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Employer PRSI (Contracting)

balkieb2002 · 2012-11-15 14:07:18

I've only started to work as a contractor and just recieved my first monthly payslip but noticed quite a large chunk had gone before Net Pay. I was advised by the recruitment agency to set up an umbrella company. Through an accounting company I became a PAYE Member of an Umbrella company as this looked liked the best…

15-11-2012 2:07pm

#1

balkieb2002

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Posts: 1710

I've only started to work as a contractor and just recieved my first monthly payslip but noticed quite a large chunk had gone before Net Pay.

I was advised by the recruitment agency to set up an umbrella company.
Through an accounting company I became a PAYE Member of an Umbrella company as this looked liked the best solution (regarding Tax Credits).

This was all fine but on my payslip I noticed Allowable Deductions which was Employer PRSI.

My payslip looks like:

Taxable Pay + BIK - Allowable Dedcutions = Gross Pay - Rest of Tax (Paye, PRSI, USC) = Net Pay

Is this normal?

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Comments

#2 15-11-2012 2:19pm

Citizenpain

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Posts: 1952

seems common -- a quick search returned this

http://www.boards.ie/vbulletin/showthread.php?p=69484506

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#3 15-11-2012 4:49pm

srsly78

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Posts: 7095

Get rid of the umbrella company, get an accountant.

Note that any advice the umbrella company gives you is biased because they want to keep you as a customer. Get independent advice. Also ignore advice from recruitment agency, but that goes without saying really.

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