beaconinterim Career Induction Guide for Interim Managers & Freelance Contractors T: E:
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- Amos Griffin
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1 Career Induction Guide for Interim Managers & Freelance Contractors T: E: W: Page 1
2 Contents Guide Objectives & Approach page 04 - Information and tools - How to use this guide - Need help? Definition of Interim Management page 05 - Commonly used terms - Why clients use interims - Typical interim assignments Is Interim Management Right for You? page 07 - Do you fit the profile of a typical interim manager - Positive aspects of interim management - Negative aspects of interim management The Interim Market page 09 - Size of market - Typical length of assignments - Day Rates page 11 - Cost comparison v/s equivalent salaried position Value Proposition page 12 Getting your CV Right page 13 Marketing and Networking page 14 Gaining Assignments page 15 - Initial contact - The business meeting - Managing your assignments - P a g e 2
3 Contracts page 17 - Contracting via an agency - Contracting direct to a client - Getting paid Setting up in Business page 18 Setting up a Limited Company page 19 - Establishing your own limited company Using an Umbrella Service Company page 20 - Umbrella v/s Limited Company - How umbrellas operate - Beacon s umbrella company service Setting up a Business Bank Account page 22 VAT page 22 PAYE page 23 IR35 Tax Regulations page 23 Corporation Tax page 25 Pay and Dividend page 25 Accountancy Requirements page 26 Professional Indemnity Insurance page 27 Contractor Mortgages page 28 Personal Action Plan page 29 P a g e 3
4 Guide Objectives & Approach Information and tools The aim of this induction guide is simply to enable you to achieve the following; Ensure that contracting is the right career choice for you Enable you to successfully develop your career as an interim manager or professional contract freelancer We are not allowed to give you legal or financial advice however we aim to provide you with sufficient information to enable you to make informed decisions on your approach. The guide is primarily aimed at the Interim Management sector however the principles for establishing a professional contracting career at the same. In fact Interim management is in effect the top end of the freelance contracting market. Throughout the guide for simplicity reference is made to Interim Management. How to use this guide To gain maximum benefit from this Induction guide please read through the whole document thoroughly then take each section in order and where appropriate complete the exercises provided. Please note that the guide is in structured in order of relevancy and as such we would advise that you approach each section sequentially. It is particularly important that you take your time through the induction as you will need to think long and hard about the suitability of the Interim Management for this stage in your career plus the skills and experience that you are going to market. Embedded within the text are hyperlinks to relevant web sites that you will need or that are able to provide additional information that you may require. Need help? If during any stage of this induction you require additional explanation or assistance then please do send your question to us via; P a g e 4
5 Definition of Interim Management Firstly it is important to define what an Interim Manager is; An executive or senior manager who works within an organisation at or near board level on a temporary or part time basis However having made the definition of an Interim Manager it is imperative that you take time to understand the distinguishing elements between Interim Management and Consultancy. Consultants Interims Accountable to a consultancy Accountable to the client Acts as advisor or facilitator Line responsibility Recommends Designs and Implements Rarely Intervenes Full or part time intervention No management responsibility Fully accountable The reason behind stressing the difference at this early stage is to ensure that you have the right mind set in terms of the approach that you will need to take if you are to be a successful Interim Manager. This will become clearer later in the induction, particularly when we look at the key elements required to ensure a positive outcome in the delivery of an assignment. Commonly used terms Interim manager / Interim: The individual delivering the services required by a Client. Client: The organisation requiring Interim management services. Assignment: The role / task to be performed by the Interim manager for the Client Intermediaries: Organisations that formally or informally act as introducers between the Client and the Interim. They include lawyers, accounting and consulting firms, venture capitalists and Providers Provider: A specialist search and selection agency which acts on behalf of the Client to locate Interims with the appropriate skills and experience to carry out the assignment. Candidates: Interims registered with one or more Providers, and included in a Provider s candidate database as potentially able to carry out Interim assignments. P a g e 5
