I Hate Numbers - SoundSage

View Details

Side hustle tax questions often start small. You sell clothes on Vinted, list items on eBay, rent a room through Airbnb, freelance online, create content, or take on local work. Money comes in, and the business problem becomes simple: do you need to tell HMRC, and does the £1,000 trading allowance apply? This episode helps side hustlers, online sellers, freelancers and people with occasional trading income understand the difference between tax, reporting, records and platform data before assumptions create stress.About this episodeExtra income is easier to earn than ever. You might sell unwanted items online, rent out accommodation, deliver food, drive passengers, create content, offer freelance services, or provide local help such as gardening.What starts as a hobby or occasional activity can gradually become regular income. That is when the tax questions begin. HMRC is not especially interested in what you call the activity. The important question is whether there is taxable income and whether reporting is required.We look at side hustles, online selling, the trading allowance, HMRC reporting, digital platform data, personal possessions, business records, and why headlines about a future £3,000 reporting threshold need to be understood carefully.Why this mattersMany people assume that small amounts of online or side hustle income do not matter. Others assume that if a platform reports information to HMRC, tax is automatically due. Both assumptions can be wrong.The key is understanding the difference between trading income, personal items, reporting thresholds, tax thresholds and records. If you know where you stand, you can make better decisions, avoid unnecessary panic and reduce the risk of missing something important.This is also part of a wider HMRC shift towards digital information and online platform reporting. Our episode on HMRC’s Invisible Crackdown: What Business Owners Need to Know is a useful follow-on if you want to understand how HMRC uses data and records.Key points from this episodeSide hustle income can take many formsSide hustle income is not limited to one type of work. It can include online selling, freelance work, delivery income, driving, content creation, renting out space, hiring out equipment, local services, or occasional trading.The label does not decide the tax position. Calling something a hobby, side hustle, part-time activity or occasional income does not automatically take it outside HMRC’s interest.If the activity creates taxable income, the tax question needs to be considered.The £3,000 proposal is not a new tax-free allowanceThere has been confusion around government plans to increase the Self Assessment reporting threshold for trading income. The proposal is to raise the reporting threshold to £3,000 during the current parliament.That does not mean the trading allowance is increasing to £3,000. The trading allowance remains £1,000. That distinction matters.Less paperwork does not automatically mean less tax. Under future rules, some people may have a simpler way to report income, but tax could still be due depending on the facts.

“Just because less paperwork is required, it doesn’t automatically mean less tax is payable.”

What is the trading allowance?The trading allowance gives individuals up to £1,000 of trading income each tax year. If your gross trading income is £1,000 or less, and there are no other reporting obligations, that may be the end of the matter.Once income moves beyond that level, we need to look more carefully at reporting, taxable profit, expenses and whether the allowance is the best option.For a broader foundation on self-employed tax, registration, expenses and record keeping, our episode on Tax basics for self employed: What You Need to Know gives a useful next step.How to calculate taxable profitWhen income exceeds the trading allowance, there are generally two ways to calculate taxable profit.The first is the traditional profit calculation method. You take your income, subtract allowable business expenses, and the remaining amount is your profit.The second is to claim the £1,000 trading allowance instead of actual expenses. This is known as partial relief. You deduct £1,000 from your trading income, but you do not also claim your actual expenses.Which method is better depends on the numbers. If your side hustle income is £5,000 and your expenses are £400, the trading allowance may give a lower taxable profit. If your income is £5,000 and your expenses are £1,800, claiming actual expenses may be better.The practical lesson is simple: compare both methods before deciding.The trading allowance has limitsThe trading allowance is useful, but it is not a magic tax wand. It can reduce profits to zero, but it cannot create a loss.This matters because trading losses can sometimes be valuable, depending on your circumstances. If your income is low and expenses are high, claiming the allowance may remove the ability to record a tax loss.The allowance also applies to combined trading activities. If you freelance and separately sell products online, you do not get a separate £1,000 allowance for each activity. It is one person, one allowance, not one allowance per side hustle.There are also restrictions where income comes from certain connected companies, connected parties, employers, or a spouse or civil partner’s employer. Tax rules are rarely as simple as social media headlines make them sound.Online platforms and HMRC reportingOne of the biggest myths is that online income stays invisible. Increasingly, that is not true.Digital platforms may need to collect and report seller information to HMRC under platform reporting rules. That can include platforms used for online selling, accommodation, freelancing, delivery work or content-based income.However, platform reporting thresholds are not tax thresholds. Someone can be reported to HMRC and owe no tax. Someone else could owe tax without triggering a platform report.The report tells HMRC about activity. It does not, by itself, decide whether tax is due.Selling personal possessions is different from tradingSelling unwanted personal items is not the same as buying items with the intention of selling them for profit.If you are clearing out your wardrobe and selling old clothes, that is different from regularly buying stock to sell online. HMRC looks at the nature of the activity.Intent matters. Frequency matters. Profit motive matters. This is where the badges of trade become relevant.Good records reduce stressIf there is one practical takeaway, it is this: keep good records.Track money coming in, expenses, dates, receipts, platform statements and supporting information. Good records help you decide whether tax is payable, support allowable deductions and reduce anxiety if questions are asked later.Tax becomes harder when records are poor. The problem is often not that the numbers are complicated. The problem is that the information is missing.For practical support on building better records, our episode on Bookkeeping for Small Business explains why records tell the real story behind your numbers.FAQsDo I need to tell HMRC about my side hustle?You may need to tell HMRC if your total trading income is more than the trading allowance or if other reporting obligations apply. The answer depends on the facts, the amount earned, the type of activity and whether it is genuinely trading income.Is the trading allowance increasing to £3,000?No. The planned £3,000 change relates to the Self Assessment reporting threshold, not the trading allowance itself. The trading allowance remains £1,000.Do I get a separate £1,000 allowance for each side hustle?No. The trading allowance applies across combined trading activities. It is one allowance per person, not one allowance per activity.Does an online platform report mean I owe tax?No. A platform report does not automatically mean tax is due. It means information may have been reported. Whether tax is due depends on the underlying activity, income, expenses, allowances and your wider tax position.Is selling old clothes online taxable?Selling unwanted personal possessions is different from trading. If you are simply clearing out items you already own, that is not the same as buying items with the intention of reselling them for profit.Episode Timecodes* 00:00 – Side hustles, online selling and the HMRC question * 01:00 – How extra income can become a regular income stream * 02:00 – The £3,000 reporting proposal versus the £1,000 trading allowance * 03:00 – What the trading allowance is and how taxable profit can be calculated * 04:00 – Comparing actual expenses with the trading allowance * 05:00 – Limits, losses and one allowance across multiple activities * 06:00 – Online platforms, HMRC reporting and seller data * 07:00 – Personal possessions, trading activity and badges of trade * 08:00 – Why good records matter * 09:00 – Summary and final advice

Related episodes* Tax basics for self employed: What You Need to Know * HMRC’s Invisible Crackdown: What Business Owners Need to Know * Bookkeeping for Small Business

Key takeawaySide hustle tax is not about what you call the activity. It is about the income, the facts, the records and whether HMRC needs to be told.The trading allowance remains £1,000. The proposed £3,000 change is about reporting, not a bigger tax-free allowance. Keep good records, compare your options and understand your numbers before making assumptions. Plan it, Do it, Profit.Share this episodeShare this episode: Listen on Apple Podcasts🎧 Enjoyed this episode? Subscribe and leave a review on Apple Podcasts — it helps more side hustlers, online sellers, freelancers and business owners understand tax, finance and their numbers.About the PodcastThe I Hate Numbers podcast helps business owners understand accounting, tax, finance, profit, cash flow, and business planning in a practical way. We simplify financial topics so you can make better decisions and feel more confident with your numbers.You can also watch more practical finance and tax support on the I Hate Numbers YouTube channel, or listen and follow on Apple Podcasts.Further Support📘 Bookhttps://www.ihatenumbers.co.uk/i-hate-numbers-book/🎧 Podcasthttps://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🌐 Websitehttps://www.ihatenumbers.co.uk

View Details

Cash flow management tips matter because your business can survive without profit for a period of time, but it cannot survive without access to cash.About this episodeGood cash flow management is vital, nay, critical, to the success of your business. Cash is what keeps the business moving. It pays bills, wages, suppliers, loans, tax, overheads, and the costs that keep everything running.In this episode, we share seven practical cash flow management tips to help your business stay on track. We look at cash reserves, cost control, inventory, leasing, equipment loans, borrowing at the right time, and why good financial advice can help you spot problems before they become painful.Cash flow may feel like one of the biggest headaches in business, but ignoring it makes the problem worse. With the right habits, we can protect cash, plan ahead, and reduce the risk of being caught out.What you’ll learn in this episode* Why cash flow is critical for business survival * Why you can survive without profit for a time, but not without cash * How a cash reserve protects the business when things change * Why cost consciousness matters even when cash is flowing * How poor inventory control can damage cash flow * When leasing equipment may protect short-term cash * Why borrowing during good times can give you better options * How a good accountant can help with forecasting and budgets

Why cash flow management mattersCash flow is the movement of money into and out of your business. It is the cash available to pay what needs to be paid, when it needs to be paid.Profit matters, but profit alone does not pay the bills if the money is not in the bank. A profitable business can still fail if cash is not managed properly.This is why we need to treat cash flow as a regular part of business management, not something we only look at when pressure builds. Our episode on How different is cash to profits? is a useful follow-on if you want to understand why profit and cash are not the same thing.

“You can survive without making profits for a period of time, but you can't survive without access to cash.”

Create a cash reserveThe first cash flow management tip is to create a cash reserve. A reserve gives your business a safety net when activity changes, costs rise, customers delay payment, or unexpected problems appear.As a rule of thumb, aim for three to six months of operating costs or average cash flow. Think about what your business would need if no more customers bought from you for a while. How much cash would keep the business ticking over?That figure becomes your target. It may take time to build, but having a reserve gives you breathing space and more control.2. Stay cost consciousCost consciousness is not about cutting everything. It is about developing financial discipline and keeping control of spending, even when cash is flowing into the business.Good times do not always last forever. If we cannot save money when things are going well, it becomes much harder to do it when things get tougher.A minimum viable budget can help. It gives you a practical spending framework, so growth does not turn into careless spending. For more practical planning support, our episode on Build Your Cash Flow with a Spreadsheet: Create a Practical Forecast shows how a simple forecast can help you look ahead.3. Keep an eye on inventoryIf you run a product-based business, inventory can have a major impact on cash flow.Stock costs money to buy, money to hold, and money to manage. If too much cash is tied up in inventory, that cash is not available for wages, bills, tax, marketing, or other commitments.Poor stock control can also create hidden costs. Items may be misplaced, damaged, stored badly, or become obsolete. You may even end up ordering replacements you do not need.The aim is to hold enough inventory to meet demand, without overstocking or leaving cash trapped in slow-moving items.4. Consider leasing equipmentBuying equipment outright may be cheaper over the long term, but it can put pressure on short-term cash flow.Leasing may cost more overall, but it can reduce the immediate cash leaving the business. Instead of one large payment, the cost is spread over time. That can make cash flow easier to manage.Leasing may also give you options at the end of the agreement, such as buying the equipment or upgrading. The right choice depends on your business, your cash position, and how essential the equipment is.5. Look at equipment loansAn equipment loan is another way to fund business assets without paying the full cost upfront.It works in a similar way to a traditional bank loan, but it is linked to the equipment being financed. Depending on the lender, risk profile, terms, and business position, this may be suitable for some businesses.The key is to shop around, compare options, and understand the cash impact before committing. We should not only ask, “Can we afford the asset?” We also need to ask, “Can the business cash flow support the repayments?”6. Borrow when the going is goodThis may sound strange, but borrowing when the business is in good shape can sometimes be smarter than waiting until there is a crisis.When finances are healthy, you may have more choice, stronger bargaining power, and better access to rates. If you wait until the business is already under pressure, borrowing may be harder, more expensive, or not available at all.Opening a line of credit before you need it can give the business flexibility. The point is not to borrow recklessly. It is to plan ahead and avoid leaving funding decisions until panic sets in.7. Hire a good accountantCash flow problems often sneak up on business owners. They should not, but they do.A good accountant can help you prepare budgets, build forecasts, review cash flow, and spot pressure points before they become serious. Looking through the windscreen of the business is much better than being surprised by what has already happened.That support can help you make better decisions around reserves, costs, stock, loans, leasing, and growth. If you need help with cash flow forecasting, budgeting, or financial planning, you can get in touch with us.Good cash flow management is about preparationCash flow management is about preparing for the worst while keeping sensible financial habits when the going is good.That means building a reserve, staying cost conscious, watching inventory, thinking carefully before buying equipment, exploring suitable funding options, and getting support before cash pressure becomes urgent.Good habits make cash flow easier to manage. They also help your business stay resilient when things change.Practical cash flow management steps* Work out your target cash reserve
Build towards three to six months of operating costs where possible
Create a minimum viable budget
Keep reviewing costs, even when cash is strong
Monitor inventory and avoid tying up cash in slow-moving stock
Compare buying, leasing, and loan options before purchasing equipment
Explore finance options before the business is under pressure
Use forecasts and budgets to look ahead
Get professional support before problems become urgent

Related episodes* Build Your Cash Flow with a Spreadsheet: Create a Practical Forecast * Six steps to managing your cashflow * Why Working Capital is Important for Your Business

Key takeawayCash flow management is not optional. It protects the business, gives you breathing space, and helps you deal with pressure before it becomes a crisis.Build a cash reserve, stay cost conscious, manage inventory, think carefully about funding, and use forecasts to look through the windscreen of your business. Plan it, Do it, Profit.Share this episodeShare this episode: Listen on Apple Podcasts🎧 Enjoyed this episode? Subscribe and leave a review on Apple Podcasts — it helps more business owners manage cash flow, understand finance, and feel more confident with their numbers.Episode Timecodes* 00:00 – Why cash flow management is critical * 01:00 – Building a cash reserve and staying cost conscious * 02:00 – Managing inventory and avoiding cash tied up in stock * 03:00 – Leasing equipment and considering equipment loans * 04:00 – Borrowing when the going is good * 05:00 – Hiring a good accountant and using forecasts * 06:00 – Summary and final cash flow advice

About the PodcastThe I Hate Numbers podcast helps business owners understand accounting, tax, finance, profit, cash flow, and business planning in a practical way. We simplify financial topics so you can make better decisions and feel more confident with your numbers.You can also watch more practical finance and tax support on the I Hate Numbers YouTube channel, or listen and follow on Apple Podcasts.Further Support📘 Bookhttps://www.ihatenumbers.co.uk/i-hate-numbers-book/🎧 Podcasthttps://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🌐 Websitehttps://www.ihatenumbers.co.uk

View Details

How you define your business matters. The labels we use shape how we see ourselves, how others value our work, and how confidently we talk about the impact we make.About this episodeMany people describe themselves by structure first. Freelancer. Self-employed. Charity. Voluntary organisation. Not-for-profit. Private company. Those labels may be technically useful, but they are not always the best place to start.In this episode, we look at how to define your business by the work you do, the value you create, the risk you take, and the impact you make. Size, structure, funding source, and staffing levels matter, but they do not decide whether you are a business.This matters for freelancers, charities, social enterprises, creative organisations, community groups, voluntary organisations, and small businesses. If you provide goods or services, take risk, manage resources, work with customers, serve audiences, or contribute to the economy, you need to think like a business.What you’ll learn in this episode* Why business identity matters * Why size and structure do not define whether you are a business * How labels shape how others value your work * Why charities and not-for-profits still need business discipline * Why freelancers and self-employed people should not minimise their impact * How to describe your work by impact rather than structure * Why planning, budgeting, control, and risk still matter * How to reframe the way you introduce your organisation

Why business identity mattersWhat is in a name? Quite a lot. The way we label ourselves affects how we think, how we act, and how others respond to us.If we introduce ourselves only as a freelancer, charity, voluntary organisation, or not-for-profit, we may unintentionally narrow how people understand our work. The label can become the focus, rather than the value, service, transformation, or impact we provide.That does not mean structure is irrelevant. Legal form, tax status, governance, funding, and compliance all matter. But they are not the first thing people need to understand about the work we do.Being a business is not about sizeOne common misconception is that only larger organisations have the right to call themselves businesses. That view is far too narrow.A business is not defined only by how many staff it has, how large it is, whether it operates locally or nationally, or whether it has investors behind it. Those things describe one type of business, but they do not define business itself.Being a business is about activity. We provide goods or services. We take risk. We deal with customers, clients, audiences, suppliers, funders, and communities. We manage costs, make decisions, and contribute value.

“Being a business is about the impact you make, the services you provide, the risk you undertake, the interactions you have with suppliers and customers.”

