VMAGROUP works with a range of organisations internationally on the recruitment of interim managers in communications, digital and marketing.
Over the years, the interim managers we have worked with have told us that the top five reasons they decided to specialise in interim management are:
- Challenge and variety of work
- Broadening skillset and sector experience
- Clear deliverables and end date
- Distance from internal politics
When making the decision to become an interim manager, there are several things that you need to consider and we've summarised below some of the questions we are frequently asked by people considering a contract role in the UK. If you are considering becoming an interim contractor the UK, Belgium, France, Germany or the Netherlands, please contact one of our Interim Management Team today.
Working as an interim in the UK
What do I need to consider before becoming an interim manager?
As interim work involves short contracts, our clients usually want you to start as soon as possible. If you’re in a permanent role and have a notice period then we recommend that you get in touch with one of our interim consultants to discuss the best way to make the transition.
What is the average length of a contract role?
Contracts tend to start at three to six months, though they are often extended. Our latest research shows the average contract length to be 10+ months. We don’t usually support contracts that are less than one month.
How much should I charge on a day rate?
Use our UK DAY RATE CALCULATOR to see how much you should charge based on your previous PAYE salary. We encourage you to have flexibility on your day rate depending on the project or client.
What’s the difference between a day rate interim assignment and a FTC (fixed term contract) assignment?
A FTC assignment is essentially a permanent job, for a fixed period of time – often anywhere between 3 and 18 months. You will usually be entitled to the same benefits as your permanent counterparts. On a day rate assignment you are only paid for the days that you work, there are no additional benefits.
Am I entitled to benefits on a day rate assignment?
When working on a day rate contract you are not entitled to benefits if the contract falls outside the of scope of IR35. If you take on a contract that sits inside the scope of IR35, then you will be entitled to benefits. If you are looking at contracts inside the scope of IR35 you should get advice from your accountant, umbrella company or one of our interim consultants.
Do I need to set up a Personal Service Company?
If you are thinking about being a long-term interim manager then setting up a Personal Service Company (PSC) will offer the most flexibility. If you are not planning to do this then you may prefer to use an umbrella company.
An umbrella company will act as a PSC for you and we recommend that you only use an accredited umbrella company. Independent membership bodies such as Professional Passport and FCSA provide a list of accredited umbrella companies.
Do I need an accountant?
If you set up a limited company you will need to hire an accountant for general finance advice and to carry out your tax returns.
What insurance do I need?
If you choose to set up a limited company you will need Professional Indemnity Insurance. You will need a minimum cover of £1 million and although you may never use it, it protects you and your business in the event of damages being awarded against you. This can be because of professional error, omission or an act of negligence towards a third party to whom you owe a duty of care.
Will IR35 legislation apply to me?
One other aspect of working on a contract that you should be aware of is IR35. This is a piece of legislation introduced by HMRC to gauge whether an interim can be deemed an employee of the contracting company for the purposes of tax and NI collection. If you are deemed to be working ‘within’ IR35 while on a contract, you could be liable for full PAYE tax and NI, whereas PSC contractors who operate outside IR35 pay preferential rates of tax. Find out more here.
Read about some of our recent UK interim change communications assignments to see the type of opportunities we can offer you:
- Brexit change
- Business restructuring change
- Cultural and behavioural change
- HR change
- IT change
- M&A change
We publish a range of thought leadership reports which provide analysis of trends in the interim communications, digital and marketing sectors. Bridging the Gap is our latest report looking specifically at the UK interim market, Inside Insight focuses on the internal communications market and The View focuses on the external communications market. Both Inside Insight and The View cover trends in the permanent and interim sectors. If you are interested in receiving a copy of the report please contact us today.