6 Why Clients use Interims Flexible and versatile Highly motivated and hands on Available in less than 10 working days Task focussed with no political baggage No fixed overheads Flexible and versatile Hits the ground running Implements best practice Sensibly over qualified and experienced Achieves results very quickly Typical Interim Assignments Company rescue/turnaround Coaching/mentoring Change management Mergers and acquisitions Process Improvement Market/product development Project management Critical Cover Closures The interesting point to note about assignments is that they are not usually required for negative reasons or for just absence such as maternity or sick cover. More often than not assignments are based on improvement to increase the competitive position of an organisation. P a g e 6
7 Is Interim Management Right for You? A career as an Interim Manager is not a decision to be taken lightly and it is important that you take a little time before working through this guide; List what you actually want to achieve in the next stage of your career and additionally what you do not want. Consider such things as: The type of industry/company you want to work for The type of work you want to do How far are you prepared to travel The hours you are prepared to work How much you need to earn Any other issues such as family considerations Do you fit the profile of a typical Interim manager? Self confident Not risk averse Self-motivated Completer-finisher Politically aware Able to handle ambiguity Excellent communicator Accountable Team player Flexible Enthusiastic Adaptable Resilient Not status conscious Realistic Credible Self aware Results focused P a g e 7
8 Negative aspects of Interim Management Uncertainty - when/where next assignment Constant change never really part of the client Time away from home Need to hit the deck running Selling yourself constantly Balancing marketing/networking & assignments Loss of the corporate umbrella No monthly salary cheque or benefits Running own company Positive aspects of Interim Management Variety and new challenges Flexibility - greater control over lifestyle Enhancement of skills / experience Outside the politics Increased self-esteem Own boss Financial rewards Career breaks Assuming that you have not been dissuaded from a career as an Interim or Freelancer the remainder of the guide will give you an understanding of the sector and how to get started. P a g e 8
9 The Interim Market Size of Interim Market Independent 125m Via Agencies 375m On average Interim managers find two thirds of their work direct from clients, with only a third of assignments coming through Providers and other intermediaries. Estimates put the total market for Interim management services at approximately 500m pa in UK and 750m in the rest of Europe, with sustained long-term growth of 15% per annum (pre recession). This is the latest published data, however it must be noted that during the recession as will all business sectors levels of trade have been severely affected. It is difficult to measure how many Interim managers are in the market, however, it is widely accepted that there are about 2,000 career Interim managers in the UK, with circa 7,000 to 8,000 doing Interim work to fill a gap in permanent employment. It is an interesting point to note that based on these statistics at Beacon we have a significant proportion of the professional interim a management population registered with us! Note: If it is evident to an Agency that you are using interim as a gap filling exercise whilst you are looking for a full time post you will be unlikely to gain an assignment. It is plain fact that for every assignment a provider will be able to find a professional interim manager with a demonstrable track record of assignment delivery. P a g e 9
10 Typical Length of Assignments 28% 44% > 360 days % 9% 3% 1% 3% <60 days Source: Ipsos MORI The interesting point to note here is that almost half of assignments are 60 working days (3 months) or less in duration. This gives you a good indication as to the pace of delivery of assignments and the importance of being able to hit the ground running. Another important thing to mention is that typically Interim Managers are on assignments for an average 50% of the time. This means that with the average assignments being 60 working days you should expect to achieve two to three assignments per year. Of course these are just averages but at least it gives you a flavour for the landscape. Just be aware that although you may have gaps between assignments you will need to work hard during this down time if you are to gain that all important next assignment. P a g e 10
