Best Umbrella Company in Ireland: 7 Things Every Contractor Should Check Before Joining

Taking up a contract in Ireland can be a welcome career move, particularly for professionals working in IT, engineering, pharmaceuticals and other specialist industries. But before starting an assignment, there is one practical decision worth getting right: how will you manage your payroll?

For many contractors, a PAYE umbrella company offers a straightforward way to handle payroll and related administration without setting up a personal limited company.

The difficulty is knowing which provider to choose.

A quick online search for the best umbrella company in Ireland brings up different providers, pricing structures and service promises. Some advertise low weekly fees, while others focus on payroll support, insurance or additional contractor services.

So how do you decide?

The answer is to look beyond the advertised management fee and understand what you are actually getting. Here are seven things worth checking before joining an umbrella company in Ireland.

1. Understand exactly what the umbrella company does

If you are new to contracting, the term umbrella company might be unfamiliar.

Under a typical PAYE umbrella arrangement, the umbrella company manages agreed invoicing and payroll administration associated with your assignment. Depending on the contractual structure, the umbrella company acts as your employer for payroll purposes and processes your salary through PAYE.

The usual process works as follows:

• You accept a contract through a recruitment agency or client.

• You complete the agreed work and submit your timesheet.

• The agency or client is invoiced according to the arrangement.

• The umbrella company processes payroll.

• Applicable Income Tax, USC and PRSI deductions are made.

• Your net salary is transferred to your bank account.

This means you can concentrate on your assignment without having to manage all the invoicing and payroll administration yourself.

However, always read the employment agreement and assignment documentation carefully. Understand who your employer is, how your salary is calculated and what happens when your contract ends.

2. Do not choose a provider based on fees alone

Management fees are naturally one of the first things contractors compare.

You might find one provider advertising a weekly fee and another offering a monthly package. At first glance, the cheaper option may appear more attractive.

But what does that fee actually include?

Before signing up, ask:

• Is the management fee fixed?

• Is VAT included in the advertised price?

• Are there additional administration charges?

• Is there a joining fee?

• Are there charges when your contract ends?

• Do fees apply during periods when you are not working?

For example, imagine two umbrella companies.

One advertises a lower weekly fee but charges separately for additional administration. The other has a slightly higher fixed fee that includes the services you need.

The second option could represent better value depending on your circumstances.

It is worth requesting a complete breakdown rather than relying on a headline price.

3. Check how payroll and tax deductions are handled

Payroll is one area where you should not have to guess what is happening.

In Ireland, PAYE payroll involves the appropriate calculation and deduction of Income Tax, Pay Related Social Insurance (PRSI) and Universal Social Charge (USC), based on the individual's circumstances and applicable Revenue information.

Your umbrella company should provide a clear payslip showing how your gross salary has been calculated and what deductions have been made.

It should also explain its payroll schedule and how it handles timesheet submissions.

Revenue requires employers to report employee pay and deductions on or before the date of payment.

You can read more about the process directly on the Revenue website:

https://www.revenue.ie/en/jobs-and-pensions/what-is-PAYE/index.aspx

When comparing providers, ask how payroll is processed, when you can expect your payslip and who you should contact if something does not look right.

A provider that explains its payroll process clearly makes it easier to understand your earnings.

4. Find out what insurance is included

Insurance is another point that deserves attention, particularly if you work in IT, engineering, construction-related projects or pharmaceutical environments.

Depending on the nature of your assignment, the recruitment agency or end client may require specific insurance cover.

Some common policies to ask about include:

Professional indemnity insurance

This may provide protection against certain claims arising from professional services or advice, subject to the policy terms.

Public liability insurance

This generally relates to claims involving injury to third parties or damage to their property.

Employer's liability insurance

This relates to certain claims made by employees in connection with workplace injury or illness.

Do not simply assume that every umbrella company provides the same protection.

Ask for confirmation of the actual policies, cover limits, exclusions and whether the insurance meets your assignment requirements.

If your agency has specific insurance requirements, share them with the provider before joining.

5. Look for proper contractor support

This is something contractors sometimes overlook when comparing umbrella companies.

Imagine you have submitted your timesheet, but your payment has not arrived when expected. Or perhaps your payslip includes a deduction that you do not understand.

