Advice on next steps

[G Richards]

Good Afternoon All,

I am currently looking at moving into the field of interim management, and as such will have to start my own company, etc.

This is new territory for me and I was hoping to find some advice here or perhaps a point in the direction of those that could help, advise and generally start me on the righ track.

Kind Regards

Gavin

 

[@aiteoconsulting]

If you are going to be an interim manager, consider whether you are likely to be doing roles that are classed as 'inside IR35' or 'outside IR35'. This determines how you are treated for tax purposes and therefore will influence the decision whether you need to incorporate a limited company.

If you do incorporate, use the services of an accountant to assist getting you up and running.

 

[NeilHarries]

Hi Gavin,

The first thing is to assess whether or not a limited company is the best option for you. I would recommend getting professional advice to ensure that you set up correctly and understand fully the options and risks.

 

[Bilal Attique]

Completely agree with the IR35 assessment before incorporating as a business as this would be the key factor in determining what is the best option.

 

[sandcress]

Hi Gavin,

As Neil rightly said, you'll need to address how you want to set-up your business first. If you don't have a business plan, you'll need to think about that also.

 

[NWH]

Hi, I have been an Interim Manager (Start Ups and Trouble Shooter) for over thirty years. If your assignments are relatively short then the subject of IR35 is not an issue. You are not being considered for a full time position, you are completeing a specific, timed assignment.

You would be well advised to form a company with limited liability. Dont leave yourself personally 'exposed'.

Then get yourself a small town accountant, dont go for large firms. Your accountancy costs will be in the region of six to eight hundred pounds a year. I use an accounting software package (like Quickbooks). Its a must for invoicing and expenses. Even VAT is a breeze and you can do it yourself. You then hand a disk to your accountant at year end. This keeps prices down. Make sure you claim all possible expenses, car fuel, travel, etc.,

DO get indemnity insurance for your limited company. Protect your work, your reputation and your bank balance with professional insurance. Again, this should not be a big number. Even small mistakes can cause big problems.

It is a great life and I would never go back to FTE. Good Luck!

 

[HouseReno]

Hi Gavin, maybe seek some sort of professional advice if you are worried about anything. I received advice from a financial planning firm called Suttons IFA, just so that I has a clear map of finances and so i could put a plan in place to see how things would word financially.