Charities are businesses tooCharities often introduce themselves as charities first. That may be accurate, but it can also limit how people understand the work being done.A charity may provide education, healthcare, cultural activity, entertainment, outreach, advice, support, or community services. Those are real services. They require planning, budgeting, people, systems, funding, and delivery.The point is not to remove the charitable purpose. The point is to recognise that a charity can have a charitable outlook and still operate with business discipline.For more on this area, our episode on Social enterprise and Community Interest Companies is a useful follow-on. It looks at organisations that combine purpose, structure, and trading activity.Freelancers and self-employed people are businesses tooThere can also be a stigma around freelancers and self-employed people, as if they are somehow less serious or less impactful because they do not fit a traditional business model.That way of thinking is outdated. If you provide a service, take risk, find clients, manage costs, price your work, deal with late payment, and make a contribution to the economy, you are operating as a business.This is why the way you frame yourself matters. You may be self-employed, but you still need business thinking. You still need pricing, records, planning, cash flow, tax awareness, and confidence in the value you provide.Our episode on Sole Trader or Limited Company: Which Is Best for You? is a practical next step if you want to understand how structure fits into the bigger picture.The employee exceptionThere is one important distinction. If you provide your skills and time to an employer in exchange for a regular salary and benefits, you are an employee. That is a valuable and important role, but it is different from running a business.The difference is risk, independence, responsibility, and how the work is organised. A business carries its own risks, makes its own decisions, and deals directly with customers, clients, funders, or audiences.Why the label affects recognitionThis is not just a technical question. It affects recognition.Creative organisations, charities, freelancers, social enterprises, and voluntary groups often make a huge contribution. They educate, inspire, entertain, support, and transform lives. Sometimes the end user does not pay directly because the work is funded through grants, donations, contracts, or community support.That does not make the work less valuable. It simply means the funding model is different.If we describe the structure first, people may focus on the label instead of the impact. If we describe the work first, people are more likely to understand the value being created.Business discipline still mattersThinking business first does not mean every organisation is driven by profit. Charities, voluntary organisations, and social enterprises often have different objectives. Their primary motivation may be community benefit, public good, cultural value, education, or social impact.However, financial sustainability still matters. Good financial practice still matters. Planning, budgeting, internal control, compliance, and risk management still matter.If we want the organisation to survive and keep making an impact, we need business discipline. That includes understanding the numbers, managing resources, reviewing performance, and making informed decisions.Our episode on Planning Your Business Journey gives a wider view of how planning helps turn purpose into action.Reframe how you introduce your businessThe practical question is simple: how do you describe yourself?Do you lead with “we are a charity”? Do you lead with “I am a freelancer”? Do you lead with “we are a voluntary organisation”? Or do you start with the impact you make?Structure has its place, but it does not need to be the first message people hear. A better starting point is what you do, who you help, and what changes because of your work.Instead of leading with structure, try this* Explain the problem you solve * Describe who you help * Show the transformation you create * Talk about the value of the service * Then explain the structure if it matters

That small shift can change how people understand your work. It can also change how you value your own contribution.Practical steps to take* Review how you currently describe your organisation or work * Check whether you lead with structure or impact * Write one clear sentence that explains the value you create * Think about the risks, responsibilities, and decisions you manage * Use business discipline even if profit is not your primary motivation * Make sure planning, budgeting, and financial control support your purpose * Recognise that structure matters, but it should not hide the work you do

Related episodes* Social enterprise and Community Interest Companies * Sole Trader or Limited Company: Which Is Best for You? * Planning Your Business Journey

Key takeawayHow you define your business matters. Whether you are a freelancer, charity, social enterprise, voluntary organisation, not-for-profit, or private company, the starting point should be the work you do and the impact you make.Your structure matters, but it should not hide your value. Reclaim the business mindset, use business discipline, and describe the transformation you create. Plan it, Do it, Profit.Share this episodeShare this episode: Listen on Apple Podcasts🎧 Enjoyed this episode? Subscribe and leave a review on Apple Podcasts — it helps more freelancers, charities, social enterprises, and business owners understand their value and their numbers.Episode Timecodes* 00:00 – Why business identity matters * 01:00 – Why size and structure do not define a business * 02:00 – Charities, freelancers, and the problem with labels * 03:00 – Risk, services, and what makes something a business * 04:00 – Why recognition matters for creative and charitable sectors * 05:00 – Business discipline without profit as the main driver * 06:00 – Rethinking what counts as a business * 07:00 – Reframing your message around impact * 08:00 – Final thoughts and listener challenge

View Details

Bookkeeping for small business is not just paperwork. It helps us understand cash flow, make better decisions, stay compliant, and see the real story behind the numbers.About this episodeBookkeeping is one of those jobs many people avoid, delay, or push to one side. But good bookkeeping is not about creating admin for the sake of it. It is about understanding what is happening inside the business.In this episode, we explain why bookkeeping for small business matters and why it applies to more than just limited companies. Freelancers, charities, community groups, not-for-profits, arts organisations, and growing businesses all need reliable records.We look at why bookkeeping creates a memory for the organisation, how it supports cash flow, why it helps with compliance, and how cloud accounting can make the process easier when it is set up properly.What you’ll learn in this episode* Why bookkeeping is not just paperwork * How records help tell the story of your business * Why good bookkeeping supports better decisions * How bookkeeping helps protect cash flow * Why accurate records matter for funding, lenders, and trustees * How bookkeeping supports VAT, payroll, tax, and compliance * When spreadsheets may no longer be enough * Why cloud accounting and proper setup matter

Bookkeeping is not newBookkeeping may feel like a modern business chore, but it has been around for thousands of years. Accounting records from ancient Mesopotamia show people recording goods traded, crops grown, and resources collected.The tools have changed. We now have laptops, smartphones, spreadsheets, and cloud accounting software. But the reason for keeping records has not changed.We still need to know what we own, what we have spent, what we have received, and whether the organisation is moving forwards, backwards, or standing still.Bookkeeping gives your business a memoryThink about the photographs on your phone. We take pictures to capture moments and preserve memories. Bookkeeping does the same thing for the business.Every day, money moves in and out. Customers pay invoices. Suppliers send bills. Subscriptions renew. Expenses appear. Equipment is bought. Trying to remember all of that without proper records is not realistic.Good bookkeeping for small business replaces guesswork with evidence. It replaces assumptions with facts. That gives us a much stronger base for decisions.

“Good bookkeeping for small business creates a reliable memory for your organisation.”

Five reasons bookkeeping matters1. Better business decisionsGut feeling has its place. Experience matters. But decisions are much stronger when they are backed by accurate financial information.Good bookkeeping helps us see what is really going on. That means better decisions around pricing, spending, funding, projects, and growth.2. Protecting cash flowCash is the fuel of every business. A business can look profitable and still struggle if cash is not managed properly.Bookkeeping helps us track what is coming in and what is going out. It can show problems early, before they become serious. Our episode on Cash Flow Management Tips : 5 Essential Tips is a useful follow-on if cash flow is a concern.3. Understanding performanceBookkeeping is the foundation for useful financial reports. Once the records are accurate, we can see profit, costs, trends, and performance more clearly.That helps us understand which activities bring money in and which ones drain time, cash, or resources.4. Telling your business storyNumbers are the words to your business story. If we are applying for funding, speaking to trustees, talking to lenders, or planning growth, good records help prove the case.They show where the organisation has been, where it is now, and where it may be heading.5. Staying compliantGood records make VAT returns, payroll, Self Assessment, management accounts, and company tax obligations easier to manage.Tax surprises are rarely welcome. Bookkeeping reduces the risk by keeping the evidence organised and available when needed.Should bookkeeping be manual or digital?There are two common approaches: spreadsheets and cloud accounting software.Spreadsheets can work well for simple record keeping. They are flexible, affordable, and familiar. But as the organisation grows, spreadsheets can become harder to manage. They need more checking, more updating, and more manual effort.Our episode on Recording and capturing your numbers explains why the way we capture financial information matters.What is cloud accounting?Cloud accounting means your financial records are stored and managed online. Instead of being tied to one computer, your information can be accessed securely wherever you have an internet connection.Bank transactions can be imported. Reports can be produced more quickly. Information can be shared with advisers, team members, directors, or trustees. That makes the system more useful and less dependent on one person or one machine.For many small businesses, charities, freelancers, and creative organisations, cloud accounting is a practical step forward.Why cloud accounting can helpCloud accounting can give us a clearer view of the numbers. It can save time, improve access, reduce duplication, and make reporting easier.It also supports teams who are not all in the same place. Directors, trustees, advisers, and staff can access information when they need it, subject to the right permissions.For a wider look at this area, our episode on Cloud Accounting: Embracing the Future of Financial Management explains how cloud systems can support better financial management.Why setup mattersCloud accounting software is useful, but it is not magic. The setup matters. If the system is not set up properly, the reports may not give us the information we need.There is an important principle to remember: garbage in, garbage out. If the information going in is poor, the information coming out will be poor as well.This is why it helps to speak to an accountant or adviser before setting up a digital bookkeeping system. The right setup saves time, reduces errors, and gives us better information.For practical support, you can download our digitisation guide. If you need help with bookkeeping, cloud accounting, or Xero setup, our Xero accounting support can also help.Practical bookkeeping steps to take* Record income and expenses regularly * Keep invoices, bills, receipts, and supporting documents organised * Review cash flow before problems build up * Use reports to understand profit, costs, and trends * Make sure records support tax, VAT, payroll, and management accounts * Move from spreadsheets when they become too manual * Choose software that fits the organisation * Set the system up properly before relying on the reports

Related episodes* Bookkeeping: Capturing the Words to Your Business Story * Recording and capturing your numbers * Cloud Accounting: Embracing the Future of Financial Management

Key takeawayBookkeeping for small business gives us the financial memory we need to run the organisation properly. It supports decisions, cash flow, compliance, funding, and confidence.The tools may have changed, but the purpose has not. Keep reliable records, review them regularly, and use a system that supports your goals. Plan it, Do it, Profit.Share this episodeShare this episode: Listen on Apple Podcasts🎧 Enjoyed this episode? Subscribe and leave a review on Apple Podcasts — it helps more small businesses, charities, freelancers, and organisations understand their numbers.Episode Timecodes* 00:00 – Why bookkeeping for small business matters * 01:00 – What ancient records teach us about business today * 02:00 – Better decisions and protecting cash flow * 03:00 – Performance, business story, and compliance * 04:00 – Spreadsheets versus cloud accounting * 05:00 – What cloud accounting does * 06:00 – Why Xero and digital systems can save time * 07:00 – Setup, garbage in garbage out, and final thoughts

View Details

Making Tax Digital quarterly updates are about to become a regular part of tax reporting for many self-employed people and landlords. The key is understanding what HMRC expects, what your software sends, and why these updates are not the same as a tax return.About this episodeMaking Tax Digital, or MTD, has been talked about for years. Now, for many people, the first quarterly update deadline is becoming a practical reality.In this episode, we explain what Making Tax Digital quarterly updates are, what information is sent to HMRC, why the updates are not tax returns, and how the deadlines work. We also cover nil submissions, tax estimates, calendar update periods, standard update periods, and what happens after the fourth quarterly update.This episode is especially useful if you are self-employed, a landlord, or have a mix of business and property income. It also matters if you want to avoid last-minute stress and build better digital record-keeping habits before the first deadline arrives.What you’ll learn in this episode* What Making Tax Digital quarterly updates actually are * Why quarterly updates are not tax returns * What information your software sends to HMRC * Why HMRC does not receive every receipt, bill, or invoice * What to do if you have no income or expenses in a quarter * How the main quarterly update deadlines work * What happens after you submit an update * Why good digital records make MTD easier to manage

What are Making Tax Digital quarterly updates?Under MTD, compatible software collects information from your digital records and creates a summary every three months. These summaries are called quarterly updates.The update is sent to HMRC using approved software. It gives HMRC summary totals for income and expenses during the reporting period. It does not send every individual receipt, invoice, bill, or document.If you are self-employed, a landlord, or have both business and property income, you may need to send a separate quarterly update for each qualifying source of income. Our episode on Tax and Your Self Employed Business is a useful starting point for understanding wider self-employed tax responsibilities.

“Making Tax Digital quarterly updates are not tax returns.”

What information is sent to HMRC?Your software sends totals for income and expense categories. These categories broadly follow the same type of structure used under Self Assessment.Think of the quarterly update as a summary, not the full report. HMRC receives an overview of your business or property income and expenses, not every underlying document behind the figures.You do not need to make year-end accounting adjustments before sending each quarterly update. The figures are based on the records captured so far, and later corrections can be reflected in later updates.Do you still need to submit if nothing happened?Yes. If you had no income and no expenses during a period, you still need to send the quarterly update. It will simply be a nil submission.This is one reason consistency matters. MTD is not just about sending figures when the business is active. It is about keeping regular digital records and maintaining the reporting rhythm throughout the year.Why quarterly updates matterThe purpose behind Making Tax Digital quarterly updates is to give taxpayers a clearer view of their tax position during the year. Instead of waiting until after the tax year ends, you can see an estimated tax position based on information already submitted.This can help if income is irregular, seasonal, or spread across more than one source. Freelancers, creative businesses, landlords, and self-employed people can all benefit from having a clearer view of what may be building up.Our episode on Stop Waiting for HMRC: Prepare for Making Tax Digital Today explains why business owners should prepare early instead of waiting until the deadline pressure arrives.What happens after you send a quarterly update?After you send an update, you may be able to view an estimated tax calculation through your software or your HMRC online account.HMRC may include other information it holds, such as student loan or postgraduate loan details. However, the estimate is only as good as the information available at that point.If you have other income sources, such as employment income, savings interest, or additional property income, the estimate may not be complete unless those details are included later. Before the final tax return is submitted, those missing details still need to be added.Making Tax Digital quarterly update deadlinesMost things in tax come with deadlines, and MTD is no different. For standard update periods, the quarterly updates are cumulative. Each update covers from the start of the tax year to the end of the relevant update period.Standard update periods* 6 April to 5 July — deadline 7 August * 6 April to 5 October — deadline 7 November * 6 April to 5 January — deadline 7 February * 6 April to 5 April — deadline 7 May following the end of the tax year

Because the updates are cumulative, you are not normally correcting previously filed updates. Adjustments can be reflected in the next quarterly update.Calendar update periodsThere is also a calendar quarter option using periods ending in June, September, December, and March. The deadlines remain 7 August, 7 November, 7 February, and 7 May.You do not have to wait until the deadline day. You can submit after the update period ends, and in some situations you may be able to submit shortly before the period end if no further transactions are expected.What happens after the fourth quarterly update?The fourth quarterly update is not the end of the process. After the quarterly updates, there is still a final tax return submission.For the 2026 to 2027 tax year, the first quarterly update deadline is 7 August 2026 and the fourth quarterly update deadline is 7 May 2027. The final tax return submission for that year is due by 31 January 2028.That final submission is where other income, claims, reliefs, allowances, and final adjustments need to be dealt with. The quarterly updates help build the picture, but they do not replace the final tax return.Common MTD mistakes to avoidMTD may feel new, but the core habits are familiar: keep records, review figures, use suitable software, and do not leave everything until the last minute.Avoid these mistakes* Leaving three months of records until the deadline week * Assuming the software has captured everything correctly * Forgetting nil submissions * Thinking quarterly updates are final tax returns * Ignoring other income sources until too late * Missing the final tax return after the fourth update * Using digital tools without reviewing the figures

Why good digital records matterGood record keeping makes Making Tax Digital much easier. If income and expenses are captured regularly, quarterly updates become part of the business routine rather than a last-minute scramble.Digital records also help beyond compliance. They can support better cash flow planning, clearer tax estimates, and more confident business decisions.Software matters, but it should still be value for money and suitable for the business. Our episode on Stop the Software Tax: The Hidden Cost of Making Tax Digital looks at the cost side of preparing for MTD.If you need help preparing for MTD, there is a useful Making Tax Digital webinar available. If you need support setting up a digital bookkeeping system, our Xero accounting support can also help.Practical steps to prepare for MTD* Check whether MTD applies to your self-employment or property income * Choose software that works with Making Tax Digital * Set up digital records before the first update deadline * Record income and expenses consistently * Review figures before submitting updates * Put the quarterly deadlines into your calendar * Plan for the final tax return after the fourth update * Get support early if the software or process feels unclear

Related episodes* Stop Waiting for HMRC: Prepare for Making Tax Digital Today * Stop the Software Tax: The Hidden Cost of Making Tax Digital * Tax basics for self employed: What You Need to Know

Key takeawayMaking Tax Digital quarterly updates are regular summaries of business or property income and expenses. They are not tax returns, and they do not send every receipt or invoice to HMRC.The best way to stay ready is to keep digital records, understand the deadlines, review the figures, and treat MTD as part of your normal business routine. Plan it, Do it, Profit.Share this episodeShare this episode: Listen on Apple Podcasts🎧 Enjoyed this episode? Subscribe and leave a review on Apple Podcasts — it helps more self-employed people, landlords, and business owners understand tax, finance, and their numbers.Episode Timecodes* 00:00 – What Making Tax Digital quarterly updates cover * 01:00 – What quarterly updates are and who sends them * 02:00 – What HMRC receives and why nil submissions matter * 03:00 – Tax estimates after submitting an update * 04:00 – Other income sources and final tax return details * 05:00 – Quarterly update deadlines and standard periods * 06:00 – Calendar periods and the final tax return deadline * 07:00 – Common MTD mistakes and record-keeping habits * 08:00 – Webinar support, digital systems, and final thoughts

View Details

Winter Fuel Payment tax recovery can catch people by surprise. If your income is over the threshold, HMRC may recover the payment through your tax code or Self Assessment, even though the payment itself is tax-free.About this episodeThe Winter Fuel Payment is designed to help older people with heating costs. However, the recovery rules mean that some people may receive the payment and then have it taken back through the tax system.In this episode, we explain what the Winter Fuel Payment is, who may be affected by the tax recovery rules, how the £35,000 income threshold works, and why the recovery is based on individual income rather than household income.We also look at PAYE tax code changes, Self Assessment reporting, means-tested benefits, Scottish rules, landlord income, and why checking the figures matters before penalties or interest become a problem.What you’ll learn in this episode* What the Winter Fuel Payment is designed to support * When Winter Fuel Payment tax recovery can apply * Why the £35,000 threshold is based on individual income * How HMRC may recover the payment through PAYE * What Self Assessment taxpayers need to check * Why pension income, savings income, property income, and self-employed income matter * Why some means-tested benefits may protect the payment * How landlords can be caught by the income calculation

What is the Winter Fuel Payment?The Winter Fuel Payment is a tax-free annual government lump sum designed to help older people with heating costs. Mahmood explains that it may be worth between £100 and £300, depending on the person’s circumstances.It is generally available to those born on or before 28 June 1960 who live in England, Wales, or Northern Ireland during the qualifying week. If you live in Scotland, you may be able to claim the Pension Age Winter Heating Payment instead.How Winter Fuel Payment tax recovery worksWinter Fuel Payment tax recovery applies when personal income is over £35,000. The key point is that the recovery is all or nothing. If the income threshold is exceeded, the full payment may be recovered.This is different from some other income-related tax charges. For example, our episode on the High Income Child Benefit Charge explains a different system where Child Benefit can be clawed back gradually as income rises.