Who do you contact?

Can you speak to someone who understands your account, or are you simply directed to a general support inbox?

A good provider should make it reasonably easy to get help with:

• Contractor onboarding.

• Timesheet submissions.

• Payroll and payslip queries.

• Expense claim guidance.

• Payment-related questions.

• Changes to your assignment.

• Final payroll when your contract finishes.

This can be particularly useful if you are moving from permanent employment into contracting for the first time.

Before joining, ask whether you will have a dedicated payroll contact and what support channels are available.

6. Check whether the company makes administration easier

Contracting already involves enough paperwork. Your umbrella company should not make routine tasks unnecessarily complicated.

An online contractor portal can make a practical difference.

Look for facilities that allow you to:

• Submit timesheets.

• View payslips.

• Access payroll information.

• Submit eligible expense claims.

• Download relevant documents.

• Check payment information.

Ask for a demonstration if an online portal is an important part of the service.

It is also worth checking how quickly your questions are answered and whether you can access your documents when you need them.

These small details can make the working relationship much easier over the course of an assignment.

7. Consider your longer-term contracting plans

A PAYE umbrella company is not automatically the right solution for every contractor.

For someone accepting a short-term assignment, a straightforward PAYE arrangement may be appealing because it generally involves less company administration.

However, someone planning to work independently over several years may also want to consider establishing a personal limited company.

The two arrangements have different responsibilities.

With a PAYE umbrella arrangement, payroll and agreed administration are managed through the umbrella company.

With a personal limited company, you take responsibility for operating a separate company, including its accounting, tax and statutory filing obligations.

The appropriate structure depends on your contract, income, working arrangements and future plans.

It is sensible to compare the actual costs and expected take-home pay of both arrangements before deciding. A limited company is not automatically more tax-efficient, and a PAYE umbrella is not necessarily the best option for every situation.

What should you ask before joining an umbrella company?

Before making a decision, keep this short checklist handy.

1. What is the complete management fee?

2. Are there any additional or hidden charges?

3. How often can I receive my salary?

4. How are PAYE deductions calculated?

5. Will I receive a detailed payslip?

6. What insurance cover is available?

7. Will I have a dedicated payroll contact?

8. How do I submit timesheets and expenses?

9. What happens when my assignment ends?

10. Can I change my contracting arrangement later?

Getting clear answers to these questions will help you compare providers on something more meaningful than price alone.

Considering an umbrella company in Ireland? Take a look at your options

Choosing an umbrella company should not be a rushed decision. The right arrangement should fit the type of work you do, your payment requirements and the level of administrative support you expect.

For contractors looking for PAYE umbrella services in Ireland, ICON Accounting provides payroll administration, contractor support, expense guidance and access to its i-Connect contractor portal.

Its published service information also outlines management fees, payment frequency options and insurance information, allowing contractors to review the arrangement before deciding whether it meets their requirements.

Whether you are starting your first IT contract, accepting an engineering assignment or moving between recruitment agencies, it is worth understanding the service before signing up.

Explore ICON Accounting's PAYE Umbrella Company services in Ireland:

https://www.iconaccounting.ie/services/paye-umbrella-company

If you are unsure whether a PAYE umbrella arrangement or a personal limited company is more suitable, speak to the ICON Accounting team about your contracting requirements.

This article provides general information about contractor payroll arrangements in Ireland and should not be treated as individual tax, legal or employment advice.

 

Switching from PAYE to Contracting in Ireland: What Should You Know Before Making the Move?

Moving from permanent employment to contracting can be an attractive option for professionals who want greater flexibility, more control over their careers and the opportunity to work on different projects. However, switching from PAYE to contracting in Ireland involves more than simply agreeing on a new daily rate.

Your income structure, tax obligations, PRSI contributions, business expenses and administrative responsibilities may all change. Understanding these differences before starting your first contract can make the transition considerably easier.

Understanding the difference between PAYE employment and contracting

Under traditional PAYE employment, your employer generally manages payroll, deducts income tax, USC and PRSI where applicable, and pays your net salary.

When you become a contractor, the arrangement is different. You typically provide services under a contract and receive payment based on an agreed daily or hourly rate. Depending on the structure you choose, you may also need to consider invoicing, payroll administration, tax returns and business compliance.

