Just Landed Your First Contract? Here’s What You Need to Know Before You Sign the Dotted Line

Securing your first contract is a major milestone. But before you sign on the dotted line, there are a few essential steps every new contractor in Ireland should take to ensure a smooth and successful start.

At Icon Accounting, we specialise in supporting independent contractors across Ireland, helping you get set up quickly, stay compliant, and focus on what you do best. Whether you’re starting immediately or exploring your options, here’s what you need to know before jumping into the world of contracting.

✅ Choosing the Right Company Structure

One of your first key decisions as an independent contractor is how you want to operate. As leading contracting accountants in Ireland, we offer three flexible set-up options:

Personal Limited Company
Director Umbrella Company
PAYE Umbrella Company

Which one is right for you? That depends on your contract details, your personal situation, your career goals, and how you want to manage your finances.

Many first-time contractors opt for an Umbrella Company. Why?

• Immediate set-up – ideal if your contract starts right away
• A pay-as-you-use model — no ongoing fees when not contracting and no set-up or closing costs
• No need to manage admin – we handle tax deductions and filings, and much more so you can focus on completing your first contract role!

Top Tip: Choosing an umbrella solution can be a smart step while you find your feet in the world of contracting given all of the above benefits.

What About Your Bank Account?

If you’re contracting under an Umbrella Company, there’s no need to open a separate business bank account. All income will be processed through the umbrella company account and you’ll receive your net pay directly into your personal account — no admin, no confusion.

If you decide to set up a personal limited company, you’ll need to open a dedicated business bank account after your company has been incorporated. Don’t worry — there are plenty of providers on the market, and our team of specialist contracting accountants will guide you through the process so you can feel confident and in control from day one.

Do You Need Insurance?

Most clients and agencies in Ireland require contractors to have three key types of insurance:
✔️ Professional Indemnity
✔️ Product & Public Liability
✔️ Employers’ Liability

If you're with our umbrella company, this insurance is included in your package — no extra paperwork or cost.
Setting up a limited company? We can also arrange full insurance cover as part of our fully managed service.

Your Tax Registration

Tax registration can feel like a headache — but not when you have specialist contracting accountants in your corner.

✔️ With an umbrella company, we handle registering the contract income to Revenue and the VAT registration is already completed so you aren’t required to do so. We’ll even complete your Income Tax Return if you’re using a Director Umbrella Company model.

✔️ With a Personal limited company, we manage the full tax registration and VAT registration process and provide ongoing tax support and filing as part of our fully managed service.

Either way, we ensure you're always Revenue-compliant and stress-free.

Understanding Your Contract

Remember, as an independent contractor, you’re delivering services under a contract for services, not a contract of employment.

That means:
You work independently and provide services to a client
You’re paid a daily or hourly rate

This gives you autonomy, flexibility, and the ability to shape your own professional future.

Your Payments – Hassle-Free

Once you're set up, we’ll coordinate directly with your client or agency to agree:
Your invoicing schedule
Your payment terms

We ensure smooth payment processing, on time — every time. No chasing invoices or worrying about admin. Just clear, consistent income so you can focus on your contract.

Ready to Start Contracting in Ireland?

At Icon Accounting, we’re the trusted partner for independent contractors in Ireland. From helping you choose between an umbrella company or personal limited company, to managing taxes, insurance, and payments — we’ve got your back.

Start your contracting journey the right way. Get in touch with the Icon Accounting team today and let’s get you set up for success!