Ready to Rock 2024?
2023 wasn’t just a roller coaster—it was a full‑blown circus of highs, lows, and a few surprise clowns. Now that the calendar has switched pages, many of us are planting our boots firmly in the fresh soil of 2024, wondering what’s next.
Simply Business Has Your Back
When the economic music starts playing different tunes, the folks at Simply Business (your friendly neighborhood insurance wing‑man) have pulled out a playbook. They’ve distilled five game‑changing topics that every small‑enterprise should keep on its radar for the New Year.
1⃣ Pay Attention to the Cash Flow Pulse
Cash is the lifeline. Make sure your inflows and outflows are dancing together—nobody likes a sudden dip in the drum.
2⃣ Flex Your Marketing Muscles
Adapt fast, experiment bold—your marketing strategies need to be as nimble as a cat on a hot tin roof.
3⃣ Build a Resilient Supply Chain
Trim the buffer stock, pinch the bottle necks, and keep your partners in harmony.
4⃣ Stay Updated on Legal Safeguards
Insurance rules are like weather forecasts: best prepared before storm hits.
5⃣ Cultivate a Culture of Innovation
Let creativity be your guide—if the world changes, so should you.
Each of these five points is a stepping stone toward a thriving business in the shifting tides of 2024. Pick the ones that matter most to you and start building—because in the world of small businesses, staying ahead often feels like a leap of faith with a safety net on the way.
The general election
The 2024 UK Election: A Political Roller‑Coaster for Small Businesses
It’s that time of year again – the general election is on the horizon, the country’s been put into fearless prophetic mode, and every political party is polishing their manifestos harder than a glass‑cleaning crew on a bad day. What does this mean for you and your small business?
Why the Election Matters to Your Wallet
When parties scramble for votes, you’ll feel the ripple in everything from energy prices to tax incentives. A change in leadership could bring fresh subsidies, new tax breaks, or—on the flip side—more bureaucracy. It’s no secret that businesses are holding their breath: rising costs and energy bills are the hottest topics on the news cycle.
Survey Snapshot: What Small Owners Want from New Governments
Simply Business ran a poll with small‑business owners back in November 2023. Here’s how they broke it down:
- 66% of respondents craved tax incentives and breaks to keep their books balanced.
- The remaining 34% called for increased funding to help with energy payments—a direct call for relief from soaring power bills.
It’s a clear vote: sellers want the regulations to be business‑friendly, while everyone wants a few more dollars (or a few fewer pounds) in the account.
Keep Your Eyes Open…
As each party releases its manifesto, watch out for specific clauses that could change the way you file or pay taxes. Every line could mean a fresh set of deductions or an extra tax credit—so don’t just — read, scrutinize with a detective’s eye.
Seven Tips to Nail Your Self‑Assessment Tax Return (Because Even Elections Need Simple Rules)
- Gather Your Records Early – Aim to collect receipts, bank statements, and mileage logs before the deadline. The sooner you start, the less last‑minute panic.
- Separate Business and Personal Expenses – Keep a dedicated account or wallet. “What can you claim” is only the real question.
- Understand What’s Deductible – Home office, utilities, office supplies–yes, even the occasional pizza for a team meeting can count.
- Track Mileage Accurately – Use a reliable app or logbook; fractions of miles can add up to more savings than you’re suggesting.
- Check for Tax Credits – If you’re a small business, you could be eligible for research, development credits or the entrepreneurs’ relief.
- Use Pilots or Deductions Wisely – Depending on your business structure, you might be able to claim a flat rate for certain expenses.
- File Before the Deadline – Even a few days’ delay shows up as an extra charge. File early, celebrate, and keep calm.
With the elections buzzing, you’ve got a lot to keep track of, but with these seven solid steps, you’ll stay on top of your self‑assessment without losing your mind.
Wrap‑up
Business owners are feeling the heat, yes; but when you stay on your toes and keep your paperwork tidy, you’ll both survive the political turbulence and get your tax returns right. Good luck, and may the best party win the business‑friendly game!
Tax changes in 2024
Chancellor’s Autumn Budget: A Freedom Fiesta for Small Businesses
Finally! The Chancellor rolled out a new set of tax changes that aim to lift the weight off small businesses’ backpacks as they kick off a fresh financial year.
Picture This: No More Class 2 NICs
- April 2024: The pesky Class 2 National Insurance contributions disappear entirely.
- Great news for part‑time side hustlers—no more monthly contributions from that extra gig.
Less NIC, More Cash
- 2024‑25 tax year: The Class 4 NIC rate drops from 9% to 8%.
- That extra 1% is now back in the pocket of trading folks.
Side Hustle Platforms: We’re Watching You Now
From 1 January 2024, platforms like Etsy, Airbnb and Deliveroo must hand over freelance earnings straight to HMRC.
- Freelancers: keep a tidy record—your income now gets a double‑check.
