12 Days to a Financially Iconic New Year

As we count down to the New Year, there’s no better time to take control of your finances and set yourself up for a prosperous and stress-free 2025. Follow these 12 actionable steps to ensure your financial success—one day at a time. Let’s dive in!

Day 1: Check Your Tax Credits

Start the New Year on the right foot by ensuring you’re fully aware of the latest tax changes introduced in Budget 2025. Are you claiming all the tax credits you’re entitled to? If you’re unsure, reach out to your dedicated Icon Accounting account manager for advice or read our blog on the latest updates here.

Day 2: Consider Income Protection

Your income is one of your most valuable assets—don’t leave it unprotected. Income protection ensures financial stability during unforeseen circumstances like illness or injury. As an Icon Accounting client, you’re entitled to a free consultation with Rockwell. Why not book yours now and safeguard your future?

Day 3: Review Your Expenses

Don’t let claimable expenses slip through the cracks! Review your expense claims for the past year and identify any costs you may have overlooked. Unsure what qualifies as a business expense? Your Icon Accounting account manager is here to help if you need guidance on this. 

Day 4: Set Up a Pension Plan

Planning for your future is a smart move. A pension plan not only secures your retirement but also reduces your tax liability. As part of Icon Accounting’s services, you can access a free consultation with Rockwell, our trusted wealth management partner. Get in touch if you wish for this consultation to be arranged.

Day 5: Assess Your Company Structure

Is your current company structure still serving your needs? As a contractor, it’s vital to ensure your setup is as efficient as possible. Whether you’re new to contracting or have been at it for years, talk to your account manager to explore ways to maximise your earnings and streamline your operations.

Day 6: Plan for Your Tax Return Deadline

Tax return deadlines can sneak up on you, but a little preparation goes a long way. Start gathering the necessary documents now and plan for your next return in 2025. Avoid the stress of last-minute filing with the guidance of Icon Accounting’s tax return team.

Day 7: Get Year-End Profit Advice

Optimise your pay structure! For those operating through personal limited companies (PLCs), reviewing your salary and profit distribution is key to tax efficiency. Your dedicated account manager can provide tailored advice to help you make the most of your profits before the year ends.

Day 8: Evaluate Tax-Efficient Investments

Consider tax-efficient investment options like the Employment Investment Incentive Scheme (EIIS) to maximise your tax relief while supporting Irish businesses. Whether you’re a seasoned investor or just starting, explore your options to get the most effective investment strategy in place.

Day 9: Create an Emergency Fund

Life is unpredictable, but an emergency fund can help you weather unexpected expenses or quieter periods of work. Aim to save three months’ worth of expenses. Start small, set realistic goals, and watch your financial safety net grow. 

Day 10: Know Your Worth in the Contractor Market

Understanding your value is crucial in the contracting world. Research market rates, identify upskilling opportunities, and expand your professional network. Your personal brand is equally important—make sure it reflects your expertise and aligns with industry trends.

Day 11: Stay on Top of Deadlines

Missing deadlines can lead to unnecessary penalties. Ensure you’re ahead of VAT, tax, and corporation tax return deadlines, especially if you’re operating through a personal limited company. Your account manager can help you stay organised and compliant.

Day 12: Use Accounting Technology

Simplify your financial management with Icon Accounting’s app and portal. From invoicing and payroll requests to expense tracking, our tools make it easier than ever to manage your finances efficiently.

By following these 12 steps, you can step into the New Year with confidence, ready to achieve your financial goals. As always, Icon Accounting is here to support you at every stage of your contracting journey. Here’s to a financially iconic 2025!