LSC held a tax and financial planning seminar in Cork this week for contractors in the LSC network.
From conversations with our consultants we know these areas are major pain points and were delighted to provide a forum offering clarity and advice to topics that have a huge impact, on a daily basis, to the professional and personal life of independent contractors.
We had an excellent line up of expert speakers which included Michael Dineen, Chairman and Founder of Contracting PLUS, Gerard Kiernan, Managing Director of ICON Accounting and Carol Brick, Managing Director of CWM, Contractor Wealth Management. The presenters brought an enormous amount of knowledge, enthusiasm and energy to their topics and really engaged the audience within their areas of expertise.
The event provided clarification around legitimate expenses and Revenue’s interpretation and treatment of independent contractors. Gerard Kiernan also explained the PAYE modernisation coming into effect in January 2019 and the effect this will have on LTD company payroll and reporting.
A big talking point was the update by Michael Dineen on the PCSO (Professional Contractors Service Organisation) lobbying efforts in relation to the treatment of “Travel and Subsistence Expenses” for Independent professional contractors and it’s affect in relation to Ireland’s reputation as a good place to work. The current treatment has seen contractors decline projects far from home or seek significant rate increases to offset the cost, which is affecting project cost competitiveness and in turn may impact future decision around Foreign Direct investment (FDI) and job creation. The PCSO have stepped up their efforts to win political buy-in and have begun engaging with key “influencers” and have a media/lobbying effort underway.
Michael Dineen and Gerard Kiernan, both founding members of the PCSO, were very open to any feedback or suggestions from the contractor community which may help to deliver the message to government that Professional contractors are key enablers to the future success of the Irish market and need to be recognised as such.
Carol Brick of CWM focused on the importance of short and long term financial planning and how Independent contractors can de-risk their financial future by protecting and safeguarding income from the first day of the contract. Her hints and tips around mortgages for contractors were well received (this is an area we constantly receive questions on).
The audience also had the chance to hear more about LSC’s Learning and Development Initiative.
Gina O’Brien LSC’s L&D coordinator spoke about the new programme developed to support LSC consultants and our plans to launch soft skills workshops in the autumn. Gina is looking forward to partnering with our consultants to realise their career ambitions and facilitate ongoing Continuous Professional Development (CPD).
The event was a great success in terms of attendance, engagement, conversations and learnings. The feedback was very positive and we are hosting a similar event in Dublin in the Autumn for those that missed out this time around.
When? Tuesday, October 9th from 6-8pm in the Crowne Plaza, Blanchardstown, Dublin. Free to all contractors in the Life Science Industry!