Is a Personal Limited Company Too Much Admin? Contractor Myth Busted | Icon Accounting

When you choose contracting as a career—not just a short-term stopgap—you’re also choosing how you want to operate, earn, and grow professionally. It’s a decision that opens the door to exciting freedoms: flexibility, independence, and control over your future. But one of the most common hesitations we hear from contractors can be:

“A Personal Limited Company sounds ideal, but isn’t it way too much admin?”

The reality? It’s far more straightforward than you might think—and it could be the smartest decision you make for your long-term career.

Myth: A Personal Limited Company is Too Complex

Truth: With the right support, setting up and running your own company is not just manageable—it’s empowering. At Icon Accounting, we’ve helped thousands of independent professionals across Ireland seamlessly transition from an Umbrella Company Solution to a Personal Limited Company (PLC). More often than not, they say:

“I wish I’d done this sooner.”

So, let’s break it down—what’s really involved?

Company Set-Up Process? What You’ll Need to Do:

Choose your company name
It must be unique and clearly distinguishable from other registered companies. We recommend including your initials or referencing your sector (e.g., tech, finance, engineering). You do make this decision on your preferred company name, but if you’re not sure, our team can help you pick something appropriate and available

Appoint a director and company secretary
You cannot be both the sole director and sole company secretary. You have two options:

Remain the sole director and appoint someone as a company secretary.
Appoint another person as director and act as both director and company secretary yourself.

Provide a registered Irish address
This can be your home address if you don’t have a separate business premises.

Open a business bank account
Once your company is incorporated, you’ll need to set up a bank account in the company name. This is required to invoice clients and receive payments. We can guide you through this process too.

What Icon Accounting Can Handle for You

Once you decide on the company details above, we will submit the application to the Company Registration Office for you, so you don’t need to manage this process! The certificate of incorporation is normally issued within 5–7 working days.

Along with this, once the company is incorporated, we will also take care of all tax registrations on your behalf. Please note, this can take several weeks. To manage the process for you, €249 + VAT, plus €20 (non-vatable) for the B1 submission, will apply.

Outside of the set-up, what admin is actually required?

Here’s what it looks like to operate a Personal Limited Company—and how much of it we handle on your behalf:

The Task	You	Icon Accounting Manage
Monthly payroll	✅ Request via app	✅ Processed, submitted & compliant
Invoicing clients	✅ Log your time work and request generation of your invoice	✅ Icon Accounting will raise your invoice for you
Expense tracking	✅ Upload receipts via app	✅ Reviewed, claimed & included in your payroll
VAT, PAYE, Income Tax filings	❌ You don’t manage	✅ Prepared and submitted
Annual returns & accounts	❌ You don’t manage	✅ Prepared and submitted
Pensions & financial planning	✅ Choose your strategy	✅ Professional guidance

Choosing to go limited doesn’t mean going it alone. With the Icon Accounting App and your dedicated account manager, you can run your company without feeling like an accountant. No spreadsheets, no confusion, no stress. When you work with us, you get:

End-to-end company formation and setup services
Payroll, invoicing and compliance fully managed
Easy-to-use app for real-time contract income management
Proactive financial advice tailored to contractors
Unlimited access to support—with no hidden fees

Final Thought: Build the Business Behind Your Career

If you’re serious about contracting as a long-term path, then a Personal Limited Company isn’t just a technical structure—it’s a career investment. It allows you to enjoy more freedom, better financial outcomes, and a more professional presence—without the admin burden you'd expect.

Book a free consultation with our team and discover how a Personal Limited Company could work for you.