“The revenue clawback triggers a total repayment of your Winter benefit, not a partial one, but a full repayment.”

The £35,000 income thresholdThe recovery rules look at individual income. Your partner’s income is assessed separately, and household income is not combined for this specific test.This can create situations that feel unfair. One person may lose their payment because their income is over the threshold, while a partner with lower income may keep theirs.What income counts?The income calculation is based on total income rather than adjusted net income. That means items such as Gift Aid donations and workplace pension contributions do not reduce the figure in the same way they can for some other tax calculations.Income may include salary, self-employed income, pension income, property income, savings interest, and other taxable income. This is why it is important to check the full position instead of looking at one income source in isolation.How the threshold compares with other tax rulesMahmood highlights an important point about consistency. The Winter Fuel Payment tax recovery threshold sits at £35,000, while other tax thresholds work differently.For example, higher-rate income tax starts at a higher level, and the High Income Child Benefit Charge begins at a different threshold and is clawed back gradually. With Winter Fuel Payment tax recovery, the clawback is based on the full payment once the threshold is crossed.This is why the rule can feel harsh for people with moderate income, private pensions, savings income, rental income, or other income built up through retirement planning.PAYE recovery through your tax codeFor many people, HMRC will recover the Winter Fuel Payment through PAYE by changing the tax code. This means the recovery happens through tax deductions rather than through a separate direct repayment.For a typical £200 payment, the monthly effect may be spread across the tax year. Some years may feel more noticeable if HMRC is recovering more than one year at the same time.Self Assessment and Winter Fuel Payment tax recoveryThe process is different if you file a Self Assessment tax return. In theory, the relevant entry may be pre-populated, but the taxpayer is still responsible for checking the return before submission.If the Winter Fuel Payment recovery is missing and it should apply, it may need to be added manually. Missing it could lead to interest or penalties later.This matters for people with pension income, property income, savings income, self-employed income, or other tax return obligations. For wider planning, our episode on Holistic Tax Planning: A Smarter Way to Manage Your Taxes gives useful context on looking at tax decisions together rather than in isolation.Means-tested benefits and protectionSome people may be protected from the recovery rules if they receive relevant means-tested benefits. Pension Credit and Universal Credit are examples mentioned in the episode.This is an important area to check carefully because benefit status can change the outcome. If you are unsure, use the official government checker or speak to a qualified adviser.Why landlords need to be carefulLandlords may need to take extra care when checking the income threshold. Rental income rules can be misunderstood, especially where mortgage interest is involved.Mortgage interest is not treated as a simple deduction from rental income in the same way it may appear in ordinary accounts. That means someone may feel their rental profit is modest, while the tax calculation still pushes income over the threshold.This can make the Winter Fuel Payment tax recovery position more complicated for landlords with property income.Opting out of the paymentSome people choose to opt out of receiving the Winter Fuel Payment to avoid the administrative burden of HMRC recovering it later.The opt-out rules and deadlines vary by year, so it is important to check the current official guidance before making a decision. If the payment has already been made and recovery applies, HMRC will usually handle the recovery through the tax system.Practical steps to take* Check whether your individual income is over £35,000 * Do not assume your partner’s income changes your own threshold position * Review pension income, salary, savings income, property income, and self-employed income * Check whether relevant means-tested benefits protect your position * If you are in PAYE, look out for tax code changes * If you file Self Assessment, check whether the payment has been included correctly * Use the government checker or speak to a qualified adviser if unsure * Review opt-out deadlines before the next payment cycle

Related episodes* High Income Child Benefit Charge: Who Pays and How to Reduce It * Holistic Tax Planning: A Smarter Way to Manage Your Taxes * Maximising Your Personal Allowance

Key takeawayWinter Fuel Payment tax recovery depends on your own income position. If your income is over £35,000 and you are not protected by relevant rules, HMRC may recover the full payment through PAYE or Self Assessment.Check the threshold, understand what income counts, watch your tax code or tax return, and get support if the rules are unclear. Plan it, Do it, Profit.Share this episodeShare this episode: Listen on Apple Podcasts🎧 Enjoyed this episode? Subscribe and leave a review on Apple Podcasts — it helps more people understand tax, finance, HMRC rules, and their numbers.Episode Timecodes* 00:00 – What the Winter Fuel Payment episode covers * 01:00 – The £35,000 income threshold and individual assessment * 02:00 – Means-tested benefits and threshold inconsistencies * 03:00 – PAYE tax code recovery and Self Assessment * 04:00 – Checking tax returns and opting out * 05:00 – Landlords, property income, and final advice

View Details

The High Income Child Benefit Charge can take families by surprise. If one parent or partner has adjusted net income over the threshold, some or all of the Child Benefit received may need to be paid back through tax.About this episodeChild Benefit can provide valuable support for families, but the High Income Child Benefit Charge changes the picture when income rises above a certain level.In this episode, we explain what the charge is, who it affects, how adjusted net income works, and what families can legally do to reduce or avoid the charge. We also look at pension contributions, Gift Aid donations, household income planning, opting out of payments, and why National Insurance credits still matter.This episode is especially useful for parents, couples, higher earners, and families who receive Child Benefit but are unsure how the tax charge works.What you’ll learn in this episode* What the High Income Child Benefit Charge is * When the charge starts to apply * Why adjusted net income matters more than salary alone * How the Child Benefit clawback is calculated * Why the higher earner carries the tax liability * How pension contributions can reduce adjusted net income * How Gift Aid donations can also affect the calculation * Why ignoring the charge can lead to interest and penalties

What is the High Income Child Benefit Charge?The High Income Child Benefit Charge is a tax charge that applies when an individual’s adjusted net income goes above the relevant threshold and Child Benefit is being claimed in the household.The charge is based on individual income, not combined household income. This can create unfair-looking results. Two parents may each earn just below the threshold and keep the full Child Benefit, while a single-earner household may lose some or all of it if one person’s income is higher.

“Who gets the cash isn’t the issue. It’s the parent with the larger adjusted net income that carries the complete tax liability.”

When does the charge apply?The charge starts when adjusted net income exceeds £60,000. For every £200 over that threshold, 1% of the Child Benefit is clawed back. Once adjusted net income reaches £80,000, the Child Benefit is clawed back in full.For the 2026 to 2027 tax year, Child Benefit is paid weekly at £27.05 for the eldest or only child and £17.90 for each additional child. Over a full year, those amounts can add up to a meaningful sum for families.What does adjusted net income mean?Adjusted net income is not simply the same as basic salary. It starts with total taxable income before personal allowances, then allows certain deductions.These deductions can include pension contributions, Gift Aid donations, and some trading losses. That is why understanding adjusted net income is so important. A family may be able to reduce or remove the charge by planning properly and keeping accurate records.Example: how the charge worksLet’s imagine a household with two children. One parent stays at home, while the other has adjusted net income of £70,000.Because the higher earner is £10,000 over the £60,000 threshold, 50% of the Child Benefit would be clawed back. That can create a significant tax bill, even if the person receiving the Child Benefit is not the higher earner.This is why families need to look at income, tax, pensions, donations, and Child Benefit together, rather than treating each area separately.Three ways to reduce the High Income Child Benefit Charge1. Equalise household income where possibleBecause the charge is based on individual adjusted net income, not total household income, planning how income is shared can make a difference.This may involve reviewing working patterns, savings income, or how assets are held between spouses or civil partners. The aim is to understand whether income can be arranged more efficiently and legally, rather than allowing one person’s income to trigger a larger charge.2. Use pension contributions carefullyPension contributions can reduce adjusted net income. That means they may also reduce the High Income Child Benefit Charge.For example, if adjusted net income is above the threshold, making an appropriate pension contribution may bring income closer to or below the point where the charge applies. This can also support longer-term retirement planning.Before making large pension decisions, it is sensible to take professional advice so that the contribution fits your wider tax, cash flow, and retirement position. For a broader planning view, our episode on Holistic Tax Planning: A Smarter Way to Manage Your Taxes is a useful next step.3. Consider Gift Aid donationsGift Aid donations can also reduce adjusted net income. That can help lower the charge while also supporting charities and causes you care about.Our episode on Gift Aid Tax Relief: How It Helps Charities and Donors explains how Gift Aid works and why accurate records matter.For a wider look at charitable giving and tax planning, our episode on Tax effective giving on charities is also a useful next step.Should you opt out of Child Benefit payments?Some parents choose to opt out of receiving Child Benefit payments if the charge would claw the benefit back in full. However, it is still important to complete the correct registration process.This matters because Child Benefit can protect National Insurance credits, which may affect future State Pension entitlement. Opting out of payments without understanding the wider position can create problems later.Why ignoring the charge is riskyIgnoring the High Income Child Benefit Charge is not a good strategy. HMRC can identify situations where Child Benefit has been claimed and income suggests the charge should have applied.If the charge is missed, families may face repayment, interest, and penalties. The better approach is to understand the rules, review adjusted net income, keep records, and deal with the charge properly.Practical steps for families* Check whether either parent or partner has adjusted net income over £60,000 * Review who receives Child Benefit and who has the higher income * Keep records of pension contributions and Gift Aid donations * Consider whether Child Benefit payments should continue or be opted out of * Make sure National Insurance credits are protected where relevant * Plan ahead before income reaches the clawback range * Speak to a tax adviser if the rules are unclear or income is changing

Related episodes* Gift Aid Tax Relief: How It Helps Charities and Donors * Tax effective giving on charities * Holistic Tax Planning: A Smarter Way to Manage Your Taxes

Key takeawayThe High Income Child Benefit Charge depends on adjusted net income, not just salary and not combined household income. Pension contributions, Gift Aid donations, and careful income planning may help reduce the charge legally.Do not ignore the rules or assume HMRC will not notice. Check your position, keep records, and get advice before the charge becomes an expensive surprise. Plan it, Do it, Profit.Share this episodeShare this episode: Listen on Apple Podcasts🎧 Enjoyed this episode? Subscribe and leave a review on Apple Podcasts — it helps more families and business owners understand tax, finance, and their numbers.Episode Timecodes* 00:00 – What the High Income Child Benefit Charge covers * 01:00 – Thresholds, clawback, and opting out of payments * 02:00 – Who pays the charge in the household * 03:00 – What adjusted net income means * 04:00 – Equalising income and household planning * 05:00 – Pension contributions and reducing the charge * 06:00 – Gift Aid, HMRC risks, and final advice * 07:00 – Why ignoring the charge can lead to penalties

View Details

Numeracy skills decline is not just an education issue. For business owners, weak number confidence can damage pricing, cash flow, profit margins, budgeting, and decision-making.About this episodeMany people laugh about being bad at maths. However, in business, poor numeracy can become a serious financial risk. If we do not understand the numbers behind pricing, costs, margins, budgets, and cash flow, we can lose money without realising it.In this episode, we look at the impact of numeracy skills decline on businesses, charities, creative organisations, and not-for-profits. We also talk about the role of smartphones, software, artificial intelligence, poor maths foundations, and the cultural habit of treating number anxiety as normal.The aim is not to point the finger. It is to help business owners become more aware, build better financial habits, and use numbers as a practical tool for survival and growth.What you’ll learn in this episode* Why numeracy skills decline can become a business risk * How poor maths confidence can affect pricing and profit * Why software does not replace financial understanding * How artificial intelligence can increase overconfidence in unchecked answers * Why gross profit margins matter for business survival * How charities, creatives, and small businesses can be affected * What practical financial habits can help rebuild confidence with numbers

Why numeracy skills decline matters in businessBusiness numbers are not abstract. They affect the money coming in, the money going out, the profit we keep, and the decisions we make. When numeracy skills decline, business owners can miss warning signs that are sitting directly inside their figures.A pricing mistake, a misunderstood percentage, or a miscalculated margin can quietly reduce profit. The business may look busy, sales may increase, and activity may feel positive, but the numbers may tell a very different story.

“Being bad at maths is not a quirky personality trait. Instead, it represents a direct financial liability.”

The hidden cost of weak number confidenceWeak numeracy can affect every part of the business. It can influence pricing, budgeting, cash flow, bookkeeping, stock decisions, project costs, and the way reports are understood.If we misjudge gross profit margin, we may sell more while still losing money on every transaction. That is why understanding why gross profit is a big deal for your business is a practical part of financial control.Why technology is not enoughCalculators, smartphones, accounting software, and AI tools can all help us work faster. However, they do not remove the need to understand the logic behind the answer.If software gives an incorrect result, or if figures are entered in the wrong place, we still need enough number awareness to spot that something does not look right. A set of figures may balance inside the software, but that does not automatically mean the financial story is correct.The risk of blind trust in softwareModern digital tools can create a false sense of security. If we rely completely on automated dashboards without understanding the figures, we may miss basic bookkeeping errors, weak margins, cash flow pressure, or unrealistic budgets.Software should support our thinking, not replace it. Better numeracy helps us ask better questions and make better use of the systems we already have.Numeracy, cash flow, and profitNumeracy skills decline can directly affect business cash flow. If we do not understand how sales, costs, margins, overheads, and timing work together, we may make decisions that look sensible on the surface but damage the bank balance underneath.For example, selling more does not always mean the business is healthier. If the selling price is wrong, costs are rising, or overheads are not properly included, growth can hide a weak business model.If cash flow confidence is one of the areas you want to strengthen, our episode on Build Your Cash Flow with a Spreadsheet: Create a Practical Forecast gives a practical way to make the numbers more visible.How different sectors are affectedThis issue is not limited to one type of organisation. Numeracy skills decline can affect small businesses, large organisations, charities, not-for-profits, creative professionals, and start-ups.Charities and not-for-profitsFor charities, poor number tracking can affect transparency and decision-making. Trustees and managers need to know which projects are using resources, which activities are financially sustainable, and where money is being allocated.Creative businessesCreative professionals can face budgeting problems when project costs are not tracked properly. If the numbers are unclear, it becomes harder to price work, manage cash flow, and understand whether a project has made a genuine contribution.Small businesses and start-upsSmall businesses often operate with limited cash reserves. That makes number confidence even more important. A small mistake in pricing, stock, costs, or cash flow can have a bigger impact when the financial buffer is thin.Practical habits to improve financial confidenceThe answer is not to become a mathematician. Business owners do not need a maths degree to improve financial control. What we need are structured habits, clear reports, and the confidence to look at the numbers regularly.Useful number habits for business owners* Review cash flow projections regularly * Compare actual results against the original budget * Check gross profit margins before increasing sales volume * Look at variances and ask why they happened * Understand what your accounting software is showing you * Track project costs before they become a problem * Use facts, not guesses, when making financial decisions

Why awareness is the first stepMany people have had difficult experiences with maths, and number anxiety is real. However, avoiding numbers does not protect the business. It makes the risks harder to see.Awareness is the first step. Once we accept that financial confidence can be built, we can start using numbers as a tool instead of treating them as something to avoid.Related episodes* Ignoring Your Numbers Is Killing Your Creative Business * Understanding Financial Terminology: Capital Expenses, Operating Costs and Profit * Understanding Your Financial Statements: Cash Flow, Profit and Balance Sheet

Key takeawayNumeracy skills decline can quietly damage business profit, cash flow, pricing, budgeting, and decision-making. The solution is not complicated mathematics. It is regular attention, better habits, and a willingness to understand what the numbers are telling us.Do not guess your financial position. Build confidence, review the figures, and use numbers to support better decisions. Plan it, Do it, Profit.Share this episodeShare this episode: Listen on Apple Podcasts🎧 Enjoyed this episode? Subscribe and leave a review on Apple Podcasts — it helps more business owners understand finance, profit, cash flow, and their numbers.Episode Timecodes* 00:00 – Why numeracy skills decline is a business risk * 01:00 – How weak maths skills affect businesses and teams * 02:00 – Smartphones, school foundations, and AI overconfidence * 03:00 – Why maths anxiety can damage financial decisions * 04:00 – Profit margins, software reliance, and sector risks * 05:00 – Practical habits to rebuild financial confidence * 06:00 – Taking control of your numbers and final thoughts

View Details

Late registration for self employment can quickly become a cash flow problem. Missing HMRC deadlines may lead to penalties, backdated returns, VAT issues, and unnecessary stress for sole traders and new business owners.About this episodeWhen a business starts, it is easy to focus on websites, branding, customers, bank accounts, and sales. However, basic tax compliance matters from the very beginning.In this episode, we explain what can happen when self-employed businesses fail to register on time. We cover the registration threshold, the 5 October deadline, failure to notify penalties, voluntary disclosure, Making Tax Digital, backdated tax returns, and VAT registration risks.This episode is especially useful for sole traders, side hustlers, freelancers, and new business owners who may not realise that HMRC looks at total sales before expenses, not just profit.What you’ll learn in this episode* When self-employed registration becomes mandatory * Why the £1,000 threshold is based on sales, not profit * Why the 5 October deadline matters * How late registration can affect cash flow * What failure to notify means * Why voluntary disclosure can reduce penalties * How Making Tax Digital changes compliance habits * Why VAT registration can create a separate financial risk

Why late registration for self employment mattersLate registration for self employment is not just a paperwork issue. It can expose a business owner to HMRC penalties, backdated tax returns, interest, and extra pressure on the bank balance.The key point is that HMRC looks at total sales before expenses. If total trading income goes over the relevant threshold, we cannot simply deduct costs, look at the profit, and use that lower figure to avoid registration.If you are starting out as a sole trader, our episode on Tax and Your Self Employed Business is a useful next step for understanding the wider tax position.

