iPerks - Top 4 Tech Training Courses | Icon Accounting

 As you now know, iPerks is an exclusive offering for all Icon Accounting contractors and clients through our Icon Accounting Portal.

The platform gives our clients access to over 4000 online courses, bespoke wellness programmes (both physical and mental) and lifestyle discounts and savings from hundreds of retailers.

This week, we look at the 4 most popular tech courses that our clients have accessed through iPerks to date. The beauty of iPerks is that over 92% of the courses are free until certification, the majority are available in a number of languages and based on flexible learning structure (which means that you decide when and how often you study.)

Before we start, just a reminder that up-skilling expenses in line with your contract role is an allowable business expense and therefore eligible for tax relief.

1. IBM Data Science

The demand for data scientists who can analyse data and communicate results to inform data driven decisions has never been greater.

Anyone with a passion for learning can take this Professional Certificate – no prior knowledge of computer science or programming languages required – and develop the skills, tools, and portfolio to have a competitive edge in the job market as an entry level data scientist.

In addition to earning a Professional Certificate, you will also receive a digital badge from IBM recognizing your proficiency in data science.

The approximate time to complete is 12 months based on a commitment of 4 hours per week.

2. AWS Fundamentals

This specialisation gives current or aspiring IT professionals an overview of the features, benefits, and capabilities of Amazon Web Services (AWS).

As you proceed through these four interconnected courses, you will gain a more vivid understanding of core AWS services, key AWS security concepts, strategies for migrating from on-premises to AWS, and basics of building serverless applications with AWS.
Additionally, you will have opportunities to apply your learnings by completing labs and exercises developed by AWS technical instructors.

The approximate time to complete is 5 months based on a commitment of 2 hours per week but as with the majority of iPerks courses available, the learning is flexible and available in a number of languages.

3. Blockchain & Fintech – Basics, Applications and Limitations

Blockchain is a core technology in FinTech. The original design of blockchain focused on the cryptocurrency “Bitcoin”.

Due to its specific characteristics, many companies and users now find blockchain very useful for applications in many areas not limited to cybercurrencies, including finance, logistics, insurance, medicine and even music.

By completing this course, you will understand the design rationale of blockchain technology, its emerging platforms, and applications. You will also uncover the limitations and the opportunities enabled by blockchain applications, particularly as it relates to finance.

The course is accredited and delivered by the University of Hong Kong; it takes approximately 6 weeks to complete with a flexible 4-hour commitment each week.

4. Foundations of Project Management

Explore the fundamental aspects of project management and develop your understanding of traditional project lifecycles.

In this course, you will learn the core concepts of project management, including the prerequisites for a project, project management and the role of the project manager. By the end of the course, you will be familiar with the typical project management process, its documentation and deliverables that are produced in each project phase and you will have the ability to evaluate the factors important to decision making.

This course is for anyone interested in project management at a beginner level and is accredited by the University of Coventry in the UK. It is a short course and can be completed in less than 8 hours but will give you a strong understanding of what Project Management is all about.

At Icon Accounting, our business model has always been centred around client experience and the contracting community.

We don’t just look after compliance and payroll - we invest in our clients and in our community. The addition of iPerks to our fully managed service offering will mean that you will benefit from the above learning opportunities, and much more, as an Icon contractor.

Icon Accounting, The leading provider of Accountancy services in Ireland with having experience accountants in Ireland.

If you would like to find more about Icon Accounting, please email info@iconaccounting.ie or if you have any queries on iPerks, you can email iperks@iconaccounting.ie and our team will be delighted to assist you.

Covid Restrictions Support Scheme ("CRSS")

As some businesses face into their third week of lockdown, Revenue have just released details on the operation of the Covid Restrictions Support Scheme (we'll call it CRSS from here on!)

CRSS has been introduced to assist businesses that have been significantly impacted by localised and national lockdowns

Successful applicants will receive cash payments from Revenue known as an Advance Credit for Trading Expenses (“ACTE”).

The scheme will operate from 13 October 2020 to 31 March 2021.

Who can apply for CRSS

- Companies

- Self-Employed Individuals

- Partnerships

Conditions to qualify for CRSS

- Must be trading in a location that where restrictions are imposed.

- The public are prohibited or significantly restricted from accessing your business premises. For the majority of businesses this means restrictions at Level 3 or higher. 

- Existing business - the income (excluding VAT) does not exceed 25% of an amount equal to the average weekly turnover of the business in 2019 multiplied by the number of weeks in the claim period.