11 Day Rates To calculate your likely target day rate then as a starting point, calculate 0.70% % of the base salary that you consider to be the equivalent to the level you will be operating at, i.e. a role that would typically command a salary of 80,000 would command an equivalent Interim day rate of 560 to 640. The following will also have an influence the rate you will be able to achieve; Duration of the assignment Location of the work and or travel requirements Your experience/specialism Market conditions Nature of the assignment It is also worth noting that when starting your career you must be prepared to discount your target rate in order to gain those first all important assignments whilst you establish a demonstrable track record. Interim Manager Cost Comparison v/s Equivalent Salaried Position It is inevitable that you will encounter at some point a challenge on Interim manager day rate. The following example shows the true cost of an 80,000 base salary senior employee to a company. Assuming 220 working days (based on 260 less 25 holidays, 8 bank holidays, 7 sick days); Company national insurance (limits included) 9,500 Car allowance 6,500 Medical, life, insurance and other benefits 3,200 Employers pension contributions (often higher)... 5,000 Bonus and other incentives (can be much higher) 16,000 Total employment costs for 220 days worked = 120,000 Employee cost per worked day (220 days/pa) = 545 (As you can see this does in fact compare quite favourably with the Interim day rate estimation of 560 to 640) P a g e 11
12 Value Proposition Before you rush to the next chapter to start on your CV it is important that you now consider your Value Proposition. You are selling your expertise to Clients and to do that successfully the Client needs to understand what you do; the benefits of your services and evidence that you have delivered these services successfully elsewhere. So what is a value proposition? A value proposition is a promise of value to be delivered and a belief from the customer that value will be experienced (Source: Wikipedia). Your value proposition should consider the following; Market Sector: for which market is the value proposition being created? Offering: which services are being offered? Benefits: what are the benefits the client will derive from your service? Proof: what evidence is there to substantiate your value proposition? It is a particularly useful exercise to draft a value proposition since this will form the foundation of the first section of your CV and will constitute your response when asked by a contact/client, what do you do? We also refer to this sort of concise description of your services later on in the guide as your elevator pitch. Avoid being a generalist otherwise you will not stand out in the market place and providers will find it difficult to place you on assignment. P a g e 12
13 Getting your CV Right You will find that everyone has an opinion as to what makes a good CV! Above all your CV must be relevant to the market you are targeting and the contents relevant to the assignments that you want to do. As an Interim you are selling a service to clients so it is imperative that your USP is clear from the start. Our advice is that within the first page of your CV at a minimum you must achieve the following; Concise statement about you Demonstrate your expertise List your experience Don t fall into the trap of taking up valuable pace on the first page with your personal contact details, if the client is interested in you they will turn to the back page. Our recommended CV format is as follows; 1. Full name: at the top centre of the page in bold. 2. Personal statement: write this in the third person as this will enable you to better describe who you are and give the advantage that it reads as a strong reference statement. 3. Expertise: bullet points listing precisely what you do. 4. Experience: bullet points stating the business sectors that you have worked in. 5. Career History: each reference to your past employment should state your employer, dates employed, job title and a brief description of your role/achievements. 6. Qualifications: relevant professional qualifications (at this level no one is interested in O & A levels!) 7. Personal and contact details: keep personal details to a minimum, marital status, date of birth etc will be fine. Ensure that in for your contact details you include your full address, and mobile phone number (contact details in a page footer will save a lot of space). In the guide resources section we have provided you with a sample CV illustrating the layout and style of presentation that we would advise you to adopt. Don t worry if your CV covers a number of pages, as a senior manager you are likely to have a significant track record, plus as your Interim career progresses your CV will inevitably expand to a number of pages. P a g e 13
14 Marketing and Networking In many respects this is the hardest aspect of being a professional Interim Manager to master. Statistically you are more likely to get your initial assignments from within your own professional network until you establish a track record of successful assignments. Agencies are unlikely to place you on an assignment simply because for every assignment opportunity there is a strong probability that they will have a suitable candidate with an established track record. So how do you get started? 1. Professional Network: list all your professional contacts that you can from your previous employment including companies you have worked for, past clients, and suppliers. Call them to explain that you re now an Interim Manager and tell them what you are offering. Follow up the call with an including a copy of your CV. Also ask them for advice about who else you should contact. This is a great way of expanding your network as you will not be cold calling since you have a qualified in by from your contact making the referral. 