You now have a daily rate contract and need are going to operate as a limited company contractor.
How does it Differ?
Instead of an employment contract, you will have a limited company contract with your client/agency. How this differs is that the contract is with the limited company for the services of you as the consultant rather than with you directly. This gives protection to both parties.
Rate of pay
As an employee you will receive a fixed salary or a salary + bonus, however as a contractor you will get a set daily rate of pay. This would be usually a higher rate than you would get at equivalent level in a normal employment. Contractors generally would have a higher net take home pay.
As a permanent employee you would normally get paid within or at the end of the month that you worked. This is not always the case as a contractor. In a lot of cases you would get paid in arrears. At the end of the month Icon Accounting will issue an invoice to your client and they would normally pay within 2 weeks of the invoice been submitted, however it may be longer depending on the terms agreed on the contract.