Factors to Consider when choosing your Umbrella Company Provider

Choosing an Umbrella Limited Company provider is a big decision.  The first questions that come to mind will generally be around tax compliance, how quickly payments are made to your personal bank account, access to accurate and updated tax advice plus excellent customer service. To really discover the range of services provided, below are some more questions you should ask before proceeding:

• What facilities do they provide to manage your timesheets and expense receipts?  Revenue guidelines outline that you must keep all records and receipts relating to your allowable expenses claims etc. for a period of six years.  Therefore, your Umbrella provider should have a system in place to manage this.

• When comparing Umbrella Company providers ensure there are no extra hidden charges when you receive a quote for a management fee – For example, when filing your Yearly Income Tax Return or Form 11 with Revenue, do they include your additional incomes free of charge such as a rental income?

• Assess their service level.  Are they helpful and attentive to your needs and ensure you are getting everything that you are entitled to as a contractor?

• Are their service levels reputable?  Check out online chat boards and reviews.

• The Umbrella Company should always have the following insurances: Employers Indemnity, Public/Products Indemnity & Professional Indemnity

• Ensure the Umbrella Company is VAT Registered and has received Tax Clearance from Revenue.

• Do they process your payment immediately?

• Do they provide an allocated point of contact if you find you have any queries or questions?

If you have any questions about setting up or receiving payment as a Contractor, please get in touch with our offices by phone (01) 8077106 or email: info@iconaccounting.ie