Add your voice to market leading research Our thoughts are, as ever with those who have been impacted by Covid-19. Throughout these difficult times, we remain committed to our purpose of creating exceptional customer experiences and sharing meaningful market insight and expertise. We’d like to encourage our Interim network to participate in this year’s Institute of Interim Management (IIM) Survey, which provides comprehensive insight into the UK executive interim market. We believe this research to be invaluable in benchmarking the significant economic and interim management industry impacts caused by Covid-19.To add your voice to the survey please click here. Participant criteria This survey closes on Sunday 31st Many and is only for professional interim managers and executives (defined as an independent professional operating at board or near board level), who are 'normally' on day rates of £500+.
07 May 2020
As the pandemic continues to escalate, the UK government has come under increasing pressure with calls to support the many thousands of self-employed people impacted by the Coronavirus outbreak.A financial lifelineIt now, finally appears that there may be financial relief on the cards.The House of Commons Public Bill Committee published a proposed amendment to the Coronavirus Bill which, if approved, would introduce Statutory Self-Employment Pay.The amendment, if implemented, would give contractors and freelancers a guaranteed income of 80% of their monthly net earnings, averaged over the last three years; or £2,917 per month, whichever is lower.This is by no means a great outcome for many contractors or freelancers, but it is a big step forward and will bring a degree of relief to many. We see this as a very positive development to give the same sort of consideration to this community as is being given to permanent employees. How are we helping our contractors now? Over the next few days and weeks, we will be taking the time to speak with all of our contractors and helping as much as we can to assist them in re-deployment into new assignments.Please do get in touch for guidance in these turbulent times. We are here to support you. Stay safe and stay healthy.
24 Mar 2020
Chief Secretary to the Treasury Steve Barclay has announced that IR35 tax reforms will be pushed back to the 6th April 2021.The decision was announced among a £330bn financial package to protect the UK economy from the coronavirus outbreak.Given the economic challenges that lie ahead, and at time when the contracting market is already on its knees, I am relieved and certainly welcome this decision. This decision will play some part in alleviating one aspect of uncertainty for a large proportion of UK contractors, many of whom are bracing themselves for the worst in these difficult times.What matters now is that businesses use this time wisely Although a very welcome move, the government has confirmed that this decision is a deferral and not a cancellation. This now gives private sector businesses crucial extra time to review and refine their interim hiring strategies.For example, many organisations have already made decisions to institute a blanket ban of personal service companies (PSCs) rather than risk any potential financially liability for tax, should contractors later be deemed in scope of IR35.We had started to see that these risk-averse reactions to IR35 were depriving some companies of their competitive edge, and ultimately, their ability to attract the best interim talent. So, what matters now is that businesses are able to use this valuable time to get things right and successfully implement and amend their processes, whilst avoiding large scale talent drain from business-critical projects and activities. How are we helping our customers now? Over the next few days and weeks, we will be taking the time to speak with all of our clients and contractors to ensure the best course of action for each role and individual is followed.Whether you are a business that engages contractors or a contractor yourself, please do get in touch for guidance in these turbulent times. We are here to support you. Stay safe and stay healthy.
18 Mar 2020
The government has launched a review into IR35 reforms which will have far reaching implications on the way private sector, medium and large sized organisations engage with contractors. The rules are due to change on the 6th April 2021 and will shift the responsibility for determining the tax status of a contractor from the worker to the end-user.Our whitepaper explores how risk-averse and knee-jerk reactions to IR35 are depriving some companies of their competitive edge, and ultimately, their ability to attract the best interim talent. Download our whitepaper to learn:Lessons learned from the public sectorHow to identify where your IR35 risks lieWhat to consider when refining your determination, payroll and reporting processesWhat your next steps should be – use the simple check list Download your copy Whether you are an employer that engages contractors or a contractor yourself, getting the right advice and ensuring you’re prepared is essential. We can offer guidance and provide the right solutions.Contact us to learn how our solutions for individual testing and managed solutions can help mitigate your IR35 challenges.
