From Good to Great
How can professional development transform your contracting career?
Being a successful contractor doesn’t mean that you should stop learning, as staying knowledgeable and up-to-date is vital to understanding the challenges businesses are facing, meaning you can help solve their problems more effectively.
Prioritising the resources and the time to commit to your own professional development is challenging as a contractor so we’ve shared some ideas on how you can stay ahead of the curve;
Industry conferences and seminars - There are so many brilliant conferences that offer insights from great speakers and allow you to broaden your knowledge. Find out what’s happening in your industry, ask your network for their recommendations and sign up to hear about the latest events.
Professional associations and organisations - Both APM and Prosci have a wealth of free and paid resources including Thought Leadership articles, newsletters, webinars and podcasts to keep you up to date, there’s something for every learner!
Online learning platforms – LinkedIn is just one platform that hosts a wide variety of online courses. Start by following experts in your specialist area and expand your online network to find out what free training you can sign up for.
Networking events - Networking allows you to connect with professionals and experts, providing such valuable insights, collaboration opportunities, and potential referrals for future projects and roles.
Mentoring – Having a mentor is a fantastic way to develop personally. It’s a tailored and highly effective way to navigate new challenges with experienced guidance.
Professional Certifications – Of course there is the more traditional approach to professional development which comes with more financial investment but is still highly regarded.
What Learning Expenses can you claim for?
We checked in with the experts at Nexus Contractor Accounting to find out what you need to know about financing professional development as a contractor and here’s their insights;
Professional Development / Courses – These must be wholly for business purposes. Seminars and courses which update existing business or professional knowledge, as well as training required to maintain membership of a professional body are tax deductible expenses.
Industry Events – These are also allowable provided they are related to the industry in which the contractor operates and the expense is wholly and exclusively for the business.
The learning of a new skill is not a tax deductible expense, so for example, a university degree, or learning a new language are not tax deductible expenses.
Want to know how we could help you? Get in touch