?? Chorus Insights: April 2024
Chorus Accounting
Chartered accountants in Christchurch, Dorset. Offering bespoke accounting, business & tax advisory services.
Welcome to the April 2024 edition of our newsletter, Chorus Insights. Every month, we bring you the latest news from the world of accounting and tax.
Now we're in Q2 of 2024, it's a great time to review your financial roadmap for the year to see if you are still on track.
Take a moment to review your financial goals and assess the success of your current strategies since the start of the year. Tweak budgets, set new goals, or follow up on potential investments. If you need guidance or support with this, or anything else accounting-related, please get in touch with us.
In Chorus Insights this month, we’re highlighting an essential part of business success: bookkeeping! We're also sharing Martin's insightful podcast with Chris Dicks PT and information on changes to Child Benefit from this month.
Why Bookkeeping is Essential for Business Success
When starting a new business, most entrepreneurs focus on their products, services, or marketing strategy first. But a crucial element that often gets side-lined is bookkeeping.
Imagine trying to drive a car blindfolded… bad idea, right? That is essentially what running a business without proper bookkeeping is like. You might have a general sense of where you’re headed, but one wrong turn could lead to disaster.
That’s why bookkeeping is essential! It brings:
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Beyond the Balance Sheet – Episode 3
In Beyond the Balance Sheet, Martin hits the road to engage in meaningful conversations with small businesses, offering unique insights into their vibrant world.
In Episode 3, Martin spoke with Chris Dicks, who runs his own personal training business. They delved into some hidden truths and harsh realities of the industry – and gained some seriously great insights in the process!
High Income Child Benefit Charge Threshold Increased
The threshold for earnings above which you have to pay back some or all of your Child Benefit has increased from ￡50,000 to ￡60,000 from 6 April 2024, with a full overhaul of the regime promised in April 2026.
You’ll now be charged 1% of your Child Benefit for every ￡200 of income that exceeds ￡60,000. This means that basic rate taxpayers, with earnings under ￡50,270, will not be liable for the HICBC and will no longer need to file Self Assessment tax returns purely to pay the HICBC.
Want to know how this affects you specifically? Reach out below! We're here to support you.
Need guidance or advice? Let’s talk.
Call us on 01202 332500, email [email protected], or click here to visit our website. We’re happy to help!