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.

How to Succeed as an Independent Professional – Tips and Hints directly from Contractors

With the market currently booming and many first-time contractors making the switch from ‘permanent employment’, we asked some of our most experienced contractors for some of their tips and tricks for success whilst working as a Contractor.

Working as an independent professional can often seem like it is more complicated than it actually transcends to be.

With the market currently booming and many first-time contractors making the switch from ‘permanent employment’, we asked some of our most experienced contractors for some of their tips and tricks for success whilst working as a Contractor. We have compiled their answers to give new independent professionals some tried and tested advice, directly from the experts themselves.

For context, we have provided a brief introduction to our experts, Tuhin, Dusan and Stephen.
With a combined 30 years of independent professional experience, we are extremely grateful that they took the time out to answer our questions.

Tuhin:

After stumbling into the market through a contract opportunity back home in Dublin whilst working abroad, Tuhin worked as an independent professional for over 7 years.

Despite not knowing much about contracting, Tuhin was eager to return to Dublin where his family were residing. Shortly afterwards, Tuhin became an Icon Accounting client and managed Programs and Portfolios of a cumulative value of over €350 million during his career.

Tuhin is widely recognized as a trusted adviser to multiple Bank’s senior management teams having a wealth of experience across the globe in the areas of both business process management and IT change.

Dusan:

The opportunity to work on exciting projects and multiple different opportunities is what attracted Dusan to contracting initially. 8 years’ later and Dusan has built a huge reputation in the sector and is still contracting successfully today. With experience in Linux, Open Source, Cloud (Amazon AWS, OpenStack), Agile Software Development, Devops and Automation (Puppet, Ansible, CFN, Heat), Dusan has seen it all.

Stephen:

Stephen started out working as a Programmer in the Software industry in Ireland in 2000, developing web applications across many different companies and industries.
With over 14 years of Contracting experience – primarily in Java development, Stephen used contract opportunities to stay doing what he loved, despite his client’s best efforts to get him into a management role.

What are the biggest benefits to working as independent professional in your opinion?

T: Flexible hours was a huge benefit; I did not have to worry about booking time off to attend family events and instead could work around a schedule that suited me. This helped to improve my work-life balance and I would say that was another benefit, an improved work life balance. Finally, the ability to remove yourself from the office politics. When working as an independent professional, you can go in, do your work, and really leave everything behind you at the end of the day, as long as you do a good job!

D: The opportunity to work on many exciting and different projects as well as constantly learning from the new people that you meet on different projects were two huge benefits. The other huge benefit of Contracting for me was the improved work-life balance that comes with the added flexibility, which allowed me to up-skill whilst contracting.

S: The biggest benefit for me initially was the higher rate of pay, I was working alongside some independent professionals whilst working in full-time employment and they were getting paid more than I was for doing the same work, so I quickly fixed that.
This accompanied with fulfilling a long-term desire to become self-employed and again, the improved work-life balance allowed me to complete projects whilst also spending as much time with my family as possible.
I can also work on another project that I own called the Mindful Living Guide which was not possible, when working as an employee as I was very restricted with my time.

What advice would you give to a first-time Contractor?

T: Build relationships with recruiters and your managers, you never know when you will be looking for your next opportunity and keeping in touch with hiring managers and contract recruiters gives you a better chance than not keeping in touch. Even if you are not interested in your next contract just yet, keep in touch with the market, the rates and know what is happening out there.
Another tip I would give is to make the most of the increased income, you do not have to pay it all to yourself, save for a rainy-day or month where you do not have a contract.
Paying yourself less can often result in paying yourself more.

D: Prioritise relationships and liaise with colleagues as much as you can. Your network is everything as an independent professional and there is always something to learn from colleagues and managers that you are working with. It is very easy to go in, do your work and leave but establishing connections will be the difference in more contracts coming your way.
Up-skilling and cross-skilling are also very important to anyone who wants to work as an independent professional.

S: Be as adaptable as you can be, you may be starting a new contract role and come across some new technology that you have not encountered before, it is all about having a willingness to learn and to be adaptable to change. It is also paramount to build a relationship with the hiring client, I have had a six-month contract extended to a period of over 3 years, solely because the management liked working with me. If longevity is the goal, make the effort. I have worked with some contractors who were not always good to work with and you simply will not get extensions if people don’t enjoy working with you.
 

If you were starting again now, would you do anything differently and if so, why?

T: Put your hand up early if you do not understand how something works, the team at Icon Accounting and even Rockwell Financial are there to help you and support you. If I were starting out again, I would be wiser with my increased rate of pay.
Put a plan in place with your account manager or financial advisor and make the most of it from the outset.

D: Spend more time prioritising relationships. Upskilling is important but your network is as important.

S: I would have more confidence with recruiters, I have come across some great recruiters but also some not so great. You can be knocked back at times, but you have to trust them to sell you to their end term client.