- New business – the income (excluding VAT) does not exceed 25%% of an amount equal to the average weekly turnover of the business in 2020 multiplied by the number of weeks in the claim period.

- Tax Clearance Certificate is available.

- VAT obligations are up to date.

- You will resume trading once restricted are lifted.

Determining a Claim Period

Covid Restriction Period - A claim period will commence on the day the Covid restrictions are applied and will end when the Covid restrictions are due to end (based at the time the restrictions are introduced).

Covid Restriction Extended Period - If the restriction is extended this will constitute a new claim period from the date the restriction was due to end initially and will end on the date the extended period is due to end (based at the time the period is extended).

Example

On 13^th October Level 3 restriction in Dublin was set until 28^th October. Therefore 13^th – 28^th October is a Covid Restriction Period.

On 22^nd October further restrictions were implemented until which are due to end 1^st December. Therefore 29^th – 1^st December is a Covid Restriction Extended Period i.e. this is a new claim period.

ACTE Amount that can be Claimed

ACTE will be determined by the business’s prior turnover with a maximum weekly payment available capped at €5,000.

ACTE will be based on the turnover from 1 January 2019 to 31 December 2019:

- 10% average weekly turnover for 2019 up to €20,000

- 5% average weekly turnover for 2019 exceeding €20,000

*For new businesses established between 26 December 2019 to October 2020, ACTE will be based on turnover from date business commenced to 12 October 2020.

Example

Joe Bloggs turnover from his business in 2019 was €663,000 (exclusive of VAT). Assuming claim period is for 7 weeks.

- Average weekly turnover for 2019 - €663,000 / 52 = €12,750

- 10% of €12,750 = €1,275

- Multiplied by number of full weeks in claim period €1,275 x 7 = €8,925 ACTE

How is ACTE treated for tax purposes?

The ACTE payments receivable from Revenue must be reported in the tax return when preparing the taxable profit by reducing the amount of deductible expenditure.

How to Claim

The claim process is available on Revenue Online Services under the e-Repayments. This will be a 2-step process:

1) First register for CRSS on ROS, and

2) Complete a claim in respect of a claim period/s.

If you have a tax agent, they can access this using their agent ROS account.

If you have any queries you can visit Icon Accounting or email is at info@iconaccounting.ie and one of our members will be in touch in no time. We are one of the best Accountancy services in Dublin, Ireland.

Good try, But no you definitely can't claim that…

 Expenses – What you Can’t Claim as a Contractor (& some of the strangest requests we have had!)

Whether you are new to contracting or a seasoned contractor the topic of claimable expenses remains cloudy for many…

At Icon we have created videos & blogs covering general expenses and frequently requested topics like ‘home office expenses’ but we understand there are always more questions and always some remaining grey areas of what counts as a claimable business expense.

We have compiled the most frequent (an unusual) expenses queries we get at Icon Accounting of expenses you CANNOT claim. So, before you buy that golf membership or upgrade the kitchen table to serve as your new desk make sure you read this…

Holidays

Sorry your trip to sunnier climates does not count as an allowable business expense- though we wish it did too!

We have clients who try to claim holidays abroad, justifying it as a business trip,  in one case we had a client who tried to expense a trip to Maldives…justification was that he chose to go there with the other director in order to hold the AGM of the company….Co-incidentally himself and the other director only got married the week before… a curious coincidence !

Entertainment

A night out with your friends is not an allowable business expense. We had one former client who spent a large sum of money in a “gentlemans club” – apparently, he was trying to get his contract extended and brought the Project Manager on a night out

I hope he got a rate rise in next renewal; we definitely won’t be explaining that one to the Revenue auditor!

Golf

Golf clubs, Golf club membership, Golf trips. Golf is a common thread with our clients, unfortunately it’s not possible to claim this as a business expense. While it’s a great way to network & do business it’s difficult to justify the wholly, exclusively for business needs and necessary test with Revenue. So, you will have to work on the handicap outside of business hours on this one!

Home improvements

Whilst improvements to a home office can be deemed allowable in certain circumstances, the purchase of fridge/freezers, wine cooler and a €3,000 kitchen table would certainly not be allowed by our friends in Dublin Castle- yep people have asked us! though we do like the idea of a wine cooler in the office!

