Icon Accounting - Accounting company in Ireland

The Finance Act 2022 enacted multiple changes to pensions, some of which may make business owners consider their options in the future. Learn about the changes and organize a free consultation with our expert pension partner! The Finance Act 2022 was enacted on 15 December 2022. Amongst other changes to pensions, the Act confirmed that the Benefit in Kind for an employee, which was previously triggered by an employer contribution to a PRSA, has been removed. This comes into effect on 1 January 2023. Impact for Employees For ordinary employees saving for retirement in a Personal Retirement Savings Account (PRSA) this is a positive change. They will now be given the same tax treatment as occupational pension scheme members in relation to any employer contributions to their pension scheme. Previously where an employer paid into the PRSA, that employer contribution used up part of the employee’s own scope within their age-related limits to pension their income. This is no long...

A mortgage is arguably the most important and probably the largest financial decision you will make during your lifetime, and we understand that the process can be a confusing experience, without some statements such as ‘contractor candidates may be disqualified from obtaining a mortgage’ adding to the frustration and headache! Thankfully, contractors are no different from any other person who’s decided to become self-employed, and as such the banks are happy to deal with you on the same terms as they do anyone else operating in this capacity. With appropriate information and preparation, you can attain the financing required to purchase the home of your dreams. If you are a contractor looking to get a mortgage in Ireland in 2023, there are some important things you need to know. Follow the universal criteria It’s worth stating from the outset that there are common criteria that everyone has to comply with (irrespective of employment status) when applying for a mortgag...

The Finance Act 2022 was enacted on 15 December 2022. Amongst other changes to pensions, the Act confirmed that the Benefit in Kind for an employee, which was previously triggered by an employer contribution to a PRSA, has been removed. This has come into effect on 1 January 2023. Impact for Employees For ordinary employees saving for retirement in a Personal Retirement Savings Account (PRSA) this is a positive change. They will now be given the same tax treatment as occupational pension scheme members in relation to any employer contributions to their pension scheme. Previously where an employer paid into the PRSA, that employer contribution used up part of the employee’s own scope within their age-related limits to pension their income. This is no longer the case. Employee contributions are still subject to the age-related contribution limits and the Earnings Cap (currently €115,000). Impact for Business Owners The changes have led to much discussion as to what it means for employer ...

 Over the last decade, the Irish public has been witnessing the destabilisation of the Irish private rental sector. Thankfully, Budget 2023 brought some welcome relief with the introduction of the Rent Tax Credit. For any of our contractor community, here’s our breakdown of the rent tax credit, what you can potentially claim, and how to do so. Over the last decade, the Irish public has been witnessing the destabilisation of the Irish private rental sector, having a shortage of accommodation available and record-breaking rental costs. With a 12.6% rent cost increase recorded between 2021 and 2022 alone, it was clear that the government needed to implement measures to assist in tackling the Irish housing crisis. Thankfully, Budget 2023 brought some welcome relief with the introduction of the Rent Tax Credit. For any of our contractor community, here’s our breakdown of the rent tax credit, what you can potentially claim, and how to do so. What is the rent tax credit?...

At Icon Accounting , we speak to first-time contractors on a day-to-day basis. We understand that contracting is a new term for most. Some even have a pre-conceptual opinion formed that their new contract offer cannot provide the same additional benefits associated with their permanent employment. However, this is not the case! Once our clients avail of their complimentary consultation with our wealth management partner and learn about the flexibility and financial rewards which are available, they soon realize it is a worthwhile career choice for their further, and develop a career path around this. When considering this career development path, one of the most common questions we get asked by candidates is how they can plan for their future, particularly how they can organize a comprehensive package in line with a traditional employment package associated with past roles.    What many people don’t realize is whilst you operate as self-employed, you can now have thes...

While working on projects, it's easy to get caught up in the demands of your work and forget about taking care of yourself. Without establishing your work-life balance, it’s inevitable to avoid burnout. For any professionals looking to focus on their well-being, here are some top tips for reassessing and giving you the self-care you need We've always had great feedback from contractors on the work-life balance and feasibility that contracting can offer independent professionals. However, whilst working on projects, it can be possible to get caught up in the demands of your work and forget about taking care of yourself. Self-care and work-life balance are essential for avoiding burnout and maintaining your well-being, so why not check in with yourself, reassess, and use some of our top tips to help you give you the self-care you need Set Your Schedule It's easy to get caught up in the trap of working long hours, but this can lead to burnout and have a bad...

  It can be challenging for some to adapt to change and adjust to something new. For those beginning their contracting journey, it will take time to adjust to how contractors work and operate, and successful contracting necessitates a shift in perspective and mindset. Here are our top tips for getting started with a contracting mentality. As with everything, it can be challenging for some to adapt to change and adjust to something new. Here at Icon Accounting, we understand that for individuals starting the contracting process or their first contract opportunity, the same can be applied. It will take time to adjust to how contractors work and operate, and successful contracting necessitates a shift in perspective and mindset. We are confident that with experience, first-time contractors build this mindset, along with an essential skillset that ensures them a successful contractor career. For those beginning their contracting journey, here are our top tips for getting started with a...