A PAYE Umbrella Limited Company allows contractors to maintain class A PRSI contributors. It does so on contract and takes advantage of all the benefits that contracting brings. It is an ideal solution for the short time contractors, first time contractors and professionals, especially those who wish to retain standard benefits of employee while contracting.
The responsibility of the PAYE Umbrella Limited Company is to manage all invoices, taxes and payments on the behalf of you, thereby ensuring you to remain tax compliant while carrying out your contract. Remember that you provide services as a contractor to a business instead of being in the service of your employer in this case. Hence, a contractor will be there between the PAYE Umbrella Limited Company and your recruitment agency. We at Vian Outsourced Accounting Services takes Paye Umbrella accounting outsourcing from UK and Ireland.
How does it work?
Vian Outsourced Accounting Services manages all administration, invoices, taxes and payments for each contractors through the PAYE Umbrella Limited Company. Read on to understand the workflow:
Enter the number of days worked and any incurrent business expenses on iConnect portal
Vian Outsourced Accounting Services will then raise an invoice to your recruitment agency for payment
After receiving funds from your agency, the Payroll Account Manager processes your payment soon after and the funds are transferred to your personal bank account
Detailed payslip will be sent to you through an email and uploaded onto the iConnect portal
Why prefer PAYE Umbrella Limited Company?
• Guaranteed tax compliance
• Protected by employers & public liability and professional indemnity insurance cover
• 24/7 secure access to your personal account on iConnect
• Security of Class A PRSI contributions towards Job Seekers & Illness Benefit
• Retain your PAYE tax credit per year
• Access to free Wealth Management advise
• Claim tax relief on business expenses
• Assigned Payroll Account Manager for your personal point of contact
• Completed Icon Accounting Starter Form
• Copy of photo ID – Passport/driving licence/national ID card
• Proof of address – Copy of utility bill/official correspondence
• P45 (if applicable)