It is important to remember that a contractor's daily rate is not equivalent to a permanent employee's salary. Holidays, sick leave, pension arrangements and periods between contracts should all be considered when comparing earnings.

Which contractor structure should you choose in Ireland?

Before accepting your first contract, it is worth understanding the main options available.

1. PAYE Umbrella Company

A PAYE Umbrella Company can provide a relatively straightforward route into contracting. The umbrella company manages payroll and relevant tax deductions, reducing the amount of administration you need to handle yourself.

This can be a practical option for professionals who are new to contracting and prefer a simpler arrangement.

2. Director Umbrella Company

A Director Umbrella Company is another option worth considering. It provides a different company and payroll structure, with associated tax and reporting responsibilities.

It may suit contractors whose circumstances and contract arrangements make this structure appropriate.

3. Personal Limited Company

Setting up a Personal Limited Company can offer greater control over business operations. However, it also brings additional responsibilities, including company administration, accounting, tax compliance and appropriate business arrangements.

This option may be worth exploring for longer-term contractors or professionals planning to build a contracting business.

The most appropriate structure depends on your contract, expected income, working arrangements and personal circumstances. Professional advice is useful before making a decision.

What happens to your take-home pay?

One of the first questions people ask when switching from PAYE to contracting is whether they will actually earn more.

A higher contract rate does not automatically mean higher take-home pay.

Your net income can be affected by:

• Income tax and USC.

• Applicable PRSI contributions.

• Umbrella company or accounting fees.

• Allowable business expenses.

• Pension contributions.

• Unpaid holidays and gaps between contracts.

Rather than comparing your previous monthly salary directly with your proposed contract income, calculate the likely annual and monthly position after relevant deductions.

Icon Accounting provides a contractor tax calculator to help compare different contracting structures and estimate potential take-home pay.

What should you check before accepting your first contract?

Before making the move, consider the following:

1. Understand the contract rate and payment arrangements.

2. Check the expected contract duration.

3. Establish which contractor structure is appropriate.

4. Understand your tax and PRSI responsibilities.

5. Review relevant business expenses and insurance requirements.

6. Consider holidays, pension contributions and periods without work.

7. Make sure you understand the administration involved.

Taking time to consider these points can help you avoid unexpected financial and administrative issues later.

How can an accountant help first-time contractors?

For someone moving from PAYE employment into contracting for the first time, understanding the available structures and their responsibilities can be challenging.

An accountant experienced in contractor services can explain the differences between umbrella arrangements and a Personal Limited Company, help with payroll and invoicing administration, and provide guidance on relevant tax obligations.

Icon Accounting provides accountancy services for first-time contractors in Ireland, including support with PAYE Umbrella Companies, Director Umbrella Companies and Personal Limited Companies.

The aim is to help contractors understand their options and manage the financial side of their work with greater confidence.

Final thoughts

Switching from PAYE to contracting in Ireland can be a positive career move, but it deserves proper preparation. Understanding your expected take-home pay, tax responsibilities and available company structures is just as important as negotiating your contract rate.

If you are considering your first contract, explore the options available before making a decision.

Find out more: First Time Contractor Accountancy Services – Icon Accounting

You can also use the Icon Accounting Tax Calculator to explore estimated take-home pay under different contracting arrangements.

Tax and accounting treatment depends on individual circumstances and applicable Irish legislation. Seek professional advice before choosing a structure.

iPerks - Top 4 Tech Training Courses | Icon Accounting

 As you now know, iPerks is an exclusive offering for all Icon Accounting contractors and clients through our Icon Accounting Portal.

The platform gives our clients access to over 4000 online courses, bespoke wellness programmes (both physical and mental) and lifestyle discounts and savings from hundreds of retailers.

This week, we look at the 4 most popular tech courses that our clients have accessed through iPerks to date. The beauty of iPerks is that over 92% of the courses are free until certification, the majority are available in a number of languages and based on flexible learning structure (which means that you decide when and how often you study.)

Before we start, just a reminder that up-skilling expenses in line with your contract role is an allowable business expense and therefore eligible for tax relief.

