?? Chorus Insights: March 2024
Chorus Accounting
Chartered accountants in Christchurch, Dorset. Offering bespoke accounting, business & tax advisory services.
Welcome to the March 2024 edition of our newsletter, Chorus Insights. Every month, we bring you the latest news from the world of accounting and tax.
On 6th March 2024, Chancellor Jeremy Hunt delivered his Spring Budget, which was likely the final opportunity for the government to lay out tax and spending plans before the next general election. The speech outlined new tax measures, adjustments to existing taxes, and a series of economic policy changes.
There is plenty to digest following the Budget, so get in touch with us if you’re concerned or confused about anything and we’d be happy to chat you through it.
In Chorus Insights this month, we’re letting you know 5 things to consider before starting your own business, important information about changes to NICs from April, and I’m also sharing my insightful podcast with Mark from Mark Ellis Reviews.
5 Things to Consider If You're Starting a Business
Starting your own business is a fulfilling venture, an opportunity to be your own boss and do something you’re truly passionate about.
But venturing into the world of self-employment can be daunting, especially if you’re a first-time business owner. If you get a few things right from the start, they’ll set you up for a smooth and efficient future so that you can focus on the day-to-day running of the business that you’re so passionate about.
This includes:
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Beyond the Balance Sheet – Episode 2
In my podcast, Beyond the Balance Sheet, I hit the road to engage in meaningful conversations with small businesses, offering unique insights into their vibrant world.
In Episode 2, I spoke with Mark from Mark Ellis Reviews on YouTube, who has a staggering 140k subscribers on the platform! We delve deep into the YouTube world and what he's learned from working as a full-time content creator.
Further Cuts to National Insurance Contributions (NICs)
The headline news from the Spring Budget was further cuts to National Insurance Contributions of 2% each for employees and self-employed taxpayers.
The main rate of primary Class 1 NIC paid by employees on earnings between ￡12,570 and ￡50,270 per year will be cut from 10% to 8% from 6 April 2024. Combined with the 2% cut announced in the Autumn Statement 2023, this will save the average worker earning ￡35,400 over ￡900 a year.
Self-employed taxpayers will receive a further 2% reduction in Class 4 self-employed NIC, on top of the 1% cut announced at Autumn Statement 2023. This means that from 6 April 2024, the main rate of Class 4 NIC for the self-employed will now be reduced from 9% to 6%. Combined with the abolition of the requirement to pay Class 2, this will save an average self-employed person earning ￡28,000 around ￡650 a year.
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!