“Never assume that small revenue numbers mean the tax man will ignore you.”

The £1,000 trading income pointOne of the most important points in this episode is that the registration point is based on sales, not profit. That means we look at total income before deducting business expenses.This matters because a business may have low profit, or even early trading losses, but still need to understand whether Self Assessment registration applies.Why voluntary registration may still helpVoluntary registration can sometimes be sensible, especially where the business has early trading losses. Depending on the wider personal tax position, those losses may help when preparing a tax return.The main message is simple: track every transaction from day one. Good bookkeeping helps us understand sales, expenses, profit, tax exposure, and whether registration is needed.The 5 October deadlineThe key deadline for telling HMRC about new self-employed income is 5 October following the end of the tax year. Missing that date can put the business owner into late registration territory.For example, if someone starts trading in May 2025, the deadline for informing HMRC would be 5 October 2026. Waiting until the tax payment deadline is not the same as registering on time.Failure to notify and HMRC penaltiesWhen someone does not tell HMRC about taxable income on time, this can fall under failure to notify rules. Penalties can depend on the tax owed, the length of the delay, and whether the behaviour was careless, deliberate, or corrected voluntarily.Coming forward before HMRC contacts us is usually better than waiting. An unprompted disclosure can help reduce the penalty position and show that we are trying to correct the problem.Practical steps if you have registered late* Do not ignore the problem * Work out when the business started trading * Gather income and expense records * Register with HMRC as soon as possible * Prepare any missing tax returns * Make a voluntary disclosure where appropriate * Speak to a qualified adviser if several years are involved

Backdated tax returns can become expensiveIf a business has been trading under the radar for several years, HMRC may expect tax declarations from the date the business started. That can mean backdated tax returns, late filing penalties, interest, and a larger bill than expected.Late filing penalties are separate from failure to notify penalties. This means the costs can build up quickly if the issue is left unresolved.Making Tax Digital and digital recordsModern UK tax compliance is becoming more digital. Making Tax Digital increases the importance of proper bookkeeping, regular updates, and reliable accounting systems.Poor records make deadlines harder to manage. If quarterly updates, digital record keeping, or bookkeeping systems are relevant to your business, it is worth getting organised early rather than waiting until HMRC pressure builds.If you need help putting better systems in place, our Xero accounting support can help you improve bookkeeping and digital record keeping.Do not forget VAT registrationSelf Assessment is not the only registration risk. As a business grows, VAT can become another major compliance area.If taxable turnover passes the VAT registration threshold, the business may need to register for VAT. Late VAT registration can mean backdated VAT on past sales, even where VAT was not charged to customers at the time.That can damage profit margins and cash flow. Our episode on VAT in the UK: How It Works and How to Stay Compliant explains the wider VAT position for businesses.Why ignoring the problem makes it worseMany people do not register late because they set out to avoid tax. Sometimes the issue starts as a mistake, then becomes harder to face as time passes. Fear and anxiety can make the delay even longer.The problem is that waiting rarely improves the position. The sooner we act, the easier it is to organise records, explain the delay, reduce penalties where possible, and rebuild control over the numbers.Practical steps to stay compliant* Track all sales from the first day of trading * Do not confuse sales with profit * Put the 5 October registration deadline in your calendar * Keep digital records where possible * Review whether VAT registration may apply * Ask for help before HMRC contacts you * Deal with historic errors quickly and honestly

Related episodes* Tax and Your Self Employed Business * The Benefits of Operating as a Sole Trader * VAT in the UK: How It Works and How to Stay Compliant

Key takeawayLate registration for self employment can create penalties, backdated tax returns, VAT problems, and unnecessary stress. The best approach is to know the registration rules, track income properly, act before HMRC contacts us, and get professional help where needed.Do not ignore registration if you have met the criteria. Get organised, fix the problem early, and protect your bank balance. Plan it, Do it, Profit.Share this episodeShare this episode: Listen on Apple Podcasts🎧 Enjoyed this episode? Subscribe and leave a review on Apple Podcasts — it helps more sole traders, freelancers, and business owners understand tax, finance, and their numbers.Episode Timecodes* 00:00 – Why late registration for self employment matters * 01:00 – The £1,000 sales threshold * 02:00 – Voluntary registration, losses, and future changes * 03:00 – The 5 October deadline * 04:00 – Reasonable excuses and voluntary disclosure * 05:00 – Failure to notify and penalty behaviour * 06:00 – Why delays become harder to fix * 07:00 – Making Tax Digital penalty points * 08:00 – Backdated returns and late filing penalties * 09:00 – HMRC review powers and VAT registration risks * 10:00 – Backdated VAT, thresholds, and final action steps

View Details

About this episodeThe UK tax system can often feel like a one-way street. However, Gift Aid tax relief is one area where the system can help generosity work harder. In this episode, we explain how Gift Aid tax relief works, who can use it, what donors need to check, and why charities must keep accurate records. We also cover higher and additional rate taxpayer relief, donor benefit rules, corporate donations, and the Gift Aid Small Donations Scheme. This episode is useful if you run a charity, support a community amateur sports club, donate to good causes, or advise clients who make charitable donations.

What you’ll learn in this episode* What Gift Aid tax relief means in practical terms * How charities can claim extra value on eligible donations * Why donors must have paid enough UK tax * How higher and additional rate taxpayers may claim extra relief * Why donor benefit rules can affect whether Gift Aid applies * How corporate donations are treated differently * How the Gift Aid Small Donations Scheme helps with small cash and contactless gifts

What is Gift Aid tax relief?Gift Aid tax relief is a partnership between the donor, the charity, and the government. When an eligible UK taxpayer makes a donation, the charity can claim back the basic rate tax linked to that gift. In practical terms, for every £1 donated, the charity can receive £1.25. That gives the charity an extra 25% boost without the donor paying more.

“For every £1 you give, the charity receives £1.25.”

Why Gift Aid mattersGift Aid tax relief helps more money reach the causes people care about. That can be especially important for small charities, local causes, community groups, and community amateur sports clubs. However, Gift Aid is not automatic. Donors need to make a valid declaration, charities need to keep records, and both sides need to understand the basic rules. If you want more background on the wider impact of charitable giving, our episode on Gift Aid and Charitable Giving: Understanding the Impact is a helpful next step.

What donors need to checkThe donor must be a UK taxpayer. Gift Aid is a refund of tax already paid, so the donor must have paid enough income tax or capital gains tax to cover the amount the charity will reclaim. If the donor has not paid enough tax, HMRC may ask the donor to pay the difference. That is why ticking the Gift Aid box should not be treated as a casual formality.

Before making a Gift Aid declaration* Check that you are a UK taxpayer * Check that you have paid enough income tax or capital gains tax * Remember that the rule applies across all charities you support * Keep records of donations if you need to claim relief personally

Higher and additional rate taxpayer reliefGift Aid can also benefit higher and additional rate taxpayers. The charity still claims the basic rate tax top-up, while the donor may be able to claim personal tax relief on the difference between their tax rate and the basic rate. For example, if a donor gives £100, the charity treats the gross donation as £125. A higher rate taxpayer may then be able to claim extra relief on that grossed-up amount. For many donors, the main motivation is generosity. Even so, the tax relief can be a useful additional benefit, especially when completing a tax return or reviewing personal tax planning. Our episode on Tax effective giving on charities looks further at this area.

What charities need to doCharities need to make sure their Gift Aid claims are accurate, supported, and properly recorded. That means keeping valid declarations, checking eligibility, and making sure claims are made within the correct time limits. Good records are not just admin. They protect the charity, support HMRC compliance, and help ensure donations are claimed correctly.

Gift Aid record-keeping checklist* Keep donor declarations safely * Record the donor name and address where needed * Track donation amounts and dates * Check whether a donor received a benefit in return * Make claims within the relevant deadline * Keep records organised for review and reporting

Donor benefits and Gift Aid limitsGift Aid can be affected if the donor receives something significant in return. A small benefit may be fine, but high-value benefits can stop the donation from qualifying. This matters for charity dinners, events, membership benefits, discounts, gifts, and sponsorship arrangements. Charities should check the donor benefit rules before claiming.

Corporate donations are differentGift Aid tax relief does not apply to company donations in the same way as individual donations. If a company donates £100 to charity, the charity receives £100. The charity cannot claim the additional Gift Aid top-up. However, the company may be able to treat the donation as a deduction when calculating corporation tax profits.

Gift Aid Small Donations SchemeThe Gift Aid Small Donations Scheme helps charities claim a top-up on small donations where collecting a written declaration is difficult. This can be useful for collection buckets, community events, religious centres, local halls, small fundraising activities, and contactless giving. Small donations can still work harder when the charity understands the scheme and keeps the right records.

When the scheme may help* Small cash donations * Small contactless donations * Community fundraising events * Religious or community building collections * Local charity activities where declarations are hard to collect

Gift Aid tax relief and wider tax planningGift Aid sits within a wider tax and organisation structure conversation. Donors need to understand their own tax position, while charities and community organisations need to understand what they can claim and what records they must keep. If you are running a mission-led organisation with a different structure, our episode on Community Interest Companies and Tax: What CICs Need to Know explains a separate but related tax position.

Practical steps for donors and charitiesFor donors* Check your UK taxpayer status before ticking the Gift Aid box * Keep records if you are claiming higher or additional rate relief * Tell charities if your tax position changes * Review past donations if you may have missed relief

For charities and CASCs* Make sure your organisation is registered with HMRC where required * Collect valid Gift Aid declarations * Check donor benefit rules before claiming * Keep clear donation records * Review whether the Gift Aid Small Donations Scheme applies

Related episodes* Gift Aid and Charitable Giving: Understanding the Impact * Tax effective giving on charities * Community Interest Companies and Tax: What CICs Need to Know

Key takeawayGift Aid tax relief helps generosity go further. For charities and community amateur sports clubs, it can increase the value of eligible donations. For donors, it can provide extra relief when the tax position allows it. The key is to check eligibility, keep records, understand the rules, and claim correctly. Plan it, Do it, Profit.

Share this episodeShare this episode: Listen on Apple Podcasts 🎧 Enjoyed this episode? Subscribe and leave a review on Apple Podcasts — it helps more charities, community organisations, and business owners understand tax, finance, and their numbers.

Episode Timecodes* 00:00 – Why Gift Aid tax relief matters * 01:00 – How Gift Aid boosts eligible donations * 02:00 – UK taxpayer status and donor responsibility * 03:00 – Higher and additional rate taxpayer relief * 04:00 – Donor benefit rules and corporate donations * 05:00 – Gift Aid Small Donations Scheme * 06:00 – Records, registration, and final thoughts

Further Support📘 Book https://www.ihatenumbers.co.uk/i-hate-numbers-book/ 🎧 Podcast https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🌐 Website https://www.ihatenumbers.co.uk

View Details

About this episodeWe often talk about growth, profit, VAT, tax, and better financial control. However, business owners also face difficult moments when the numbers, the market, or changing customer behaviour point in a painful direction. In this episode, we look at the emotional impact of closing your business, stopping a core product, or letting go of a professional dream that no longer feels sustainable. We talk about the early excitement of starting something, the weight of declining sales, the pressure of difficult decisions, and the importance of handling the process with honesty and dignity. This is not a legal checklist for closing a business. Instead, it is a practical and human conversation about recognising what the numbers are telling us, speaking to stakeholders, seeking support, and remembering that a business ending does not make us a failure.

What you’ll learn in this episode* Why closing your business can feel emotionally heavy * How changing markets and customer habits can affect sustainability * Why the numbers may force a difficult but necessary conversation * How to separate business failure from personal failure * Why communication with staff, customers, and loved ones matters * How support from advisers, mentors, and family can reduce the burden * Why business closure can still lead to learning, resilience, and a next chapter

Why closing your business feels personalMost businesses begin with energy, hope, and belief. We invest money, time, effort, identity, and emotion into the idea. Whether it is a bakery, an online shop, a consultancy, a creative practice, or another venture, the business can become part of who we are. That is why closing your business can feel like more than a commercial decision. It may feel like losing part of a dream. It may also bring disappointment, embarrassment, exhaustion, and a sense of grief.

“Your value is not defined by a balance sheet.”

When the numbers tell the truthSometimes the market changes. Sales may decline for months. Competition may increase. Customer buying habits may shift. A product or service that once worked well may no longer bring in enough money to support the business. We may try new marketing, reduce what we pay ourselves, look again at costs, or hope that the trend will reverse. However, there comes a point when the numbers need to be faced honestly. Our episode on understanding your financial statements is a useful next step if you need clearer insight into what your figures are saying.

The emotional cost of letting goMaking the final decision can be painful. Business owners may spend late nights reviewing bank statements, checking reports, and hoping for a different answer. The pressure can affect mental wellbeing, personal relationships, and confidence. It is important to acknowledge those feelings. Closing a business, or ending a product or service that mattered to us, can feel like a bereavement. That does not mean we made the wrong decision. It means the business mattered.

A business can fail without making you a failureA business structure can fail for many reasons outside our control. Markets change, costs rise, customers behave differently, and demand can move away from what we originally offered. We should not turn a commercial outcome into a personal judgement. The fact that a business closes does not remove the courage, skill, effort, and learning that went into building it. For more support on this theme, our episode on how to cope with business failure offers a helpful next step.

Communicating with stakeholdersOne of the hardest parts of closing your business is telling the people who believed in it. Employees, loyal customers, suppliers, family, and supporters may all be affected by the decision. Clear communication matters. We should speak honestly, avoid blame, explain the reality of the situation, and thank people for their support. This helps us handle the final stages with dignity and respect.

People who may need to hear from you* Employees or team members * Customers who supported the business * Suppliers and professional contacts * Family and loved ones * Accountants, advisers, or mentors

How to cope with the aftermathClosing your business does not mean the whole journey was wasted. Once the immediate emotion settles, we can start to see the lessons, skills, and resilience that came from the experience. We may have learned how to market, manage money, handle problems, lead people, make decisions, and deal with pressure. Those lessons matter. They become part of what we take into the next stage of life or business.

Practical ways to support yourselfDo not isolate yourselfTalk to people you trust. Support from family, friends, mentors, advisers, or an accountant can make the situation feel less lonely and more manageable.

Get help with the practical stepsProfessional support can reduce the logistical stress. An accountant or business adviser can help us understand the mechanics of winding things down and what needs attention.

Give yourself time to recoverThere may be a period of reflection before the next move becomes clear. That pause is part of the process, not a sign that the journey is over.

There is a next chapterIt may not feel possible at first, but life does continue after a business closes. The next step might be a break, a return to employment, a new business idea, or a different professional direction. Our episode on Planning Your Business Journey can help you think about business decisions as part of a wider path, not just a single outcome.

Related episodes* How to cope with business failure * Business distress: How to manage it * Planning Your Business Journey

Key takeawayClosing your business can be painful, but it does not define your worth. The decision may mark the end of one chapter, but it can also carry lessons, experience, resilience, and clarity into whatever comes next. Face the numbers honestly, communicate with care, seek support, and be gentle with yourself. Plan it, Do it, Profit.

Share this episodeShare this episode: Listen on Apple Podcasts 🎧 Enjoyed this episode? Subscribe and leave a review on Apple Podcasts — it helps more business owners understand finance, difficult decisions, and their numbers.