1. IBM Data Science

The demand for data scientists who can analyse data and communicate results to inform data driven decisions has never been greater.

Anyone with a passion for learning can take this Professional Certificate – no prior knowledge of computer science or programming languages required – and develop the skills, tools, and portfolio to have a competitive edge in the job market as an entry level data scientist.

In addition to earning a Professional Certificate, you will also receive a digital badge from IBM recognizing your proficiency in data science.

The approximate time to complete is 12 months based on a commitment of 4 hours per week.

2. AWS Fundamentals

This specialisation gives current or aspiring IT professionals an overview of the features, benefits, and capabilities of Amazon Web Services (AWS).

As you proceed through these four interconnected courses, you will gain a more vivid understanding of core AWS services, key AWS security concepts, strategies for migrating from on-premises to AWS, and basics of building serverless applications with AWS.
Additionally, you will have opportunities to apply your learnings by completing labs and exercises developed by AWS technical instructors.

The approximate time to complete is 5 months based on a commitment of 2 hours per week but as with the majority of iPerks courses available, the learning is flexible and available in a number of languages.

3. Blockchain & Fintech – Basics, Applications and Limitations

Blockchain is a core technology in FinTech. The original design of blockchain focused on the cryptocurrency “Bitcoin”.

Due to its specific characteristics, many companies and users now find blockchain very useful for applications in many areas not limited to cybercurrencies, including finance, logistics, insurance, medicine and even music.

By completing this course, you will understand the design rationale of blockchain technology, its emerging platforms, and applications. You will also uncover the limitations and the opportunities enabled by blockchain applications, particularly as it relates to finance.

The course is accredited and delivered by the University of Hong Kong; it takes approximately 6 weeks to complete with a flexible 4-hour commitment each week.

4. Foundations of Project Management

Explore the fundamental aspects of project management and develop your understanding of traditional project lifecycles.

In this course, you will learn the core concepts of project management, including the prerequisites for a project, project management and the role of the project manager. By the end of the course, you will be familiar with the typical project management process, its documentation and deliverables that are produced in each project phase and you will have the ability to evaluate the factors important to decision making.

This course is for anyone interested in project management at a beginner level and is accredited by the University of Coventry in the UK. It is a short course and can be completed in less than 8 hours but will give you a strong understanding of what Project Management is all about.

At Icon Accounting, our business model has always been centred around client experience and the contracting community.

We don’t just look after compliance and payroll - we invest in our clients and in our community. The addition of iPerks to our fully managed service offering will mean that you will benefit from the above learning opportunities, and much more, as an Icon contractor.

Icon Accounting, The leading provider of Accountancy services in Ireland with having experience accountants in Ireland.

If you would like to find more about Icon Accounting, please email info@iconaccounting.ie or if you have any queries on iPerks, you can email iperks@iconaccounting.ie and our team will be delighted to assist you.

A Checklist for 2021 | Contracting | Icon Accounting

 Whatever it is that you are trying to achieve this year, we want it to become a reality, but we also want 2021 the best year of Contracting that you have ever experienced so we have compiled a checklist for all of our clients to consider.

January is the beginning of the calendar year and often the month of trying to better yourself whether that be a new year’s resolution, a change to your diet or even becoming more active.
 

Whatever it is that you are trying to achieve this year, we want it to become a reality, but we also want 2021 the best year of Contracting that you have ever experienced so we have compiled a checklist for all of our clients to consider.

• Have a Financial Review

If you want to discuss your current financial position with an expert, as part of the Icon Accounting service, you gain access to a wealth management partner and they offer a financial review free of charge for all Icon Accounting clients. If you have not taken advantage of this yet, you really could be missing out on substantial tax savings.

• Set your goals for 2021.

Despite the fact that we are currently in a pandemic, we can still set goals that we are striving to achieve. Having a goal in sight is a big positive to your mental health and helps to keep you focussed, even during the worst of times.
It does not matter how big or small your goal is, we are here to help you to achieve it!
If your goal is related to your career or contract, you should share your plan with your dedicated account manager to make sure they are aware of what you are trying to achieve so they can assist and make suggestions for you to consider. We have helped thousands of contractors to achieve their goals, let us help you.
If your goal is to become healthier, check out your bespoke Wellness programme in iPerks, designed specifically for you.

