Contracting Clarified with our Team - Stephen Fitzsimons

At Icon Accounting, supporting contractors with clear, practical advice is a key part of what we do. To help our contractor community stay financially savvy and informed, we sat down with our Umbrella Team Member, Stephen Fitzsimons, to discuss common financial pitfalls, best practices, and key recommendations for long-term success in contracting.

1. Are there specific types of expenses that contractors commonly process, and what best practices do you recommend when it comes to managing/monitoring your expenses?

Mobile phone and internet bills would be the most common, along with WFH allowance. It’s best practice to make sure you are uploading receipts/bills and to do it on a monthly/bimonthly basis.

2. Are there any expenses that contractors often overlook, but can be significant for tax relief?

Utility bills can often be overlooked and can be significant for tax relief, especially in the winter months.

3. What is the most common mistake you think contractors can potentially make regarding their finances?

I’d probably go with not taking advantage of tax relief on a pension.

4. For new contractors, what steps or routines do you suggest they adopt to establish and maintain good financial habits throughout their contracting career?

Make sure they keep an eye on the cut off dates for timesheet submissions. And a big one for me personally, would be to make sure they are clicking the “submit for invoicing” button when they log their hours. If this button is not clicked, the invoice does not show up on our side, so these invoices can be hidden and result in a delay going over to a particular agency.

5. What advice would you give to someone just starting their contracting journey?

To make sure they read through all the information given in their starter email and have a look around the portal, making sure they can navigate it correctly.

6. How frequently would you recommend that contractors conduct a review of their setup to ensure it aligns with their career goals and facilitates continued growth?

This all depends on the contractor really, but it would be good practice to maybe review this every 6 months/year.

7. Are there any recent changes in tax regulations or industry trends that contractors should be aware of for optimal financial planning?

Contractors should always pay attention to the budget. The rent credit would be an example of a recent additional credit that contractors should be availing of, if in rented accommodation.

8. As a dedicated account manager at Icon Accounting, if there's one resource from our offerings that you consistently recommend to your clients in the contractor community, what would it be?

Again, I’d have to say, availing of a pension. Have your wealth management consultation with our advisors and make sure that you have it in place.

At Icon Accounting, we’re here to guide contractors at every step of their journey—from onboarding to optimising their financial future. We hope Stephen’s tip have come in useful to our readers, but if you’d like to explore how our team can support you, get in touch today.