Episode Timecodes* 00:00 – Why closing your business has an emotional impact * 01:00 – The early passion behind starting a business * 02:00 – When markets, sales, and customer behaviour change * 03:00 – Facing the numbers and the emotional cost of letting go * 04:00 – Communicating with staff, customers, and loved ones * 05:00 – Seeking support and recognising lessons learned * 06:00 – Life after closure and finding the next chapter * 07:00 – Final thoughts and closing message

Further Support📘 Book https://www.ihatenumbers.co.uk/i-hate-numbers-book/ 🎧 Podcast https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🌐 Website https://www.ihatenumbers.co.uk

View Details

About this episodeGood cash flow management is vital for every business owner. It helps us plan ahead, deal with unexpected costs, manage spending, and make better decisions before problems become urgent. In this episode, we share seven practical strategies to make cash flow easier to manage. We look at cash reserves, cost control, inventory, leasing, equipment loans, borrowing at the right time, and why professional advice can help us spot problems early. Cash flow may feel like a headache, but it is one of the most important parts of business financial control. When we manage cash properly, we improve resilience, reduce pressure, and give the business a stronger chance of staying on track.

What you’ll learn in this episode* Why cash flow management is critical for business survival * How to build a cash reserve for unexpected costs * Why cost consciousness matters even when business is going well * How poor inventory management can damage cash flow * When leasing equipment may protect short-term cash reserves * How equipment loans can support business funding decisions * Why borrowing during good times can improve your options * How an accountant can help with forecasting and financial planning

Why cash flow management mattersCash flow is about the money moving into and out of the business. If we cannot access enough cash to pay bills, staff, suppliers, rent, tax, or other commitments, the business can quickly come under pressure. We may be able to survive without profit for a short period. However, without cash, survival becomes much harder. That is why cash flow management needs regular attention, not just a last-minute panic when the bank balance looks low.

“You can survive without making profits for a period of time, but you can’t survive without access to cash.”

Seven cash flow management strategies1. Create a cash reserveA cash reserve gives the business a safety net. It helps cover unforeseen costs, periods of reduced activity, weaker trading conditions, or unexpected disruption. A useful target is to aim for three to six months of operating costs or average cash flow. This gives us a buffer if customers stop buying, income slows down, or the business needs time to recover.

Stay cost consciousCost consciousness is not about cutting everything. It is about spending with discipline and keeping a clear sense of what the business truly needs. Even when cash is flowing into the business, we should avoid unnecessary spending. Good times do not always last forever, and it is much easier to build good financial habits when the business is doing well. A minimum viable budget can help us decide what spending is essential and what can wait. For more support with planning income and spending, our episode on making your cashflow forecast is a practical next step.
Keep control of inventoryFor product-based businesses, inventory has a direct impact on cash flow. Stock costs money to buy, store, manage, and replace. If we hold too much inventory, cash is tied up in stock that may not sell quickly. If stock becomes obsolete, damaged, misplaced, or poorly managed, we may end up wasting money or buying replacements we do not need. Good inventory control means holding enough stock to meet demand without overstocking or creating dead money inside the business.
Consider leasing equipmentBuying equipment outright may be cheaper in the long term, but it can also damage cash reserves in the short term. Large purchases can put pressure on the bank balance, especially when funds are tight. Leasing can reduce the immediate cash outflow and make payments easier to plan. In some cases, leasing arrangements may also give us the option to buy the equipment later or upgrade at the end of the agreement.
Look at equipment loansAn equipment loan can be another way to finance business assets without paying the full cost upfront. It works in a similar way to a traditional loan, but it is linked to the equipment being financed. The right option depends on the business, the equipment, the cost, and the repayment terms. The key point is to compare funding options before using up valuable cash reserves.
Borrow when the going is goodBorrowing may feel unnecessary when business finances look healthy. However, that can be the best time to arrange funding or open a line of credit. When the business is in better financial shape, lenders may offer better terms and more choice. Waiting until the business is already under pressure can make borrowing harder, more expensive, or unavailable. This is closely linked to working capital. Our episode on why working capital is important for your business explains why short-term financial strength matters.
Work with a good accountantCash flow problems often build up before business owners notice them. A good accountant can help us look ahead, review the numbers, prepare budgets, and build forecasts that support better decisions. At I Hate Numbers and Numbers Know How, we support clients with forecasting, budgeting, and looking through the windscreen of the business. That forward view helps us avoid being caught out by surprises.

Why financial discipline matters in good timesStrong cash flow management is not only for difficult periods. It matters when business is going well too. If we cannot save money, control costs, and plan during stronger trading periods, it becomes much harder to do those things when conditions become tougher. By building reserves, reviewing costs, managing stock, and planning funding early, we give the business more room to breathe.

Practical steps to improve cash flow* Review your current cash position regularly * Set a target cash reserve based on operating costs * Create or update your cash flow forecast * Keep spending aligned with a realistic budget * Check whether stock is tying up too much cash * Compare leasing, loans, and outright purchases before buying equipment * Speak to an accountant before cash flow problems become urgent

Related episodes* Build Your Cash Flow with a Spreadsheet: Create a Practical Forecast * Cash Flow Management Tips : 5 Essential Tips * Six steps to managing your cashflow

Key takeawayCash flow management is about preparing for the worst while keeping sensible financial habits in place when the going is good. A cash reserve, cost control, better inventory management, sensible funding choices, and professional advice can help protect the business from avoidable pressure. Keep your cash flow visible, plan ahead, and make decisions before the pressure builds. Plan it, Do it, Profit.

Episode Timecodes* 00:00 – Why cash flow management is critical * 01:00 – Creating a cash reserve * 02:00 – Cost consciousness and managing inventory * 03:00 – Leasing equipment and protecting cash reserves * 04:00 – Equipment loans and borrowing during good times * 05:00 – Working with an accountant and using forecasts * 06:00 – Final summary and cash flow habits

Further Support📘 Book https://www.ihatenumbers.co.uk/i-hate-numbers-book/ 🎧 Podcast https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🌐 Website https://www.ihatenumbers.co.uk

View Details

About this episodeMany creatives feel awkward talking about money. We may worry that invoicing feels pushy, greedy, or too formal for a creative relationship. However, an invoice is not rude. It is a clear, professional request for payment. In this episode, we explain why customer invoicing matters, what every invoice should include, and how better invoicing habits help us get paid on time. We also look at payment terms, invoice numbers, client details, due dates, late payment follow-up, and simple systems that make invoicing easier. When we invoice quickly and clearly, we reduce confusion for the client and strengthen our own financial control. That matters because no invoice means no clear payment date, no paper trail, and no reliable cash coming into the business.

What you’ll learn in this episode* Why customer invoicing is essential for creative businesses * How an invoice acts as a professional request for payment * What details every customer invoice should include * Why payment terms should be agreed before work begins * How to invoice faster and reduce payment delays * Why invoicing software can support better bookkeeping * How to follow up firmly without damaging client relationships

Why customer invoicing mattersAn invoice is more than a document. It confirms that we have delivered the work, provided the service, and now expect payment. It tells the client what we have done, what it costs, when it was delivered, and when payment is due. For creative businesses, this matters because strong invoicing protects our time, our boundaries, and our profit. It also helps the client process payment properly. In many cases, clients will not pay until an invoice enters their system. Poor billing habits can create delays, confusion, and stress. That is why avoiding payment delays caused by billing mistakes is a practical part of running a healthier business.

“No invoice, no clarity, no payment date, and no paper trail.”

What every customer invoice should includeA good invoice should be clear, simple, and complete. It should give the client everything they need to make payment without coming back with extra questions.

Customer invoice checklist* Your name or business name * Your contact details * Your client’s name and details * A unique and sequential invoice number * The date the invoice is sent * The date the work was completed, where relevant * The payment due date * A clear description of the work completed * A breakdown of fees, travel, materials, or expenses * The total amount due * Payment instructions * Late payment terms, where agreed

These details support good bookkeeping and give both sides a clear record. They also help with accounting, tax, and VAT records where relevant.

Agree payment terms before the work startsCustomer invoicing works best when it reflects a conversation we have already had. Before starting the work, we should confirm payment terms, who the invoice should go to, and whether the client needs a purchase order number. This avoids unnecessary delay later. It also makes the invoice easier for the client to approve because the terms have already been discussed and agreed.

Key points to confirm early* How much the client will pay * When payment is due * Who should receive the invoice * Whether a purchase order number is needed * What happens if payment is late

How to get paid fasterThe sooner we send the invoice, the sooner the payment process can begin. Many clients count payment terms from the date they receive the invoice, not from the date we completed the work. That means waiting a week to send the invoice can quietly add another week to the payment timeline. For creatives, freelancers, and small businesses, that delay can put pressure on cash flow. For more practical support on this point, our episode on getting paid on time and protecting cashflow is a useful next step.

Practical invoicing habitsInvoice quicklySend the invoice on the same day the job is completed where possible. If that is not realistic, send it the next day. The aim is to make invoicing part of the delivery process, not an afterthought.

Use clear payment termsState whether payment is due in 7, 14, or 30 days. Keep the terms consistent with what was agreed before the work started.

Follow up with confidenceIf payment is due in 14 days, we may want to check in after seven days to confirm that the invoice was received and is being processed. If the payment becomes overdue, we should follow up politely, firmly, and without delay.

Use the right toolsInvoicing tools can help us create invoices, send them electronically, track what is unpaid, and keep better records. If you need help setting up a more organised accounting process, our Xero support can help you use cloud accounting more effectively.

Invoicing protects your cash flowCustomer invoicing is closely tied to cash flow. Promises do not pay bills. Clear invoices, clear payment terms, and consistent follow-up help money reach the bank account when we need it. For creative businesses, this is about more than admin. It is about making sure the business can keep operating, keep serving clients, and keep growing without relying on vague promises of future payment.

Common customer invoicing mistakes to avoidSmall invoicing mistakes can lead to avoidable payment delays. If the invoice is vague, incomplete, or sent to the wrong person, it may sit unpaid while the client asks questions or waits for missing details.

Avoid these mistakes* Using vague descriptions of the work * Forgetting to include an invoice number * Leaving out the payment due date * Adding terms that were not agreed at the start * Waiting too long before sending the invoice * Failing to follow up when payment is late

Customer invoicing is part of professional self-respect. It shows that we value our work, our time, and the business we are building.

Related episodes* Getting Paid on Time: Practical Steps to Protect Your Cashflow * Billing Mistakes: Tips to Avoid Payment Delays * E-Invoicing: Why It Matters for Your Business

Key takeawayCustomer invoicing for creatives is not just an admin task. It is a payment request, a business record, and a boundary-setting tool. When we invoice clearly and promptly, we help clients pay us properly and we protect the cash flow that keeps the business alive. Do the work, send the invoice, follow up when needed, and build a business that runs on clear systems, not vague promises. Plan it, Do it, Profit.

Share this episodeShare this episode: Listen on Apple Podcasts 🎧 Enjoyed this episode? Subscribe and leave a review on Apple Podcasts — it helps more creative business owners understand tax, finance, and their numbers.

Episode Timecodes* 00:00 – Why invoicing matters for creatives * 01:00 – Why clients need invoices before they pay * 02:00 – What every customer invoice should include * 03:00 – Agreeing payment terms and purchase order details * 04:00 – How to invoice faster and follow up properly * 05:00 – Invoicing as self-respect and boundary setting * 06:00 – Recap and final thoughts

Further Support📘 Book https://www.ihatenumbers.co.uk/i-hate-numbers-book/ 🎧 Podcast https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🌐 Website https://www.ihatenumbers.co.uk

View Details

About this episodeIn this episode, we explain how paying school fees through your business can create tax issues if it is not structured correctly. It may seem sensible for a company with available cash to help fund school or university fees, but HMRC may treat the payment very differently depending on how it is arranged. We look at the risks of reimbursement, the benefit in kind route, the wholly and exclusively rule, director loans, dividend planning for children, and why professional advice matters before any agreement is made. This is especially relevant for business owners thinking about tax for small businesses, business tax planning UK, and wider family financial planning.

IntroductionPaying for education can be expensive, and many business owners may wonder whether their company can help fund school or university fees. On the surface, it may feel like a simple cash flow decision. However, tax rules can quickly turn that idea into a costly mistake. In this episode of I Hate Numbers, we explain why the way a payment is made matters. We also look at how business owners can avoid the most expensive routes and consider more structured ways to plan ahead.

Can your business pay school or university fees?The short answer is yes, but the tax treatment depends on how the payment is made and who is legally responsible for the fees. If the school contract is in your personal name and the company simply reimburses you, HMRC may treat the money as earnings, salary, dividends, or another taxable extraction from the company. That can lead to PAYE income tax, National Insurance, employer National Insurance, or dividend tax consequences. For higher rate taxpayers, this can make the arrangement extremely expensive. Therefore, the key issue is not just whether the company has the money, but whether the payment is structured correctly.

Why it mattersUsing company funds without understanding the rules can create unnecessary tax costs, interest, and penalties. It can also damage cash flow management if the business owner assumes the company payment is tax-efficient when it is not. Good planning matters because education funding, company cash, personal tax, and corporation tax can all overlap. For small business finance UK, this is a practical example of why profit and financial control are not only about making money, but also about using money in the right way.

Key breakdown1. The reimbursement trapOne common mistake is paying the school personally and then taking the money back from the company. If the contract is in your name, HMRC may see the company payment as a personal benefit, salary, bonus, or dividend. This can create income tax and National Insurance consequences. It may also result in employer National Insurance for the company. In many cases, this becomes one of the most expensive ways to fund education costs through a business.

Using the benefit in kind routeA more structured option is for the company to contract directly with the school or university. In that case, the company pays the education provider directly and the arrangement may be treated as a benefit in kind. This does not make the payment tax-free, but it may reduce some of the National Insurance cost. The business may also be able to claim corporation tax relief, depending on whether the expense meets the relevant rules.
The wholly and exclusively ruleHMRC may ask whether the payment is wholly and exclusively for the purposes of the trade. If the student is the owner’s child and not an employee doing actual work for the business, HMRC may challenge whether the company can claim the payment as a business deduction. This is where professional advice becomes important. A payment may still create a benefit in kind, but that does not automatically mean it qualifies as a corporation tax deduction.
Director loans under £10,000The company may lend up to £10,000 interest-free without creating a benefit in kind charge, provided the balance stays within the limit throughout the year. This may help with a single school term, a university fee payment, or a short-term funding gap. However, if the loan goes even slightly over the limit, the rules change. The loan may become a beneficial loan, and tax may apply to the interest that should have been paid. A director loan is mainly a timing tool, not always a tax-saving strategy.
Long-term dividend planning for childrenSome business owners may think about giving shares to children and paying dividends to help fund education. However, if a parent gives shares to a minor child, income above £100 may be taxed on the parent under the settlements legislation.

There is a “grandparent loophole”. If a grandparent provides the funds for the grandchild to get shares, the £100 limit does not apply. The child can then use their own personal allowance, currently £12,570. However, this needs proper legal setup.

Salary sacrifice warning

Salary sacrifice for school fees is not the useful planning route it may once have appeared to be. Unless the arrangement relates to something like a workplace nursery, the tax benefit is likely to be limited or unavailable. Business owners should also be aware that salary sacrifice rules continue to change, including future National Insurance treatment. Therefore, this is not an area to approach without up-to-date advice.

Practical steps before paying school fees through a business* Check who the school or university contract is with. * Avoid simply reimbursing yourself from the company without advice. * Consider whether a company-paid benefit in kind route is more suitable. * Review whether the payment meets the wholly and exclusively rule. * Be careful with director loan limits. * Consider long-term family planning only with proper legal and tax support. * Get professional clearance before signing any contracts.

If you need support with financial control, planning, bookkeeping, or cash flow, our Xero accounting support can help you keep better visibility over your business numbers.

Related episodes* Sole Trader or Limited Company: Decide What’s Right * Tax and Your Self Employed Business * Understanding Your Financial Statements

Key takeawayUsing your business to pay school or university fees can be valid, but it is not automatically tax-efficient. The structure matters. Reimbursement can be expensive, direct company contracts may work better, director loans can help with timing, and longer-term planning may require careful family and legal structuring. The main lesson is simple: do not treat education funding as just another company payment. Treat it as part of wider business tax planning UK and get advice before committing.

Episode Timecodes* 00:00 – Introduction to paying school and university fees through a business * 00:45 – The reimbursement trap and why HMRC may treat payments as earnings * 02:00 – Benefit in kind strategy and direct company contracts * 03:00 – The wholly and exclusively rule and corporation tax risk * 03:30 – Director loans and the £10,000 limit * 04:20 – Dividend planning for children and the grandparent route * 05:10 – Salary sacrifice warning * 05:40 – Final recap and practical next steps

Further Support📘 Book https://www.ihatenumbers.co.uk/i-hate-numbers-book/ 🎧 Podcast https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🌐 Website https://www.ihatenumbers.co.uk

View Details

A penalty notice is stressful. The instinct is to explain yourself and hope HMRC understands. But understanding and accepting are two very different things. This episode cuts through the confusion — what HMRC actually accepts as a reasonable excuse, what gets rejected outright, and the five steps that give your appeal the best chance of success.

