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England 12/08/2013 – The makeup of the UKs workforce is continuing to
evolve with more people opting to work as contractors.
The UK has over 4 million temporary workers. These people do not have
a long-term contract with their employer. They effectively work for
themselves, which means that they are responsible for filing a tax
return and paying their own National Insurance. The ways in which
people are working for themselves varies, some are sole traders,
others work as an Ltd company with themselves as the only paid
employee and still others work as contractors and freelancers. Of the
latter group, the vast majority choose to work via PAYE companies,
which are also known as umbrella companies. They do so to ensure that
they pay their dues, but do not pay more than they need to in tax and
National Insurance contributions.
As more and more of the UK’s workforce are moving away from working
for others to being self employed, the use of PAYE companies is
increasing. People are increasingly struggling to find permanent work.
Many employers are now moving away from offering permanent contracts.
Increasing numbers of firms believe that doing so is the best way to
keep their labour costs under control. In many cases, the employee is
responsible for paying their own tax and National Insurance, which is
better for the employer. In addition, if the contract is short enough
there is no obligation to pay for things like sickness, holiday pay
and maternity leave.
The make up of the UK’s contractors
Many are unsure of this way of doing business, but with both
jobseekers and employees, actively opting for this work model most
believe that it is a way of working that is here to stay. Compared to
its European neighbours the UK has a much larger independent, or
contractor workforce. In most other European countries, very few
people work on temporary contracts. The make up of the temporary
workforce also varies more in the UK than many other countries. Firms
like i-Paye who provides accounting and umbrella services for
contractors and freelancers have a mix of white collar and blue-collar
workers on their books. Nearly half of the UK’s contractors and
freelancers are professionals working in the legal, IT, architectural
and other white-collar professions.
Contact:
I-Paye,
Unit 2, Puma Court,
Kings Business Park
Knowsely, UK
Zip: L34 1PJ
Tel: 0151 449 3500
Email: info@i-paye.com
Web: http://www.i-paye.com