Contractor - Umbrella Fees

terencemc

Hey all,
It seems that cxc and prima charge 120/125 to manage your accounts as an umbrella contractor.
Does anyone know of any cheaper agencies...seems alot for quite little ?

Cheers

shoegirl

Prima are 1% cheaper. CXC take a 5% cut AFAIK.

However most people have good things to say about CXC and they are very quick. This includes the charges for insurance which most clients require. It seems to work out reasonably enough considering its both an accounting and billing service.

Good luck with the contract, BTW, I'm in the same boat myself and going with CXC.

terencemc

Yeah Im going with cxc aswell...but just thought there would be a few private accountants who would be willing to do this for say €60-70 as it's just a bit of simple maths in reality...

T-Square

terencemc wrote: »

Hey all,
It seems that cxc and prima charge €125 to manage your accounts as an umbrella contractor.
Does anyone know of any cheaper agencies...seems alot for quite little ?

Cheers

terencemc wrote: »

...it's just a bit of simple maths in reality...

Thats a lotta money for printing out one invoice a month!

Wish I could get into that racket!

terencemc

Bump

Jaysoose

T-Square wrote: »

Thats a lotta money for printing out one invoice a month!

Wish I could get into that racket!

To be fair CXC do offer much more than this having used them for 3 years as a contractor they are very good at what they do.

T-Square

for €3k a year or there abouts, apart from theinvoices, where do you think they earn their money? what I'm trying to say is, what service do you value the most?

terencemc

You've lost me T square...

Jaysoose

T-Square wrote: »

for €3k a year or there abouts, apart from theinvoices, where do you think they earn their money? what I'm trying to say is, what service do you value the most?

Three thousand is the max amount they can earn.

You tell me what they do and i iwll let you know if you are correct..

terencemc

At the start they probably spend 1 hour doing a few forms...

They do about 10minutes of calculations a month...Pay me some money, set aside some tax money the other bit and pay themselves €125 for those 10minutes. Then once a year they total up these amounts and pay the tax.

So in their first year...about 4 hours work and they charge 125 x 12 = 1500
Can I afford to pay someone 1500/4=375 an hour....NO

Stheno

terencemc wrote: »

At the start they probably spend 1 hour doing a few forms...

They do about 10minutes of calculations a month...Pay me some money, set aside some tax money the other bit and pay themselves €125 for those 10minutes. Then once a year they total up these amounts and pay the tax.

So in their first year...about 4 hours work and they charge 125 x 12 = 1500
Can I afford to pay someone 1500/4=375 an hour....NO

I lolled at this, when I contracted it was using cxc and it was 5% of earnings up to a maxiumum of €125 per month. For that they set me up with an umbrella company, gave me a lot of advice and info on expenses etc, dealt with ensuring that my weekly timesheets went to the agency along with invoices, processed those invoices, did my tax/PRSI/VAT each month, and processed my expenses.

Then at the end of the year they also did a full tax return on my behalf, getting an accountant to do just a tax return at the time was about 2/3 of the total fee I paid CXC for the entire year.

And you can claim what you pay them as an expense.

terencemc

Has anyone used Fenero...they seem to work out at about 103 a month...?

http://www.fenero.ie/fenero-dublin-accountants--tax-advisors/contractors.aspx

T-Square

Stheno wrote: »

I lolled at this, when I contracted it was using cxc and it was 5% of earnings

A PERCENTAGE OF EARNINGS!!!!!!!

I nearly fell of my chair after reading that, they sound like bankers

If I was a consultant doctor and had a dozen patients each day each requiring an invoice, that fee *might* make sense,
but not for one invoice a month.

Cork Exile

I used CXC for 3 years also and can't fault their service. Expenses, taxes, end of year returns were all a breeze thanks to thm.
The 5% of earnings they charge is capped at €250 I think.

sartay

I used Fenero for a six month contract, its just ended. They changed the price to an all-in of €85 while I was with them though so its a bit cheaper again. Used CXC a couple of years ago. Found them both very good to be honest, very helpful and it was all very easy - couldn't see much difference between the two. But Fenero were cheaper so I'd go back to them again if I get another contract.

terencemc

€85 all in sounds like the best I've heard...I'll get on the phone to them and tell them I want this price !

T

terencemc

Was that 85 including VAT?

sartay

yeah. well 85 was the total charge to me anyway. i think its €95 then if u want the director option but i just went for the normal one

terencemc

Yeah I was chatting to them today and was told they'd do it for 85 including vat...so 40 cheaper than cxc and 35 cheaper than prima.

They seemed on the ball aswell..

Einstein

I'm contracting too at the moment, I use MAC on Baggot St. €95 a month.
CXC did my head in ringing me and ringing me looking for my business after I initially enquired.