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Enhanced Reporting Requirements: Everything you need to know

What are the changes and what is the Enhanced Reporting Requirements?   From the 1st of January 2024, the introduction of Section 897C into The Finance Act 2022, known as the Enhanced Reporting Requirements, will require employers/payroll processors to provide real-time reporting on specific tax-free payments made to PAYE workers and directors.   This is part of a phased introduction of additional reporting for employers/payroll processors in respect of the provision of other benefits or payments to employees/PAYE workers and directors that have not been subject to tax through the payroll system.  What tax-free payments is it relating to?   The first phase of the Enhanced Reporting Requirement focuses on the reporting of the following tax-free payments:  Travel and subsistence payments.  Small benefits fall under the Small Benefit Exemption.  Remote working daily allowance of €3.20   Small Benefit Exemption Scheme:  Since January 2022, directors and PA

Unveiling the iPerks Impact: Icon Accounting's Client Engagement in 2023

At Icon Accounting , we are committed to providing the utmost support and a seamless experience to the Independent Professional industry and the community in place. Our iPerks system has no doubt helped us fulfill this promise; since its development in 2020, iPerks has become an invaluable addition to our service portfolio, empowering our clients to focus on themselves conveniently while operating as independent professionals.  In this review, we delve into the figures and highlights of iPerks we have seen in 2023, showcasing the substantial impact it has had on our clientele and hopefully encouraging our contractor community to continue making the most of the system again in 2024! iPerks: iPerks is an exclusive value-added proposition for all Icon Accounting clients, extending beyond the expected compliance, taxation, and exceptional service. This platform offers a comprehensive range of support, including over 4,000 professional courses, thousands of retailer discounts, and

Top Questions Answered for First-Time Contractors

From the outset of the New Year, we’ve seen many professionals contemplating a shift toward contracting, enticed by the benefits of flexibility, independence, and potential financial benefits. In this blog post, we focus on addressing the most common queries from first-time contractors. Whether you're on the brink of making the leap or just curious about the process, learn about the contracting process now. How does Contracting differ from permanent employment? What sets contracting apart from permanent employment is the engagement in providing consulting services to a business through a contractual agreement governed by Corporate Law. Instead of being an employee of a specific company, contractors operate as independent consultants. In contrast to the fixed salary structure of permanent employment, contractors receive a daily rate, encompassing holiday and sick pay entitlements. This approach often results in a higher pay rate for contractors, reflecting these added benef

Make 2024 Your Best Contracting Year Yet with Icon Accounting's Checklist

As the new year approaches, now is the ideal moment to reflect on your accomplishments and set the stage for an even more successful year ahead. Whether you've recently embraced contracting or expanded your clientele, take a moment to commend yourself for your achievements. At Icon Accounting , we're committed to helping you reach new heights. Here's our tailored 2024 checklist to ensure it's your most prosperous contracting year yet: Set your 2024 goals! A great place to start is to set your goals for the upcoming year. Having a goal in sight can drive you to achieve it and push yourself that bit further. It’s easier to work harder and achieve more if you know what you’re aiming for. No matter how big or small your goal is, we are here to help you achieve it. Whether it's financial planning, pension savings, homeownership, networking, or upskilling, we're here to help. If your goal is connected to your contract, you should discuss your strategy with yo

How to Get Constant Savings as a Contractor Using iPerks

At Icon Accounting , our commitment to your financial success extends beyond the balance sheet. We take pride in ensuring our clients retain the highest possible percentage of their hard-earned income. As an extension of this promise, we have introduced iPerks Lifestyle Savings – a unique offering that puts more money in our client’s pockets. Each contractor will have access to select lifestyle savings and offers across top brands, everyday expenses, entertainment deals, getaways, early bird tickets, competitions, and many more! In 2022, a remarkable 85% of our clients embraced the platform, leading to substantial savings amounting to €130,000 in that year alone. As we kick off the festive season with Black Friday, Cyber Monday, and Christmas shopping starting, we have compiled a list of the most popular savings available on the iPerks platform. Let's explore how iPerks can be your strategic ally for constant savings. iPerks: What is it? By definition, iPerks is an exc

Small Business Saturday - A Guide to Taking the Next Step in Your Contracting Career

Are you a seasoned contractor contemplating the next phase of your career? As a contractor with valuable skills and experience, establishing your own Personal Limited Company opens doors to personal and professional growth. Making the decision to set up your personal limited company is an investment in your future. This transition allows you to take charge of your career trajectory and shape it according to your aspirations. In this blog post, we'll guide you through the process of setting up your personal limited company, shedding light on the benefits that come with this strategic switch. The Transition from One Project Contractor to Building Your Own Independent Business Why Consider the Shift? Flexibility and Autonomy : Imagine having complete control over your business income, allowing you the flexibility to receive funds even during breaks from contract work. By opting for a lower monthly salary and storing income in your company account, you can take breaks, s

Embracing Self-Employment: Why Now Is the Perfect Time

In a world that is constantly evolving, the pursuit of self-employment and the opportunity to be your own boss have become more enticing than ever. The traditional career landscape is shifting, and the entrepreneurial spirit is soaring. If you've ever considered taking the leap into self-employment, now is the perfect time to do so. This blog piece will delve into why this is the case and explore the numerous benefits of being your own boss. Why Now Is the Perfect Time to Pursue Self-Employment Changing Work Landscape:  The past decade has witnessed a remarkable transformation in the way we work. Globalization, technological advancements, and shifting attitudes toward workforce policies have given rise to the prominence of contracting. Companies and professionals are increasingly turning to this model for its flexibility, access to specialized talent, and diverse project opportunities. In Ireland, the gig economy is flourishing across various industries, making it easier