Question 1

What’s the difference between a PSC and an Umbrella Company?

Accepted Answer

An Umbrella Company Director model is quick and hassle-free. You join an existing company, and we handle invoicing, payroll, taxes, and compliance. It’s quick and free to set up and close, making it ideal for short-term contracts. There’s minimal admin, you’ll get insurance and can claim business expenses, but since you don’t own the company, you have less control over tax planning. 
A Personal Service Company is your own limited company, giving you complete control over your finances, tax planning, and business decisions. It’s ideal for long-term contractors who want flexibility and maximum tax efficiency. You can retain profits, spread salary, claim more expenses, and even buy company assets. It does come with extra setup and compliance responsibilities, but for career contractors, the benefits make it worth it.

Question 2

Is PSC the same as a Personal Limited Company?

Accepted Answer

Yes. A Personal Service Company is essentially a limited company set up by a contractor to provide their services. In most cases, you’re the sole director and shareholder, and the company operates as a separate legal entity. So, a Personal Limited Company is the legal form, while the term “PSC” is used to describe this structure when it’s created specifically for contracting purposes.

Question 3

How do you know if switching to a PSC is right for you?

Accepted Answer

If you’re on a long-term contract, earning €400+ per day, and want more control over your income and wealth planning, a PSC could be a smart move. It offers maximum tax benefits and flexibility, but comes with a little extra admin. We’ll help you compare your current setup with a PSC so you can make the decision with confidence.

Question 4

What’s involved in setting up a PSC?

Accepted Answer

Setting up a Personal Service Company means incorporating a limited company with the Companies Registration Office (CRO) — and Fenero takes care of this process for you.
We’ll guide you through choosing a unique company name, collect the required director details, appoint a company secretary, and handle the CRO filings. You’ll need an Irish-registered address (your home address is perfectly fine).
Once your company is incorporated, you’ll open a business bank account and we’ll register your company for taxes with Revenue. From there, we continue to support you by managing your tax, bookkeeping, annual returns, and ongoing compliance, keeping everything as straightforward and stress-free as possible.

Question 5

Can Fenero help me switch from another accountant or provider?

Accepted Answer

Yes, switching to Fenero is quick and easy. If you already have a Personal Service Company, simply let us know that you’d like to move. We’ll guide you through the process, handle the handover from your current provider, and ensure everything stays compliant, without disrupting your work. Ready to make the switch? Get in touch, and we’ll take care of the rest.

Question 6

Can one person be a Limited Company?

Accepted Answer

Absolutely! In Ireland, you can set up a company even if you’re the only shareholder and director. The only extra step is appointing a company secretary, which Fenero can help with. Once that’s done, you’re ready to run your own business with all the benefits of a limited company: flexibility, control, and smarter tax planning.

Question 7

Can I liquidate my own company

Accepted Answer

Yes, you can close your PSC, but you need to follow a process. If your company is debt-free and no longer trading, the easiest option is a voluntary strike-off with the Companies Registration Office (CRO). If there are assets or liabilities, you’ll need a formal liquidation. Either way, Fenero can guide you through it

Question 8

What do I need to start my own company?

Accepted Answer

Starting your own Personal Service Company is simpler than you might think, especially with Fenero by your side. You’ll need a company name, a registered business address (your home works fine), and a business bank account to keep things organised. Most PSCs are set up as limited companies, and you’ll also need to register with Revenue for corporation tax (and VAT if required). 
Insurance, like professional indemnity and liability cover, is a smart move too. The best part? Fenero can handle the hard stuff for you, from setting up your company and managing all your tax and accounting needs to offering optional insurance for extra peace of mind.

Question 9

What isn’t included in your annual service fee?

Accepted Answer

Public liability, employer’s liability, and professional indemnity insurance
Optional cover via our umbrella insurer is €10/ month (T&Cs apply)
Director’s income tax return
Cost is €200 + VAT for PAYE-only returns (T&Cs apply)

Personal Service Company