.  Natural light during the day would be perfect, but not always possible.  You can find daylight bulbs in most DIY stores and a well-positioned lamp will help if you need a break from overhead glare.

Stay connected – Another obvious statement, but you’ll need an internet connection and either a land-line nearby or a good mobile reception.  All names have been changed, but ‘Robert’ could tell you a tale about the very smart log cabin type affair he constructed (at no small cost) at the end of his garden to be used as his home office.  Central heating, running water, no internet connection, no mobile coverage.  Lesson learned I think!

Personalise – Finally, make your space your own.  One of the key benefits to working from home is the level of control you have over your own environment.  We suggest you do more than the bare minimum to make the space habitable.  Even if it’s a particular photo or picture on a wall, personalising your space will definitely help you stay focused and inspired.

 

Time Saving Tips For Your Work Day

As a Freelancer or contractor you may find there just aren’t enough hours in the day. You probably have to multitask much of the day to get work completed on time. Here are some simple time saving tips to help you with the smaller tasks in your day.

Plan, plan, plan.

It instantly helps your work flow if you have a plan in place for your working day.  Various research shows that people are most productive during the first two hours of their working day so it’s a good idea to write your to do list the night before.  That way you can focus on ticking tasks off your list as soon as you start work.  Clearly your list is going to change almost hourly, but simply writing each item down will allow you to stay on track.

Take advantage of Voicemail and out of office

It’s not an easy discipline to adopt, but you’ll soon find that if you can allow voicemail to take the strain when you’re up against it you’ll be much more efficient.  Similarly, by logging out of email for an hour or two, you’ll be able to focus on completing tasks without the constant interruption of email alerts and the temptation to deal with them as soon as they drop into your inbox. Simply removing as many potential distractions as possible for set periods of time during your day will improve concentration and output.

Mobiles and tablets

If your contracts mean you need to travel a lot take advantage of (public) travelling times and waiting rooms. Even five minutes on a mobile device will mean one less email to respond to when you get back to the office.

Pick the right jobs

It’s sometimes tempting to take on jobs that don’t closely match your area expertise, particularly when you feel you could competently take them on.  Once these projects start you may find that you need to pick up extra skills or do more research to complete them. Stick to your area and you’ll complete work quicker and keep your clients happier.

Use productivity tools

You can download or use an online productivity tool to keep you on track.  They’ll help you to stay focused by limiting the amount of time you spend on ‘time-wasting’ websites. You can also use online time-tracking tools which will give the feeling of being monitored making it more likely for you to stay on track.

Don’t multitask

We’ve mentioned this before in our ‘managing multiple clients’ post, but as well as helping in that respect it will save you many wasted hours. Doing more than one thing at a time has been proven to be counter-productive , it can slow you down from distraction as well as making you more likely to make a mistake.

Marketing For Contractors On A Limited Budget

We know that marketing for contractors can be tough if you’re trying to pull together interest on your own. This list is full of recommendations to help sell yourself and your business and hopefully retain and gain new clients and contracts on a tight budget.

Customer recommendations, friends and family

The best way and the cheapest way to get your name out there is via recommendations from clients to their peers.  Word of mouth is the most reliable and trustworthy way for customers to find a business they’d be happy working with. Favourable words from a family member or friend will also usually ensure that a potential customer will at least check you out, whether or not they decide hire you for the job.   Incentive schemes for clients that refer you are a great way of increasing recommendations, while rewarding your clients in the process.

Testimonials

Along the same lines, testimonials are free and tremendously powerful.  Very few of us would make a significant investment on a product, book a hotel or holiday or even read a book without reading a few reviews first.  You can display testimonials on any marketing materials you produce, business cards and websites.

Website/blog

If you need to market your business, having a website and/or a blog is crucial.  Aside from recommendations, most new business relationships now begin via an online search of some kind.  Simply put, a website is how people will find you.  Having an internet base for your business can also act as a host for portfolios and/or testimonials.  Hosting a website and a domain can cost from as little as £30 a year.

Social Media

Social Media is rapidly taking over as the new home of marketing and advertising, with big brands and corporations investing heavily in advertising and generating a following. Social Media can also work well on a smaller, more targeted scale.  If you are just beginning on Social Media it’s good to start by setting up a Facebook and Twitter page, inviting clients and friends to like or follow the accounts to get you started. The bonus with Social Networks is that they are all completely free. Once you’ve got the hang of tweeting, it’s a good idea to look into getting involved with local business hashtags to create discussions and recommendations.

Local events

Talking of local business, you’ll find there are a multitude of local networking events around the UK which will allow you get to know valuable people who can pass on knowledge of your skills to potential clients as well as giving you leads on others who they suspect may need your business. These networking events are usually only £10-£20 per event so you could dip in and out when you feel they are or aren’t working for you.

