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Starting IT Contracting

  • 24-05-2005 4:50pm
    #1
    bairbrer
    Closed Accounts Posts: 1 ✭


    Hi all,

    Sorry if this thread has been done before but I need some advice.

    I am about to start out as an IT contractor. I have looked into working with an Umbrella Company to sort out my accounts etc every month, they are going to charge about €200 a month to do this for me. €200 is not that much for peace of mind that it will all be done correctly and for all the tricks of the trade in realation to expenses etc but it's still €200 out of my hands and into theirs!

    What I basiaclly want to know is how difficult it is to do the administartion by myself? TAX, PRSI, EXPENSES ...

    At the end of the year I would have to pay an accountant to do my returns for me, so what's the difference in paying the umbrella company or paying the accountant?

    Advice would be great!


Comments

  • #2
    pwd
    Closed Accounts Posts: 5,284 ✭✭✭pwd


    It's surprisingly easy.
    If they are saving you a lot of money through tricks of the trade and with expenses then keep them; otherwise I would just do it myself.
    You can do it online, which is what I do. You keep a record of your income and expenditure and then fill out some very straightforward forms once a year. I found the people in the tax office very helpful with it too.


  • #3
    Bogger77
    Registered Users, Registered Users 2 Posts: 1,857 ✭✭✭Bogger77


    One solution, is to sign up with umbrella company, and then after a few months, when you find your feet, move to doing your own books, etc once you're comfortable with doing it. I used an umbrella company when I contracted last year as I didn't plan on doing it long term, that's more than a year. It worked out good for me, in that I havent spent money the tax man wants, and they saved me about 5K on tax, through tracking my expenses etc.


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