Meet Liam Burns, an expert tax adviser and accountant for independent self-employed consultants in Ireland.
CHOOSING THE BEST TAX ACCOUNTANCY SERVICE FOR IT CONTRACTORS & PROFESSIONAL CONSULTANTS IN IRELAND
In the safe hands of Liam Burns, Chartered Certified Accountant and Chartered Tax Adviser, you can be guaranteed that you will get a personalized service from the principal of the firm. You will not only be fully compliant but also as tax efficient as possible.
From start to finish, he will provide all tax services and advice, leaving you to get on with your day job, knowing everything is under control. Furthermore there are no less than 900 tax codes out there so you will need somebody who can pay attention to your individual circumstances in order to save as much tax payable as possible.
Need a quote to get your accounts done and taxes filed? Contact Liam on +353-1-567 7380 or use the enquiry form
from Eoin Brady, Senior Software Engineer (Contractor) with Houghton Mifflin Harcourt
“Whilst it has been really cost-effective to simply outsource all my accountancy and tax matters to Liam Burns, the of quality professional service and advice is second to none while the fees are better than the competition. With the ongoing Revenue scrutiny of contractors, he has ensured that I have remained tax compliant as well as tax-efficient.”
The Pros v Cons of Contracting
Contracting vs Employment
Here are some of the pros and cons for contracting vs being an employee| Contractor | Employee |
|---|---|
| Contractor gets paid higher rates (20% higher on average) | Holiday/Sick Pay |
| Can utilise expenses to offset tax. PLUS Earned Income Tax Credit: €1,150 in 2018 (€950 – 2017) | PAYE Credit: €1,650 |
| Self-employed – you are your own boss | Job Security |
| Opportunity to develop business and earn additional money | Employer looks after taxes. No administrative burden |
| Independence and freedom | Employee perks |
| Company Pension more advantageous than employee pension | Employer may contribute to your pension |
Why Choose Liam Burns & Co?
In a nutshell you will get a more attentive personalized service for at a lower cost than most of the larger ‘warehouse’ style contractor accountancy firms out there.
Liam puts it this way;
“Self-employment, consultancy and independent contracting (howsoever you label it) will soon be the now new normal. These are client relationships that I want to develop because these people are going to be the high achievers in the new economy. I want these clients not just for the term of a given contract but for the long term based on the principle that when you make it, I make it!I endeavour to run my own business as a lean tax-efficient (and technology-efficient) operation so I can usually easily match or in most cases undercut the rates of larger firms. This enables me to deliver not only a fully outsourced taxation service to my clients, but to look at the broader picture of looking after their long term wealth prospects.
Dealing with each client personally requires an investment of time but people prefer this to dealing with junior staff and in the long run it is more lucrative for both parties.”
First time Contractor? Getting Started in 3 easy steps
1. Set up a meeting with Liam Burns
During this consultation, we will go through all options for contracting, whether you are new to contracting or changing from umbrella or other structure. We will explain specific issues such as expenses, directors take home pay, filing deadlines, tax reliefs available and tax saving tips. He will also review your contract and address any other initial queries that you may have at this point.
2. Choose your company name
You choose (an available name) and Liam will complete the necessary paperwork from there. Liam will organise the Limited Company formation. Company Formation costs €350 ex Vat.
3. Register for Taxes
FREE of Charge, Liam will complete all paperwork necessary to register the director(s) for Income Tax and the Company for VAT, PAYE, and Corporation Tax, submit same to Revenue Commissioners and you are ready to go!! Liam Burns and Co can guarantee you will be ready to start within 5 working days of setting up the Initial Meeting.
Note: An umbrella company is also an option which is different from a self-owned limited company – Read more here about how Umbrella Company structures work
Existing Contractors – Ongoing Services after Set-up
Depending on each individual’s requirements, Liam Burns and Co. will provide the following services on an ongoing basis:
- Prepare invoices for monthly hours worked
- Calculate your optimum Net Wage
- Provide your with Payslip each month showing taxes deducted and Net Pay and issue you with your annual P60
- Advise on business expenses allowed and ensure maximum claimed while maintaining compliance
- Provide Template for expense to allow you to send details easily via email
- Prepare and submit Limited Company statutory accounts, tax returns and company office returns
- Prepare and submit VAT returns
- Prepare PAYE/PRSI/USC returns, monthly (P30’s) and annually (P35)
- Prepare your annual Personal Income Tax return and ensure you avail of all reliefs, credits and exemptions
- Provide signed accounts and income details for third parties, including, financial institutions
- Provide assistance with loan applications
(Liam Burns and Co have also partnered up with Ocean.ie, innovative low cost providers of financial products including pensions, life assurance, mortgages and mortgage protection)
It is your choice as to what level of engagement or advice your require but we endeavour to provide best-of-class service to do the following;
- Maximise your take-home pay
- Personalised Tax and Business Advice
- Wealth and Tax Planning
- Financial Planning – Pension / Investments
- Continuous Guidance on Tax Free Business Expenses
Tax Deductible Accountancy Fees
Umbrella Company : €195 per month
Private Limited Company: €195 per month
Table of Services Provided
Contractor Fees/Services
Depending on whether you choose to have a private limited company of your own or operate under an umbrella company, here are the applicable services provided for each.| UMBRELLA COMPANY - €195 plus Vat pm | PRIVATE LIMITED COMPANY - €195 plus Vat pm |
|---|---|
| We set you up as employee/director of company | We set up your Personal Company |
| Send us your rate and hours worked (monthly) | We register company for taxes |
| Send us your business expenses (monthly) | You send us, invoices, expenses, bank Statements (monthly) |
| We complete and send invoice to Agency | We calculate and set up payments for taxes |
| We receive payment into Umbrella Company Bank Account | We send you payslip and you transfer your payment to your personal account |
| We forward NET payment to you with payslip | We advise on tax-efficient methods |
Comparison Table: Umbrella Company vs PLC
Umbrella v PLC suitability chart*
| UMBRELLA COMPANY | PRIVATE LIMITED COMPANY |
|---|---|
| May suit short term contract or where duration is uncertain | Optimal for Medium / Long Term Consultants |
| Useful for one-off stop-gap casual contract | Best option for minimizing tax bills |
| Common route if your aim is to take up position as employee. | Ideal if you want to use company for other sources of income |
| Lowest cost fees | Cost-effective solution |
| Claim Business Expenses | Claim Business Expenses |
| Avoid large tax bills via company pension | |
| Avail of termination payments | |
| Maximise tax credits with family employee | |
| Minimize tax rates |
"Experience with Liam Burns & Co working on my accounts has been excellent. Liam and his team were always one step ahead in account preparations and fast in responding to any queries; making it as easy as possible. I never had to worry about business account management which speaks for itself. "