Interims
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Frequently Asked Questions
How to start a career as an interim manager
Getting the basics right at the start of your Interim management career is essential if you are to approach what is a very competitive market place with any degree of credibility.
Our Career Induction pack will guide you through the essential background and structure of the Interim Management sector.
Setting up a limited company
Our Interims are required to trade through a Limited Company and we contract with that Limited Company for the executive services associated with an assignment.
It is straight forward to incorporate your own company and we can advise you through our interim career induction on how to set up your company plus how to administer and organise Payroll Tax NI and VAT.
Professional indemnity insurance
Professional Indemnity insurance is mandatory for all Interim Managers and typically a service provider will require you to have a minimum cover of £250k.
We recommend Simply Consultants as a PI provider. They are good value and are able to provide flexible policies on line over 3, 6,or 12 months.
Tip! Do not rush in to getting PI cover, you can set a policy up in minutes on line when you have an assignment.
Tax/IR35
The tax rules governing Interim Executive Managers operating through limited companies are referred to as IR35 (Inland Revenue regulation No 35).
The basis of this regulation is to ensure that you take the correct proportion of your fee income as PAYE v/s dividend.
Our career induction pack contains a full explanation and guidance on tax and how to maximise your income stream as an interim manager.
It is recommended that all Interim Managers take professional advice regarding their tax affairs.
Agency regulations and opting out
The Interim Management industry is regulated under “The Conduct of Employment Agencies and Employment Businesses Regulations 2003”. This legislation allows limited company contractors to opt out of the legislation. The rate of pay available to a manager who has opted out will be greater than that available to one who is opted in. Guidance on opting in or out of the regulations is available from the DTI.
Contact us
For a confidential discussion please contact us on 0161 406 3064, or email us at enquiry@beaconinterim.co.uk.
