First Time Contractor

First Time Contractor

We understand that taking the initial step into Contracting can be daunting. That's why we're here to help. Our team has helped thousands of Contractors set up and make the most of their contract income. With our transparent approach to tax and accountancy you're guaranteed direct honest advise when you need it most.

Deciding Umbrella Company or Personal Limited Company ?

Whether you're considering a PAYE Umbrella Company, Director Umbrella or Personal Limited Company we're here to help. We'll take care of all administration, accurately calculate your tax and ensure you're fully compliant with no hidden surprises . Plus, we won't charge you a percentage of your Contract Income. Register for FREE under our Umbrella Company or contact our advisory team to better help you decide what solution is best for you.

Help Me Decide

Pre Tax

€95 per month

PAYE Umbrella Company
  • No sign up or leaving charges
  • Pay as you use service
  • Invoicing Management
  • Contract Payroll and Tax Management
  • Dedicated Payroll Account Manager
  • Advise on Business Expenses Claims
  • Smart Technology : i-Connect portal 24/7
  • Professional Indemnity Insurance €2 million
  • Public/ Products and Employer Liability €6.5 million / €13 million
  • No requirement to set up a Business Bank Account
Pre Tax

€140 per month

Director Umbrella Company
  • No sign up or leaving charges
  • Pay as you use service
  • Invoicing Management
  • Contract Payroll and Tax Management includes Income Tax Return
  • Dedicated Payroll Account Manager
  • Advise on Business Expenses Claims + Tax Planning
  • Smart Technology : i-Connect portal 24/7
  • Professional Indemnity Insurance €2 million
  • Public/ Products and Employer Liability €6.5 million / €13 million
  • No requirement to set up a Business Bank Account
Pre Tax

€160 per month

Personal Limited Company
  • Express Company Incorporation €229 + VAT
  • Company VAT Registration
  • Invoicing Management
  • Contract Payroll and Tax Management includes Income Tax Return
  • Dedicated Payroll Account Manager
  • Advise on Business Expenses Claims + Tax Planning
  • Smart Technology : i-Connect portal 24/7
  • 100 % shareholder
  • Requirement to set up a Business Bank Account
  • An ideal solution for long term Contractors or those who wish to employ others
After Tax

€41.11 per month

PAYE Umbrella Company
  • No sign up or leaving charges
  • Pay as you use service
  • Invoicing Management
  • Contract Payroll and Tax Management
  • Dedicated Payroll Account Manager
  • Advise on Business Expenses Claims
  • Smart Technology : i-Connect portal 24/7
  • Professional Indemnity Insurance €2 million
  • Public/ Products and Employer Liability €6.5 million / €13 million
  • No requirement to set up a Business Bank Account
After Tax

€67.20 per month

Director Umbrella Company
  • No sign up or leaving charges
  • Pay as you use service
  • Invoicing Management
  • Contract Payroll and Tax Management includes Income Tax Return
  • Dedicated Payroll Account Manager
  • Advise on Business Expenses Claims + Tax Planning
  • Smart Technology : i-Connect portal 24/7
  • Professional Indemnity Insurance €2 million
  • Public/ Products and Employer Liability €6.5 million / €13 million
  • No requirement to set up a Business Bank Account
After Tax

€76.80 per month

Personal Limited Company
  • Express Company Incorporation €229 + VAT
  • Company VAT Registration
  • Invoicing Management
  • Contract Payroll and Tax Management includes Income Tax Return
  • Dedicated Payroll Account Manager
  • Advise on Business Expenses Claims + Tax Planning
  • Smart Technology : i-Connect portal 24/7
  • 100 % shareholder
  • Requirement to set up a Business Bank Account
  • An ideal solution for long term Contractors or those who wish to employ others

Umbrella v's Personal Limited Company

LTD COMPANY NAME

There is no requirement to select a Company name under the Umbrella Company, however you must do so for a Personal Limited Company.

BANK ACCOUNT

Payment can be made to a personal account when contracting via an Umbrella Company. If contracting via a Personal Limited Company, a business bank account is mandatory.

VAT

All Icon Accounting Umbrella Companies are VAT registered. A Personal Limited Company may require VAT registration depending on the company turnover.

PRSI

As a Director of an Umbrella Company and Personal Limited Company payment of Class S PRSI applies. Under a PAYE Umbrella Company payment of Class A PRSI applies.

INSURANCE

Public and Employers liability, alongside Professional Indemnity are covered under the Umbrella Company. Insurance must be obtained for a Personal Limited Company.

EMPLOYMENT

A Personal Limited Company provides the opportunity to employ a spouse or otherwise.This is not possible under an Umbrella Company.

INCOME TAX RETURN

An Income Tax Return must be filed under the Director Umbrella Company and Personal Limited Company. It is not required under the PAYE Umbrella Company.

BUSINESS EXPENSES

Tax relief on may be claimed on business expenses under the Umbrella Company, however large capital items / company car(s) are only permitted under a Personal Limited Company.

FAQ's

What is the difference between a Contractor and an employee?

As a Contractor, you ‘provide services’ to a business rather than been in ‘the service’ of your employer. A daily or hourly rate of pay is offered for your work when contracting, while as an employee you are in receipt of a salary.

As a contractor your rate of pay is often inclusive of any holiday or sick day entitlements. For many first time contractors, contracting can seem a little daunting, however there is no denying that many contractors can earn significantly more than their employee counterparts with the benefit of gaining valuable work experience.

Is Contracting complicated?

At Icon Accounting we specialise in accountancy for Contractors, so you can be re-assured all legal and tax requirements are covered while you contract. Our team continuously support contractors throughout their work and provide practical and straight forward advice on payments, business expenses and what to expect if working as a contractor for the first time.

How do I set up as a Contractor?

Our team will clearly explain the difference options that are available to you to set up as a contractor. Based on the duration of your contract, your rate of pay, alongside your personal circumstances we can establish the best method of Contracting that will provide you with maximum take home pay;

  1. PAYE Umbrella Company
  2. Director Umbrella Company
  3. Personal Limited Company

If your circumstances change whilst contracting, we will always provide assistance and accommodate any changes necessary to ensure you are contracting in the most effective way.

How do I get paid as a Contractor?

Payment is received based on the agreement set up between you and your agency. Icon Accounting will raise an invoice on your behalf to your recruitment agency for your payment. It is the responsibility of Icon Accounting to deduct the relevant taxes and make payment to your bank account.

Do I have to register for VAT as a Contractor?

Under the Director and PAYE Umbrella company, you do not need to register for VAT, however if you wish to set up a Personal Limited Company VAT is a requirement.

What are the benefits to Contracting?
  • Attractive rates of pay
  • Ability to gain experience on a variety of projects in different locations, sectors and organisations which in turn can lead to commanding higher rates of pay
  • Facilitates continuous development of skills which can help in keeping your skill set current and increasing your marketability
  • Provides you with the opportunity to claim tax relief on business expenses
  • Creates greater personal control of who, where and when you wish to work
Why choose Icon Accounting when Contracting?
  • Reassurance that you are fully tax compliant for the duration of your contract
  • Guaranteed processing of all payments on time every time
  • 24/7 secure personal access to iConnect Contractors Portal
  • Protected by Employers & Public Liability insurance
  • Unlimited access to free Wealth Management Advise with our partner, Rockwell Financial 
  • Complete management of all administration, tax and invoicing duties
  • Continuous support and assistance from a team of qualified accountants and professionals
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Got a Question?
Let us help

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