2. Register with Agencies: even though you are not likely to get assignments from agencies in the early stages there is still a chance so do register with as many as you can find. Don t just send in your CV, pick up the phone and speak to them; feedback you receive will be very useful to you. Once you have registered with Agencies make sure you keep a list of when you last made contact and the version of your CV you sent to them. Keep in regular contact regarding assignment opportunities, a call every 3 to 4 months will keep you in the frame without unnecessarily pestering! 3. Networking sites: these can be a good source of assignment opportunities so do register and take the time to build a good profile. A good initial rule is that if you have to pay to join networking groups then don t bother. As a start, the following are very good sites and they are free; Linkedin Skillpages Referral Key 4. Networking Groups: these can be useful however just be aware that attending networking events can be time consuming and will usually involve a small fee for non members. You should always ask if you can attend a meeting for free just to see if membership of the group is for you, a bit cheeky but if you don t ask you don t get. Your local chamber of commerce will run multiple networking events which are also open to non members. P a g e 14
15 Gaining Assignments We have already covered networking but it is one thing to make contact with a potential client and quite another to convert this into a paid assignment. Initial Contact 1. Research the Client thoroughly, understand the issues they are likely to have. 2. Ensure your value proposition is clear and relevant 3. Identify who is the most relevant person within the organisation you need to speak to 4. Keep a diary for all contacts and enlist the help of the gatekeeper (you are most likely to speak initially to a PA or Secretary) as to what and when the most appropriate follow up to your initial contact should be. 5. Don t underestimate the number of calls you need to make and the time it takes The Business Meeting You will come across as the initial meeting with the Client referred to as a Business Meeting. When you meet the Client face to face you are not in an interview; interviews are for permanent jobs. Be prepared to attend at very short notice Do your research and make no assumptions Get a written brief prior to meeting Think about any potential objections the Client may have and cover them off Sell yourself but still meet the Client s objectives (don t forget to listen!) Focus on the most relevant pieces of your experience Clarify the brief and confirm the scope of the assignment The hardest part about marketing your services is picking up the phone. Set yourself a task of calling one potential client or contact every day, the more you do the easier it becomes. P a g e 15
16 Managing your Assignment To be successful on an Interim management assignment you must understand the a senior executive starting with a new organisation will typically have three months to settle in, understand the issues facing the organisation and plan their engagement in the new role. As an Interim Manager you have a maximum of a week! By the end of your first week at a minimum you must have: A clear understanding of the organisation Have engaged key personnel and established credibility Fully scoped key issues and identified their root causes Clarified the original assignment brief against your findings Prioritised the delivery of your solutions Communication: throughout the assignment is absolutely essential and do make sure that you have a single point of contact to report to within the organisation. This also applies to any Agency you may be working through. Report weekly: on a formal basis to the assignment sponsor within the organisation and ensure that you discuss key issues and when necessary seek the appropriate authority to implement change. Clients do not like surprises or unplanned conflict. Be aware of assignment drift: when you demonstrate your ability to quickly deliver solutions it is inevitable that you may be asked to do other elements of work that are not included on the assignment brief. You will be judged and paid on delivering the original brief, so do not be overly distracted with the while you are here requests. If the scope of the brief needs to change then this must be re-negotiated with the Client At the end of your assignment: it is essential that you have a formal close out meeting to review the work that you have done. This is also an opportunity to present to the client future areas of support that may be required and that you could deliver! Keeping a diary of your progress throughout your assignment will help you prepare your final report to present at the close out meeting. P a g e 16
