If you're looking to set up as a contractor in the STEM industry in Ireland it’s easier than you think.  Let us take the guess work out of it. 

If you want to work as a self-employed (PAYE) contractor  it’s as simple as getting in contact with us and we can do the rest.  We’ll just set up your bank details, postal address, we look after your annal leave and share pay slip each month. It just like being an employee.

If you’re setting up your own Limited Company we can manage this process for you. Our team of experts can handle everything from your tax registration, indemnity insurance, through to the creation of your invoices and payments.

We understand the market and help you benchmark your experience and give you the confidence to know that your day-rate or hourly rate is aligned to the market.  We can introduce you to the top contracting employers across Ireland, Europe and the United States, creating your contracts and assuring you are fully compliant with tax and legal obligations, leaving you time to focus on your work.

Talk to our team today and discover contracting with our contracting recruitment team.

Here are some examples of Claimable expenses for Professional Contractors. They can vary depending on the nature of your contract.

1. Director of an Umbrella Company Mobile phone, home phone and home Internet usage
2. Postage & Stationary
3. Public transport / Taxis / Tax-saver ticket
4. Training courses related to your field of expertise
5. Business equipment • Costs of trade magazines & subscriptions
6. Travel & subsistence (Conditions apply)
7. Working from home?
8. Relocation Expenses

Home office items : 

• Electronic equipment desktops, phone handsets, laptops, monitors, printers & other pc (while carrying out your contract)
• Business Travel
• Stationary
• Training courses, books
• PPE Equipment
• Desk
• Chair
• Storage
• Shelves
• Light
• Internet and Landline cost (Possible)
• Mobile Phone Bill (Possible)

There is also a E Workers tax free allowance of €64 per month you could be eligible for.

The income percentage you can expect to make as a contractor in the STEM industry in Ireland can vary depending on various factors such as your experience, skills, demand for your services, and the specific nature of your contracts.

We can give you a like for like comparison, working as a Contractor vs Permanent employee, comparing your current salary vs what you would earn as a Contractor. 

Generally, contractors in STEM fields often have higher earning potential compared to traditional employment due to their specialised expertise and flexibility. It is not uncommon for contractors to earn on average 20% - 40%  higher hourly or daily rates compared to permanent employees. However, it is important to note that income can vary significantly depending on the individual circumstances and market conditions. Our team in HERO Contracting can inform you on the average rates to expect in your profession. Let our team in HERO navigate your transition into Contracting.

Pro’s of Contracting work

1. Greater Flexibility – Work in a way that suits you
2. High Demand - growing economy or projects need completing at short notice.
3. More Pay – Contractors are paid significantly more
4. Variety – Enjoy a diverse range of employers, locations and environments
5. Tax Benefits – Choose self-employed and avail of the tax benefits
6. Improved work/life balance – as your own boss, you decide your contracts
7. No more office politics – contractors are independent from their clients
8. Networking – build relationships across a range of companies
9. Start Straight Away – Speedy recruitment process

Con’s of Contracting work

1. Job Insecurity –It’s a form of self employment and can be a riskier career move than a permanent employee
2. Reduced Employment Benefits – Whilst you get paid more than permanent employees, you don’t receive payment for holidays and sick pay if you choose to go the Limited Company route.
3. High Expectations – Companies who hire contractors expect them to be fully capable.

Pensions for contractors in STEM in Ireland can be approached differently depending on whether you are self-employed or operating through a limited company. Here's a brief overview:

1. Self-Employed Contractors: As a self-employed contractor, you have the option to set up your own personal pension plan, such as a Personal Retirement Savings Account (PRSA) or a Self-Employed Pension. These pension schemes allow you to make voluntary contributions and receive tax relief on those contributions, helping you build a retirement fund. It's advisable to consult with a financial advisor or pension provider to determine the most suitable pension plan based on your individual circumstances and retirement goals.

2. Limited Company Contractors: If you operate through a limited company, you can set up a company pension scheme. This involves establishing a pension scheme for your limited company, with both employer and employee contributions. Contributions made by the company are tax-deductible as a business expense, providing potential tax advantages. Similar to self-employed contractors, seeking advice from a financial advisor or pension provider is recommended to ensure compliance and choose the right pension scheme for your needs.

