The UK employment market is likely to suffer from the post Olympic slump that many have predicted. General recruitment levels have already fallen compared to prior year due to concerns over the uncertainty in the Eurozone.
However, the difficult market conditions have led to an increase in demand for specialist contractors. Contractors in procurement and supply chain management are in high demand as businesses place greater emphasis on managing their costs. Demand for analysts has similarly increased as companies look to examine their overheads.
Belsize Accountancy recommend that UK contractors operate via a limited company set up where possible as this is often the most tax efficient structure available. Our clients have found that their marginal rate of tax can be significantly lower using the Limited Company route compared to the use of umbrella companies. We would not advise contractors to accept PAYE contracts as this is the least tax efficient method available. Feel free to contact us on 0207 043 0052 if you would like to explore a Limited Company set up.