17 Contracts Presenting a Client with a contract for the work you re about to deliver can be quite daunting when you first start your Interim Career. We are not able to provide you with legal advice on commercial contracts and we would recommend that if you are to operate independently through your own limited company then you should consider taking some legal advice. That aside we have provided you with an example of a typical client contract which illustrates the key elements that you may wish to include within your own version. Contracting via an Agency The basis of an assignment contract is that as a limited company you are contracting to supply services to the client. If the assignment is through an agency your contact will be directly with the Agency who will then contract to the client. You will subsequently invoice the Agency as agreed and they will then pay you according to the terms of the contract you agree with them. (If you are working though an Umbrella Company the provider takes responsibility for all contracts with an Agency or the end Client and is responsible for all aspects of PAYE / IR35 compliance). A good Agency will ensure that you have very clear terms of engagement for the assignment with the Client and will provide you with support as necessary throughout the project. Crucially they will also ensure that you get paid. Contracting Direct to a Client You establish a contract directly with your client and agree terms accordingly. Our advice is that you take time with the Client to list the assignment key deliverables and the timescale in which these objectives are to be achieved. In the guide resources section on the memory stick we have included a draft example of a Client contract. It is important that you use this only as an example and you may wish to take legal advice before establishing your own contract document. (Umbrella Companies take care of all contracts and credit control) Getting Paid Getting paid is a fundamental part of your life as an Interim Manager. Payment terns will typically be on a 30 day basis which in reality will mean that you should expect to be paid 30 day the month following the date you submitted your invoice to the client. If a payment is overdue then just telephone the client, ask for accounts payable and ask for the payment status of your invoice. This is a polite way of opening the dialogue as to why a payment is delayed and in our experience the payment will follow. P a g e 17
18 Setting up in Business. To operate in the Interim or Freelance Market you have to be job ready and a fundamental part of this is that you must have either established your own limited company or have joined an umbrella company service provider. The diagram below illustrates two options for setting up in business. This is your task list in the order of completion with each stage fully explained within the guide. Simply follow the hyperlinks provided to take you to the relevant section. Limited Company or Join Umbrella Company? Establish a Ltd Company Open Business Bank Account Register for VAT Register for PAYE Umbrella Company Services Provider Register for Corporation Tax Engage an Accountant Establish Insurance P a g e 18
19 Setting up a Limited Company It is imperative that if you are to operate as a professional Interim Manager you need to operate through a Limited Company, in particular if you are to comply with IR35 regulations which will be explained later in the guide. You have two options, set up your own Limited Company or use the services of an Umbrella Company. Establishing your own Limited Company The thought of establishing your own company can be quite daunting however as with all these things once you are pointed in the right direction the whole process is relatively straight forward. If you wish to set up your Limited Company yourself the Companies House web site has the full details and the charge to set up your Company will be 15. You will need the following; 1. Company Name and Address Your company name must not contain any words considered to be sensitive or be the same as an existing name on the register. You can check name availability before you start by using Companies House WebCHeck service. Every company must have a registered office within the UK which is the official legal address of the company. It must be a physical address (i.e. not a PO Box without a physical location) as Companies House will use this address to send correspondence to. 2. Officer Details (Director and Secretary) To incorporate a private limited company you need at least one director, who has to be over 16 years of age. You may also have a secretary, but this is optional. The information you will need to supply for each officer includes: full name usual residential address (not displayed on public record) service address (can be the same as the registered office) country/state of residence (i.e. the country or state where the address is situated) nationality, occupation, date of birth and any former names (that have been used for business purposes in the last 20 years) 'consent to act' information in place of a signature you will need to provide 3 items of personal information from the following 7 categories: Town of birth, Last 3 digits of telephone number, Last 3 digits of National Insurance number, Last 3 digits of Passport number, Mother s maiden name, Eye Colour, Fathers first name. P a g e 19
