Tax Savings Checklist for Contractors: Mid-Year 2025 Review

As an independent contractor in Ireland, managing your finances effectively is essential—not just to stay compliant, but to make your income go further.

Now that we’re nearly halfway through 2025, it’s the perfect time to take stock of your financial position. A mid-year check-in can help you claim smart deductions, maximise your tax reliefs, and avoid any unwelcome surprises before year-end.

Whether you're newly operating as an independent contractor or a seasoned pro, our Contractor Tax Savings Checklist will help you identify smart ways to save money and stay tax-efficient.

1. Review Your Business Expenses

Are you claiming everything you’re entitled to as a contractor?

Many independent contractors in Ireland leave money on the table by overlooking allowable business expenses. Now is a great time to sit down with your account manager, have a mid-year review  and look at your claims. From home office costs to professional subscriptions or equipment — every legitimate claim can help reduce your tax bill.

2. Assess Your Current Tax Situation

Life doesn’t stand still—and neither should your tax profile.

If you’ve experienced a major life change in the last year (like getting married, having a child, or changing your living arrangements), it could impact your tax credits and entitlements. Double-check that your personal details are up to date with Revenue and reflect your current circumstances.

3. Plan for Your Income Tax Return

Don’t leave your income tax return to the last minute. By taking action now, you’ll save time and stress later—and likely boost your tax savings, too.

Start by:

• Collecting receipts for eligible expenses such as medical costs, education fees, and remote working reliefs.
• Uploading your documents to the Icon Accounting portal or mobile app to keep everything secure and easy to access.

It’s important to remember: any receipts and costs you incur during 2025 will be declared on your Income Tax Return due by October 2026. That gives you the perfect window to get organised now and ensure nothing gets lost or forgotten. The earlier you plan, the better chance you have to maximise your tax relief.

4. Review Your Retirement Contributions

Pension contributions are one of the most effective ways for contractors to save money long-term.

As a self-employed professional, you could access up to 52% tax relief on pension contributions. This mid-year review is a great time to evaluate whether you’re contributing enough, or if your retirement planning needs a refresh to take advantage of new policies or thresholds.

5. Evaluate Your Investments

Markets change—and your investment strategy should too.

Take time to review your investment portfolio to ensure it still aligns with your financial goals. Rebalancing your portfolio can help you manage risk and take advantage of tax-efficient opportunities. If you’re unsure where to start, we can connect you with trusted financial advisors who understand the needs of independent professionals.

Need Help? We’re Here

Navigating tax and finance as a contractor doesn’t have to be overwhelming. At Icon Accounting, we specialise in supporting independent contractors in Ireland, offering proactive advice, smart tech, and personal support to help you grow your income and stay compliant.

Want to learn more about ways to save money as an independent contractor in Ireland? Stay tuned to our blog, follow us on LinkedIn, and don’t forget to reach out if you require any support in setting up as a contractor.