• Prioritise your Wellness!

Whether it be physical or mental or preferably both, it has never been as important to prioritise your wellness. Socially, there are many restrictions in place that have been challenging for many, but there are numerous other avenues to explore that can be hugely beneficial to your wellbeing.
Yoga, meditation, and general exercise classes can be found within iPerks, or even on YouTube!

On top of the physical aspect to wellbeing, it is equally as important to look after your mental health during these times – staying in touch with people, reflecting in a journal and setting goals are all significant mood improvers.

Despite the fact that we are currently going through some difficult times, they will not last, it is imperative that you do!

• Choose a new skill to master!

Up-skilling as an Independent Professional has always been recommended to those who wish to contract long-term.
iPerks now gives all of our clients access to over 4,000 courses – over 90% of these courses are completely free to attend until certification which can incur a once-off cost.
 

Whatever subject you decide to learn about, whether that is expanding your understanding of an area that is close to your contract role, or it could be learning how to cook, whatever it is, smash it out of the park, it will be nice to have a few positives to take from these difficult times.

• Stay in touch!

Not only with your friends and family but with your colleagues, your dedicated account manager, recruiters, and the market itself.
You do not have to spend hours on the phone every single day to stay in touch with people, utilize LinkedIn to stay connected with recruiters on upcoming opportunities and stay in touch with the market to analyse your opportunities.

Staying in touch can be the difference in finding a new opportunity before you need to and not finding an opportunity at all. The goal is to have your network contribute to your net worth.

If you would like us to organise your financial review, help in setting your goals or if you would like to hear more about iPerks, get in touch by emailing sean@iconaccounting.ie, we’ll be delighted to help in any way that we can.

If you are lacking somewhere to manage your firm or a business you can consult with Accounting services in Ireland i.e. Icon Accounting. We have the best accountants and it is the leading Accountancy services in Dublin.

How to Succeed as an Independent Professional – Tips and Hints directly from Contractors

With the market currently booming and many first-time contractors making the switch from ‘permanent employment’, we asked some of our most experienced contractors for some of their tips and tricks for success whilst working as a Contractor.

Working as an independent professional can often seem like it is more complicated than it actually transcends to be.

With the market currently booming and many first-time contractors making the switch from ‘permanent employment’, we asked some of our most experienced contractors for some of their tips and tricks for success whilst working as a Contractor. We have compiled their answers to give new independent professionals some tried and tested advice, directly from the experts themselves.

For context, we have provided a brief introduction to our experts, Tuhin, Dusan and Stephen.
With a combined 30 years of independent professional experience, we are extremely grateful that they took the time out to answer our questions.

Tuhin:

After stumbling into the market through a contract opportunity back home in Dublin whilst working abroad, Tuhin worked as an independent professional for over 7 years.

Despite not knowing much about contracting, Tuhin was eager to return to Dublin where his family were residing. Shortly afterwards, Tuhin became an Icon Accounting client and managed Programs and Portfolios of a cumulative value of over €350 million during his career.

Tuhin is widely recognized as a trusted adviser to multiple Bank’s senior management teams having a wealth of experience across the globe in the areas of both business process management and IT change.

Dusan:

The opportunity to work on exciting projects and multiple different opportunities is what attracted Dusan to contracting initially. 8 years’ later and Dusan has built a huge reputation in the sector and is still contracting successfully today. With experience in Linux, Open Source, Cloud (Amazon AWS, OpenStack), Agile Software Development, Devops and Automation (Puppet, Ansible, CFN, Heat), Dusan has seen it all.

Stephen:

Stephen started out working as a Programmer in the Software industry in Ireland in 2000, developing web applications across many different companies and industries.
With over 14 years of Contracting experience – primarily in Java development, Stephen used contract opportunities to stay doing what he loved, despite his client’s best efforts to get him into a management role.

What are the biggest benefits to working as independent professional in your opinion?

T: Flexible hours was a huge benefit; I did not have to worry about booking time off to attend family events and instead could work around a schedule that suited me. This helped to improve my work-life balance and I would say that was another benefit, an improved work life balance. Finally, the ability to remove yourself from the office politics. When working as an independent professional, you can go in, do your work, and really leave everything behind you at the end of the day, as long as you do a good job!

