Contractor Solutions

IT Contracting is a rapidly growing and important segment of the employment market. The benefits to the contracting organisation and contractor alike are manifold and create the elusive ‘win-win’ scenario.

If you are an experienced contractor or someone with lots of experience looking to get into the contracting market, we can help you.

Moving from permanent to contracting

Deciding to become a contractor can be a big step, but it’s the right step for lots of people. If you are flexible, motivated and comfortable with a degree of uncertainty, the benefits of contracting can be significant both in monetary terms and in terms of work-life balance.
 Moving from a permanent job to contracting involves a step into the unknown, particularly when it comes to company structures, invoicing, tax, expenses etc. However, this shouldn’t put you off and we can ensure the transition is made simple.

There are three commonly used structures for contracting and it’s important to choose the one that best meets your own needs.

Contracting Structures

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Umbrella
Director

The umbrella director structure is the most common used for contracting and suits a wide range of situation including contractors on a higher daily rate, somebody entering the contract market or somebody on a short-term contract.

This structure gives the contractor all the benefits of being a company director, without the administrative burden of managing and administering a limited company.

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Umbrella
Employee

This structure is generally used where contractor is on a lower daily rate. It allows the contractor to retain Class A PRSI status and, like the umbrella director, avoids the administrative burden and costs of setting up and managing a limited company.

Umbrella employees also retain PAYE tax credit.

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Private Limited
Company

For those committed to a long term contracting career, setting up your own company gives you maximum flexibility in terms of tax planning and wealth management.

Contractors can choose to take on the setup and management of the limited company themselves or used a managed solution to administer and manage the company on their behalf.

If you come on board with Rivercrossing we can help you decide the best option to suit your needs and ensure the process is as swift and simple as possible.

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