What You'll Learn in This Episode* What "reasonable excuse" means in practice and how HMRC tests it * The circumstances HMRC will typically accept, backed by evidence * The excuses that fail every time, however understandable they feel * A clear five-step process for building a credible penalty appeal * Why good tax planning remains the strongest protection of all

IntroductionMissing a tax deadline happens. Life gets congested. A penalty notice appears and your first instinct is to reach for an explanation. The trouble is HMRC operates on rules and their interpretation of them, not on sympathy. Knowing what qualifies before you put a single word in writing is what separates a successful appeal from an expensive lesson in tax for small businesses.

What Is a Reasonable Excuse?There is no legal definition of reasonable excuse anywhere in UK tax legislation. Parliament never wrote one. Instead, HMRC applies a sensible person test: would a reasonable, responsible person in the same circumstances have still missed the deadline? The bar is higher than most expect. HMRC assumes you understand your obligations and are capable of meeting them. A reasonable excuse is not a general explanation of a difficult period. It is a specific set of circumstances that made compliance genuinely impossible, not merely inconvenient.

What HMRC Will Usually AcceptHMRC publishes scenarios they typically accept, provided you can back them up with evidence. These are the circumstances that carry real weight in an appeal.

BereavementIf a close relative or partner passes away shortly before the deadline, HMRC acknowledges that grief and funeral planning take priority. Timing matters, as does the closeness of the relationship to the person responsible for filing.

Unplanned hospital stayBeing admitted to hospital unexpectedly and being unable to manage your affairs can qualify. Be prepared for HMRC to ask whether you could have delegated the task to someone else in the meantime.

Serious illnessLife-threatening or severely debilitating conditions are considered, but timing and impact are both scrutinised. A minor illness that happened to coincide with a deadline is unlikely to succeed on its own.

Unexpected technology failureIf your device failed without warning at the point of submission, and the failure was genuinely outside your control, you may have a case. The key word is unexpected — an ageing laptop that had been struggling for weeks is a different matter.

Natural disaster or postal strikeFires, floods, and postal strikes affecting delivery of relevant documents can all support a reasonable excuse. Physical evidence, including dates, photographs, and correspondence, will strengthen the claim considerably. If your records ended up under three feet of water, that is a strong position to argue from — provided you can evidence it.

What HMRC Will RejectSome reasons are effectively dead on arrival. Submitting them wastes time and leaves the penalty in place. Not having the money to pay is one of the most common and least successful arguments. HMRC treats this as a failure of business tax planning UK, not an unavoidable event. Finding the online system confusing or difficult to use carries no weight either. The expectation is that you seek help or hire an expert if needed. Forgetting the deadline, or not receiving a reminder from HMRC, also fails. HMRC has no legal obligation to remind you. The responsibility for knowing and meeting filing and payment dates sits entirely with the taxpayer. A simple error in a return, such as a misplaced decimal point, will not cancel a penalty. HMRC will direct you to amend the return, and the penalty stands. The principle running through all of this is consistent. A reasonable excuse must be an unavoidable obstacle, not a muddle or an oversight.

Five Steps to a Strong AppealIf the grounds are genuine, how you present the case matters as much as the facts. Here is the approach we recommend.

Be factual.State exactly what happened, clearly and briefly. An emotional letter carries far less weight than a precise account of events.
Connect the excuse to the deadline.Show specifically how the event prevented you from filing or paying on time. A general account of a difficult period is not enough.
Show what you did next.HMRC wants evidence that as soon as the obstacle cleared, you acted promptly. Delay after the excuse ended weakens the appeal.
Provide documentation.Death certificates, hospital letters, screenshots of error messages, photographs of a flooded office. Concrete evidence turns a written explanation into a credible case.
Apply the reasonable person standard.Frame your submission around how any responsible business owner would have acted in the same situation. This aligns directly with how HMRC assesses the claim.

One point worth holding onto: penalties apply to self-employed tax UK returns as well as business filings. The same five steps apply in both situations.

Key Takeaway

A reasonable excuse is not a loophole. It is a legitimate protection for genuine hardship, applied through a specific and evidenced process. The strongest protection against penalties is still solid business tax planning UK — deadlines in the diary, reminders set, and obligations understood well in advance. If the worst does happen, act quickly, gather evidence early, and present the facts without clutter. If you are staring at a penalty notice right now, do not panic. Visit ihatenumbers.co.uk or get in touch and we can help you work through it. Plan it, Do it, Profit."A reasonable excuse is not a free pass to be late. It is a safety net for genuine hardship."

Share this episode: Listen on Apple Podcasts 🎧 Enjoyed this episode? Subscribe and leave a review on Apple Podcasts — it helps more small business owners find the show.

Episode Timecodes* 00:00 – Introduction: why reasonable excuse matters * 01:00 – The sensible person test and how HMRC assesses your case * 02:00 – What HMRC accepts: bereavement, illness, tech failure, natural disaster * 03:30 – What HMRC rejects: the arguments that won't hold up * 05:00 – Five steps to building a strong penalty appeal * 06:00 – Final thoughts and why planning ahead is still the best defence

Further Support📘 Book https://www.ihatenumbers.co.uk/i-hate-numbers-book/ 🎧 Podcast https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🌐 Website https://www.ihatenumbers.co.uk

View Details

Partnerships can be one of the most powerful ways to grow a business. However, they can also bring risk, stress, and financial challenges if not handled properly. In this episode of the I Hate Numbers podcast, we explore what makes a partnership successful and how to avoid the common pitfalls. Whether you are a freelancer, creative, or small business owner, understanding how to structure and manage a partnership is essential for long-term success.

Why Partnerships MatterWhen done right, partnerships can accelerate business growth, improve creativity, and reduce workload pressure. Working with the right person allows you to combine strengths, share responsibilities, and build something greater together. However, choosing the wrong partner can lead to conflict, financial loss, and long-term damage.

Start with Shared ValuesA strong partnership begins with shared values. This does not mean you need identical personalities, but you must align on key business principles. Ask yourself:

Do you both want the same outcome from the business?
Do you share similar views on money, time, and commitment?
Can you trust each other when challenges arise?

Misalignment at this stage almost always leads to problems later.

Look for a Proven Track RecordYou do not need a partner with decades of experience, but you do need evidence that they can follow through. Have they delivered results before? Have you worked together previously? If not, consider starting with a smaller project before committing long term.

Complementary Skills WinThe best partnerships are built on complementary strengths, not duplication. For example:

One partner may focus on creativity
The other may manage finance and operations

This balance improves efficiency and avoids conflict over responsibilities.

Clarity Is EssentialMany partnerships fail because roles and responsibilities are not clearly defined. You should document:

Who handles finances
Who communicates with clients
Who owns intellectual property
Who makes final decisions

Clarity prevents confusion, builds trust, and protects the business.

Choose the Right StructureThere are several ways to structure a partnership, including:

Informal freelancer collaborations
General partnerships
Limited companies
Limited liability partnerships

Each option has different legal and tax implications, so choosing the right one is a key part of business tax planning UK.

Be Honest and Have the Hard ConversationsSuccessful partnerships are built on honesty and transparency. You must be willing to:

Discuss money openly
Address issues early
Challenge each other respectfully

Avoiding difficult conversations leads to bigger problems later.

Put Everything in WritingA written agreement is not optional. It is essential. Your partnership agreement should cover:

Profit sharing
Ownership
Exit strategies
Dispute resolution

This protects both parties and provides clarity from day one.

Plan for the “What Ifs”Every partnership should plan for potential challenges before they happen. Consider:

What happens if one partner leaves?
What happens if priorities change?
What happens if the business grows quickly?

Planning ahead reduces risk and ensures stability.

Why Systems and Transparency MatterClear financial visibility is critical in any partnership. Using tools like Xero cloud accounting allows both partners to track finances and maintain transparency. This builds trust and supports better decision-making in your small business finance UK journey.

Key TakeawayA successful partnership is not built on assumptions or good intentions alone. It requires planning, communication, and structure. If you take the time to align values, define roles, and plan for the future, you can create a partnership that supports growth and long-term success.

Episode Timecodes* 00:00 – Introduction to partnerships * 01:00 – Why partnerships matter * 02:00 – Shared values and alignment * 03:30 – Track record and testing partnerships * 04:30 – Complementary skills * 05:30 – Roles and responsibilities * 07:00 – Legal structures explained * 08:30 – Hard conversations and transparency * 10:00 – Putting agreements in writing * 11:30 – Planning for future risks * 12:30 – Final thoughts

Further Support📘 Book https://www.ihatenumbers.co.uk/i-hate-numbers-book/ 🎧 Podcast https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🌐 Website https://www.ihatenumbers.co.uk If this episode helped you think differently about partnerships, share it with someone considering going into business with a partner. Plan it. Do it. Profit.

View Details

Working for yourself sounds ideal at first. However, the reality can feel very different once the novelty wears off. In this episode of the I Hate Numbers podcast, we explore the real challenges of motivation, isolation, and staying consistent as a solopreneur. We also share five practical strategies to help you stay motivated, focused, and in control of your business journey.

Why Motivation Drops When You Work for YourselfWhen you leave a structured job, you also leave behind routine, accountability, and social interaction. Over time, this can lead to isolation, lack of direction, and dips in motivation. The key is not to avoid these challenges, but to prepare for them and build systems that keep you moving forward.

Build Your Business Around Your LifestyleOne of the biggest reasons we go into business is freedom. However, many business owners end up doing the opposite and structuring their lives around their work. Instead, we should align our business with our lifestyle. That might mean adjusting working hours, making time for fitness, or ensuring social time is protected. When your business fits your life, motivation naturally improves.
Use Co-Working Spaces to Avoid IsolationWorking from home has its benefits, but it can also feel isolating and distracting. Co-working spaces offer a balance. They give you structure, a productive environment, and the chance to interact with like-minded individuals. They also expose you to workshops, events, and new opportunities that can help your business grow.
Create a Strong Support NetworkMotivation becomes much easier when you are surrounded by people who understand your journey. This could include:
Co-working communities
Mastermind groups
Other business owners

These environments provide accountability, fresh ideas, and encouragement when things get tough.

Manage Your Workload to Avoid BurnoutMany small business owners work longer hours than employees, but more hours do not always mean better results. We should treat ourselves like employees of our own business:
Set working boundaries
Avoid overworking
Focus on productivity, not just time spent

Burnout reduces motivation and slows progress, so balance is essential.

Use Rewards to Stay ConsistentLong-term goals are important, but they can feel distant and hard to maintain motivation for. Breaking them into smaller milestones makes progress visible and achievable. By attaching rewards to these milestones, we create a positive feedback loop that keeps us moving forward.

Key TakeawayStaying motivated as a solopreneur is not about constant energy or discipline. It is about building systems that support you when motivation dips. If you align your lifestyle, create support, manage your workload, and reward progress, you give yourself the best chance of long-term success.

Episode Timecodes* 00:00 – Introduction and reality of working for yourself * 01:00 – Tip 1: Align business with lifestyle * 02:30 – Tip 2: Co-working spaces * 03:30 – Tip 3: Building a support network * 04:30 – Tip 4: Managing workload * 05:50 – Tip 5: Rewarding progress * 07:00 – Final thoughts and summary

Further Support📘 Book https://www.ihatenumbers.co.uk/i-hate-numbers-book/ 🎧 Podcast https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🌐 Website https://www.ihatenumbers.co.uk If this episode resonated with you, share it with someone who is building their own business journey. Plan it. Do it. Profit.

View Details

VAT is one of those areas of small business finance UK that can quickly become confusing. In this episode of the I Hate Numbers podcast, we break down VAT registration, thresholds, and the key rules every business owner needs to understand. Understanding VAT is not just about compliance. It is about maintaining control over your cash flow management and making informed decisions about your business growth.

What Is VAT Registration?VAT (Value Added Tax) is a tax applied to most goods and services. Once your taxable turnover crosses a certain threshold, you must register and start charging VAT on your sales. For many businesses, this means adding 20% to your prices, which can have a real impact, especially if your customers are not VAT registered themselves.

The VAT Registration ThresholdThe current VAT registration threshold is £90,000. However, this is not based on your financial year. It is based on a rolling 12-month period. There are two key tests you must monitor:

Looking BackwardsAt the end of each month, you must check your total sales for the previous 12 months. If you exceed £90,000, you must register within 30 days.

Looking ForwardsIf you expect your turnover to exceed £90,000 in the next 30 days alone, you must register immediately. This is particularly relevant for freelancers and creatives who land large contracts unexpectedly.

Special Rules You Should KnowNon-UK BusinessesIf you sell into the UK without a physical presence, the VAT threshold does not apply. You must register from your first sale.

Buying an Existing BusinessIf you take over a VAT-registered business, you may need to register immediately. You effectively inherit its VAT obligations.

What Counts Towards the Threshold?Understanding what counts is critical for accurate tax planning UK:

Standard-rated sales (20%)
Reduced-rate sales (5%)
Zero-rated items

Items that usually do not count include exempt supplies such as insurance or education, and capital asset sales.

Voluntary VAT RegistrationYou can choose to register voluntarily even if you are below the threshold. This can be beneficial if you:

Sell business-to-business (B2B)
Want to reclaim VAT on expenses
Are investing in equipment or growth

However, once registered, you must comply with ongoing reporting requirements.

VAT Exemptions and ExceptionsExemptionIf most of your sales are zero-rated, you may apply for a VAT registration exemption. This reduces admin but removes your ability to reclaim VAT on costs.

Exception (Temporary Breach)If you exceed the threshold temporarily, you may apply to HMRC to ignore it. You must prove it was a one-off and that future turnover will fall below the limit.

Why Systems MatterTracking your numbers accurately is essential for accounting for creatives and small businesses alike. Using tools like Xero cloud accounting helps you monitor turnover, stay compliant, and maintain profit and financial control.

Key TakeawayVAT registration is not just a tax rule. It is a critical part of business tax planning UK. If you understand the thresholds, monitor your numbers, and plan ahead, you can avoid surprises and stay in control of your finances. If you ignore it, you risk penalties, cash flow issues, and unnecessary stress.

Episode Timecodes* 00:00 – Introduction to VAT registration * 01:00 – Understanding the VAT threshold * 02:00 – Backward and forward tests explained * 03:00 – Special rules for businesses * 04:00 – What counts towards turnover * 05:00 – Voluntary registration explained * 06:00 – VAT exemptions and exceptions * 07:00 – Importance of systems and tracking * 08:00 – Final thoughts

Further Support📘 Book https://www.ihatenumbers.co.uk/i-hate-numbers-book/ 🎧 Podcast https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🌐 Website https://www.ihatenumbers.co.uk If this episode helped you understand VAT registration and how it affects your business, share it with someone who needs clarity. Plan it. Do it. Profit.

View Details

From April 2026, dividend tax rates are increasing, and for many business owners, that means one thing — higher tax bills. In this episode of the I Hate Numbers podcast, we explain what the dividend tax increase actually means, how it impacts your income, and more importantly, what you can do about it. While the change may only be a 2% increase on paper, the real-world impact can quickly add up, especially if you rely on dividends as part of your income strategy.

What’s Changing from April 2026?The UK government has increased dividend tax rates by 2 percentage points:

Basic rate taxpayers: from 8.75% to 10.75%
Higher rate taxpayers: from 33.75% to 35.75%
Additional rate taxpayers: unchanged at 39.35%

The dividend allowance remains at £500, which means very little protection against rising tax costs.

What Does This Mean in Real Terms?Let’s make it practical. If you take £50,000 in dividends annually, this increase could cost you around £1,000 extra in tax each year. That is money that could have been reinvested into your business, used for personal expenses, or saved for future growth.

Why Planning Matters More Than EverThis change highlights the importance of proactive tax planning. Doing nothing means accepting a higher tax bill by default. However, with the right strategy, you can reduce the impact and stay in control of your finances.

Key Strategies to Consider1. Timing Your Dividends CarefullyOne approach is to bring forward dividend payments before April 2026. However, this must be done carefully. If you push yourself into a higher tax band, you could end up paying more tax now just to avoid paying slightly more later. Always review your tax position before making large withdrawals.

Using Family AllowancesIf you operate a family company, consider using alphabet shares to distribute dividends across family members. This allows you to utilise lower tax bands and reduce the overall tax burden.
Pension ContributionsEmployer pension contributions can be a highly tax-efficient alternative to dividends. The company receives tax relief, and you avoid dividend tax altogether while building long-term wealth.
Get the Paperwork RightDividend planning is not just about numbers. It requires proper documentation. Board minutes and dividend vouchers are essential. Without them, HMRC can challenge your position. Good paperwork protects your profits.

Using the Right ToolsHaving clear visibility over your finances is critical when making these decisions. Tools like Xero cloud accounting can help track profits, plan distributions, and ensure you are making informed choices.

Key TakeawayThe dividend tax increase is coming, and it will affect how business owners extract profits from their companies. If you plan ahead, review your structure, and consider alternative strategies, you can reduce the impact and stay in control. If you ignore it, you will simply pay more tax.

