Take the Leap: How to Start Contracting in Ireland
2024 is a leap year and if you have been thinking of working on a contract basis, we’re here to provide you with all the information you need to take the leap and kickstart your new career! Whether you’re wondering what company structure you need to use, how to get contract roles, find new clients, or even how much it costs to get started, we’ve got you covered (hint: with us there’s no set up or registration costs).
What is an Umbrella Company?
Curious about what an Umbrella Company is? Well, it’s essentially your go-to accountancy and tax solution in the world of contracting! It’s a pre-established entity that helps with all of your tax and accounting needs as a new contractor. We handle all the setup of your Umbrella Company so joining this company is simple. We will take care of your invoices, handle your payroll, ensure your taxes are deducted correctly, and send them off to Revenue on your behalf. For those just starting out in contracting, Umbrella Companies offer a fantastic blend of flexibility, cost-effectiveness, and easy-to-use operations. If you want to dive deeper into how Umbrella Companies work and why contractors find them so valuable, check out this quick 2-minute video!
How do I get paid through an Umbrella Company?
Getting paid through an Umbrella Company is simple. Once registered with us, your Dedicated Account Manager takes care of all invoicing and billing. Just submit your timesheet using your client portal or mobile app, and we’ll handle the rest – from invoicing to processing payroll and transferring the balance into your personal bank account.
What’s the difference between an Umbrella Company and a Personal Limited Company? A Personal Limited Company is an accounting and tax solution that can provide more flexibility and control when it comes to wealth management options than an Umbrella Company can. If you’d like your own Personal Limited Company, Contracting PLUS can set up your company for you (for FREE). We will take care of all the paperwork, Company Incorporation, VAT Registration, business bank account setup, and Company Insurances. If you are planning a long-term career as a contractor this structure might be a good option for you as it offers greater flexibility and control in how you can manage your finances! Take a look at this helpful article for more info on Personal Limited Companies and their benefits.
What about Social Welfare and other Employee Benefits? Let’s talk about the differences between contracting and traditional employment. When you’re a contractor, you don’t get some of the typical perks that employees get, like holiday pay. However, the upside is you will get paid significantly higher than a full-time employee with the same role. We will help you maximise your take-home pay by giving you expert guidance on items such as managing your business expenses, personal tax advice and pension planning. At Contracting PLUS, you will also have access to our in-house financial advisors and mortgage brokers free of charge. We are focused on making sure you make the most of the money you earn. Contracting is a great career choice delivering lots of benefits.
Contracting in The Short-Term If you just want to take a contract opportunity for the short-term (>3 months) and your plan is to go back to full-time employment and you are anxious about missing out on social welfare benefits, don’t worry! We’ve got your back every step of the way, you can choose our Umbrella PAYE solution and maintain your Class A contributions.
Use Recruitment Agencies Who Specialise in Contracting Only starting your contracting journey? Consider teaming up with a specialised recruitment agency that focuses on contract roles in your field of expertise. Recruiters are genuinely invested in your professional growth and success. With their deep industry knowledge, they can guide you towards contracts that not only match your skills but also offer opportunities for further development and increased earnings. Building a strong relationship with your recruiter is key. Stay in touch and keep them updated on your progress. That way, when the perfect opportunity arises, you’ll be the first person they think of for the role. It’s all about collaboration and staying connected!
Networking is Key Getting into the contracting world involves a blend of self-promotion and networking. It’s all about building connections that align with your personal and career goals. Your network can be the most powerful source of future work so make sure you have enhanced your LinkedIn profile and update your CV or portfolio, our handy CV Clinic is here to help! Once your LinkedIn profile is polished and primed to showcase your skills, it’s time to reach out to companies you’re interested in. Whether it’s a quick message, email, or call, take that first step with confidence.
How much does it cost to become a Contractor?
At Contracting PLUS, we believe in making your contracting journey as smooth as possible. That’s why there are no set up or registration costs with us. Whether you opt for an Umbrella Company or to set up a Personal Limited Company, we take care of the registration process efficiently and without any set up fee. Once you’re all set up, our monthly fee covers everything you need, from payroll and invoicing to company insurances. Plus, you’ll have a Dedicated Account Manager by your side, ready to assist you every step of the way. And here’s the best part – all of our services, including proactive tax advice and a free financial review, are tax-deductible, making them even more cost-effective for you!
If you are thinking of taking the leap and becoming a contractor book in a free consultation with us or call us on (01) 611 0707. We are happy to help with any questions you may have. If you have your first contract role ready to go, we can even begin your setup over the phone so you can start contracting asap!