- Small businesses: align your bookkeeping ASAP to avoid any surprise penalties.
What This Means for You
Bottom line: more cash in your pocket and simpler tax reporting. Just make sure you’re ready for the new platform reporting rules. Your account books will thank you.
The continued rise of side hustles
Side Hustle Boom: From Bedroom Beginnings to Big‑Time Money Makers
Remember when the UK hit lockdown and suddenly everyone was forced to reinvent themselves? The result? A tidal wave of side‑hustle ventures that turned tiny odd jobs into full‑stop businesses. Even now, post‑pandemic, the appetite for juggling multiple income streams is still on fire.
Did you know…?
- According to the SME Insights Report 2023, 40 % of established businesses started as a side hustle. That means if half of the shops that now have a brick‑and‑mortar presence began as a one‑person operation, the odds are they’ll keep riding that wave into 2024.
- The trend isn’t just a leftover from the “stay‑home” era; it’s a long‑term shift in how people view work, money, and risk.
What’s Hot in 2023 – And Will That Stay?
Simply Business has scoured the market to spot the most popular side ventures that have grown this past year. Here’s the rundown of the types that are likely to keep on trucking in 2024:
- E‑commerce & dropshipping – From wedding gowns to quirky gadgets, no niche is too small to click.
- Digital content creation – YouTube personalities, TikTok influencers, and the battle‑royale of podcasts keep audience engagement humming.
- Online tutoring and consulting – Think tech skills, language learning, or CEO certification, all served from a comfy chair.
- Subscription boxes – Curated experiences and niche goods that deliver monthly delight to loyal fans.
- Hand‑made crafts & art – From custom jewelry to digital prints, creators harness their creative spark.
- Gig‑based services – Food delivery, dog walking, and other “do‑anything‑service” gigs that thrive on local demand.
Bottom Line
As the UK economy continues to adapt, side hustles are solidifying into a staple of entrepreneurship. If 40 % of firms started from a side project, it’s easy to see why the capital city of the world is ready for yet another wave of innovators in 2024. Grab that coffee, grab a venture—just don’t let the opportunity slip away!
Sustainability and shopping second hand will remain important
Green, Fresh, and Second‑Hand: Why Sustainable Shopping Is the Buzz of 2024
Consumers are gravitating toward brands that prove they truly care about the planet, and that eco‑mindset is set to keep the spotlight on 2024.
Business‑Side Hurdles
Staggeringly, 78 % of SMEs have put sustainability at the core of their game plan, but the green road is pitted with a hefty price tag that slows progress.
Second‑Hand Trend on the Rise
- Swap apps! — Selling on places like Vinted turns your wardrobe into a quick, eco‑friendly cash flow.
- DIY stores! — Launching an online shop for repairs or custom pieces amps the resale wave.
Whether you’re a sustainability advocate or just love a good bargain, the 2024 retail arena will be shaped by both green practices and the booming second‑hand market.
Growing need for childminders
National News: Free Childcare’s Growing Roll‑Out
Back in March 2023, the UK government rolled out a fresh push to make childcare more affordable for families all over England. The new plan will allow working parents to get up to 15 hours of free childcare each week for kids aged nine to 23 months, kicking in this September. Then the goal is to double that amount to 30 hours by September 2025.
What This Means for Parents
- By September 2024, any working family can take advantage of a half‑day’s worth of childcare at no cost each week.
- Intensity ramps up to a full-day’s worth of free care from 2025.
- Eligibility covers kids from eight months old to just over two years old.
- It’s an effort to cushion parents against rising childcare bills and free up a few hours for themselves.
Quick Takeaway
This is the latest move to help work‑force parents—especially mums and dads—manage the balancing act of family and income, with a tidy, gradual increase in support that should ease parental stress by 2025.
Why Childcare Is a Booming Bull Market in 2024
Hey folks! If you’re juggling two tiny humans and a full‑time job, you already know the childcare crunch is no joke. Turns out the market is growing faster than a toddler chasing a bubble, and there’s a sweet spot for entrepreneurs ready to dive in.
Crunchy Numbers That Rock the Block
In 2023, the UK saw 70% jump in the number of childminders. That’s a dramatic swell, meaning the demand for “kid wrangling” services is soaring higher than a kite on a windy Saturday. And guess what? The trend isn’t stopping—2024 is set to keep the momentum going.
Alan Thomas’s Take: “It’s a New Year, New Opportunities!”
Alan Thomas, the savvy CEO of Simply Business, dropped this gem:
“The New Year brings fresh opportunities, and SME owners will be keen to see what 2024 has in store for them. Small businesses are the lifeblood of our local communities… together they contribute trillions of pounds to the economy. They are simply the backbone of the economy, and need our support more than ever.”
Why Small Businesses Should Hop on This Wave
- There are over five million small biz operators in the UK.
- They pull the country’s economy together like a sitcom’s main characters.
- They deserve every bit of encouragement to thrive.
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