New Service Launch – Single Managed Service Option (SMS)

Over the last number of months, we have been working hard to create a solution which combines the benefits of an umbrella company and a Personal Limited Company. We always strive to ensure that we offer our contractors the most suitable service based on their own individual situation and we feel that this our new service option will provide more choice and to t We are delighted to announce the a new limited company option, Single Managed Services Company (SMS) combines the convenience and benefits of an umbrella company with the control and flexibility of a Personal Limited Company (PLC). The Single Managed Service Company is a Limited Company which offers contractors the option of becoming a Company Director, without having to set up their own Limited Company. Unlike the Umbrella Company set up, the Single Managed Service is not shared or used by multiple contractors. A Contractor under the Single Manage Service Company is the 100 % shareholder of the Company with self – employed status, paying the lower rate of PRSI (Class S). The Single Managed Service Company (SMS) is a perfect solution for professionals who will contract medium to long term. Also, the SMS solution provides access to an immediate set up, inclusive of insurance cover and delivers a fully managed service for all accounting, payroll, taxation and administration duties. Why choose the Single Managed Service Company (SMS) option?

  • Guaranteed tax compliance
  • Immediate Set Up & Registration as 100 % shareholder and Director with CRO
  • Payment of Class S PRSI contributions & Retain Self-Employed status
  • Registration of VAT
  • Business Bank Account
  • Protected by Public Liability and Professional Indemnity Insurance Cover
  • Monthly / Weekly Invoicing
  • Monthly Same Day Processing of Payroll
  • Ability to claim tax relief on business expenses to increase your take home pay – all receipts must be uploaded
  • Prepare and File the Company VAT returns & All Annual Company Accounts
  • Prepare and File the Corporation Tax Returns & Corporation Tax Returns
  • 24/7 secure access to your personal account on iConnect
  • Unlimited access to free Wealth Management advice with our partner, Rockwell Financial and the Icon Accounting Benefits Package
  • Claim tax relief on business expenses to increase your take home pay
  • Assigned Account Manager who will be your personal point of contact

How does the Single Managed Service (SMS) Company work?

  • Icon Accounting manages all administration, invoicing, payroll, VAT returns, annual accounts and payments for each contractor under the SMS Company.
  • In order to receive payment : Simply log the number of days/ hours worked onto the iConnect portal
  • Icon Accounting will raise an invoice to your agency / consultancy company for your payment
  • In the event that business expenses are incurred; The corresponding receipts must also be logged onto the iConnect portal
  • On receipt of payment ; Icon Accounting will immediately process funds and transfer to your personal bank account
  • Your Payroll Account Manager in Icon Accounting will email you your payslip and provide assistance with all tax and payroll queries
  • A record of all individual payslips, invoices and contracting  documents can be obtained 24/7 from your private iConnect Account

How much does the Single Managed Service (SMS) Company cost? The Single Managed Service Company offers the services of fully administered LTD Company at an affordable price, inclusive of full insurance, accounting, payroll, and all taxation requirements. Monthly Payroll:           €175 Weekly Payroll:             €50 *Please note that all management fees are tax deductible where tax relief of up to 52% is granted.  A fee of €229 + VAT will apply for contractors who which to take over the company within the first 12 months.  To close the company, a Voluntary Strike off fee of €150 + VAT will apply. Below is a comparison of our suite of services which outlines the differences at a glance.

Shareholding 0 % 16.6 % 100 % 100 %
PRSI Class A PRSI Class S PRSI Class S PRSI Class S PRSI
Payment To Personal Bank Account To Personal Bank Account To Personal Bank Account To Business Bank Account
Insurance  Inclusive Inclusive Inclusive Must be obtained
Set up Cost Nil Nil Nil €229 + VAT
Monthly Management Fee €95 €140 €175 From €140
Close Down Cost Nil Nil €150 €350
Ability to Employ No No No Yes
Ability to Claim Business Expenses Limited Limited Extended scope to cover business expenses / contract related expenses Extended scope to cover business expenses / contract related expenses
Flexibility to self – manage the Company  No No Yes Yes

To find out more how the SMS can work for you, please contact our team via email or call 01-8077106. The Icon Team

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Icon Accounting, Columba House, Airside,
Swords, Co. Dublin, Ireland, K67 R2Y9
+353 1 8077106