Children’s Gifts

We have had some strange requests over the years, particularly at Christmas, these include Kids bicycles, PlayStation, Lego, and dollhouses…

Tax tip for Xmas, do not buy I pads, children’s bikes under the bike to work scheme, a 2nd I-phone or jewellery for your partner. If it’s not for the business, it’s not an allowable expense believe us!

Valentine’s Day

 Every year we have client’s going on “business trips” around the 14th of February, usually for the weekend to a conference. This is a big NO NO as it is something Revenue always looks out for!

TV’s

A curved TV… back when they cost €2k and certainly did not make the cut when described as a 2nd monitor for the laptop…. hmmm

Pet Food

Pet food for the company “guard dog”... That happens to be a whippet. We’re afraid that Fido’s dinner will have to come from your pocket instead

Teeth Whitening

Yepee have been asked! While your teeth will look beautiful on zoom, I doubt the taxman cares much for your pearly whites

(Very) Personal Subscriptions

When we say ‘subscriptions’ can be expensed we are talking about your Zoom subscription or professional body annual membership fees. Plenty of Fish & Grindr don’t count sorry folks and make for awkward conversations with your account manager – trust us!

Stay tuned for new updates and we will back with all new features again shortly. Icon Accounting the best Accountancy firms in Ireland

Contractor Mortgages with Robert Whelan

 

#AskTheExpert Series: Contractor Mortgages with Robert Whelan BComm, QFA, Rockwell Financial Management. COVID has brought with it many challenges.

With work now untethered from place, and with family ties brought into sharper focus, you may well be considering your plans for a move, and therefore a mortgage.  First time Contractors often fear that taking a contract role means giving up the chance to obtain a mortgage.

Thankfully, that is just not true. In fact, you may be in a position to borrow more as a Professional Contractor, as your income is likely to be greater than that of a permanent employee.

As part of our recent #AskTheExpert series, Robert Whelan BComm, QFA of Rockwell Financial Management outlined universal criteria for obtaining a mortgage and the most common Contractor questions on mortgages.

Read on for a synopsis of what was discussed, as well as a look at how Icon Accounting can help you on your mortgage journey.

Universal Criteria for Getting a Mortgage

The standard benchmarks for permanent employees also apply to Contractors:

- Deposit

- Loan to Income

- Repayment Capacity – Everyone is familiar with the struggle of saving for a deposit, but did you know that your behaviour over the past six months can make or break your mortgage application? Demonstrate that you can meet the mortgage repayment you are likely to have by showing evidence of your ability to pay rent/save to the same amount.

- Credit History – Access a forensic analysis of your own credit history, otherwise known as a Consumer Credit Report here.

Did you know that 10% of all mortgage applications can get an exception to rules such as loan to income, deposit, or net disposable income (mortgage repayments cannot exceed a percentage of your net disposable income – typically 40-45%).

When starting your mortgage journey, be aware of the Central Bank rules on mortgages, and if you are looking for an exception, be exceptional.

For example, if your bank has requested proof of repayment capacity and you wish to be granted an exception on your loan to income, show a larger repayment capacity than asked.

Click here to read Robert’s Top Tips for Contractor Mortgages (the do’s and don’ts to be aware of).

Most Common Contractor Questions on Mortgages

- How long do I need to be contracting before I can apply for a mortgage?

Typically, contractors could apply for a mortgage after 12 months in contract, which would demonstrate a continuity of career. However, post-Covid, the banks may be more reticent to consider an application of under two years. This is sector dependent.

- Will I need a bigger deposit as a contractor/Will I be considered higher risk?

No, certainly not.

- What happens if I leave contracting/How long do I have to wait to apply?

Typically, I would advise ex-contractors to wait until they have been in a PAYE/Permanent position for six months.

- What’s changed post-Covid?

Post-Covid, we have seen turnaround times slow somewhat. We have also noticed a greater scrutiny placed on the sector that a contractor is operating within.

How Icon Accounting can help you on your Mortgage Journey

If you are an Icon client who is applying for a mortgage, we can provide the following

- Certificates of Salary

- Three to six-month payslips

- Letter confirming that taxes are up to date

- Tax Clearance Cert

- Copy of previous three years of tax returns

- Financial statements for your limited/umbrella company

- Bank statements for your limited company

If you have any questions about Contracting, the advisory team would be glad to field your questions. You can get in touch here.

If you are already an Icon client, and have any questions on mortgages, reach out to your Account Manager. If you would like to speak directly to a Mortgage expert, contact 01 2966120 or visit www.rockwellfinancial.ie

If you have any queries when ordering your Taxsaver ticket, don’t hesitate to contact us at taxsaver@iconaccounting.ie and one of our members will be in touch in no time.

