What is an Umbrella Company?
An umbrella company is an entity that serves as a vehicle for a self-employed person who is contracting with their client. This is considered as an alternative to setting up a separate private limited company.
To operate through an umbrella company, you become an employee of that company. An Umbrella company is essentially an intermediatory between you and your client or recruitment agency that pays you for the contacts. An umbrella company offers administration services which means you don’t have to worry about appointing an accountant or deal with your taxes. This work is performed by the umbrella company.
This company will run your payroll and deduct and submit with revenue relevant taxes upon paying your monthly wages. PAYE, USC, and PRSI are collected and paid to revenue by them. You get net pay similar to if you were employed by your employer. The only difference is you can claim expenses that are permissible as a self-employed person or as a Limited company by shares.
Key Features of Our Umbrella Company Services
- Efficient Payroll Management: At TAS Consulting, we ensure that your payroll is processed accurately and on time. Our system guarantees that you receive your payments promptly, eliminating worries about late or incorrect salary disbursements.
- Tax Compliance and Deductions: Navigating the complexities of taxes can be daunting. Our expert team ensures that all applicable taxes are duly deducted, and we handle all tax compliance matters, providing you with peace of mind and allowing you to focus on your work.
- Expense Claims Simplified: We simplify the process of claiming business expenses, ensuring that you can maximize your take-home pay. From travel expenses to equipment costs, our streamlined system makes it easy to submit and get reimbursed for your business-related expenditures.
- Comprehensive Insurance Coverage: We offer extensive insurance coverage, including professional indemnity, public liability, and employer’s liability insurance. This protects you and your clients, ensuring that you can operate with full confidence.
- Dedicated Support Team: Our approachable and knowledgeable support team is always available to assist you. Whether you have questions about your payroll, taxes, or any other aspect of our services, we are here to provide swift and effective solutions.
- Flexible Contracting Options: TAS Consulting understands that each contractor’s needs are unique. We offer flexible contracting arrangements that can be tailored to suit your specific requirements and career goals.
By choosing TAS Consulting as your umbrella company, you can rest assured that your administrative tasks are in capable hands. Let us handle the paperwork while you concentrate on delivering exceptional work to your clients.
Benefits of Using an Umbrella Company.
To operate and run a company limited by shares can be challenging and may not suit for contractors as there are number of responsibilities in that structure.
If you are new into contracting with other companies, you may want to operate hassle free and easy structure and set up in short time and easy process.
There will be no administrative burden such as Filing Income tax returns, PAYE returns, Vat returns or Corporation tax returns. Instead, you get a net pay after deduction of all taxes and you are cleared by it.
In terms of administration from Contactor, they need to keep a track of their timesheets of work done for client and umbrella company processes payroll accordingly.
The other side will be if you work exclusively as a contractor, then running a limited company by shares is a better structure as this will give more tax efficiency.
- Saves Time and Effort: Eliminate the need for administrative tasks such as filing income tax returns, PAYE returns, VAT returns, and corporation tax returns.
- Enhanced Financial Management: Our experienced team ensures that all your financial affairs are handled efficiently.
- Flexibility without Commitment: Ideal for first-time contractors or those on short-term contracts, our service offers no minimum contract periods or setup and close-down costs.
- Insurance Coverage: Comprehensive insurance cover, including employer’s, public liability, and professional indemnity, is included.
By partnering with TAS Consulting, you gain access to a host of benefits designed to simplify your contracting experience. Here are just a few reasons why contractors choose us:
- Financial Stability: With our impeccable payroll management, you receive your payments on time, every time, ensuring your financial stability.
- Tax Efficiency: Our tax experts work diligently to optimize your take-home pay while ensuring full compliance with the latest tax laws.
- Administrative Ease: We take care of all the paperwork, from invoicing to expenses, so you can focus on delivering exceptional work.
- Compliance Assurance: Stay on the right side of the law with our comprehensive compliance services, helping you navigate the complexities of employment regulations.
- Peace of Mind: Our transparent and efficient services mean you can enjoy peace of mind, knowing that your administrative and financial affairs are in expert hands.