20 3. Share Capital and Shareholder Details You will need to supply the name and address of each initial shareholder in the company (known as a subscriber); as well as the number and class of shares, amount paid on each share, nominal value of the shares, currency and totals. 4. Payment You can pay for your incorporation online with a credit / debit card or PayPal. Using an Umbrella Service Company An umbrella company acts as an employer to independent contractors; ideal for those individuals who do not want the added workload and responsibility of running their own Limited Company. Umbrella Companies act as an intermediary between a contractor and the client with their principal responsibility being to organise payment for work. They provide readymade invoicing solutions removing the administrative burdens usually associated with contracting and are the main alternative to setting up your own limited company. The Umbrella Company would normally issues invoices on the contractor s behalf, collects payments from clients, calculates tax and N.I contributions and pay contractors their net pay direct to their personal bank account. Umbrella v/s Limited Company The difference between operating through a limited company or under an umbrella is employment status. Through a limited company, a director and can take advantage of a variety of methods for minimising tax, provided that they are willing to take full responsibility for their financial affairs. With an Umbrella Company, individuals retain the flexibility that contracting offers whilst the bulk of the paperwork and back-office administration is carried out their behalf. However, as employees they are subject to PAYE and the associated National Insurance contributions. P a g e 20
21 How Umbrella s Operate The Umbrella method of working is very straightforward. Once a contract is agreed, the only requirement from the contractor is to submit a timesheet, normally on line via the Umbrella Company web site. This is information is then used it to invoice the client. Once the client has settled the invoice the umbrella company will forward payment to the contractor, less their fees and any tax or NI due. Contractors as employees of the Umbrella Company are issued a payslip giving full details of how their pay has been calculated. Beacon s Umbrella Company Service Stepping out in to the Interim Management Sector can be quite daunting when you look at all the statutory compliance issues just at a time when you focus needs to be on networking and gaining assignments. The service provided by Umbrella Companies can be varied however the advantage of using the Beacon Umbrella Service is: Avoid the time required to run a limited company No accounting, HMRC returns or payroll administration Stay fully HMRC compliant Fixed fee structure with no set-up fees, exit penalties, or hidden charges Competitive fixed rate of just 49 per month or 17 for weekly pay (fees are gross and will be significantly less after tax) Free Professional Indemnity, Employers & Public Liability Insurance Online submission of time sheets Fast payment service and alerts when your pay is on the way No active assignment no fee No assignment no fee, via our service you can get started as an Interim with no upfront costs whatsoever! P a g e 21
22 Setting up a Business Bank Account As soon as you establish your Limited Company you need to open a business bank account. We cannot stress how important it is do this as soon as possible since the Banks can take several weeks to complete the necessary check prior to opening your account. Do shop around for the best deal amongst the major banks. You should expect free banking for at least a year and then only minimal bank charges in the years that follow. Through our Umbrella Company Service you will not require a business bank account; we pay you directly to a personal account of your choice. VAT Once you have established your Limited Company and your business bank account your next stage is to apply on line to be VAT registered. Clients expect that you will be VAT registered as a Limited Company plus you will have a financial advantage from doing so. There are two approaches when registering for VAT 1. Cash Accounting VAT Scheme Cash accounting scheme for VAT; this scheme is useful for Interims as you only pay VAT to HMRC when the client has paid you which will help significantly with your cash flow. Current rate of vat is 20% and once registered you will add this percentage to all your invoices. In the course of running your Limited Company you will incur costs, some of which you will be able to claim back the VAT e.g. Laptop, Mobile Phone and charges and certain other expenses. 2. Fixed Rate VAT Scheme To qualify for this scheme your anticipated turnover for the next financial your must be less than 150k. VAT is charged at the full rate of 20% however you only subsequently pay HMRC 14%. So for every invoice you charge you get 6% of the invoice value back from the tax man (plus an additional 1% reduction in your first year of trading i.e. 7% rebate). Under this scheme you cannot claim the VAT back on any costs incurred as this has already been accounted for under the rebate. A number of Interim Managers/ Consultants operate under the fixed rate scheme. Full details on the flat rate scheme can be found on the HRMC web site including a list of VAT flat rate percentages by trade sector. With our Umbrella service you have no VAT administration to worry about; we do it all for you! P a g e 22