Seasonal greetings

Keeping in contact with clients and leads is a great way of marketing yourself. Send out seasonal messages and show an interest in keeping in contact with your client as well as reminding them of your services. Seasonal discounts and promotions also work well to secure new customers.

Focus on your niche

Being a contractor or freelancer means it can be hard to stand out amongst the bigger players. It’s a good idea to carve out a niche and focus on that in all of your marketing promotions. Having a niche as a smaller business is a great way to gain local supporters and wider appeal. Use this to help brand yourself and use that brand whenever you market yourself.

Searching For Contractor Work – Our Top Tips

Whether you’re new to contracting or well established, there will always be a time in your career when work slows down, or even dries up completely.  We’ve compiled some information and top tips to help you out on your quest for contractor work.

Searching for contract work is a whole different game to looking for a full-time position. Knowing the game is paramount to ensure you don’t end up suffering long periods without paid work or hours of inactivity every day.  Make sure you are aware of your entitlements and contract work procedures.

Permanent employment can often involve a drawn out recruitment process, but freelancers and contractors are usually required to start work urgently which means the decisions happen much faster.  Typically there is only one interview before the decision to hire is made, often within the same week.

Organisations tend not to exercise the same caution when hiring a contractor, as opposed to a permanent employee, because there are no employment protection rights for contractors, meaning they can be easily terminated from a contract.

 Some dos and don’ts when you’re looking for a contract.

  • If the employer has an urgent project, you could often be offered the position on the spot, or even hired without interview on another’s recommendation or the strength of your CV.  References with previous clients are rarely followed up as employers will regularly want you to start work within the week, and everyone adds a little extra ‘colour’ to their CV, don’t they?…..Be warned that, as a freelancer or contractor, if you over embellish what you know or exaggerate your skills and then go on to not complete the job satisfactorily, the employer will simply fire you!
  • Before you start applying for work you’ll need to do some preparation, this includes writing an impressive (but honest and accurate) CV, and establishing your market rate. You can find some great tips from Contractor Calculator here and here.
  • Once you’ve created your CV you should send it to as many agencies as possible.  Even if they don’t have suitable work, you’ll make it on to their databases or the future.  You could also do this via an online site such as Jobserve which will send out your uploaded CV to agencies for you. It is best to get all this set up at least a month before you plan to start working to allow your details to be uploaded, ready for cross-referencing with jobs.
  •  From here you should then create a daily schedule for following up. This should include:
  1. Follow up calls to recently made aplications
  2. Calls to the agencies about positions you’ve applied for
  3. Searching job websites for recently added suitable positions
  4. Sending off new email applications
  5. Setting up keyword alerts from job sites.
  •  It may be that your varying skills are suited to a variety of roles and you should have different versions of your CV to reflect that fact that you’re not just applying for one type of job.  Highlight the skills that are more relevant to the job role and don’t use a blanket email cover letter, tailor each one to the employer and point out your successes in their industry sector.
  • When you’re searching for new contract positions your time is best spent looking for recently advertised jobs. As I mentioned earlier, the time frame in which these jobs are filled is very short. Ideally you only want to be looking for jobs posted within the last 24 hours.  Most job sites have a filter option so that you only need to view the most recently added jobs.
  • If you’ve applied for a contract job via email and you’re waiting for the phone to ring. Don’t! Most of the time, if you don’t follow your email applications up with a phone call you won’t get the work you deserve.  You obviously need to strike a balance between persistence and nuisance but do send follow up emails and make calls. Record the times and dates of when you have called particular agencies to get a sense of when you can cut your losses regarding a particular job; remember that most agencies carry a large client and applicant base and simply won’t have the time to answer every contractor call.
  • Watch out for fake job advertisements. Unscrupulous agencies often put out a fake advertisements and this can be for a variety of reasons.  Simply phishing for leads or contact names is the most common of these.   Although they may seem to be asking standard questions it could be that they’re simply trying to get the name of your current boss. They may also be looking to be more ready than the competition and want candidates pre-vetted for another position that may (or may not) become available. The other reason could simply be that they’re heavily targeted and just need more CVs for their database.
  •  Finally, look out for contract to perm type adverts. The advertiser will state that they may be looking for someone to take on a permanent job after a short-term contract. The reason for clients using this strategy is that those with the skills they need are selling them at a premium in the contract market. If you’re new to contracting, these types of jobs can get you to the top of the candidate list and then when the permanent offer comes about you can decide whether or not to pursue it. If you’ve been contracting for a while, it could be in your best interest to put these to the bottom of you prospective job pile.

 

Managing Multiple Clients And Projects

Are you struggling with managing multiple clients and projects in your work as a freelancer or contractor? Managing your workload when you have projects running with multiple end clients can be one of the biggest challenges you’ll face – the phrase ‘a nice problem to have’ springs to mind!  Sticking to agreed deadlines, meeting client demands and delivering on a brief can be tough when you’re juggling several projects at once.  We’ve put together some tips which will hopefully help you to keep your hair and your clients.

