Back to Basics - What is an Umbrella Limited Company?

What is an Umbrella Company?

An umbrella company is a company that acts as a payroll intermediary between you the Contractor and your client making sure you remain fully tax compliant throughout your contract period.

A client can be a Recruitment Agency or a Company. Under the umbrella company, as a Contractor you have the option of being a PAYE Member or Director of the umbrella company with both offering different benefits.

Our umbrella companies are set up and ready to go and are all owned and fully managed by Icon Accounting. Set up with the umbrella structure is immediate so we can have you assigned to a company within a matter of minutes, all we need from you is some basic information and documentation.

Once set up under an umbrella company, your client will draw up a contract between them, the client and the umbrella company (on behalf of you). Icon Accounting will send you the contract to review and once you confirm approval we will sign and return the contract to your client. Every week or month (depending on how you are being paid) all you need to do is let us know the total amount of days worked for that period. From that info we’ll generate an invoice over to your client and we’ll take care of everything else from that point onwards. All we ask you to do is keep any receipts you may have for any business expenses incurred, upload them to the portal each week/month and once we receive the funds from your client we will process them with your payroll.

You will also be assigned your very own Payroll Manager who you can liaise with at any point with any questions you might have relation to your pay, taxes or expenses. As a client of Icon Accounting you can also avail of excellent benefits to include discounts with for phone, internet, health schemes, sick pay schemes and free wealth management advice with our partner company Rockwell Finance at any point throughout your contract.

So basically, Icon Accounting’s umbrella companies are here to protect and look after you for the duration of your contracting career!

For further info, feel free to contact us via our website

Phone: +353 1 8077106

Email: info@iconaccounting.ie