Know the market and ask for your worth, hold all of the cards when you enter negotiations.
Never discount relationships with fellow contractors and colleagues, they can often introduce you to new projects and recommend you to the employer directly which is priceless.

If you are an independent professional and you have any other tips and hints that you feel would be beneficial for first-time contractors, please get in touch.

Likewise, if you are new to Contracting and would like any questions answered by experienced independent professionals, we would love to hear from you, please get in touch by emailing info@iconaccounting.ie 

Limited Company vs Umbrella Company explained…Simply!

Here are some of the most popular topics we receive queries on to get you started on deciding which company set up is right for you!

At Icon we understand that starting out as a contractor can come with lots of questions.

If you are coming from a world of full-time employment it can be daunting, confusing and intimidating without the right help & advice.  Our experienced and friendly team are here to guide you every step of the way in plain English…letting you get on with your job without any of the headaches of paperwork or difficult decisions!

Here are some of the most popular topics we receive queries on to get you started on deciding which company set up is right for you!

Do I Need to Choose a Company Name?

There is no requirement to select a Company name under the Umbrella Company, however you must do so for a Personal Limited Company. We can help you to decide if you aren’t sure too so don’t worry if the creative naming juices aren’t flowing just yet!

What kind of Bank Account do I Need?

Payment can be made to a personal account when contracting via an Umbrella Company. If contracting via a Personal Limited Company, a business bank account is mandatory.

DO I need to be VAT Registered? 

All Icon Accounting Umbrella Companies are VAT registered. A Personal Limited Company may require VAT registration depending on the company turnover. Our team will advise if so and do all of the set up on your behalf.

How does my PRSI Work & What will I be Entitled to?

As a Director of an Umbrella Company and Personal Limited Company payment of Class S PRSI applies. Under a PAYE Umbrella Company payment of Class A PRSI applies. If you have any specific questions on how this will effect entitlements – maternity benefit etc. our team will be happy to help!

Do I need Insurance?

Public and Employers liability, alongside Professional Indemnity are covered under the Umbrella Company. Insurance must be obtained for a Personal Limited Company. We will advise you on the steps required to attain this.

Can I Employ a Family Member?

A Personal Limited Company provides the opportunity to employ a spouse or otherwise. This is not possible under an Umbrella Company. If this is something you are hoping to do in your new business, we will be happy to explain the requirements & how this works.

Will I need to Complete an Income Tax Return?

An Income Tax Return must be filed under the Director Umbrella Company and Personal Limited Company. It is not required under the PAYE Umbrella Company. Again this is part of our service and we will advise you what is needed to supply for this process and along each step of the way to ensure you are compliant and submit all on time.

How do my Business Expenses Work?

Tax relief on may be claimed on business expenses under the Umbrella Company, however large capital items / company car(s) are only permitted under a Personal Limited Company.

Conclusion

Don’t worry if you are still unsure of which set up is best for you, often both set ups are suitable but one may have a benefit that is important to you or your future plans that sways your decision. At Icon Accounting we assess each new contractor individually so simply get in touch with our team and we will advise you based on your specific needs!

To run a business you need data, records, reports, analysis, accurate and exact information about liabilities, assets, debts, and profits and to control all these you need Accountants. The icon is the best accountancy firm in Ireland to choose among others as they provide expert Accountants In Irelandthat can help you in managing all the accounts operation seamlessly. To know more visit: https://www.iconaccounting.ie/e of the most popular topics we receive queries on to get you started on deciding which company set up is right for you!

Why Upskilling Matters More than Ever

 Over the past months at Icon Accounting we have noted a continued upward trend in contracting roles available, new contractors starting for the first time as well as contract renewals for our existing contractor community.

This is incredibly positive news for the contracting industry overall showing it remains robust & more than that it is in real positive growth!

With this positive news comes the reality that as a sector it is becoming more competitive than ever, and standing out as a professional contractor is crucial to land and keep the best roles.

There are lots of ways to stand out as a professional contractor and at Icon we are always looking at ways we can help YOU to stand out!

One of the best ways to differentiate yourself is through continuous professional upskilling, ensuring your skills & qualifications remain fresh, relevant & in date in a fast changing world!

At Icon we have recently launched iPerks a contractor platform giving you access to a multitude of benefits, one of which is upskilling through a range of courses with globally accredited colleges ensuring you can upskill in your role without spending a penny!

What Is Upskilling?

Upskilling is the process of learning new skills that will aid in ones work or personal development.

Why Does It Matter?

The Covid -19 pandemic has shown us how rapidly the work of work can change & how quickly we can be forced to adapt our skill set to new realities. The business world is changing at a faster pace than ever before.  Remote working has been accelerated into a necessary reality for many sectors, as has automation of many previously manual tasks with improved technology systems often even removing the need for headcount across many functions.  In reality this means that we are now competing with a global workforce rather than a local workforce & being forced to pivot & grow our skillset to stay relevant in pretty much every sector of business.

