Smart Choice Accounting Services

The base rate has been cut to 4.75% from 5% by the Bank of England. This rate is used by the central bank to charge other banks and lenders when they borrow money, so the move can impact mortgage and savings rates.
This is the second time this year that the Bank has cut the rate, after it fell from 5.25% to 5% in August.

Autumn budget 2024!

Everything you need to know.

Swipe to the right and read through of the slides about all of the changes.

#2024

With two months left in the year, now’s the perfect time to strengthen your financial habits! 💪 Here are five habits to help you stay on track:

1. Weekly Expense Review
Spend a few minutes each week reviewing your expenses. This habit keeps you aware of where your money is going and helps you spot areas where you could cut back or make adjustments.

2. Set Monthly Financial Goals
At the beginning of each month, set clear financial goals, such as reducing expenses by 10% or increasing cash flow. Monthly goals keep you focused and give you practical targets to aim for.

3. Automate Payments and Invoices
Automating regular payments and invoices saves time and prevents late fees. This habit frees you up to concentrate on growth while keeping payments and collections consistent.

4. Track Key Metrics Regularly
Keep an eye on metrics like profit margins, cash flow, and outstanding invoices, as they’re essential to your financial health. Check these numbers weekly or monthly so you’re always aware of your business’s standing.

5. Prepare for Taxes and Year-End Costs
Start preparing now for any year-end costs or taxes to avoid last-minute surprises. Set aside funds or speak with an accountant early to ensure a smooth start to the new year.

Now, the big question is: do you need to pay tax on this income? 🤔

If you’re planning to keep your earnings below £1,000, you won’t need to pay tax on it, as this amount falls within the tax-free allowance. Fantastic news! ✨

However, if your side hustle starts generating more income 🫰 and exceeds the £1,000 threshold, you will need to register as self-employed and complete a self-assessment for your earnings.

If you’re looking for some accounting guidance, don’t hesitate to get in touch! 🗣️