Back to School Season - Contractor's Edition | Icon Accounting

Are you a contractor thinking about upskilling and investing in your future? Now is the perfect time to go back to school, level up your skills, and prepare for the next phase of your career. With evolving market demands and rapid technological advancements, contractors must stay competitive and relevant. Upskilling is one of the best ways to achieve that, and here's the good news: required courses pr training for contracts can be claimed as business expenses too!

How Often Should Independent Professionals Upskill?

The frequency of upskilling can vary depending on your industry and career aspirations, but here are a few guidelines to help you decide when it’s time to hit the books:

Set a 6-Month Goal: Evaluate your skills every six months and identify areas where you can improve. This self-assessment helps keep your skills sharp, ensuring you remain competitive in your field.
When Technology Advances: In today’s digital era, technology is advancing rapidly. If you work in tech, engineering, finance, or similar industries, keeping up with technological trends is essential. Upskill to stay ahead of the curve.
When Market Demands Shift: Stay on top of industry changes and market trends. If certain skills or services are increasingly in demand, upskilling in those areas will open new doors and opportunities.
When Your Career Plateaus: If you feel stuck or notice a slowdown in career growth, upskilling could be the spark you need. Learning new skills might lead to higher-paying contracts and exciting new projects.

How Can iPerks Help You Upskill?

At Icon Accounting, we are dedicated to the success of our clients. That’s why we’ve introduced iPerks, an exclusive platform offering access to over 4,500 courses from world-class educational institutions. Whether you're a beginner or advanced in your field, iPerks offers a wide range of subjects to help you find the right resources aligned with your professional goals.

Here are some courses that might interest contractors:

Getting Started with Python
Introduction to Forecasting in Business
Introduction to FinTech and Innovation
Data Science Fundamentals for Data Analysts

With iPerks, you can acquire new skills, stay on top of industry trends, and broaden your expertise, all at no extra cost!

How to Claim Tax Relief on Upskilling Costs

Upskilling has another benefit: many required courses are tax-deductible, allowing you to both grow your skills and save money. You can claim up to 52% tax relief on the cost of training courses. To qualify, here are some important details:

There should be a reference in the contract or supporting documents that justifies the need for the training course.
The course must be completed within the duration of the contract.

To process the expense under your business, ensure the training receipts are in the name of your Umbrella or Limited Company.

What if My Upskilling Is a Personal Expense?

Not all upskilling expenses are eligible for tax relief. Long-term educational programmes, such as diplomas or degrees, are usually considered personal and not contract-related, especially if they exceed the duration of your contract. Additionally, personal courses that are not essential for a specific contract won’t qualify for business expense deductions.

However, personal upskilling might still be eligible for tax relief through your Income Tax Return. Tax credits are available for certain qualifying college courses and upskilling programmes, so you can potentially save even on personal educational investments.

Upskilling is an investment in yourself and your future career. By taking advantage of the resources available, such as iPerks and tax relief on training, you can continue growing and stay competitive in the ever-changing contracting landscape.