It's important to note that pension regulations and options can change over time, so it's essential to stay informed about any updates or changes in legislation. Seeking professional advice from a qualified pension advisor or financial planner is crucial to make informed decisions about your pension as a contractor in the STEM industry in Ireland. Remember, HERO is available to provide assistance and guidance throughout the process, so feel free to reach out for support.

Yes, contractors can secure a Mortgage with the bank.

PAYE Umbrella Company Contractors 

1. 6 months personal bank account, Revolut, N26 and savings account statements and savings account statements (as relevant to you). If you have a credit card or personal loan/car finance they will need statements for these as well. 

2. P60 (which is now called Employee Detail Summary) for the previous year 

3. Your last 3 months payslips 

4. Copy of your contract 

5. A certified salary certificate (we can provide this for you)

Director Umbrella Company Contractors In addition to the above - 

1. A Tax Clearance Certificate from Revenue and confirmation from accountants that your tax affairs are in are order (HERO’s Accounting Partners can do this for you). 

2. At least one income tax return, also know as a Form 11 (HERO’s Accounting Partners can do this for you).

Contractors using Personal Service Companies (PSC’s)

In addition to all of the above, the bank will request 2 years accounts for your company which Fenero can also assist with.

The typical contract durations for STEM positions in Ireland can vary depending on various factors, including the nature of the project, company requirements, and individual circumstances. Here are some common contract durations observed in the STEM industry:

1. Short-Term Contracts: These contracts typically range from a few weeks to a few months. They are often project-based or cover temporary staffing needs, such as filling a specific role during a busy period or for a specific task or project.
2. Fixed-Term Contracts: These contracts are typically for a specific duration, usually ranging from six months to a year or more. They are commonly used for longer-term projects or to cover specific periods of increased workload or staffing requirements.
3. Rolling Contracts: Rolling contracts do not have a fixed end date and can be renewed or extended periodically. They provide flexibility for both the contractor and the employer, allowing for ongoing engagement based on mutual agreement.
4. Contract-to-Hire: In some cases, STEM positions may start as contract roles with the possibility of transitioning to permanent employment based on performance and organisational needs. These contracts usually have a defined initial contract period, after which the employer may offer a permanent position if it aligns with their requirements.

It's important to note that contract durations can vary significantly depending on industry trends, project timelines, and specific job roles. Some positions may have longer contract durations, especially for specialised or complex projects, while others may have shorter durations for more specific tasks or temporary needs.

HERO can provide further insights and guidance on typical contract durations in the STEM industry in Ireland, as well as help you navigate the contracting landscape. Feel free to reach out to us for personalised assistance and support.

The demand for STEM contractors in Ireland is generally strong and continues to grow. Ireland has a vibrant and thriving technology sector, with many multinational companies establishing their presence in the country. This, coupled with the presence of numerous indigenous companies and startups, creates a robust demand for skilled STEM professionals.

The technology and STEM sectors in Ireland are dynamic and evolving, with a constant need for specialised expertise in areas such as software development, data analytics, cybersecurity, artificial intelligence, biotechnology, and more. Contractors with in-demand skills and experience often find ample opportunities for short-term and long-term engagements.

The prospects for future opportunities in Ireland's STEM industry are promising. The country has a strong focus on innovation and research and development, making it an attractive location for technology companies and investment. The Irish government is also actively promoting STEM education and initiatives to nurture a skilled workforce, which further contributes to the growing demand for STEM professionals. 

Additionally, Ireland's membership in the European Union provides access to a larger talent pool and potential opportunities across the EU market. As technology continues to advance and new industries emerge, the demand for STEM contractors is expected to remain strong. HERO can provide valuable insights and assistance in navigating the job market, connecting with potential opportunities, and staying informed about the latest trends and opportunities in the STEM contracting landscape in Ireland. Feel free to reach out to us for personalised support and guidance.

You have various opportunities for career progression. One way is to continuously develop your skills and stay updated with the latest advancements in your field. By expanding your expertise in emerging technologies or specialised areas, you can become more competitive in the contracting market. Additionally, working on diverse projects and industries exposes you to different domains, broadening your skillset and increasing your market value. Building a strong professional network through networking events and online platforms can also lead to future collaborations and referrals. Transitioning from a contracting role to a permanent position or taking on management and leadership roles within projects are further avenues for advancement. Lastly, you may consider entrepreneurship and consulting, allowing you to start your own consultancy or business in your area of expertise. HERO is here to provide support, guidance, and resources to help you navigate your career as a STEM contractor and explore opportunities for growth in Ireland.