Icon Accounting - Accounting company in Ireland

Today's budget has been characterized as generous, offering something for everyone in the audience. It could be argued that this budget was influenced by upcoming elections, given our surplus of €8 billion, largely attributed to unexpected Corporation tax windfalls. We've allocated €6.5 billion to various initiatives. Among the noteworthy changes, we appreciate the expanded tax brackets, increased tax credits, and the continuation of the 2023 Benefit-in-Kind (BIK) rules, especially for electric vehicles. Additionally, for business owners, we're pleased to see a review of the Entrepreneur Relief scheme and the extension of the retirement relief scheme up to 70 years of age. Below, we've outlined some of the key highlights that will impact you as a contractor or business owner. PERSONAL TAX Personal, PAYE, and earned income tax credits will increase by €100 to €1,875. The Standard Rate Band has gone up by €2,000, which will now make it €42,000 The lower ...

From working with independent professionals on a daily basis, we see that many have the opportunity to increase their earnings significantly when they make the move to contracting. Being a contractor does offer you the flexibility and independence to control your career path, but it also comes with the responsibility of managing your finances efficiently and knowing your worth to establish your rate of pay. Achieving the maximum income potential as a contractor requires a combination of tax efficiency and a strategic approach to your career. In this blog, we will provide a comprehensive checklist of strategies and suggestions to enhance your tax planning, your rate, and ultimately your income as a contractor.   How to Be Tax Efficient Know Your Tax Credits and Bands Taxes can be complicated, but it doesn’t need to be. The foundation of tax efficiency lies in understanding your tax credits and tax bands available to you and what else you may be eligible to claim. ...

  As the cool breeze of September sweeps in, it's not just students who should be gearing up for a fresh start. Independent professionals also referred to as contractors, can benefit from a return to the learning mindset with the back-to-school season well and truly underway. Just like students need to acquire new knowledge to excel in their studies, independent professionals should continuously upskill to stay competitive and be adaptable in the ever-evolving job market. So, this September, dust off your learning mindset, set your goals and make a commitment to invest in your professional growth. In this blog, we'll explore what upskilling means for independent professionals, how often they should engage in it, and practical ways to do so. What is Upskilling? Upskilling is the process of acquiring new knowledge, skills, or certifications to enhance your professional capabilities. For independent professionals, this can mean keeping up with industry trends, masteri...

In the dynamic world of independent professional work, Icon Accounting aims to stand as a prime supporter and advocate for the contractor community. With a commitment to continuous improvement, Icon Accounting has cultivated an impressive network of partnerships and platforms that enrich the contracting experience and provide a comprehensive range of services for our clients. Achieved through our core focus on a guiding principle of “You do your job, we'll do the rest,” the combination of these partnerships and platforms has been instrumental in driving forward Icon Accounting's mission over the course of 2023. Let’s examine a few of them now! Humdinger Mortgages: Navigating the Homeownership Journey Mortgage applications can be a daunting task for anyone to navigate but also one of the most exciting times of your life. Our partnership with Humdinger Mortgages has proved to be very beneficial and rewarding to our clientele. With a wealth of experience in the Independen...

Since our formation in 2008, we have always stood firm in our commitment to championing the Contractor Community in Ireland. As part of our ongoing commitment to this cause, one pivotal action that enables us to continue advocating for the contracting sector involves gathering insights from professional contractors in Ireland . These insights illuminate the current experiences and challenges faced by these experts, playing a crucial role in helping us shape a brighter future for the community in the future.   Every year, we conduct an Annual Independent Professional Survey. This concise, 10-minute survey explores the current thoughts, perceptions, optimism, and key decision factors harbored by the Independent Professional workforce in the contracting sector, along with the Irish economy. We would encourage every Independent Professional to take 10 minutes out of their day and use the survey as an opportunity to have your say as an Independent Professional in Ireland. ...

  Remote and hybrid work models have remained in place as numerous companies now deliberate over future workforce arrangements in response to professionals' demand for sustained flexibility. As a mutually advantageous scenario, the prevailing favorable approach for both parties involves implementing a hybrid work arrangement—a move that signals a positive evolution in how we perceive the concept of a workplace. In the early months of 2020, the global workforce encountered an unprecedented challenge—the onset of the Covid-19 pandemic. While this crisis expedited the adoption of flexible work arrangements, the transition towards remote and hybrid work was already in progress. Enabled by technological innovations, digital communication tools, and collaborative platforms, teams found ways to collaborate seamlessly regardless of their physical locations. This shift allowed organizations and professionals alike to see that productivity and bottom-line results can be achieved outside trad...

Welcome to the second edition of The Contractor Corner: Building Insights from our Community, a blog series dedicated to exploring the world of contracting. In this blog series, we hope to provide valuable insights and first-hand experiences from contractors who have embarked on this journey. Our goal is to shed light on the benefits, challenges, and opportunities that come with being an independent professional, along with answering the most common questions and topics contractors have when starting and throughout their contracting journey!  In this installment, we delve into the world of independent contracting, focusing on the process of setting up a personal limited company and obtaining a mortgage as an independent professional. We are thrilled to introduce our guest writer, Gonzalo Aune, who brings a wealth of experience and invaluable insights to our discussion. Join us as we explore Gonzalo's contracting journey and gain valuable knowledge that will empower and guide a...