23 PAYE PAYE (Pay As You Earn) is the system that HM Revenue & Customs (HMRC) use to collect Income Tax and National Insurance contributions (NICs) from employees (including directors of limited companies). If you employ someone - even if it's only yourself - you'll usually need to register as an employer with HM Revenue & Customs (HMRC). You can enroll for PAYE online via the HMRC web site. It is important that you take note of the new regulations on payroll reporting RTI (Real Time Information) as this new legislation requires you to notify HMRC in real time when a payroll payment is made. Additionally as a business with fewer than nine employees you have no need to buy payroll software as this is provided free by HMRC. Basic PAYE Tools is a free computer software package provided by HM Revenue & Customs (HMRC) to help you run your payroll throughout the year and will work out the tax and National Insurance contributions (NICs) for you in each pay period and report your payroll information to HMRC. IR35 Tax Regulations Intermediaries Legislation (IR35) was introduced to stop directors paying themselves mainly dividends and little salary to avoid paying National Insurance Broadly, it applies to those engagements where there is evidence of Supervision, Direction or Control, the SDC test ; Supervision (S) For you, the contractor, to be subject to supervision there must be someone overseeing you as you are doing work. You are supervised if the person overseeing you is making sure that you are doing the work that you are contractually required to do; this overseer is checking that your work is being done correctly and to the required standard. In addition, if this overseer (or another person) helps you in order to develop your skills and knowledge, you can also be under supervision. Direction (D) For you, the contractor, to be subject to direction there is someone making you do your work in a certain way. This director achieves this by giving you instructions, guidelines or advice as to how the work must be performed. In addition, this director might co-ordinate the how the work is done, as it is being carried out. P a g e 23
24 Control (C) For you, the contractor, to be subject to control there is someone dictating to you what work you undertake and how you go about undertaking it. In addition, you are controlled if someone has the power to move you from one job to another If your work falls under IR35, then 95% of the fees and expenses you earn (less certain expenses of employment) have to be paid as a salary to you, the person who has earned those fees. IR35 is a very much grey area for Interim Managers and if in doubt then you must play it safe and take 95% of your fee as salary subject to PAYE. P a g e 24
25 Corporation Tax You will need to register online to enable you to complete an annual company tax return. If you use or plan to use an accountant, agent or tax adviser to file your Company Tax Return, then your agent must be authorised to use Corporation Tax Online on your behalf. HMRC have an online guide that will give you an overview of Corporation Tax Online, including setting up an online account and enrolling for the service. Pay and Dividend The details of tax and accountancy rules are beyond the scope of this guide however we would wish to make you aware of the principles involved around pay and dividend. If your work falls outside of IR35 then you will be able to take full advantage as a Director of your own Limited Company in the way that you are able to maximise your income. In principle you take money out of your business in three ways; Pay Expenses Dividend Pay; the way this works is that you have a level of take home pay currently 640 per month which has the effect of triggering your National Insurance (NI) for state pension credit without incurring any NI payments. Expenses; can be claimed as they are incurred the key here is that they must comply with HMRC regulations and will typically include, travel & accommodation, telephone costs, business equipment and stationery. You are not entitled to claim non related business expenses so please do check with your accountant on what exactly you can claim as a legitimate business expense. Dividend; is paid out of company profit with dividends being declared throughout the financial year as required. In between dividend being declared then as a director you are entitled to a loan from a directors loan account (DLA) from the business up to a value of DLA is simply an account on the company financial records that reports all transactions between the director and the company. P a g e 25
