What is an

Umbrella Company?

An Umbrella Company is a ready-to-use company that handles all your invoices, payments, tax and expenses. Set-up is quick and easy, so you’re free to get on with your contract. It’s a straightforward, pay-as-you-go service, with no fixed commitment.

Who uses an Umbrella Company?

These are typically used by those trying contracting for the first time and who are not ready to set up their own personal service company at first. Additionally contractors, both new and experienced, who are working under a short term contract.

Who uses an Umbrella Company?

An Umbrella Company is ideal if you need a fast set-up, or if you’re on a short-term contract. This makes an Umbrella Company a great solution for first-time contractors, or for experienced contractors who appreciate the flexibility of no minimum contract period, set-up or close-down costs.

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Umbrella Company at a glance

How an Umbrella Company works in 6 easy steps

An Umbrella Company offers everything you need to manage your finances and admin, so you can focus on your work. We handle your weekly or monthly timesheets, invoices, and business expense claims – and send your payments direct to your bank account with taxes already taken care of. You can manage, view and track your account easily and securely 24/7 online, with our customer cloud platform myFenero.

And at every step, you have the support of your own dedicated Account Manager, and our expert team, on hand by phone or email too.

What are the benefits of an Umbrella Company?

  • Fast set-up, ready to use in hours

  • No minimum contract or notice period

  • No set-up or close-down costs

  • Pay-as-you-go service: you pay only when we process a payment

  • Claim tax-deductible business expenses

  • Comprehensive insurance cover included (employer’s, public liability and professional indemnity)

When might an Umbrella Company Solution not be right for you…

  • You’d like a wider range of tax and wealth planning opportunities

  • You’d like to make investments with company funds

  • You’d like to choose how much salary you draw down, and maybe build cash reserves in your company

  • You want to employ someone (a family member or someone else)

  • You want to buy assets, such as a company vehicle, or build a home office

  • You’d like more control over the financial affairs of your company

Umbrella PAYE or Umbrella Company director:

which should you choose?

There are two different ways to make an Umbrella Company work for you: as a director, or PAYE. Here’s a guide to help you decide.

Most contractors who use an Umbrella Company choose the director option. It’s popular because it allows you to retain more of your earnings than PAYE (pay as you earn). But that doesn’t mean the director option is right for everyone. We’ve set out the differences for you to bear in mind.

PAYE
UMBRELLA SOLUTION

DIRECTOR
UMBRELLA SOLUTION

Employers PRSI Rate

11.15%

0%

Class of PRSI

A

S

Income Tax Required

No

Yes

VISA Restrictions

None

Min Stamp

Business Expense Claims

Yes

Yes

PAYE
UMBRELLA SOLUTION

DIRECTOR
UMBRELLA SOLUTION

Employers PRSI Rate

11.15%

0%

Class of PRSI

A

5

Income Tax Required

No

Yes

VISA Restrictions

None

Min Stamp

Business Expense Claims

Yes

Yes

PAYE
UMBRELLA SOLUTION

DIRECTOR
UMBRELLA SOLUTION

Employers PRSI Rate

11.15%

0%

Class of PRSI

A

5

Income Tax Required

No

Yes

VISA Restrictions

None

Min Stamp

Business Expense Claims

Yes

Yes

BENEFITS FOR UMBRELLA COMPANY CONTRACTORS

Why choose Fenero for
your Umbrella Company?

  • 24/7 online access to MyFenero, our custom-built cloud platform

  • A dedicated Account Manager for ‘real human’ support

  • Guaranteed same-day funds transfer

  • Money-back service level guarantee

  • Free access to our 24-hour Contractor Wellbeing Programme

  • Free initial review meeting with our Financial Wellbeing Advisor

  • Highest professional indemnity insurance cover in Ireland

  • Premium, award-winning service and great-value pricing

Meet your dedicated team

When you join Fenero, you’ll work with your own dedicated Account Team, and you’ll be introduced to your Account Manager. We’ll get to know your personal circumstances and will be on hand to answer any questions you may have and help with any issue that arises.

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Paul Skelton
Solutions Team Leader
paul@fenero.ie

Debie McGill
Head of Customer Experience
debie@fenero.ie

Costina Chear
Customer Onboarding Team Leader
costine@fenero.ie

Supporting
your wellbeing

Our commitment to your career as a contractor goes far beyond managing your income and taxes. We offer a range of benefits to support your overall financial and general wellbeing, available to all Fenero contractors at every stage of your journey.

Plan your financial success

Book a free initial review meeting with our Financial Wellbeing Advisor to discuss your financial goals and how best to achieve them. Talk to us about pension planning, income protection, life insurances, and savings and investments.

Save money on health insurance

As a Fenero contractor, you can claim a 5% discount on all Laya Healthcare plans.

Support for you and your family

Our Contractor Wellbeing Programme is completely free, confidential and available for you and your immediate family to use. Managed by a specialist independent company, it offers medical, life management and personal support services, delivered by highly-qualified clinical professionals.

The program includes:

  • 24 hour medical helpline, including GP call-back service

  • 24 hour life management helpline
  • Telephone counselling
  • Face to face counselling services

Our Pricing

We price our services so they’re great value, transparent and tailored to your needs.
You can get up to 50% tax relief on these costs. We will claim this tax relief for you automatically each month

PAYE UMBRELLA

Great if…

You’re a first time contractor, Need an immediate set up, Short term contract, Claiming Business Expenses, Need insurance

€95/month

€32.50 / week

What’s Included?

  • Same day payment processing

  • Tax advice to maximise retention rates

  • Public liability insurance

  • Employers liability insurance

  • Professional indemnity insurance

  • Service level guarantee

  • Wellbeing Programme

DIRECTOR UMBRELLA

Great if…

You’re a first time contractor, Need an immediate set up, Short term contract, Daily rate €200 +, Claiming Business Expenses, Need insurance

€130/month

€37.50 / week

What’s Included?

  • Same day payment processing

  • Tax advice to maximise retention rates

  • Public liability insurance

  • Employers liability insurance

  • Professional indemnity insurance

  • Service level guarantee

  • Wellbeing Programme

  • Income tax return

Pricing

How can we help you?
Speak to Paul, Laura or Darren in our Solutions Team today

Tel. 01-6877400   hello@fenero.ie