?? Chorus Insights: October 2024
Chorus Accounting
Chartered accountants in Christchurch, Dorset. Offering bespoke accounting, business & tax advisory services.
Welcome to the October 2024 edition of our newsletter, Chorus Insights. Every month, we bring you the latest news from the world of accounting and tax.
Autumn is well underway and as the seasons change, it's a great time to reflect on your business and make sure you're on track to achieve your year-end goals – and prepare for the new year ahead.
We understand that managing your accounting needs can sometimes be time-consuming. That's where we come in! Get in touch with us and let us handle that part of your business, so you can focus on what matters most: growth and success.
In Chorus Insights this month, we’re exploring the link between financial stress and mental health, and how a financial advisor can help. We’re also sharing a video with advice on avoiding Inheritance Tax, and new information on tax refund changes.
Financial Stress & Mental Health
In October, we celebrated World Mental Health Day – and this year, the focus was on workplace mental health. It’s a timely reminder of the importance of prioritising our mental well-being, especially at work.
One significant factor that can impact our mental health is financial stress. Whether it’s concerns about income, debt, or future financial security, these worries can have a profound effect on our overall well-being.
In our blog, we’re exploring the ways financial stress can affect mental health and how reaching out to a financial services professional can help in the following ways:
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How to Avoid Inheritance Tax
While it may not be the easiest conversation to have, it's essential to ensure that your assets are protected and your loved ones are taken care of in the event of your death.
Proper planning can not only help you avoid Inheritance Tax but also safeguard what you've worked hard for, giving you peace of mind in case the unexpected happens.
Watch my video below for advice on how you could avoid Inheritance Tax.
Tax Refunds Are No Longer Automatic
It is common for employed taxpayers to get to the end of the tax year and find that they have under- or over-paid income tax via PAYE. These discrepancies are calculated by HMRC at the end of the tax year and a tax calculation letter (P800) is sent out to the individual.
Historically, HMRC would issue a cheque to any taxpayers who had received the P800 letter, but not claimed their repayment online, within 21 days. From 31st May 2024, cheques will no longer be automatically issued and taxpayers will need to take action to claim their refund.
If you have received a letter from HMRC telling you that you have overpaid PAYE, you can apply for a refund online.
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!