Stay tuned for new updates and we will back with all new features again shortly. Icon Accounting the best Accountancy services in Dublin, Ireland.

Best Productivity Tools

Although working from home has become a common practice over recent years and is continuously on the rise, there is no denying that the Covid-19 pandemic was the fast forward button for this trend and the ultimate experiment to determine if remote workforce's can operate efficiently.

The results for many have been quite positive, with parents being able to benefit from work/life balance and a flexible schedule, companies having reduced costs and with less people commuting to work than ever before, our ecosystem has also benefited.

Having said that, a common question that continues to arise over the concept of working from home is: can productivity remain the same compared to when working in an office?

For some, matching workplace productivity has been difficult without their dedicated workspace, and more life distractions being encountered on a day to day basis - whether it is living in a noisy neighbourhood, caring for young children and trying to manage home-schooling in addition to workload, or simply the ability to access more technology and social distractions.

Given the continued effort to prevent the spread of Covid-19 and the request to work from home wherever possible remains intact, and with many companies now looking to adapt remote working into their company culture going forward, it may be worthwhile to dedicate some time to create a focused structure to assist in remote working.

During the Covid-19 pandemic, most of the people are working from home. Icon accounting is the best Accountancy firms in Ireland. We have collated a list of the best productivity tools to assist you in starting the process and maintaining productivity.

Serene

If the name doesn’t say it all, maybe their client portfolio including big brands such as Facebook, Booking.com and InVision will.

Serene is all about single tasking and eliminating the noise which causes many to lose optimum productivity throughout their workday.

It offers members a cost-effective approach to remaining focused on the task at hand, breaking workdays into targeted sessions and not forgetting to include regular breaks to ensure continued high levels of concentration.

Serene also allows users to tackle social distractions, blocking access to website and applications, having the ability to update statuses to unavailable on systems which as Slack, and also providing a phone silencer feature which automatically puts ‘do not disturb’ mode on during Serene sessions.

It also tackles common barriers to productivity and even offers focus enhancers with countdown timers, scientifically proven concentration music and can even work with Philips Hue Lighting system to ensure the optimal working environment!  

The only downside of this application is that it is currently only available for Mac OS but it looks like it will be available to Windows users very soon!

Toggl

Have you ever found yourself at the end of at workday wondering where the day has gone and questioning are you getting enough work done?

Toggl can help you improve your time management! This time tracking system will give you a breakdown of your complete working day, helping you understand how much time you dedicate to each task, allowing you to then analyse if it should really be the case and if improvements need to be made. 

The benefit of the system is that they have both an app and web version available for all systems, meaning you can start and stop tracking anywhere at any time! And another massive benefit - it’s free!

Trello

In recent years, numerous companies have adapted new ways of working, particularly integrating project based work and agile teams. To ensure that we individually remain productive, we also need reassurance that teams can collaborate effectively to produce group productivity.

Trusted by millions around the world, Trello is a project management application allowing for the organization, collaboration, and completion of team projects in a flexible and simple way. Visual boards define projects, which users can customise with lists and card specific tasks as they wish.

It suits every team member's working style, with the board providing a simple overview of project requirements, and cards giving detailed breakdowns of each task at hand - including options to add deadlines, checklists, voting tools.

Customisation is also a key aspect of Trello, with the system able to integrate applications teams already use – ranging from Salesforce, Slack, Google Drive, Evernote, and many more.

In saying that, some say the readymade templates cover everything they may need!

Slack

There is no question that poor communication is a major driving force in harming productivity. With the sudden shift to remote working for millions, many workers have felt additional pressure to try to stay connected and get work done.

Although I was previously not a frequent user, I definitely have become a fan for life of Slack during the Covid-19 pandemic.

It allows all workplace collaboration, whether it be with dedicated team or outside partners, to take place in a single location. An extra plus is the ability to share files and avail of other integrated applications, such as Zoom or Google Drive.

All in all, Slack has made me feel communicated with, informed, and it has given me the ability to collaborate with different teams throughout the business, which ultimately, has increased my productivity.

Focus Keeper

It can be a challenging task for many while working remotely at home to switch off or to persuade yourself to not work through breaks in order to get that one additional task finished for the day, but as the saying goes, burning a candle from both ends more often than not, results in a dark room.

It is more important than ever to take regular breaks not only to ensure our energy levels remain at optimal, but also for our mental health.

