Umbrella Company
The contracting umbrella companies option will save you time and money.
The Director Umbrella company is suitable for a contractor who is contracting on a short term basis or who does not wish to set up a limited company.
So how does it work?
You will be appointed a director of the contractors Umbrella Company and you will receive shares in the company. As a proprietary director you will be treated as self-employed for social security purposes and pay class S Social Security. This means that you will not have all the employee benefits afforded to those who pay Class A contributions. However one advantage that in some way counteracts the lack of social welfare benefits is the fact that there is no employer’s contribution of 10.75% on your salary.
What are the benefits of the contractor umbrella company to the contractor?
- Company secretarial administrative responsibilities are taken on by OSK
- Statutory Returns are prepared and filed on your behalf
- Corporation Tax Returns are filed by OSK
- VAT and PAYE returns are filed by OSK
- No set up or close down costs in using this service
- Reduced administrative burden for you
What umbrella company service do OSK provide?
- Invoice your agency monthly on submission of timesheet
- Calculate tax and PRSI and pay your salary on a monthly basis
- Advice on all allowable business related expenses
- Process your monthly expenses claim
- File all monthly, bi-monthly and annual tax returns with Revenue
- Prepare annual accounting and company secretarial filing
- Issue P45 when leaving the umbrella company
- Prepare your personal income tax return at the end of the tax year
