Icon Accounting - Accountancy Services for Contractors

1. What is an Umbrella Company? An Umbrella company is an intermediary between a contractor and a recruitment agency. The Umbrella Company manages all accounting and payroll duties for a contractor and ensures tax complaincy while they are completing contract work.  Are the management fees under the Umbrella Company and Personal Limited Company tax deductible? Yes, the managements fees are tax deductible up to 52%, depending on your personal tax credits. Can I change my set-up under the Umbrella Companies during my contract role? Yes, contractors can change their solution from a PAYE Umbrella Company to a Director Umbrella Company or vice versa at any stage throughout your contract role. Simply contact our office and our team will take care of the rest. Are there any extra costs involved when changing my set-up under the Umbrella Company? No additonal charges will apply. Is there a minimum period I must stay in the Umbrella Company? No. Do I have to manage my own taxes under the Umbrella Company Solution? No, Icon Accounting will take care of all taxes and payments for each contractor under both the PAYE Umbrella company and the Director Umbrella Company. As part of our fully managed service, we will offer full assistance to Contractors registering with Revenue and manage all

2. invoicing, payroll and taxes for the full duration of the contract. With every payment, each contractor will receive a payslip showing a clear breakdown of payment and taxes. Do I need to set up a seperate bank account under the Umbrella Company solution? No, payment can be made to your personal bank account. A separate bank account is only required when setting up a Personal Limited Company. Visit Icon Accounting for to know more about accounting services.