Episode Timecodes* 00:00 – Introduction to dividend tax changes * 01:00 – New tax rates explained * 02:00 – Real-world impact example * 03:00 – Timing strategies and risks * 04:00 – Family dividend planning * 04:30 – Pension contribution strategy * 05:00 – Importance of documentation * 05:30 – Final thoughts

Further Support📘 Book https://www.ihatenumbers.co.uk/i-hate-numbers-book/ 🎧 Podcast https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🌐 Website https://www.ihatenumbers.co.uk If this episode helped you understand the dividend tax changes, share it with another business owner who needs to prepare. Plan it. Do it. Profit.

View Details

One of the biggest advantages of running a business through a limited company is the protection it offers your personal assets. But that protection is not absolute. In this episode of I Hate Numbers, we look at the corporate veil, when it holds, when it does not, and what HMRC can do when directors cross the line on unpaid corporation tax.

What Is the Corporate Veil?When you set up a limited company in the UK, you are effectively building a wall between your business and your personal life. On one side sits the company, its debts, its bills, and its taxes. On the other side is you, your home, your car, and your personal savings. This is limited liability, a legal shield designed to encourage people to take risks and start businesses without fearing that one bad month will cost them the family home. The problem is that wall is not indestructible. HMRC has ways of climbing over it, and they are using them more and more. The law protects honest directors who run into genuine bad luck, but where there is evidence of misconduct, negligence, or what HMRC calls deliberate behaviour, that shield can vanish entirely.

Preference Payments: Paying the Wrong People FirstThe most common way directors get into serious trouble is through preference payments. Imagine your business is struggling. You have a corporation tax bill due to HMRC but also owe money to a family member who helped you start the business. You check your bank balance, see a few thousand pounds, and decide to pay your brother or sister back first. That is a preference. You are choosing a friendly creditor over a legal one. If the company later fails, a liquidator will examine those bank statements. They can, and will, reverse that payment and sue you personally to recover the money. Loyalty to family is understandable, but it is not a defence in the eyes of the law.

Fraudulent and Wrongful TradingFraud is the serious end of the spectrum. Taking deposits for products you know will never be delivered, or hiding cash from HMRC, can result in a personal financial order that puts your personal assets on the table to settle company debts. Wrongful trading is more common and perhaps more relevant to many directors. This is where you continue trading even though you knew, or should have known, that the company was heading for insolvency. If the tax debt grows during that period, you can be held personally liable for the additional amount. Ignorance is not a defence. The law expects directors to know their numbers.

Unlawful DividendsMost directors of small UK companies take a modest salary and draw the rest as dividends, which is perfectly legal when done correctly. The key word is distributable profits. Think of it like a pie. You can only eat what is left after paying for the ingredients. If your company makes a profit of one hundred thousand pounds, a portion of that must be set aside for corporation tax. If you take that tax money as a dividend, the dividend becomes unlawful. Should the company go into liquidation, the liquidator can demand every penny of those unlawful dividends back. As the director who authorised the payments, you also face a breach of your duties. That is a double whammy that is entirely avoidable with the right financial discipline in place.

The Six Month Rule on Asset SalesThere is also a specific rule worth knowing around asset sales. If your company sells an office, a van, or any significant asset, the tax on that gain must be paid to HMRC within six months. If it is not, HMRC can bypass the courts entirely and send the bill directly to your home address. They have two years to begin this process, which means you could be sitting at home eighteen months later thinking the dust has settled, only for a substantial bill to land on your doorstep.

The Consequences of Getting This WrongBeyond losing money, the consequences can be severe. Directors can be issued with a personal liability notice or disqualified from acting as a director for up to fifteen years. For anyone building a business career, that is a significant and damaging outcome that could have been avoided entirely.

How to Stay Safe: A Practical ChecklistStaying on the right side of the law requires discipline and consistent habits. We run through five practical steps in this episode. First, review your management accounts every single month. Do not wait until the year end to discover you are in difficulty. If you do not have management accounts in place, get in touch with us at I Hate Numbers and we can help you set them up. Second, treat your tax money as untouchable. Open a separate bank account and move between ten and twenty five percent of your income into it as soon as it arrives. If you cannot see it, you are far less likely to spend it. Third, if the business is struggling, halt dividends immediately and switch to a basic salary until things stabilise. There is nothing unlawful about paying yourself a salary. Fourth, always take professional advice before selling a major company asset. Fifth, treat HMRC as your most important supplier. They are the only creditor with the power to take your home, and they are becoming increasingly assertive in pursuing unpaid taxes.

Conclusion: Keep the Wall StandingHMRC and liquidators will examine everything: bank statements, emails, receipts, and payment records. Acting proactively, keeping clear records, and respecting the legal boundary between you and your business is what keeps your personal wealth safe. If you are concerned that your paperwork or management accounts are not where they should be, do not panic. Reach out to us at I Hate Numbers and we will help you get things in order. For a deeper grounding in business finance, the I Hate Numbers book is the ideal place to start.

Episode Timecodes [00:00:00]Introduction: the corporate veil and when HMRC can pierce it * [00:00:41]What limited liability actually means for directors * [00:01:28]When the legal shield disappears: misconduct and deliberate behaviour * [00:01:52]Preference payments: paying the wrong creditors first * [00:03:00]Fraudulent trading: the serious end of the spectrum * [00:03:14]Wrongful trading: the ostrich approach and its consequences * [00:03:54]Unlawful dividends: when taking money out becomes a problem * [00:05:00]The six month rule on asset sales * [00:05:25]Personal liability notices and director disqualification * [00:05:46]Five practical steps to protect yourself as a director * [00:07:06]Why HMRC is becoming more assertive and what that means for you * [00:07:26]*Closing thoughts: keep clear records and keep the wall standing

Take the Next StepIf this episode has been useful, share it with a fellow director or business owner who needs to hear it. Subscribe to I Hate Numbers for more practical, no-nonsense guidance every week. Keep those records straight. Plan it, do it, profit.

Further Support📘 Book https://www.ihatenumbers.co.uk/i-hate-numbers-book/ 🎧 Podcast https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🌐 Website https://www.ihatenumbers.co.uk

View Details

From April 2026, Statutory Sick Pay (SSP) rules are changing significantly. In this episode of the I Hate Numbers podcast, we break down what those changes mean, why they matter, and how employers can prepare. These updates are part of wider employment reforms and will impact businesses of all sizes, from private companies to social enterprises. :contentReference[oaicite:0]{index=0}

What Is Changing with SSP?The new rules introduce two major shifts. First, the removal of the lower earnings limit (LEL). Second, the abolition of waiting days. Previously, employees earning below a certain threshold were not eligible for SSP. From April 2026, that barrier is removed. Every eligible employee, regardless of earnings, will qualify. At the same time, SSP will now be payable from day one of sickness rather than starting on the fourth day.

More Employees, More CostThese changes will bring approximately 1.3 million additional workers into the SSP system. While this strengthens employee protection, it also increases financial pressure on employers. SSP is not reimbursed by the government. The cost sits entirely with the business.

How SSP Will Be CalculatedThe calculation method is also changing. Employers must now pay the lower of:

80% of the employee’s average weekly earnings
A flat weekly rate (currently expected to be £123.25)

This introduces additional complexity into payroll calculations and increases the need for accurate systems.

The End of Waiting DaysThe removal of waiting days means SSP must be paid from the very first day of sickness. This increases both the administrative burden and the direct cost of short-term absences. It also raises important questions around workplace culture and sickness management.

Linked Periods Still ApplyWhile many rules are changing, linked periods of sickness remain in place. If absences occur within a 56-day window, they are treated as a continuous period. This affects how SSP is calculated, as the original rate continues even if the employee’s earnings change during that period.

Transitional RulesEmployees already receiving SSP before April 2026 will be subject to transitional protection. Those in specific earnings bands will move to the new flat rate for the remainder of their absence. This adds another layer of complexity for payroll and HR teams to manage.

What Employers Should Do NowReview Payroll SystemsEnsure your payroll provider can handle the new 80% vs flat rate calculation, as well as transitional rules.

Update PoliciesSickness policies and staff handbooks referencing waiting days must be updated before April 2026.

Train Your TeamHR teams and managers must understand that SSP now applies from day one and includes lower-paid employees.

Monitor Workplace TrendsIncreased coverage may influence absence patterns. Understanding your internal data will be critical.

Key TakeawayThe SSP changes are not just a compliance update. They represent a shift in cost, administration, and employee support expectations. Planning ahead will help you stay compliant, manage costs, and maintain control of your business.

Episode Timecodes1. 00:00 – Introduction to SSP changes 2. 01:00 – Employment law reforms and context 3. 02:00 – Removal of the lower earnings limit 4. 03:00 – New SSP calculation rules 5. 04:00 – Removal of waiting days 6. 05:00 – Linked periods explained 7. 06:00 – Transitional protection rules 8. 07:00 – Practical steps for employers 9. 08:00 – Final thoughts

Further Support📘 Book https://www.ihatenumbers.co.uk/i-hate-numbers-book/ 🎧 Podcast https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🌐 Website https://www.ihatenumbers.co.uk If this episode helped you understand the upcoming SSP changes, share it with another employer who needs to prepare. Plan it. Do it. Profit.

View Details

Companies House identity verification is now a mandatory requirement for directors and persons with significant control (PSCs). If you run a company in the UK, this is no longer something you can put off for later. It is now part of the compliance landscape for businesses, charities, and social enterprises.

In this episode, we explain why these rules were introduced, what the deadlines mean for existing companies, and most importantly how you can complete the process smoothly without unnecessary stress.

We also explain how our team at I Hate Numbers can help verify your identity and ensure everything is correctly linked to your Companies House records.

Why Identity Verification Was IntroducedFor many years, the UK company register allowed individuals to form companies with very few identity checks. While that made it easy for entrepreneurs to start businesses, it also created opportunities for fraud, hidden ownership, and misuse of company structures.

As a result, the government introduced the Economic Crime and Corporate Transparency Act. One of the key changes is the requirement for identity verification for company directors and persons with significant control.

The purpose is simple. Companies House wants to ensure that every person listed on the register is a genuine individual responsible for the company they are connected to.

Important Deadlines for Directors and PSCsThe new rules officially came into force on 18 November 2025. Since then, anyone forming a new company must verify their identity before they can even begin the registration process.

For existing companies, there is currently a transition period.

Directors must complete identity verification before submitting their next confirmation statement. If verification has not been completed, Companies House may reject the filing.

For persons with significant control who are not directors, the verification window is triggered by the month of their birth.

The 14-Day PSC WindowIf you are a PSC but not a director, your verification deadline is linked to your birth month.

From the first day of that month, you have 14 days to complete the identity verification process.

This staggered system helps Companies House avoid millions of people verifying their identity at the same time.

However, it also means you need to stay alert to ensure your deadline is not missed.

What Happens After You VerifyOnce your identity has been successfully verified, you receive a personal verification code.

This code becomes your permanent Companies House identifier. The important point is that you only need to complete identity verification once.

If you hold multiple roles across different organisations, the same personal code will apply to all of them.

However, if verification has not been completed before filing a confirmation statement, Companies House may reject the filing and flag the company for non-compliance.

How Identity Verification Can Be CompletedOption 1: Complete It YourselfYou can verify your identity directly through the GOV.UK login system.

This usually involves uploading identification, completing a facial recognition check, and confirming your details through the government portal.

For some people, this process takes only a few minutes.

However, many business owners find the process frustrating if documents are rejected, technology fails, or identification cannot be verified immediately.

Option 2: Use an Authorised Corporate Service ProviderThe alternative is to complete identity verification through an authorised corporate service provider (ACSP).

At I Hate Numbers, we are registered as an authorised provider with Companies House. This means we can verify identities on behalf of directors and PSCs and submit the verification directly to the register.

Rather than navigating the process yourself, we take care of:

• verifying identification documents

• performing the necessary identity checks

• submitting verification to Companies House

• ensuring your personal verification code is correctly linked to all your roles

For many business owners this removes the stress of dealing with the system themselves and ensures everything is done correctly.

Why Many Business Owners Use Our ServiceMany directors choose to complete verification through us because they want peace of mind that the process has been handled properly.

This service is particularly helpful if you:

• run multiple companies

• live outside the UK

• have a complex company structure

• prefer professional support handling compliance

Our team ensures that your Companies House records remain compliant and that your identity verification status remains correct across your roles.

If you would like support completing your identity verification, our team is happy to help. Simply get in touch through our contact page and we can guide you through the process and ensure everything is submitted correctly.

Many directors find that having professional support saves time, reduces frustration, and provides reassurance that everything has been handled properly.

Episode Timecodes* 00:00 – Introduction to Companies House identity verification * 00:20 – Why identity verification was introduced * 01:06 – Overview of the new rules from November 2025 * 01:29 – The PSC birth month verification rule * 02:50 – Director deadlines and confirmation statements * 03:11 – Understanding the Companies House personal code * 03:56 – Consequences of missing verification * 04:36 – The two ways to verify your identity * 05:00 – GOV.UK self-verification explained * 05:21 – Using an authorised corporate service provider * 06:39 – Why the new rules matter for every organisation * 07:18 – Final advice and next steps

Further Support📘 Bookhttps://www.ihatenumbers.co.uk/i-hate-numbers-book/

🎧 Podcasthttps://www.ihatenumbers.co.uk/i-hate-numbers-podcast/

🌐 Websitehttps://www.ihatenumbers.co.uk

If this episode helped clarify Companies House identity verification, share it with another business owner who needs to hear it.

Plan it. Do it. Profit.

View Details

In this episode of the I Hate Numbers podcast, we discuss something that many small business owners have not fully realised yet — the hidden cost behind Making Tax Digital for Income Tax.For decades the system was straightforward. You earned money, logged onto the government website, submitted your tax return, and paid what you owed. It was a public service funded through taxes.However, from April 2026 that arrangement changes significantly. HMRC will close the free self-assessment filing portal for many taxpayers and require the use of third-party software instead.We call this the software tax.What Is Making Tax Digital for Income Tax?Making Tax Digital (MTD) is HMRC’s long-term programme to modernise the tax system and reduce errors in reporting. In theory, digital record-keeping can reduce mistakes and improve efficiency.We support digital accounting in principle. In fact, tools like Xero cloud accounting can save time, improve visibility, and help businesses make better decisions.But the concern is not digitalisation itself. The concern is forcing taxpayers into paid software just to comply with the law.The Timeline for MTDThe rollout schedule has already been announced: April 2026:Sole traders and landlords with income above £50,000 must comply. * April 2027:The threshold falls to £30,000. * Future plans:*The threshold could fall to £20,000.

Importantly, this threshold refers to income, not profit. That means even relatively small businesses may fall within the rules.More Reporting, Not LessInstead of filing one tax return each year, businesses will need to submit:* Four quarterly updates * An end-of-period statement * A final declaration

That means significantly more reporting — and all through third-party software.Why This Creates a “Software Tax”HMRC’s official position is that taxpayers must use recognised commercial software.In effect, this creates a new financial burden. To comply with tax law, individuals must now enter a commercial marketplace and pay for software subscriptions.Some providers offer “free” tools, but many of these operate on a freemium model where additional features quickly trigger subscription fees.Even some bank-provided software requires you to open accounts with specific institutions. Access to tax compliance should not depend on where you bank.The Government’s JustificationHMRC estimates the UK tax gap at around £46.8 billion. A large proportion of this gap comes from small business errors or incomplete reporting.Digital systems could certainly help reduce those mistakes. However, if the government expects taxpayers to adopt new digital systems, it could reasonably provide a basic free tool to enable compliance.A Practical SolutionWe are not asking for government software that replaces commercial accounting tools.Instead, we believe a basic state-owned compliance tool should exist that allows taxpayers to:* Maintain a simple digital ledger * Submit quarterly updates * Upload spreadsheet data * File their final declaration

Spreadsheets are already digital. There should be a straightforward way to upload them without needing paid intermediary software.Why This MattersThis is not simply a technical change. It is about fairness and accessibility.Tax compliance has historically been free at the point of use. Requiring businesses to purchase software simply to fulfil legal obligations introduces a new cost for millions of taxpayers.Small businesses, freelancers, and landlords will be affected most.What You Can DoIf you care about keeping tax compliance fair and accessible, there are a few practical actions you can take:* Sign the petition to stop the software tax * Write to your MP * Share the issue with other business owners and freelancers * Spread awareness about the impact of Making Tax Digital

You can learn more and support the campaign here:🔗 Stop the Software Tax CampaignEpisode Timecodes* 00:00 – Introduction and the broken tax deal * 00:45 – What Making Tax Digital means * 01:45 – Timeline for MTD rollout * 02:40 – Why this creates a software tax * 03:40 – HMRC’s justification and the tax gap * 04:20 – Why a government tool should exist * 05:00 – What action business owners can take * 05:30 – Final thoughts

Further Support📘 Bookhttps://www.ihatenumbers.co.uk/i-hate-numbers-book/🎧 Podcasthttps://www.ihatenumbers.co.uk/simplifying-accounting-and-tax-i-hate-numbers-podcast/🌐 Websitehttps://www.ihatenumbers.co.ukIf this episode helped clarify the changes around Making Tax Digital and the growing conversation around the software tax, share it with another business owner who needs to hear it.Plan it. Do it. Profit.

