Umbrealla Company

abakan

I have been given a job as a contractor for the next few months and I have been advised to get set up with an umbrealla company.
CXC in cork have been mentioned and I did a search on them and they seem to be one of the best.

anybody have any idea of rates they charge now and if can you haggle them down a bit.

I am also thinking of setting up myself as a limited company but there does seem to be a bit of work involved in that and for such a short contract maybe it might not be worth it.

what expenses can you charge? can you charge rent and travel?

thanks a mil

Glowing

If you set yourself up as a limited company, you'll be liable for a 300 euro setup fee, and will have to do all your tax and expenses yourself.

For a short contract, it's much better to go with CXC (i'm with them myself) - they can either set you up as a Limited Company or under an Umbrella Scheme - depending on your contract length and salary, one has advantages over the other.

I think their fees are about 5% capped at either 125 or 175 a month, depending on the above. This is tax deducable however.

You can claim for computer equipment, mobile phone bills, half your home phone bill, (one sixth of electricity,heating and rent if you work at home), business meals and travel, courses and conferences, broadband, public transport to and from work.

You'll be fully refunded for the above, and it will also reduce your taxable income. Give them a ring, they're very helpful.

kayos

Glowing wrote: »

(one sixth of electricity,heating and rent if you work at home)

Well from that I know you have 6 rooms in your home. Its actually (1/number of rooms in your home) that you can claim.

Glowing

Oh! I didn't realise that! (I don't claim that anyway )

eth0_

If you're only contracting for a couple of months then use an umbrella company...otherwise do it yourself. The Revenue online system is brilliant and pretty easy to use.

I would never use CXC again, found them extremely unprofessional and they outsourced most of their accounting to people in Asia (the Phillipines or Malaysia I think) who hadn't a clue! They were also useless when it came to expenses...for instance they never told me I had to submit rent receipts to claim for rent...there was me thinking I would get it back at the end of the tax year.

abakan

thanks for that guys,

as regards expenses I just have to get them signed off with my manager, presume he would have no problem with this.

I suppose the fact im on a 3-6 month contract its easier to go with the umbrealla company as I have read online that if you set up a limited company you have to keep the company open for 5 years and fill tax reciepts each year which also which seems to be a bit of hassle.

i think I can live with a few months of umbrealla company, gotta give CXC a call in the morning and ill see what option they give me and at least now i know what questions to ask

abakan

I rang CXC this company this morning and Im going to go with them.
They will set me up with a limited company and not an umbrella company.

when im filling in the exp form I am retaining 81% of my earnings.
paying into a pension would increase this retaining also.

what other ways within the law is there to increase the retaining percentage??
the guy at CXC said 85% would be very good but sending in expenses needlessly would incur costs to myself.