26 Accountancy Requirements Should you choose the Limited Company route then you have three choices in terms of Accountancy solutions: Self Small Business Accountant Specialist Provider Self; Unless you are a qualified accountant we would not recommend you to purse this option as you will inevitably make a mistake and be landed with an unexpected bill or fine. Small Business Accountant; this is probably the most cost effective route and one that will give you the highest level of personal support when you are starting your Interim career. Our advice is to shop around to find an accountant that you feel comfortable working with and one who understands the type of work you will be doing. In terms of cost you should expect to pay circa 400 per year, after all you are only likely to have 12 invoices per year going through your books! Specialist Provider; there are specialist Interim Management Accountancy practices, however in our experience they are expensive with charges around 1200 per year. A further negative with this type of solution is that some providers do not allow you to maximise your benefit of operating through a Limited Company by taking the majority of your earnings as dividend. Irrespective of the accountancy route you choose you will encounter the need for some basic administration and in the resources section of the memory stick provided we have included an excel spread sheet that will assist you in keeping your accounts and the calculation of your VAT returns. We suggest that from now on keep all receipts and invoices in a twelve partition expanding file (one for each month) as this will prevent a lot of searching for lost information and will simply mean that if a third party processes your end of year accounts all transactions and receipts are filed in a logical order. Have a single company bank account as this will make accounting a much simpler affair. You may wish to engage an accountant at an early stage to set you up in business, however beware accountants fees are expensive and the more you can do yourself the more of your income you will retain. P a g e 26
27 Professional Indemnity Insurance You will need to have in place appropriate insurances including professional indemnity and public liability cover. The level of insurance that you finally decide to have will largely be dictated by the clients that you will be working with. Typically you will require a minimum of 250k of professional indemnity cover and minimum 5 million public liability insurance. There is no need to establish insurance until you win your first assignment and even then you can get a policy just to cover the period of the assignment. Allegations of professional negligence, with or without merit, are potentially ruinous. Do you have the time, money, and legal expertise to deal with one? Your duty of care means you re liable if your client loses money and it s your fault even if you re no longer working for them. Accusations you ve made a mistake or not done what was asked can come back to bite you weeks, months, even years after you ve finished a contract. Decent professional indemnity insurance means you don t have to worry. If there s a finger pointing in your direction, your policy pays to defend you and compensates your client if needs be. Pair it with some public liability insurance (for claims you ve damaged something or injured someone) and you re good to go. Get cover online, in minutes, from specialist professional insurance broker PolicyBee. Instant documents make it quick, and interest-free Direct Debits make it easy. Simply click on this link to get started Remember keep you overheads to an absolute minimum and only pay for services when absolutely necessary. Operating through an Umbrella Company you are job ready with no business fees to pay and all insurances are provided free. P a g e 27
28 Contractor Mortgages At Beacon Interim we are completely aware of the issues facing Interim Managers and Freelance Contractors when trying to obtain a mortgage. As interims, due to the temporary nature of assignments incomes can be difficult to assess and as a result you may represent a poor credit risk on the serviceability of a loan. As a consequence we have decided to partner with Contractor Mortgages Made Easy (CMME) a whole of market, specialist mortgage broker with access to specific mortgages for contractors. CMME Benefits: Impartial advice Expert knowledge Whole of mortgage market access Bespoke underwriting terms Mortgages based on full, gross contract earnings Streamlined processes with no unnecessary paper work and time delays Their experienced team of consultants offer a personalised service to every client and guarantee that your case is analysed on an individual basis. With CMME you are guided and kept fully informed during the whole of the loan application process. For more information click on this link P a g e 28
29 Personal Action Plan Have confidence that everything that we have taken you through in the guide is not that difficult if you are prepared to put in the time and effort, after all you will be working for yourself! The list below is just very much a reminder of the tasks and decisions to be taken in the order that you should approach them 1. Define your Value Proposition 2. Update your CV 3. Establish Ltd Company or. join an Umbrella Company Provider Open Business Bank Account Register for VAT Register for PAYE Register for Corporation Tax Draft Client Contract Draft Invoice Establish Insurance Cover 4. Register with Interim Management Agencies 5. Develop your Networking Plan P a g e 29
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