What is a PAYE Umbrella Company?
A PAYE Umbrella company is a limited company which allows Contractors to maintain Class A PRSI contributions while on Contract plus taking advantage of all the benefits Contracting brings.
The PAYE Umbrella Limited Company is owned and managed by Icon Accounting and is an ideal solution for first time Contractors, short term Contractors and professionals who wish to retain the standard employee benefits while contracting.
It is the responsibility of the PAYE Umbrella Company to manage all invoicing, taxes and payments on your behalf, ensuring you remain tax compliant while you are carrying out your contract. It is important to note that as a Contractor under the PAYE Umbrella Company you ‘provide services’ to a business rather than being in ‘the service’ of your employer like a traditional employee. Therefore, a contract will be in place between the PAYE Umbrella Company and your recruitment agency for your services.