Simon Dolan, the founder behind the UK’s largest firm of contractor accountants and owner of ContractorUmbrella, has made a return to the accountancy industry he knows so well. Simon entered the market back in 1992 and revolutionised the contractor accountancy market.
The business, which began with a £10 shop window advert in 1992 grew to become the UK’s largest specialist firm of contractor accountants and was the only UK top 25 accounting firm to be owned by an individual rather than a partnership. Simon sold the successful business three years ago for over £80million.
In the three years Simon has been away from the accountancy arena he’s been busy; investing in fledgling businesses including innovative blockchain and AI projects, mentoring the business entrepreneurs of tomorrow, establishing an airline, earning the nickname ‘Twitter Dragon’ with his £5 million investment pot on the social media platform oh and of course winning the legendary Le Mans 24 hour LMP2 race in 2014. Simon was also the star of a documentary ‘Journey to Le Mans’ depicting his meteoric rise to win the Le Mans championships.
So why come back to the contractor accountancy market now? Well as Simon says “I started my business back in 1992 and prided myself on first class service. As I see it now the market has changed, technology has improved which should benefit the contractors but the level of service has slipped. I’ve been away for three years and spent that time analysing the market, learning from my other business interests and can see I can give contractors far greater value and convenience”.
There was a time when a contractor made the decision to move to the world of contracting, opened a limited company and that was that. They worked like this throughout their contracts and their accountant stayed the same. Things have moved on and more and more contractors now need to change the way they work depending on their contract and the sector they work within. At some periods they are fine to work through their own limited company, however at other times they need to work via an umbrella Company. This is especially relevant with the Governments changes to IR35 legislation.
“Why should a contractor have the added hassle of searching for a new accountant when they need to change to an umbrella company?” says Simon. “With Dolan Accountancy a contractor joins us and they work through their own limited company but have the added flexibility of switching to our award winning umbrella company – ContractorUmbrella Ltd, should their circumstances need this. They won’t have to fill in new paperwork, speak to a new accountant or pay any more for the change to umbrella. We offer a seamless, high level of service regardless of being a limited or an umbrella contractor for the same monthly fee - no paperwork, no changes, no fees and no hassle”.
Simon comments that as Dolan Accountancy has none of the old legacy issues to deal with, Dolan Accountancy has started afresh and built an entire professional accountancy firm around what a client needs and wants rather than having to use antiquated systems. This includes using the most up to date technology such as FreeAgent software (no more spreadsheets!) and the very latest banking interface which means no more form filling and waiting for an account.
Alastair Stallwood is an Apprentice for ContractorUmbrella Ltd, one of the UK’s Most Respected Umbrella Companies.