Here we outline some of the main considerations if you are thinking of becoming an Interim Manager.

Large and small companies often need to recruit on an interim basis. There are many reasons an organisation may look to recruit an interim marketing or communications professional such as:

• Change communications
• Implementation of a new strategy
• Digital transformation
• Re-brand projects
• Product launches
• Strategy projects
• Crisis management
• Pre or post IPO comms and investor relations
• M&A activity
• Maternity of paternity leave
• Inability to increase permanent headcount
• Sudden departure in the team
• Cover while executing a permanent search

Assignments can be part time or full time. Typically we will not handle contract less than 3 months though most are between 6 to 12 months. Some may continue on a rolling basis for much longer.

Most of our clients expect the Interim Manager to be based in their office for the majority of the contract, however there is usually flexibility for some home working.

If you are thinking of becoming an Interim Manager you will need to determine your day rate.

See our day rate calculator here

Professional interim managers can be paid through their own limited company or via an umbrella company. With changes in government legislation it is becoming more common for Interim Managers to be paid via PAYE.

What is your availability?

Good availability is critical for interim work. Because of the nature of interim work, our clients usually require an Interim who can start as soon as possible. Contracts usually start within two weeks of us taking the brief and as a result we are unable to consider people currently working in permanent roles with notice periods of one month or more.

Setting up a limited company

If you would like the flexibility of working for a day rate rather than pro rata salary, you should consider setting up your own Limited Company, this will give you the most flexibility. If you are not planning to work as an interim in the long term, you might prefer to use an umbrella service. These are companies that provide professional accountancy and legal services and they will register an individual Personal Service Company (Ltd Company) for you, through which you can be paid. If you decide to set up a Limited Company, you will need to hire an accountant for general financial advice and help with your tax returns

IR35

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 Ltd Company contractors who operate outside IR35 pay preferential rates of tax.
Find out more.

Managing uncertainty

There are no guarantees that one contract will immediately follow another when you become an Interim, so you need to have a financial buffer to protect you between contracts.

Insurance

Professional Indemnity Insurance covers you and your business in the event of damages being awarded against you due to professional error, omission or an act of negligence towards a third party to whom you owe a duty of care. As with any insurance policy you may well never need to make a claim, but you do need to have the insurance.