Umbrella Company Provider

Our Umbrella Company Solution - PAYE Member

Icon Accounting offer contractors a PAYE Umbrella Solution. This solution is suitable for contractors who are new to contracting, are on a short term contract or who wish to maintain their Class A PRSI contributions.  Under the PAYE option, there is an obligation on the company to remit employers PRSI of up to 10.75%. This amount is taking as a deduction from the contractor's gross invoice to arrive at taxable pay. Contractors are entitled to a PAYE tax credit of €1650 per annum which will help offset some of the PRSI. Under the Director Member Option, Class S, contractors are not entitled to the PAYE Tax credit.    

 

The Process

  • If you wish to become a PAYE Member of our Umbrella Companies simply complete our Sign Up Form(Link to Form) and return it to accounts@iconaccounting.ie
  • We will liaise with your agency and have you set up within one working day
  • Following receipt on the sign up form, you will receive the Icon Accounting Welcome Pack
  • Within your Welcome Pack you are requested to sign the Icon Accounting Service Contract
  • We simply ask you read, sign and return the document, however if you are unclear about any issue, simply contact us. We are here to help you in any way, at all times.
Invoicing/ Payment

 

As a client of Icon Accounting you will receive your own unique login details for our on-line portal.
  • Our on line portal allows you to manage and view your timesheets, expenses and documents in one place
  • Simply enter the amount of days you wish Icon Accounting to invoice to your employer/agency (Please note timesheets should be approved by your line manager, prior to uploading)
  • We will then issue the invoice to your employer/agency on a weekly/fortnightly/monthly bases as requested
  • Following receipt of funds, Icon Accounting will process your payroll and transfer funds immediately via online banking
  • You will also receive notification via e-mail that payment has been made alongside your payslip

 

Claiming Expenses as a PAYE Member of an Umbrella Company

 

As a PAYE Member you are eligible to claim for expenses that have been wholly and necessarily incurred as business expenses in accordance with Revenue Guidelines. Such Expenses may include:

  • Telephone / Broadband & Mobile phone
  • Training & Education - you can claim for any expenditure incurred for furthering your education as long as it is related to your principal employment, e.g. purchase of training manuals.
  • Public travel expenses relating to your employment
  • Professional fees
  • Subscriptions & Memberships to professional or educational organisations
  • Printing, Postage & Stationary

We are also happy to advise you in relation to pension contributions and most tax efficient levels of contributions to maximise your tax breaks.

Please note that expense claims must be submitted by month end for processing with your payslip in relation to that period, Icon Accounting will always follow revenue guidelines and will inform the client if they feel that expenses are not justifiable.

 

Icon Accounting Management Fee

 

Our fee for the PAYE Member is

  • €95 per month for contractors who are paid monthly
  • €50 per fortnight for contractors who are paid fortnightly
  • €25 per week for contractors who are paid weekly

There is no sign up or leaving fee.

 

If you no longer require our services

 

If you secure a permanent position, are out of contract or are re-locating and no longer require our services, we will ensure all your taxes are paid up to the end of your last payment and issue you with a P45.

We strive to offer everyone an excellent level of service. Whether you are interested in using our service, currently signed up or if you need to move on, our commitment is to make sure you are fully tax compliant and happy with our service before, during and after your time with us.