How Can It Benefit Me?

Upskilling should be looked at as a real benefit for both your career & personal progression. As well as coming with the often added benefit of increasing your chances of promotion within your role or company & opening up lots of new opportunities in your career it is likely to benefit your confidence as well as your income!

Where To Start?

This is the really important part – for many the idea of upskilling feels too big or daunting to explore and so they stop before they have started- unsure of where to even begin, often intimidated by the thoughts of a return to learning. Our advice - start at the beginning!

What do we mean here?

Think with the end goal in mind. Do you want to change professional path? Are you looking for a promotion? Is there a certain company or role you have your eye on?

Getting the goal in mind you can then begin to see what you options are to start on the path to upskilling in that direction.

- Use your professional network to link in for virtual coffees to explore options with people who have the roles you would love or are in companies you would love to get into- find out how they went about their career path – you might be inspired!

- Review your CV to see where the gaps might be in relation to your career goals.

- Research your industry and see what roles are trending, popular & offer competitive earning potential

- Reflect on the parts of your current career your enjoy and where you would like to grow more – this might be people management, professional skills, upgrading an existing qualification or even taking a short specialist course in a niche area

Through Icon you also have exclusive access to our iPerks platform offering hundreds of accredited courses across many sectors to help you add real qualifications to your CV without a hefty price tag!

Conclusion

Staying one step ahead is the key to career success no matter what your sector, upskilling is one of the best ways to get there!

Not yet contracting with Icon? Talk to our team today to see how you could benefit from becoming a professional contractor with us & how we can help you upskill along the way!

Info@iconaccounting.ie

5 Key Learning Points from LinkedIn’s Marion Markey

 We are always looking to add more value to our existing clients and are very thankful to Marion Markey from LinkedIn who took the time out to give us all some tips on how to get the most from our LinkedIn profiles!

Be Visible

There are over 660 million members, 20 million jobs and 30 million employers on the platform making it the largest professional network by far.
If you are not on LinkedIn already, it should be a priority to create a profile in 2021. Connect with peers and expand your network to ensure that you not only stay up to date with the latest market trends but also future opportunities.
85% of jobs are filled through peer referrals making it the number one source of recruitment.

Detail your work experience!

If you add details to your work experience whether it be details about the project, the contribution you made, key learning points and any challenges faced. By doing so, you are 5 times more likely to receive connection requests, 8 times more profile views and 10-fold the number of messages received.
If searching for opportunities, you can also edit your experience and skills to appear in the order of relevance – ensuring that potential employers see the parts of your profile that you want them to!

Add examples of your work!

You can and should upload videos, presentations, and videos of previous projects that you have worked on. This is an ideal tool for making sure your profile visitors get a complete picture of your professional accomplishments to date.
Giving a dynamic, visually appealing representation of your professional story can make you stand out from a very competitive labour market.

Activity is still underrated

Adding your own skills, endorsing other’s skills, and sharing status updates are all tried and tested ways of increasing profile engagement. Endorsing others on top of the fact that if you endorse a colleague or peer, they are likely to return the favour.

Plus, members who add skills generally see 17 times more visitors to their profile than those who do not.

Best practices for sharing updates for those less comfortable or familiar with LinkedIn below:

- Share your authentic voice

- Post frequently

- Start a conversation or share your point of view

- Include rich media to increase engagement

- Create an opportunity for reciprocity

To be successful in Contracting, you need to be an expert in your field – do not be afraid to share that expertise.  Publishing content is a separate feature to sharing a status update and one that is often associated with expert level opinions.  As a successful independent professional, you are an expert in your field – show that to your entire network by publishing content. 

Create a headline that captures attention, include a photo to stand out and think about your audience when deciding on article length.

Most importantly, be yourself and always remember that line between LinkedIn and Facebook or Twitter, your opinions should be professional, never personal, political, or otherwise.
With the world working remotely and with social interaction limited with Covid-19, having a digital footprint and a LinkedIn profile is more important than ever before.

Thanks again to Marion Markey from LinkedIn for joining us and for offering to assist any of our contractors should they have any queries, you can contact Marion at mmarkey@linkedin.com or as always you can get in touch with any of the team at Icon Accounting by calling 01 – 8077106 or by emailing info@iconaccounting.ie

LinkedIn has always been the greatest source of knowledge. We at Icon accounting, one of the best accountancy firms in Ireland always seeking good knowledge that can help our business to grow. This type from Marion Markey we got the opportunity to learn some tips on how to get the most from our LinkedIn profiles which include; Be visible, Detail your work experience, add examples to your work, add your skills set, endorse other profiles, most importantly know the difference between Facebook, LinkedIn, and other social platforms. As we are having the team of best accountant in Ireland these tips will surely be going to help our accountants.

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.