Make the Most of the Income from The Locum Work in Ireland!
With A Flexible and Totally Tax Compliant Limited by Shares or 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.
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.
We offer a wide range of accounting-related services of unrivalled quality and dependability. We believe that each customer should be treated as an individual with distinct needs and requirements. TAS provides each customer with customised and tailored solutions in the following areas:
We’ll put together a team of professional accountants in Ireland with international experience to assist you with bookkeeping, periodic financial statements, cash flow statements, and reconciliations.
Keeping you up to date with latest tax laws and managing your taxes. We bring you quality tax consultancy!
Complete legal assistance and representation with Revenue regarding all VAT related issues!
We help you in making your dream business come true in terms of all paperwork and necessary projections and calculations
We offer a range of services to Startups & Businesses in Ireland.
Office 80, Cherry Orchard Industrial Estate Ballyfermot Road, Co. Dublin D10NX96
M-F: 8am – 5pm
Mobile/Whatsapp 0353 851477625