D: The opportunity to work on many exciting and different projects as well as constantly learning from the new people that you meet on different projects were two huge benefits. The other huge benefit of Contracting for me was the improved work-life balance that comes with the added flexibility, which allowed me to up-skill whilst contracting.

S: The biggest benefit for me initially was the higher rate of pay, I was working alongside some independent professionals whilst working in full-time employment and they were getting paid more than I was for doing the same work, so I quickly fixed that.
This accompanied with fulfilling a long-term desire to become self-employed and again, the improved work-life balance allowed me to complete projects whilst also spending as much time with my family as possible.
I can also work on another project that I own called the Mindful Living Guide which was not possible, when working as an employee as I was very restricted with my time.

What advice would you give to a first-time Contractor?

T: Build relationships with recruiters and your managers, you never know when you will be looking for your next opportunity and keeping in touch with hiring managers and contract recruiters gives you a better chance than not keeping in touch. Even if you are not interested in your next contract just yet, keep in touch with the market, the rates and know what is happening out there.
Another tip I would give is to make the most of the increased income, you do not have to pay it all to yourself, save for a rainy-day or month where you do not have a contract.
Paying yourself less can often result in paying yourself more.

D: Prioritise relationships and liaise with colleagues as much as you can. Your network is everything as an independent professional and there is always something to learn from colleagues and managers that you are working with. It is very easy to go in, do your work and leave but establishing connections will be the difference in more contracts coming your way.
Up-skilling and cross-skilling are also very important to anyone who wants to work as an independent professional.

S: Be as adaptable as you can be, you may be starting a new contract role and come across some new technology that you have not encountered before, it is all about having a willingness to learn and to be adaptable to change. It is also paramount to build a relationship with the hiring client, I have had a six-month contract extended to a period of over 3 years, solely because the management liked working with me. If longevity is the goal, make the effort. I have worked with some contractors who were not always good to work with and you simply will not get extensions if people don’t enjoy working with you.
 

If you were starting again now, would you do anything differently and if so, why?

T: Put your hand up early if you do not understand how something works, the team at Icon Accounting and even Rockwell Financial are there to help you and support you. If I were starting out again, I would be wiser with my increased rate of pay.
Put a plan in place with your account manager or financial advisor and make the most of it from the outset.

D: Spend more time prioritising relationships. Upskilling is important but your network is as important.

S: I would have more confidence with recruiters, I have come across some great recruiters but also some not so great. You can be knocked back at times, but you have to trust them to sell you to their end term client.

Know the market and ask for your worth, hold all of the cards when you enter negotiations.
Never discount relationships with fellow contractors and colleagues, they can often introduce you to new projects and recommend you to the employer directly which is priceless.

If you are an independent professional and you have any other tips and hints that you feel would be beneficial for first-time contractors, please get in touch.

Likewise, if you are new to Contracting and would like any questions answered by experienced independent professionals, we would love to hear from you, please get in touch by emailing info@iconaccounting.ie 

Limited Company vs Umbrella Company explained…Simply!

Here are some of the most popular topics we receive queries on to get you started on deciding which company set up is right for you!

At Icon we understand that starting out as a contractor can come with lots of questions.

If you are coming from a world of full-time employment it can be daunting, confusing and intimidating without the right help & advice.  Our experienced and friendly team are here to guide you every step of the way in plain English…letting you get on with your job without any of the headaches of paperwork or difficult decisions!

Here are some of the most popular topics we receive queries on to get you started on deciding which company set up is right for you!

Do I Need to Choose a 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. We can help you to decide if you aren’t sure too so don’t worry if the creative naming juices aren’t flowing just yet!

What kind of Bank Account do I Need?

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.

DO I need to be VAT Registered? 

All Icon Accounting Umbrella Companies are VAT registered. A Personal Limited Company may require VAT registration depending on the company turnover. Our team will advise if so and do all of the set up on your behalf.

How does my PRSI Work & What will I be Entitled to?

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. If you have any specific questions on how this will effect entitlements – maternity benefit etc. our team will be happy to help!

Do I need Insurance?

