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00 353 1 8077106 info@iconaccounting.ie

First Time Contractor

Why Becoming a Contractor?

If you are considering making the move from permanent employment to Contracting, it is essential to learn if Contracting is something that will be right for both your professional and personal life.

Becoming a Contractor can give you greater control of your career as you can take advantage of career enhancing job opportunities as they arise. Increased take home pay, more job satisfaction and greater freedom lure many professionals into the Contracting world.

However, often making the decision can be one of the most difficult stages of the process. We all want to know that when making a decision we are provided with honest and accurate information so that we are fully aware of what lies ahead. Learn more about the 8 reasons to become a Contractor

What is a Limited Company?

There are some differences between Umbrella Limited Companies and Limited Companies (PLC) but fundamentally their function is to process payroll for Contractors whilst offsetting business expenses against their tax to increase their take home pay. Also, it ensures Contractors remain tax compliance for the duration of the contract.

In relation to Umbrella Limited Companies, Icon Accounting has these set up and ready to go. Icon Accounting own and manage these companies and depending on your own personal circumstances and preferences, you will be placed into either a PAYE Umbrella or Director Umbrella company.

A Limited Company (PLC) is a company which is set up and owned by the Contractor and Icon Accounting will manage this for you for the duration of your contract work.

What does Icon Accounting do?

Firstly, let’s start with the basics of what Icon Accounting provides and how we fit into the entire process!

Icon Accounting is a payroll intermediary between the Contractor and the agency / client and we ensure that the Contractor remains tax compliant for the duration of the contract.

When Contractors are dealing their agency or client, generally they will be advised that they will need to set up in an Umbrella Company or Limited Company structure. For some who are new to Contracting, this can initially seem a bit overwhelming! However, getting set up in an Umbrella Limited Company or Limited Company structure is a very straight forward and simple process.

Whatever option you choose, Icon Accounting will work you and your agency / client at all times. Contractors with Icon Accounting will receive the highest level of customer service, sound financial advice and continued support at all times.

FAQ for First Time Contractors

Below is more detailed information on Contracting and the Icon Accounting benefits which you can expect when working us:

What is the difference between a Contractor and an employee?

As a Contractor, you ‘provide services’ to a business rather than been in ‘the service’ of your employer. A daily or hourly rate of pay is offered for your work when contracting, while as an employee you are in receipt of a salary.

As a contractor your rate of pay is often inclusive of any holiday or sick day entitlements. For many first time contractors, contracting can seem a little daunting, however there is no denying that many contractors can earn significantly more than their employee counterparts with the benefit of gaining valuable work experience.

Is Contracting complicated?

At Icon Accounting we specialise in accountancy for Contractors, so you can be re-assured all legal and tax requirements are covered while you contract. Our team continuously support contractors throughout their work and provide practical simple advice on payments, business expenses and what to expect if working as a contractor for the first time.

How do I set up as a Contractor?

Our team will clearly explain the difference options that are available to you to set up as a contractor. Based on the duration of your contract, your rate of pay, alongside your personal circumstances we can establish the best method of Contracting that will provide you with maximum take home pay;

If your circumstances change whilst contracting, we will always provide assistance and accommodate any changes necessary to ensure you are contracting in the most effective way.

How do I get paid as a Contractor?

Payment is received based on the agreement set up between you and your agency. Icon Accounting will raise an invoice on your behalf to your recruitment agency for your payment. It is the responsibility of Icon Accounting to deduct the relevant taxes and make payment to your bank account.

Do I have to register for VAT as a Contractor?

Under the Director and PAYE Umbrella company, you do not need to register for VAT, however if you wish to set up a Personal Limited Company VAT is a requirement.

What are the benefits to Contracting?

  • Attractive rates of pay
  • Ability to gain experience on a variety of projects in different locations, sectors and organisations which in turn can lead to commanding higher rates of pay
  • Facilitates continuous development of skills which can help in keeping your skill set current and increasing your marketability
  • Provides you with the opportunity to claim tax relief on business expenses
  • Creates greater personal control of who, where and when you wish to work

Why choose Icon Accounting when Contracting?

  • Reassurance that you are fully tax compliant for the duration of your contract
  • Guaranteed processing of all payments on time every time
  • 24/7 secure personal access to iConnect Contractors Portal
  • Protected by Employers & Public Liability insurance
  • Unlimited access to free Wealth Management Advise with our partner, Rockwell Financial and the Icon Accounting Benefits Package including discounted services from O2 and Group Health Plan from Aviva Health
  • Complete management of all administration, tax and invoicing duties
  • Continuous support and assistance from a team of qualified accountants and professionals

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See How it Works!

Understanding the Simple Set Up Process of Umbrella and Limited Companies!

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Start your Contracting Journey - Request a Call Back!

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Sign up with Icon Accounting

Download and complete the Umbrella Company or the Personal Limited Company sign up forms below to start the process:

 

Starter Form Umbrella Company

or

Starter Form PLC