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Contract worker - what setup is the best option?

  • 23-04-2008 11:22am
    #1
    qwert2
    Registered Users, Registered Users 2 Posts: 373 ✭✭


    Hi all, looking for some independent advice please. I have worked for the last two years as an IT contract worker. I am not the most intelligent about tax, vat and most financial affairs, so please forgive my ignorance. I used an acountant to look after my income. I'm not sure if I am registered as a sole trader or have a limted company. When I invoiced my company on a monthly basis I charge VAT and received the total amount into my bank account. It was then up to me to pay VAT on a monthly basis and keep aside money for tax (which I pay annually). My accountant looks after my tax affairs. He charges me 1000 euros a year for his services. I am to continue as a contract worker for at least another 2 years. My questions are....
    • Is there a better way of receiving the maximum amount from my income?
    • Would an umbrella company be a better bet or should I remian with an accountant?
    • I heard of the term 'proprietary director', I beleive this may be a very benifical setup?

    any other advice is very much welcomed.

    Thanks!


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