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Contractors will be interested to learn that business prospects for the year ahead were the strongest since January and above the long-term average.

Findings from Lloyds Bank revealed that a net balance of 39% of firms in May, up from 31% last month, anticipated stronger prospects. In all, 50% (up from 44%) foresee a rise in their activity, while 11% (down from 13%) expected a fall.

UK businesses are also experiencing a more positive outlook for hiring. For example, the net balance of firms expecting to increase their staff levels in the coming year increased by 5 points to 30%, which was also a four-month high. Forty-six per cent (up from 41%) anticipated a rise in their headcount, while 16% (unchanged) expected a reduction.

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The net balance of the expected impact of Brexit on business activity was only slightly positive, but it was still at the highest level this year. Thirty-five per cent (up from 31%) of firms anticipated a positive impact, while 28% (up from 27%) expected a negative impact.

Hann-Ju Ho, Senior Economist, Lloyds Bank Commercial Banking commented on the findings, “Business confidence is rising and firms appear to be brushing off the economic slowdown in the first quarter, with levels hitting a four month peak in May. As negotiations enter a critical stage, it’s interesting to see 35% of firms anticipate Brexit will have a positive impact on their business activity.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Why Thousands of Contractors Choose Dolan Accountancy

With over 25 years experience in contractor accountancy helping thousands of contractors, freelancers and the self employed, Dolan Accountancy has the specialist skills, reputation and credibility you can trust.

Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £105 + VAT. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795 100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours
  • Free use of Contractor Umbrella – With IR35 Legislation changes we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams
  • Free Access to FreeAgent – We offer all of our clients access to FreeAgent, free of charge
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few
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