One rule to follow to achieve such is the ‘Pomodoro Technique’ - working in intervals of 25 minutes and taking short breaks of 5 minutes in between each task. However, no need to go setting manual timers on your phone, apps such as the Focus Keeper can do it for you!

The app simply notifies you when to take a short break, and each task automatically begins one after the other. 

Additional useful features of the application are the application to customize task intervals timing, selection of sounds available, objective setting and reports to help you improve your productivity even further.

Forest

Another great application which you can follow the ‘Pomodoro Technique’ is Forest, however, the mission behind this application is what separates it from the rest.

The main objective of Forest is to remove one of the key barriers to our focus - our phones! By not touching your phone for a set period of time, a virtual seed planted will grow into a tree.

However, if you do leave the app during the focus session, the planted seen will disappear! Aside from motivations to earn rewards for remaining focused and unlocking new tree species, the app satisfies personal motivations as users can actually contribute to help plant a tree in real life.

To date, users have allowed over 800,000 real trees to be planted thanks to Forest’s work with Trees for the Future!

That concludes our list of the best productivity tools to ensure you work smarter and not harder in the future.

We hope that the above list can help in choosing a new productivity boosting application and we would love to hear your thoughts and experiences on any productivity practices that you maintain- info@iconaccounting.ie

You might even get an Icon Accounting goody bag in return! 

Is your Greatest Asset Protected?

Imagine if your daily rate was only €49.28 per day. If there’s one thing to make us all admit that anything really can happen, it’s the events of the past 2 months.

So, what if the most dreaded ‘What if’ happened to you? That you were simply unable to provide for yourself and your family simply because you are too sick or incapable of being able to work? It’s time to think of your income as an asset. We’re in the habit of insuring most of our assets – house, car, jewellery. Even our phones! Yet we neglect what amounts to our greatest asset, our income.

We don’t usually think of our current income and our future earnings as an asset. However, if you take a moment to think about it, the money you earn pays for almost everything you have… mortgage, car loan, bills, children’s education, insurance and so on. Without it, you are faced with a pretty worrying picture. Nobody wants to think about what life would be like should disability or illness strike.

This issue is even more stark for Independent Professional Contractors. It’s a zero sum game that you are either at work and being paid or unable to work and relying on savings to make up the shortfall. But what happens when the savings run out? What if it is a long-term illness/disability?

It’s probably why 41% of Independent Contractors recently polled by Aviva confirmed that they already had such a plan in place.

Imagine a scenario where you are leaving the Dr’s office after having been given an awful diagnosis. Your 1st thought will obviously be for your health. But very quickly survival mode kicks in and you will begin to imagine the financial consequences and how you will manage to attempt to get better with no income coming in.

This is where an Income Protection plan is so important and is appropriate to anyone earning a salary, whether self-employed or employed, PAYE or sole trader, regardless of their age or stage of life.

With Income Protection you pay a monthly premium that is based on your occupation and the state of your health. It’s also that important that note that the Government are prepared to help you with the cost as all premiums are Tax deductible which means you effectively means only have to pay 60% of the cost of the premium which is a huge bonus.

This ensures that in the event of an accident or illness, which leaves you unable to work, the policy will pay you a regular income. As there are no restrictions on the type of injury, illness or disability that an income protection plan policy covers, you get complete peace of mind. Best of all, you get to choose and tailor an income protection plan that suits your individual circumstances, with a range of cover types. What’s more, as your needs and circumstances change, you can adapt your income protection policy to suit changes in your life.

In general, we tend to be overly optimistic about how we would manage if we were unable to work due to illness or injury. We over-estimate the support provided by the State and underestimate our expenses and likelihood of having to claim.

It’s important to note that if you are an Umbrella Director or Director of your own Ltd company, you will not qualify for the State Illness benefit but may be eligible for the Invalidity Pension of €10,843 per year.

That’s €49.28 per day. How does this compare to your current daily rate?!

The reality for most people is that their level of “outgoings” either matches or exceeds their income. So, for a person who no longer is earning that income there will be a significantly negative impact on their lifestyle not to mention the added cost of coping with a medical condition.

Its why Income Protection is often described as the most important deduction on your payslip.

Speak to us today about Income Protection – it should form a core part of any financial plan. 

We are the best Accountancy firms in Ireland and avail of our one-stop-shop accountancy and compliance services for contractors. For more details visit www.iconaccounting.ie

icon@rockwellfinancial.ie