We are an accounting company run by contractors for contractors. Our own CEO was once a contractor and following the entrepreneurial spirit in his family set up Accounting Pro to provide a state of the art service to contractors combatting the issues he found when working in the industry. Our service is easy to use with no extra frills, just the best possible service to our clients. We offer PAYE Umbrella services, Personal limited company services, and payroll services. We run our services in both Ireland and the U.K. and have experts who understand the systems in both markets to make sure each contractor is properly supported while working with Accounting Pro.
PAYE Umbrella service
An Umbrella Company acts as an employer for contractors on a fixed term contract, with their principal responsibility to arrange payment for the work carried out and to ensure all relevant employment taxes are deducted. The worker has a contract of employment with the Umbrella Company and is paid as an employee, receiving a payslip each time they are paid.
Advantages of Using an Umbrella Company
Maintain PRSI class A contributions.
Retain your PAYE credit.
Lower cost than Limited Company.
Guaranteed tax compliant.
Minimal administration burden.
More flexible than direct employment.
Tax incentive schemes are available.
Assistance with mortgage applications.
Disadvantages (against limited company option)
Employers PRSI is deducted at source from earnings.
Restricted pension options.
Personal Limited Company
A personal limited company is a company owned by you giving you legal protection against any personal liability while contracting. Unlike an umbrella company, you fully own the company. A personal limited company is most suited to long term contractors looking to establish a company in their own name. It can also benefit professionals with multiple incomes from related business interests outside of their normal daily rate contracting role.
Advantages of a Limited Company
Paid a higher rate than an Employee.
Greater flexibility than an Umbrella Company.
Can utilise expenses to offset tax.
Great benefit to Company Pension.
Self Employed – you are your own boss.
Free to make your own business decisions.
Disadvantages (against Limited Company option)
No PAYE tax credit.
More responsibilities than an employee.
State welfare can be less accessible.
Must have own business insurances.
Any business that has employees will need to run payroll and submit regular returns to revenue. Unfortunately, penalties can apply if payroll deadlines are missed and/or underpaid tax and PRSI will accrue interest. And now with PAYE modernization in place it is even more critical you have a reliable payroll service. This means it’s critical you have a competent payroll provider to provide a simple process when paying your employees. We have aided many large companies by facilitating their payroll effectively and efficiently which saves them time, money and resources.
Our service includes:
Production of payslips, either weekly, monthly etc.
Submission of your Payroll returns to Revenue.
Correspond with employees about pay related queries.
Give employees assistance with registering their employment via Ros MyAccount.
Give employees advice on the best usage of tax credits and their SRCOP.
Processing of sick pay, holiday pay etc.
Issuance of payslips and/or all relevant forms.
We will represent you with Revenue and ensure all queries are dealt with on your behalf.
Setting up in Ireland
Accounting Pro can help you set up your company in Ireland. An even more important consideration now that Brexit is in play. AP provides information on what you need to do to set up. We can make the work involved in setting up a company easier and more efficient for you since we know the system well and know how to make sure everything is done correctly. Once set up we can then continue to work with you to ensure you stay compliant with all Irish company and tax laws.
Why set up in Ireland?
Ireland is part of the Euro Zone which gives members the opportunity for the exchange of services and items throughout the EU. In Ireland a limited liability company gets low corporate tax rates of 12.5% and advantageous income. It can also qualify for grants incentives and investments. AP can provide advice and assistance with the grant process.
Accounting Pro is Ireland’s premier contractor accounting service. We are here to help the busy contractor and company, with all your accounting and payroll needs. We are both an umbrella company and umbrella corporation and we can create your limited company. We are experts in contractor pensions, contractor health insurance, illness and sick benefit for the self-employed and contractor expenses. To learn more about what we do please review https://www.accounting-pro.ie/ and contact us by email: email@example.com or phone us 01 592 1802. For the UK see Accounting-Pro UK. “Advantages of setting up a company in Ireland” is an article written by Accounting-Pro Ireland for the benefit of everyone. Feel free to share it but please give attribution on a CC BY-SA license.