FAQ

FAQ

What is an Umbrella Company?

An Umbrella Company acts as an employer for contractors on a fixed term contract, with their principal responsibility to arrange payment for the work carried out and to ensure all relevant employment taxes are deducted. The worker has a contract of employment with the Umbrella Company and is paid as an employee, receiving a payslip each time they are paid. Using an umbrella company is the main alternative to setting up your own limited company, the main difference being the way that you are paid. Through an Umbrella Company you are treated as an employee, but still enjoy the benefits of being able to move between contracts freely. For further details see our Umbrella Company Guide

 

What is personal Limited Company?

A personal limited company is a company owned by you. It is a separate legal entity giving you legal protection against any personal liability while contracting. Unlike an umbrella company, you fully own the company. A personal limited company is most suited to long term contractors looking to establish a company in their own name. It can also benefit professionals with multiple incomes from related business interests outside of their normal daily rate contracting role. A personal limited company is responsible for paying its own taxes and ensuring it fulfils all of its duties. For further details see our Limited Company Guide

 

What services do you offer to a contractor?

We offer a PAYE Umbrella service and a Personal Limited company service. We don’t offer a Director Umbrella structure. 

 

Why don’t you offer a Director Umbrella service?

We put contractors first. When we researched this structure the advice was it isn’t compliant. So even though it is favoured by some companies and agencies for ease of use and setup we decided we did not want to offer it. To learn more please see our article here

 

What is the price for a PAYE Umbrella Company?

The monthly price is €90 per month. No hidden costs. No From and no To. Just €90 per month. For further details please see here

 

What is the price for a Private Limited company?

The monthly price is €130 per month. For this all monthly work is done, all VAT filings, all end of year filing – the works! For further details please see here

 

Do I need my own Business account for a PAYE Umbrella company?

No. We pay directly into your Personal Bank account minus taxes and fee.

 

Do I need Business insurance if I use a PAYE Umbrella company?

No. You are covered by Accounting Pro’s business insurances.

 

How long does it take to setup under a PAYE Umbrella structure?

We can have set-up same day.

 

Can I write off expenses using a PAYE Umbrella structure?

Yes. You can write off certain travel, training and subsistence etc expenses. For further details please see our Expenses Guide

 

Do I need my own Business account for a Personal Limited company?

Yes. You need to set 1 up but we will help you do this as we have relationships with banks who will expedite this for you.

 

Do I need my own Business insurance for a Personal Limited company?

Yes. But we will help you get a discounted rate and it is a deductible from tax.

 

Are your fees deductible – PAYE Umbrella and Personal Limited company?

Yes, they are deductible.

 

Can I write off expenses using a Personal Limited company structure?

Yes – and it is a lot more flexible than for a PAYE Umbrella structure. You can write off certain travel, training and subsistence etc expenses. For further details please see our Expenses Guide

 

How long does it take to setup a Personal Limited company?

It will take approximately 2 weeks however we will deal with all the interactions with the CRO etc for you.

 

Is it hard to move from 1 structure to the other?

No, it is easy and we will take care of all of it for you.

 

Are there additional charges for doing this?

No. There are no hidden charges.

 

Do you charge to leave a PAYE Umbrella or a Personal Limited company?

No. This is done at no additional cost.

 

Switching Accounting Provider

Switching to Accounting Pro couldn’t be easier when you are not happy with your current service or the accounting structure they have you on.

Follow these simple steps to make the change

1. Email us at info@accounting-pro.ie expressing your wish to make the change.
2. Send a letter to your present Accounting firm advising you wish to change providers to Accounting Pro.
3. Sign up with Accounting Pro
4. Provide Accounting Pro with contact details for your present provider.
5. Accounting Pro will send a letter of professional clearance to your present provider.

 

 

Accounting Pro is Ireland’s premier contractor accounting service.  We are here to help, the busy contractor and company, with all your accounting and payroll needs. We are both an umbrella company and umbrella corporation and we can create your limited company. We are experts in contractor pensions, contractor health insurance, illness and sick benefit for the self employed and contractor expenses. To learn more about what we do please review https://www.accounting-pro.ie/  and contact us by email:  info@accounting-pro.ie or phone us 01 6933370. For the UK see Accounting-Pro UK. Feel free to share our articles but please give attribution on a CC BY-SA license.