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Contract worker - what setup is the best option?

qwert2 · 2008-04-23 11:22:48

Hi all, looking for some independent advice please. I have worked for the last two years as an IT contract worker. I am not the most intelligent about tax, vat and most financial affairs, so please forgive my ignorance. I used an acountant to look after my income. I'm not sure if I am registered as a sole trader or have a…

23-04-2008 12:22pm

#1
qwert2

Registered Users, Registered Users 2 Posts: 373 ✭✭

Join Date: November 2005

Posts: 294
Hi all, looking for some independent advice please. I have worked for the last two years as an IT contract worker. I am not the most intelligent about tax, vat and most financial affairs, so please forgive my ignorance. I used an acountant to look after my income. I'm not sure if I am registered as a sole trader or have a limted company. When I invoiced my company on a monthly basis I charge VAT and received the total amount into my bank account. It was then up to me to pay VAT on a monthly basis and keep aside money for tax (which I pay annually). My accountant looks after my tax affairs. He charges me 1000 euros a year for his services. I am to continue as a contract worker for at least another 2 years. My questions are....
Is there a better way of receiving the maximum amount from my income?

Would an umbrella company be a better bet or should I remian with an accountant?

I heard of the term 'proprietary director', I beleive this may be a very benifical setup?

any other advice is very much welcomed.

Thanks!

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