18 Feb 2020
Over the last six months or so it has felt a little like going back to Law School as I have tried to develop sufficient expertise on the changing IR35 landscape to enable me to give meaningful advice to our Customers. It has been a long and winding road. Myself and the IR35 Project Group at Stanton House are now engaged in numerous Client Briefings and sessions with our Interims and the broader candidate customer community to advise them in preparation for the anticipated changes. This is part education, part reassurance and partly about connecting our Customers with the right third-party experts and solution providers to best navigate the changes. In the midst of this, I would like to share a few things that are on my mind and that I believe are worth shouting about. The method for determination of IR35 Status is not changing. In the new world, post April 6 2020, End User Clients are not liable for unpaid Tax & NIC should an outside IR35 determination later be found to be incorrect – the Fee Payer (i.e. the recruitment business or MSP) carries that liability. As long as the End User Client applies ‘reasonable care’ in making the determination, they are protected [and responsible Recruitment Businesses and Contractors will ensure this risk is Insured – throughout the supply chain.] On this basis, it seems to me that if all parties take a deep breath and take time to really think it through, we can work through the change without too much disruption and pain. I don’t think it is contentious to say that all parties recognise there are a large number of contractors currently working Outside IR35 who should be operating Inside. They are doing BAU roles, and based on the changes in April next year, will have tough decisions to make as they will no longer be operating under their current arrangements. But it is also true that there are large numbers of Interims / Contract Workers who are quite correctly operating Outside IR35 who are feeling threatened. I appreciate that HMRC have a responsibility to maximise the UK Tax take, but I very much hope that the most recent pronouncements don’t lead to further ‘blanket’ Inside IR35 determinations from UK Corporate. There have been a significant number of well publicised statements from large companies stating that, from early next year, they will no longer engage Outside IR35 Workers. Based on my understanding of the changes on their way in April, I believe that these blanket policies will disrupt the market in a way that is unnecessary – and not in the interests of either the Company themselves, or the Contract Workers. We very much hope that the dust settles quickly, and that UK businesses chose to implement an approach of ‘case by case’ determinations that enables genuine providers of Services to operate Outside IR35. This is what HMRC themselves are calling for (HMRC are publicly very much against Blanket Assessments) and there are IR35 Status Assessment Tools available to do this in a highly compliant and efficient manner, Tools that also incorporate insurance against any future challenge of the IR35 determination. Recruiters and / or the Contract Worker themselves are generally happy to fund the Tool (Stanton House certainly are). There would be no cost to the Client Company, and they would also be indemnified against any future Tax / NIC liability. I and my colleagues at Stanton House will keep shouting loud to spread the word about the approach we very much believe is in the interest of all parties. An approach that facilitates the UK Tax Authorities collecting appropriate tax revenues without disrupting the flexible labour market in the UK that I believe is a critical component to our resilient economy battling through these troubled times. We will be producing an IR35 focused white paper before the end of the year working with our incredible partners Qdos, to provide a comprehensive view of your options in the lead-up to and post IR35 legislative changes in April. Please do get in touch if you would like a copy of the paper once it's published in December!
27 Nov 2019
Career Diversity is an incredible tool that enables professionals to gain insight into different realms, broaden their skill-set and develop as experienced and adaptable leaders but while we encourage our network to move between Industries to achieve this – how often do we emphasise that the same three things are possible when making the move to Interim? Brexit, an uncertain political climate and a growing appetite for flexibility in the workplace are leading more and more professionals to the temporary world of work - and it seems they are reaping the rewards that come with. With higher incomes, flexible schedules and the ability to meet new people as often as every few months, Interim work offers professionals the chance to throw themselves in the deep end in a new environment, without the obligation to network amongst staff or involve themselves in office politics. Working with an end goal in mind, professionals are left to their own devices and allowed to thrive in their subject matter without the other work obligations that usually cloud day-to-day employment. But, while it’s clearly a beneficial move for some - it does carry some drawbacks. Interim work isn’t guaranteed meaning sometimes professionals can go without work and consequentially, pay. It’s advised that those looking to make the move, work on creating a safety net to protect them in the case of dry spell or also, being let go by companies who do not have the same loyalties they might have towards permanent employees. It’s also not an easy shift. I spoke to the most successful Interim professionals in our network and asked them what hurdles they overcame in the first few months of their transition and the majority cited their little black books. Every Interim guru has a broad and reliable portfolio of contacts, connections and companies that at some point might come in handy and in our current political climate, many organisations are postponing permanent hires and seeking Interim staff to fill the void so if you are already connected with these organisations – you’re likely to fly through the next few years of work. Some people can find this process daunting due to the ‘life admin’ involved such as setting up a limited company, amending their CV or padding out that black book but that’s why I and other recruitment partners exist. We offer guidance, advice and help to get you on the right career track and ultimately, enjoy what you do. I’m working on creating a white paper that explores the transition professionals make into the Interim world of work. If you have made the transition or you’re looking to explore what the fast-paced world of temporary work has to offer, please get in touch, and join the conversation – would you make the move to Interim?
08 Aug 2019
We regularly hear of start-up success stories in the retail space. A basic search of ‘start-ups’ will produce article after article offering an array of reasons why joining a start-up could pay off. They’re booming, popular and on the surface, appear to offer a work life balance not available anywhere else but is this the reason professionals are leaving a life of security in a corporate behind and what about those headed in the other direction? We are producing a white paper which will explore the reasons why the c-suite is transitioning between disruptive and established companies and investigate what each type of organisation brings to the table. As part of our paper we have already interviewed thought-leaders, industry experts and the senior finance professionals within start-ups and corporates who have made a leap of faith between the two. We would love to hear from you. Please spare just 60-seconds to take our anonymous survey via this link and let us know if you have made a transition of your own.
07 Dec 2018
When it comes to accounting, popular belief has it that once you have a qualification under your belt and have grasped the basic principles, you can work in almost any industry. It’s a qualification that offers transferrable skills and a season ticket to career diversity.Of course, when crossing the border into another sector there can be challenges but is the ability to move between sectors even a plausible reality for finance professionals?While obstacles are expected it seems the requirement of relevant sector experience is an impossible hurdle to climb over for many and questions the transferability of a finance qualification.I decided it was time to explore this issue in more detail and have created a white paper on the topic of competency vs. sector experience. The piece will unravel the reasons behind companies clinging onto sector experience and find the people who prove it’s a thing of the past.If you would like to receive a copy of this paper please get in touch and join the conversation, what’s more important in an interim CFO, industry experience or competency?
03 Dec 2018