Hop into Tax Efficiency and Discover Eligible Expenses

At Icon Accounting, we’re all about helping contractors keep more of what they earn. As we finish the Easter season, it’s a great time to shine a light on the eligible expenses that can boost your tax efficiency and maximise your take-home pay.

In this blog, we’re not only highlighting some of the most popular schemes—like the Small Benefit Exemption and Cycle to Work— and we’re also sharing insights into other everyday business expenses that you may be entitled to claim. Whether you’re a seasoned contractor or exploring the option for the first time, read on to discover the top expenses our dedicated account managers are asked about—and how claiming them can work in your favour.

�� Why Claiming Expenses Matters

Claiming eligible business expenses allows you to operate more efficiently, reduce your tax liability, and ultimately increase your take-home pay. But compliance is key—proper documentation, receipts in the correct name, and clarity around business use are all essential.

Our team at Icon Accounting is here to guide you every step of the way. Whether you're new to contracting or a seasoned pro, we’re ready to help you get the most out of your earnings.

��‍♂️ Cycle to Work Scheme

Thinking of ditching the car and pedalling your way to productivity? The Cycle to Work Scheme provides an excellent opportunity to save up to 52% on a new bicycle, e-bike or safety gear. You can claim up to €1,500 for electric bikes or €1,250 for standard bikes. Just remember:

• The bike must be primarily used for commuting.
• You can only avail of the scheme once every four years.
• Valid receipts under the company name are required

�� Mobile & Internet Expenses

Contractors can claim tax relief on business-use portions of mobile and internet costs. If you’re using these services for both work and personal use, a 50% disallowance is typically applied. However, if you can provide documentation showing a higher business usage, you may be able to claim a greater percentage.

�� Public Transport – TaxSaver Tickets

If you commute via public transport to your client site or office space, monthly TaxSaver tickets purchased through your company can save you money while reducing your taxable income. It’s a convenient and eco-friendly win-win.

�� Small Benefit Exemption Scheme

Treat yourself with a little something extra – tax-free! You can purchase a gift card, or up to 5 gift cards, totalling €1,500 in the year.  It’s a simple and effective way to enjoy a benefit while saving on tax. Options like Me2You and other vouchers are valid under this scheme.

�� Pension Contributions

Pension contributions are one of the most tax-efficient ways to plan for the future. Whether operating through an Umbrella Company or a Personal Limited Company, contributions reduce your taxable income and secure your long-term financial wellbeing. Up to 52% tax relief can apply—making it a smart investment now and later.

�� Business Equipment

Equipment like laptops, phones, or software that are exclusively used for your contractual work are eligible for tax relief, which can be up to 52% of the cost. This applies under both Director Umbrella and Personal Limited Company structures. Just ensure:

• The expense is essential to your contract.
• Receipts are in your company’s name.

�� Training Courses

Need to upskill to fulfil your contract? If the training is directly related to your current work and takes place within the contract period, it’s claimable. Make sure receipts are issued in your Umbrella or Limited Company’s name. Non-contract-related training might still be eligible via your personal tax return.

�� Other Eligible Expenses to Consider

• Professional Subscriptions: Fees to industry-specific bodies may be claimable.
• Office Supplies: Stationery, printer ink, and other work necessities.

�� Got Questions? Reach out to your dedicated account manager, or contact us at 01-8077106 or info@iconaccounting.ie. We’d be delighted to assist you in making contracting work smarter for you.