?? Chorus Insights: July 2024

Welcome to the July 2024 edition of our newsletter, Chorus Insights. Every month, we bring you the latest news from the world of accounting and tax.

We're halfway through 2024, and those financial resolutions you set in January might need a little tune-up!

Mid-year is a great time to take stock of your financial progress and make adjustments for a strong second half. After all, life throws curveballs, and your financial situation might have shifted since the beginning of the year. Get in touch with us if you need any help with this; we’re happy to help!

In Chorus Insights this month, we're guiding you through revisiting your financial goals for a check-in to ensure you're on track. We're also providing tips on how to overcome money anxiety this summer, and explaining new reporting rules for digital platforms.

Time to Revisit Your 2024 Financial Goals!

Remember those financial goals you set in January? Mid-year is the perfect time to see how you're doing and make adjustments for a strong second half.

Here's how to do your financial check-in:

• Review your progress: Gather bank statements and receipts. How's your income, spending, and savings compared to January?
• Evaluate your goals: Are your SMART goals (Specific, Measurable, Achievable, Relevant, and Time-Bound) still on track?

Need to adjust? Here's what to do:

• Refine your goals: Do your goals still reflect your current priorities? Make adjustments as needed.
• Adapt your plan: Maybe you need to tweak your budget or savings strategy.
• Get help: Consider talking to a financial advisor for personalised advice.

Stay motivated for the rest of the year:

• Celebrate milestones: Reward yourself for reaching smaller targets.
• Track your progress: Regularly monitor your accounts and update your budget.
• Be flexible: Life happens! Be prepared to adjust your plan as needed.

By taking these steps now, you can keep moving towards your goals and feel confident about your financial future.

Need help with a financial check-in? Contact us.

How to Overcome Money Anxiety

Money is a scary subject, but it’s something that we all need to deal with.

With summer upon us, expenses can really add up and cause stress, especially if you’ve got a big holiday planned or your kids are off school.

Watch my video below for some things that you can do to make money less scary and help you manage the stress that it causes. Follow these tips, and you can turn summer into a season of fun, not financial fear!

New Reporting Rules For Digital Platforms

From 1st January 2024, online platforms such as websites, online marketplaces and apps that allow individuals and businesses to sell items and services, are required to collect and report seller information and income to HMRC.

If you sell items through eBay, Etsy, Facebook or another online marketplace, or rent out your property using Airbnb, Vrbo, Booking.com or a similar platform, HMRC will cross-reference the data it receives with other records it holds to ensure you are reporting your income accurately. Freelancers who operate through an online platform such as Deliveroo or Uber will also come under the reporting requirements.

Websites and digital platforms must report information about sellers to HMRC including:

• name, date of birth, and address;
• taxpayer identification number;
• earnings from selling via the platform;
• fees paid to the platform;
• business registration numbers, and
• bank account details for the accounts the income was paid into.

The first reporting deadline for these digital platforms is 31st January 2025.

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!