?? Chorus Insights: November Newsletter
Chorus Accounting
Chartered accountants in Christchurch, Dorset. Offering bespoke accounting, business & tax advisory services.
Welcome to the November 2024 edition of our newsletter, Chorus Insights. Every month, we bring you the latest news from the world of accounting and tax.
The festive season is just around the corner – yes, even if you wish it wasn't! With the holiday rush approaching, managing your finances efficiently is more crucial than ever.
That's why we're here to help! Chorus Accounting is ready to assist with your accounting needs, so you can focus on what truly matters: growing your business… and enjoying the festive season! Get in touch with us today.
In Chorus Insights this month, we’re debunking 5 common accounting myths in our blog. We also have a video with the key things you need to know about non-taxable alternatives to cash bonuses this Christmas, as well as news for employers concerning National Insurance contributions.
5 Accounting Myths Debunked
Accounting can be a complex and confusing subject, especially for those who are not familiar with the ins and outs of the field. As a result, there are a number of myths and misconceptions about accounting that can harm financial decisions.
In our latest blog post, we’re discussing (and debunking!) the following five accounting myths:
Giving Work Bonuses at Christmas
Christmas is coming, and many employers will now be thinking about how they can show their appreciation for their staff, suppliers and customers with a gift or bonus.
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If you want to make sure your holiday gestures hit the mark without worrying about the tax man, we've got you covered! Watch this video to learn the key things you need to know about non-taxable alternatives to cash bonuses, and much more.
Happy gifting!
Employer's National Insurance Hike
The Chancellor has announced that the main rate of secondary Class 1 national insurance contributions (NIC) for employers will increase by 1.2 percentage points from 13.8% to 15% from April 2025. The Class 1A and Class 1B employer rates (relating to benefits) will also increase in line with this.
As well as the rate increase, the earnings threshold above which employer's national insurance is payable on an individual's earnings will be slashed from ￡9,100 to ￡5,000 per annum. This means that an extra ￡4,100 per employee will be subject to employer's NIC at 15%.
To soften the blow, the employment allowance – which allows companies to reduce their national insurance liability – will be increased from ￡5,000 to ￡10,500. Currently the employment allowance is only available to businesses whose total secondary Class 1 NIC liability is less than ￡100,000. This limit will be removed from April 2025.
Unsure whether the employment allowance is available to your business? Get in touch below! We’re happy to help.
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!