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00 353 1 8077106 info@iconaccounting.ie

PAYE Umbrella Company

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.

How does the PAYE Umbrella Company work?

Icon Accounting manages all administration, invoicing, taxes and payments for each Contractor under the PAYE Umbrella Company

1

You enter the number of days worked and any incurrent business expenses onto iConnect portal

2

Icon Accounting will then raise an invoice to your agency for payment

3

Once funds are received from your agency, your Payroll Account Manager processes your payment immediately and the funds are transferred to your personal bank account

4

Your detailed payslip will be sent to you via email and uploaded onto the iConnect portal

Why choose the PAYE Umbrella Company option?

Guaranteed tax compliance

Protected by Employers & Public Liability and Professional Indemnity insurance cover

Security of Class A PRSI contributions towards Job Seekers & Illness Benefit

24/7 secure access to your personal account on iConnect

Retain your PAYE tax credit of €1650 per year

Unlimited access to free Wealth Management advise with our partner, Rockwell Financial and the Icon Accounting Benefits Package

Claim tax relief on business expenses to increase your take home pay

Assigned Payroll Account Manager who will be your personal point of contact

How much does the PAYE Umbrella Company cost?

The PAYE Umbrella company is a pay as you use service with no sign up or leaving charges.

The management fees are based on Contractors who carry out contract work on a full-time basis.  Also, these management fees are tax deductible so you will automatically receive tax relief on the below fees:

€25

Weekly Payroll

€50

Fortnightly Payroll

€95

Monthly Payroll

How do I set up under the PAYE Umbrella company?

1

Return the completed Icon Accounting Starter Form to: info@iconaccounting.ie

2

Our team will then set you under the PAYE Umbrella Company taking care of all tax registration and administration duties

3

We will liaise with your agency and submit all company and insurance details of your behalf

4

Your agency will use the PAYE Umbrella company details to draw up your contract

5

We will issue you with personal login details for the iConnect portal and contact details of your assigned Payroll Account Manager

6

A second contract between you and Icon Accounting will be issued for signing

What paperwork do I need to provide to set up under the PAYE Umbrella Company?

  • Completed Icon Accounting Starter Form
  • Copy of photo ID – Passport/driving licence/national ID card
  • Proof of address – Copy of utility bill/official correspondence
  • P45 (if applicable)

The Icon Accounting Sign Up Process