Public and Employers liability, alongside Professional Indemnity are covered under the Umbrella Company. Insurance must be obtained for a Personal Limited Company. We will advise you on the steps required to attain this.

Can I Employ a Family Member?

A Personal Limited Company provides the opportunity to employ a spouse or otherwise. This is not possible under an Umbrella Company. If this is something you are hoping to do in your new business, we will be happy to explain the requirements & how this works.

Will I need to Complete an 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. Again this is part of our service and we will advise you what is needed to supply for this process and along each step of the way to ensure you are compliant and submit all on time.

How do my Business Expenses Work?

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.

Conclusion

Don’t worry if you are still unsure of which set up is best for you, often both set ups are suitable but one may have a benefit that is important to you or your future plans that sways your decision. At Icon Accounting we assess each new contractor individually so simply get in touch with our team and we will advise you based on your specific needs!

To run a business you need data, records, reports, analysis, accurate and exact information about liabilities, assets, debts, and profits and to control all these you need Accountants. The icon is the best accountancy firm in Ireland to choose among others as they provide expert Accountants In Irelandthat can help you in managing all the accounts operation seamlessly. To know more visit: https://www.iconaccounting.ie/e of the most popular topics we receive queries on to get you started on deciding which company set up is right for you!

All that’s Crypto, Ain't Gold | Cryptocurrencies

 As members of the human race, we're always looking for signs, particularly from markets. Are equities likely to rise or fall? What’s going to happen with interest rates? What about the value of the Euro? 

When it comes to cryptocurrencies, the same questions nag at us: Bitcoin, for example, just hit an all-time high. So, what does this mean, if anything? Seeing as there are more than 800 cryptocurrencies out there, we need some guidance.

One view is that Bitcoin prices reflect general anxiety and uncertainty over the U.S. and global economic situations. While corporate earnings and stock prices remain strong, are Bitcoin investors seeing something the rest of us aren't?

There are plenty of reasons to thread carefully on cryptocurrencies, as there are numerous concerns on how the currency trades. According to a recent piece by Bloomberg:

“Even as investors are lured by their price gains and volatility, the biggest institutions are reluctant to get in, raising further concerns about liquidity.

On June 21, Ether crashed to 10 cents from $317.81 in trading on Coinbase. The cause was a single $12.5 million trade—one of the biggest ever—that triggered further selling. It all happened in just 45 milliseconds, after which computer algorithms started buying, driving prices back up to $300 within 10 seconds. Some digital coin exchanges have collapsed or customer funds have disappeared. All of which is scaring away the very investors the exchanges need to succeed.”

Here are five questions to ask when investing in cryptocurrencies:

- What is the price based on? Do you understand the code behind pricing the currency? Few do. That's always been a stumbling block for me. I think the investing public needs much more background on how the currencies are valued and the blockchain technology behind them.

- What benchmarks can it be compared to? With stock prices, we have lots of benchmarks such as the Dow 30 and S&P 500 Index going back decades. That shows us relative levels. Bitcoin only has a short history, so we have few tools to show comparative values.

- Why do you want to invest in Bitcoin? While I can see the innovative logic in wanting to get away from traditional paper currencies, keep in mind that while actively traded, there's almost no regulation of cryptocurrencies. That may change soon, but even then, no one knows what effect this regulation will have on the asset class.

Cryptocurrencies could be manipulated in many ways. And they may or may not be a good way to save for your rainy day. Since regulation is forthcoming, that's one of the reasons I would wait before I invest.

- Cryptocurrencies may not be a hedge. As this is a relatively new asset class, and we have no benchmark, then how do we apply traditional investment theories? Traditionally, precious metals like gold have been a hedge against inflation and the decline of the dollar. When the cost of living goes up, so does the price of gold. But with inflation low and the dollar relatively strong, Bitcoin may not be an effective hedge. It may be more of an anxiety index.

- Do you know the downside of Bitcoin? Like any other traded entity, it goes up and down in price—a lot. A few years ago, it shed over 90% of its value. If you want stability, this most certainly not the kind of thing you want in your portfolio.

The bottom line is that if you want to invest in a cryptocurrency, don't load up on it. While it will take some time to understand how it performs over time, it's best to be cautious!