How to Become an Interim Manager

(4 minutes to read)

In one plain English, straightforward guide, we breakdown everything you need to know about becoming an Interim Manager. Whether it is tax or financial rewards, we have got you covered.

Have you considered changing the course of your career path and becoming an Interim Manager? This is a relatively new freelancing or contractor concept ideal for the Management specialist who doesn’t want to be committed to just one full-time role, with one company in the long term.

What Are Interim Managers?

Interim Managers are highly skilled individuals with extensive management experience that are brought into organisations, often during times of crisis, to temporarily provide management resources and carry out a specific set of requirements for a limited period of time. Interim Management is a relatively young business concept that is particularly sophisticated within the UK and has been widely embraced, particularly amongst large and medium sized corporations. Interim Managers can be brought in to cover a wide variety of roles, injecting flexibility and a fresh skill-set into an often stagnating marketplace. With their growing reputation for success, there are more companies looking for Interim Managers than professionals to fill the roles, making now the perfect time to strike whilst the iron’s hot and begin your new career.

There are many reasons why a company might choose to hire an Interim Manager. They include:

  • To lend specialist skills and expertise to the restructuring of a business.
  • To change management processes from a position that is outside the existing management team.
  • To launch an ambitious new project where the inhouse skillset is not sufficient to guarantee success.
  • To help improve management processes and turn an ailing business around.
  • To fill an immediate gap within a management team caused by sudden absence, dismissal or unexpected secondment.
  • To carry out crisis management and prevent a company from going under.

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The Benefits of Becoming an Interim Manager

If you are looking for a career that will allow you to work in a wide range of diverse environments, where every day poses a brand new challenge and where you are your own boss, then Interim Management could well be the right move for you. Here are just some of the main benefits of choosing to become an Interim Manager:

-Flexibility. Flexibility is one of the main benefits of the role; you can choose to work when you want to and are in the position to pick and choose the job roles that best suit your skillset and interests. Unlike a permanent employee, you can regularly change your contracts and experience several different companies and paces within the space of a relatively short period of time. You are your own boss; the company you work for is your client rather than your employer, meaning that you will experience a different dynamic within the management team too.

-Financial Rewards. Because they are both highly skilled and highly sought after, Interim Managers are incredibly well paid. To counterbalance the perceived risk of working such short term contracts, interim management is an industry that is much higher paid than regular management positions. What’s more, because you will work for yourself through a limited company, you will be able to offset most of your expenses and pay your taxes in an incredibly efficient way, meaning you can keep hold of as much of your income as possible.

Setting Up a Limited Company and Choosing an Accountant

If you want to make your move into Interim Management financially lucrative one then it is worth noting that the most tax efficient way to operate as a management contractor is by setting up your own limited company. Forming a limited company is very straight forward and it shouldn’t take more than ten minutes to complete the necessary paperwork. Once you have set up as a limited company you will have access to a broader range of tax options and your accountant will be better able to help you protect your income.

Once your limited company is established, one of the most important things you can do to ensure that your new career is a success is to hire a specialist and experienced accountant with extensive knowledge of the Interim Management industry. Self-employment can be a legislative mine field, particularly if you are new to the arena and without the support of an accountant, you could waste vital hours filing your taxes and taking care of your financial investments that would be better spent building your client portfolio. We can help you by providing:

  • A Dedicated Accountant. When you choose to work with us you will be assigned a dedicated accountant to take care of all your tax and financial needs. Whether you prefer to work over the phone or via email we will always be available whenever and however you need.
  • Satisfaction Guaranteed. We understand that choosing the right accountancy services for your new business can be a big decision. That is why we take your satisfaction very seriously and offer an unprecedented money back guarantee service, meaning that if we don’t return your contact within 1 working day, your monthly fee will be free.
  • A Name You Can Trust. When it comes to accountancy, Dolan is a name you can rely on. If you are looking for an accountancy firm with decades of experience and a proven track record in supporting companies just like yours, you won’t find anyone better.

To find out more about how we can help you with your new business, give us a call today on 01442 795 100. Our expert team are perfectly placed to answer any questions you may have about contracting, forming your own company and the best ways to process your taxes.

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Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £105 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
  • Same day payments- We offer same day payments as standard providing funds are received into our account by 9am, for no additional fee.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email or