Allocate your time

Very important and the first thing you should do when dealing with multiple clients. Put aside time for each project and stick to it, unless there is a major deadline change.  Plan how much time you need to complete each project and when you need to deliver by.  Use a calendar or a project management application so you can view the precise blocks of time you’ve allocated. If you don’t allot time it’s all too easy to lose focus and allow projects to ‘drift’ which will ultimately mean you lose control of your workload and are constantly trying to catch up to meet agreed deadlines.  By sticking to your project plan your clients will appreciate improved communication, accurate deadlines and the quality of your work.

Deadline Forwarding

Following on, setting realistic expectations and deadlines with your clients is paramount.  When you know when and for how long you’ll be working on a project, speak to your client and tell them the expected delivery date.  Try to be as accurate as possible, estimates are fine as long as they’re realistic but never set a deadline based purely on guesswork.  Always include a percentage of time as a contingency.  This will allows for any problems or delays you can’t control or, if everything runs smoothly, can give you the extra time for final accuracy checks, testing or paperwork.  If the client needs to set the deadline, make sure it’s realistic and that you definitely have the capacity to meet it before agreeing.  Blindly accepting work with pre-defined deadlines that you simply can’t meet will cost you business in the long run.

Prioritise

It might sound obvious but ‘prioritising’ is the one thing most people struggle with the most in their working lives.  It’s especially tricky when freelancing or contracting for multiple clients as the temptation is to drop everything to respond to your clients’ queries, requests or issues.  Ultimately, if you want to impress your clients, generate referrals and secure future projects from them, you stand a much better chance if you remain focussed and organised, rather than dropping your work every time the phone rings or an email arrives.

Once you’ve scheduled your time for each project, stick to your plan until each project is delivered.  Only if there is a work emergency or delays beyond your control should you switch to other projects.

Make sure you’ve also factored in time for your other commitments; Business administration, new business meetings and travel are all easily overlooked when setting priorities and the time you haven’t scheduled for these will eat into your project time.

One thing at a time

Multitasking is an elusive skill for most of us.  If you’re lucky enough to be able to give multiple tasks your full attention we’d love to know your secret!  For most of us, trying to jump from one project to another on a regular basis will result in a lack of focus and attention to detail.  At best, the work gets done but leaves you stressed and feeling out of control.  At worst, you risk delivering poor quality work or missing deadlines.  Once you’ve planned your workload and set your priorities, work on one project at a time until completion.  You’ll be focused, productive, accurate and on time.

So there are some of our best tips for juggling clients and keeping yourself on target. Have you got any other tips? Leave them in the comments below.

July Contractor News Round Up

Your monthly round-up of July’s top contractor news.

Contractors face new “single compliance process” (SCP) from HMRC

HMRC have been developing SCP which they describe as a single framework in which the majority of future small and medium enterprise business compliance checks will be undertaken, catering for both single tax and cross-tax enquiries. HMRC hopes that SCP will:

  • reduce customer burden by reducing the time taken to complete enquiries
  • focus the intensity of the enquiry so that it is proportionate to the risks identified – concentrating on the rule breakers and potential rule breakers
  • improve the quality and consistency of enquiry work across SME

HMRC ramps up prosecutions for tax evasion among middle class contractors and professionals

In the 12/13 year there were 617 tax evasion prosecutions compared to just 302 the previous year. HMRC’s target in 12/13 had been 565 successful prosecutions. “In the space of just one year, HMRC has massively ramped up the numbers of cases it takes to the criminal courts in order to clamp down on tax evasion,” tax law specialist Jason Collins of Pinsent Masons said. He also stated that those being targeted aren’t those that owe large amounts of money but more likely were “people like doctors, dentists, lawyers, construction contractors and restaurant owners who have not declared amounts in the tens of thousands.” Collins also warned that HMRC is set to ramp up its criminal prosecutions for tax evasion over the next few years. Its target number of prosecutions for 2014/15 is 1,165.

Contractors in extractive sector likely to see a boost after Government measures

Recently announced government measures and consultations mean that UK shale gas exploration will accelerate. The measures include a tax package, community benefits and planning to help kick start the shale gas exploration. Obviously we’ve also seen a lot of issues with the shale exploration with the Balcombe protests over the negatives associated with fracking and worries over how it will affect the British countryside.

Service sector booms as UK heads toward recovery

New figures released show that the service sector (which includes freelancers and contractors) had recorded its best month since the beginning of the financial crisis in the beginning of 2006. This news helps to cement the fact that the UK is returning to economic growth. The sector growth is tracked by the PMI and the figure for June was 56.9 but leapt up to 60.2 in July. See the graph below, or for more info click the title link.