View Details

Cloud accounting is one of those topics that too many business owners, freelancers, and creatives ignore until it is too late. In this episode of I Hate Numbers, we make the case for why cloud accounting is not just a nice-to-have but a genuine game-changer for anyone running a small business. Whether you are currently relying on spreadsheets, paper receipts, or desktop software, this episode will show you what you are missing and what it is costing you.

What Is Cloud Accounting?Cloud accounting means using software that lives online to manage your business finances in real time. It is not simply swapping a spreadsheet for an app. It covers invoicing, reporting, expense tracking, bank feeds, and much more. The key difference is access and immediacy. You can log in from your phone, laptop, or tablet from anywhere. You can see exactly where you stand financially at any given moment, without waiting until the end of the month or the end of the year. We paint a practical picture here. Imagine finishing a client meeting in a coffee shop, pulling out your phone, and sending an invoice on the spot. That invoice lands in your client's inbox immediately, your accounts update instantly, and your chances of being paid promptly increase significantly. That is cloud accounting working as it should.

Why It Matters: The Real Business CaseToo many business owners are still disconnected from their numbers. They treat bookkeeping as an annual chore, something to deal with at tax time rather than a live, ongoing part of running a healthy business. Cloud accounting changes that relationship entirely.

Your Time Is Worth SomethingTime saved on admin is time you can spend delivering work, winning clients, and growing your business. We share the example of Sandra, a freelance designer juggling multiple projects. Before cloud accounting, she was spending Sunday mornings entering receipts and chasing invoices. After making the switch, she saved three to four hours a week on average. At even a modest hourly rate, that adds up to a significant saving over a quarter, not to mention the faster payments that come from sending invoices electronically.

Fewer Mistakes, Less RiskManual systems, however carefully managed, leave room for error. Dodgy spreadsheet formulas, duplicated entries, missing invoices — these are common and costly. Cloud accounting flags issues in real time, so you are not walking a financial tightrope with a blindfold on.

See the Big Picture ClearlyRunning your business without up-to-date financial information is like driving with a frosted windscreen. Cloud accounting gives you dashboards and reports that show you at a glance how much money is in your bank, who owes you, what you owe, and where your money is going. That clarity leads to better decisions, fewer surprises, and far less financial panic.

Is It Complicated? Not as Much as You ThinkA common concern is that cloud accounting sounds technical or difficult to set up. In practice, it does not need to be. Tools like Xero, which is our personal recommendation and the system we use with our own clients, are built for real people, not just accountants. You can connect your bank account, upload receipts with a photograph, send invoices in seconds, and configure automated reminders for overdue payments. Think of it as a digital finance assistant that never takes a holiday. When we set clients up with cloud accounting, we train and induct them from the start so they feel confident navigating the system. You do not need to be a numbers expert. You just need a simple, consistent workflow.

The Cost of Doing NothingWe also walk through a worst-case scenario that will feel familiar to many business owners. Work gets hectic, life gets busy, and the books get neglected. Suddenly you do not know who owes you money, what you owe, or whether you can afford your next project. Invoices go out late, bills go unpaid, and a tax bill arrives without warning. This is not bad luck. It is silent financial sabotage, and it is entirely avoidable with the right system in place.

How to Get StartedMaking the switch does not have to be overwhelming. We suggest four straightforward steps: choose your software (we recommend Xero), get familiar with how to navigate it, connect your bank account from the outset, and build a simple weekly workflow. Thirty minutes a week spent keeping your records current is far less painful than hours buried under a backlog. Small, regular habits beat big panic sessions every time. We also have a free digital guide to cloud accounting that you can download to help you get started with confidence.

The Legislative Case: Making Tax DigitalBeyond the business benefits, there is also a legislative reason to act. From April 2026, Making Tax Digital will require small businesses and landlords to submit their accounts to HMRC on a quarterly basis. To do that, you will need a digital accounting system. We will be covering Making Tax Digital in detail in next week's episode, but the message is clear: the sooner you get familiar with cloud accounting, the less disruption you will face when the requirement kicks in.

Conclusion: Take Control of Your Business FinancesCloud accounting is not about going digital for the sake of it. It is about saving time, reducing mistakes, making better decisions, and keeping your business lean, profitable, and ready to grow. If this episode has been useful, we would love you to share it with someone who could benefit. And for a deeper grounding in business finance, the I Hate Numbers book is the ideal place to start. Remember: plan it, do it, profit.

Episode Timecodes1. [00:00:00]Introduction: why so many business owners avoid cloud accounting 2. [00:00:29]What cloud accounting actually is and what it covers 3. [00:01:31]Real-time access, automation, and the coffee shop invoicing example 4. [00:02:14]Why too many businesses are still disconnected from their numbers 5. [00:03:04]Time savings: the story of Sandra the freelance designer 6. [00:04:25]Avoiding costly mistakes with cloud systems 7. [00:05:06]Seeing the big picture: dashboards, reports, and better decisions 8. [00:05:42]Is it complicated? Why Xero works for non-accountants 9. [00:07:00]The cost of doing nothing: silent financial sabotage 10. [00:08:00]How to get started: four practical steps 11. [00:08:56]Free digital guide to cloud accounting 12. [00:09:16]Making Tax Digital: the legislative case for acting now 13. [00:09:49]Closing thoughts and call to action

Take the Next StepIf this episode has given you a clearer picture of what cloud accounting can do for your business, we would love you to share it with a fellow business owner or freelancer who needs to hear it. Subscribe to I Hate Numbers for more practical, no-nonsense strategies every week. Remember: plan it, do it, profit.

Further Support📘 Book https://www.ihatenumbers.co.uk/i-hate-numbers-book/ 🎧 Podcast https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🌐 Website https://www.ihatenumbers.co.uk

View Details

Budgeting has a reputation problem. For many business owners, the word alone conjures images of restriction, cutbacks, and spreadsheets that drain the life from a room. In this episode of I Hate Numbers, we turn that thinking on its head. The power of budgeting lies not in what it stops you doing, but in everything it enables you to achieve.

Budgeting Is About Possibility, Not RestrictionWe open by addressing the most common misconception head-on. A budget is not a straitjacket. It is a torch in the dark, a tool that illuminates where your business is heading and what it needs to get there. When you reframe budgeting as a creative, forward-looking process, the whole experience shifts. You move from reactive to proactive, from guesswork to grounded decision-making.

Clarity of Purpose: Knowing Where You Are GoingThe power of budgeting starts with clarity. Without a financial plan, it is easy to feel as though you are simply treading water, managing day-to-day without a clear sense of direction. A budget changes that. It defines your goals and maps the path to reach them. We use the example of a small boutique owner aiming to open a second location within two years. With a detailed budget in place, that goal becomes trackable, measurable, and genuinely achievable.

Financial Control and Efficiency: Getting Into the Driving SeatOne of the greatest advantages of embracing the power of budgeting is the financial control it provides. Think of it as a detailed route map for your business road trip. You know which routes to take, where to pause, and what to avoid. By monitoring expenditure, spotting patterns of overspending, and aligning every pound spent with your business goals, you eliminate waste and protect your margins.

Goal-Driven Decision-Making: Your Budget as a BlueprintBudgeting also transforms how you make decisions. When your budget is built around SMART goals, specifically ones that are specific, measurable, achievable, relevant, and time-bound, every choice you face can be evaluated against your financial plan. If your goal is to increase profit by 20% over the next twelve months, your budget becomes the blueprint that guides every investment, every cut, and every opportunity you consider. The power of budgeting here is that it replaces gut instinct with grounded, goal-aligned thinking.

Team Communication and Empowerment: Budgeting Is a People ProcessWe also explore the human side of budgeting, because the power of budgeting extends well beyond the numbers. Involving your team in the budgeting process improves communication, increases buy-in, and generates ideas you might never have considered on your own. When people understand the financial goals of the business and see how their work connects to those goals, they become contributors rather than just task-completers.

Motivation and Accountability: Creating a Culture of OwnershipAccountability follows naturally when your team has had a hand in setting targets. They are more motivated to hit goals they helped create. Regular reviews of spending versus results keep everyone aligned, creating a culture of excellence where goals are not just set but pursued with genuine ownership and collective commitment.

Achieving Goals and Reducing Risk: Stress-Testing Your PlanA well-constructed budget also prepares you for the unexpected. Equipment failures, market shifts, and sudden cost increases are not if scenarios, they are when scenarios. By building contingency funds into your plan and stress-testing your budget with what-if analysis, you give your business the resilience to navigate challenges without losing sight of your longer-term goals.

Conclusion: The Budgeting Mindset That Changes EverythingThe power of budgeting is the power to plan with purpose, act with confidence, and lead with clarity. Whether you are a freelancer, a creative, a CIC, or a growing small business, a budgeting mindset is not optional. It is foundational. You are not just crunching numbers. You are crafting a vision for the future of your business. For a deeper grounding in business finance, the I Hate Numbers book is the ideal place to start.

Episode Timecodes1. [00:00:00]Introduction: why budgeting gets a bad reputation and why that needs to change 2. [00:00:46]Clarity of purpose: how a budget acts as a torch in the dark for your business 3. [00:01:50]Financial control and efficiency: putting yourself in the driving seat 4. [00:03:00]Goal-driven decision-making: linking SMART goals to your financial plan 5. [00:03:58]Team communication and empowerment: involving people in the process 6. [00:05:23]Motivation and accountability: creating a culture of ownership 7. [00:06:07]Achieving goals and reducing risk: stress-testing your budget 8. [00:07:12]Conclusion and key takeaways: the budgeting mindset that transforms your business

Take the Next StepIf this episode has shifted your thinking about budgeting, we would love you to share it with a fellow business owner or your team. Subscribe to I Hate Numbers for more practical, no-nonsense strategies to help your business grow. And if you are ready to go deeper, our book is packed with guidance to help you build financial confidence from the ground up. Remember: plan it, do it, profit.

Further Support📘 Book https://www.ihatenumbers.co.uk/i-hate-numbers-book/ 🎧 Podcast https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🌐 Website https://www.ihatenumbers.co.uk

View Details

SEO Description:IntroductionIn this episode of the I Hate Numbers podcast, we tackle a tough but necessary truth: ignoring your numbers is quietly damaging your creative business. We understand why creatives avoid spreadsheets, budgets, and financial reports. You started your journey to create, perform, design, and inspire — not to stare at figures. However, the longer you ignore your numbers, the louder the financial clock ticks.

Why Ignoring Your Numbers Feels AppealingLet’s be honest. Avoidance feels easier in the short term. Staying reactive, making decisions on instinct, and hoping everything works out can seem simpler than facing the reality of your bank balance. But if you want to stay stressed, reactive, and running what feels more like an expensive hobby than a business, then ignoring your finances is a perfect strategy. Without clarity:

You make snap decisions without insight.
You chase invoices while worrying about rent.
You feel overwhelmed by tax deadlines.
You live hand-to-mouth from project to project.

That is not creative freedom. That is financial anxiety.

Why Numbers Matter (Even If You Dislike Them)When you understand your numbers, something empowering happens. You stop guessing. You start making informed decisions. You move from “I hope this works” to “I know this works.” It is like switching on the light in a dark room. You can see what is coming in, what is going out, and where growth is possible. Understanding your finances does not mean becoming an accountant. It means becoming the driver of your business rather than a passenger.

Profit Is Not a Dirty WordProfit allows you to cover your costs, pay yourself properly, and build a financial buffer. It gives you sustainability. It prevents burnout and protects your creative future. Without profit, your business cannot survive long term. How you earn that profit is up to you. Ethics and values matter. But profit itself is not the enemy.

Three Simple Steps You Can Take Today1. Track What’s Coming In and Going OutYou do not need complex systems to start. A notebook, spreadsheet, or digital tool like Xero cloud accounting can give you visibility and control.

Schedule a Weekly Money Check-InSet aside 15 to 30 minutes each week to review your numbers. Treat it like brushing your teeth — routine, necessary, and good for your long-term health.
Give Every Pound a PurposeAssign money intentionally. Allocate funds for tax, equipment, rent, savings, and paying yourself. Money without a plan disappears.

You Are Not AloneYou did not enter the creative world to become a number cruncher. But if you want your passion to pay the bills — and more — then your numbers matter. That is why we created the podcast. It is why Numbers Know How and I Hate Numbers exist — to make finance human, practical, and empowering for creatives.

Key TakeawayIgnoring your numbers might feel comfortable in the short term, but it limits your growth. When you face them — even imperfectly — you take back control. Understanding your money does not make you less creative. It makes you unstoppable.

Episode Timecodes1. [00:00:00] – Why ignoring your numbers feels easier 2. [00:01:00] – The cost of financial avoidance 3. [00:02:30] – Why clarity changes everything 4. [00:04:00] – Profit and sustainability 5. [00:05:00] – Three practical steps to take control 6. [00:06:00] – Final message and mindset shift

Further Support📘 Get practical finance guidance in our book: I Hate Numbers 🎧 Listen to more episodes on the I Hate Numbers Podcast 📺 Subscribe on YouTube Plan it. Do it. Profit.

View Details

Do your creative goals feel distant, vague, or overwhelming? Do they sit on your to-do list without ever turning into real progress? In this episode of the I Hate Numbers podcast, we explain how SMART targets act as a creative compass, helping you turn ambition into action without pressure or burnout. We share how breaking big goals into structured, realistic targets builds confidence, reduces anxiety, and keeps you moving forward, even when motivation dips.

Who This Episode Is For1. Artists and creatives feeling overwhelmed by big goals 2. Business owners struggling with focus or follow-through 3. Anyone who wants progress without pressure 4. Creatives looking for clarity, structure, and confidence

Main Topics & DiscussionWhy SMART Targets Matter NowVague goals weaken commitment. When objectives feel too large or unclear, motivation drops and progress stalls. SMART targets give your creative ambitions structure, much like scaffolding supports a building. Instead of saying “I want to make more money from my art,” a SMART target becomes: “I will sell five original pieces via Instagram by 30 June.” Clear, specific, and achievable.

What SMART Really Stands ForSpecificSMART targets avoid vague language. We replace “might” and “possibly” with strong, affirmative statements like “I will.” Specific goals turn intention into commitment.

MeasurableIf you cannot measure progress, you cannot manage it. Whether it’s minutes walked, emails checked, or pieces sold, numbers give clarity and accountability.

AchievableYour targets must feel believable and realistic. If needed, involve a mentor, accountability partner, or supportive community to keep momentum going.

RelevantEvery target should connect to your bigger picture. Relevance ensures you’re working towards your own creative vision, not copying someone else’s path.

Time-BoundDeadlines create focus. A target without a timeframe is just a wish. Time-bound goals encourage action and consistency.

Why SMART Targets Beat Traditional GoalsGoals are binary: success or failure. SMART targets are kinder. Even if you miss the bullseye, you still make progress. That mindset builds confidence and reduces anxiety.

Your Creative ChallengeWrite down one SMART target for the coming week. It might be about building your portfolio, improving wellbeing, finding new clients, or protecting downtime. Small progress still counts.

Episode Timecodes1. [00:00:00] – Why creative goals feel overwhelming 2. [00:01:00] – What SMART targets really mean 3. [00:02:00] – Specific and measurable examples 4. [00:03:00] – Achievable and accountability 5. [00:04:00] – Why targets are kinder than goals 6. [00:05:00] – Weekly creative challenge & wrap-up

Links Mentioned in This Episode1. I Hate Numbers Podcast 2. I Hate Numbers YouTube Channel

Host & Show InfoHost: Mahmood Reza Mahmood is an accountant, business finance coach, and founder of I Hate Numbers. We help creatives and business owners simplify numbers, build confidence, and make better financial decisions. Website: www.ihatenumbers.co.uk🎧 Listen, Share & SubscribeIf this episode helped you rethink goal-setting, share it with a fellow creative. Subscribe to the I Hate Numbers podcast for weekly insights that help you plan smarter, act confidently, and profit with purpose.

View Details

In this episode of the I Hate Numbers podcast, we focus on a topic that affects millions of employees across the UK — claiming tax relief online. If you pay for work-related costs out of your own pocket and your employer does not reimburse you, you may be entitled to tax relief.However, if you do not claim it, that money simply stays with HMRC. And we would rather see it where it belongs — in your bank account.Who This Episode Is For* Employees in studios, theatres, galleries, or offices * Workers paying for professional costs themselves * Anyone unsure whether they can claim tax relief * Employees who have never claimed before

What Is Employment Expense Tax Relief?Employment expense tax relief allows employees to reduce their taxable income when they personally pay for costs that are required for their job and are not reimbursed by their employer.The key rule is simple. The expense must be wholly, exclusively, and necessary for your job. In plain English, it must be something you would not have spent money on unless your work required it.What Expenses Can You Claim?Work-Related TravelYou may be able to claim mileage or public transport costs for business journeys that are not your normal commute. This includes travel to meetings, rehearsals, performances, or visiting suppliers.Professional Fees and SubscriptionsIf you pay for memberships or subscriptions that are relevant to your role — such as trade bodies or unions approved by HMRC — these costs may qualify for tax relief.Working From HomeIf your employer requires you to work from home, you may be able to claim a portion of household running costs. Choosing to work from home for convenience does not qualify.Uniforms, Tools, and Specialist EquipmentCosts for uniforms, costumes, tools, or specialist equipment required for your role may qualify. Everyday clothing, even if only worn at work, does not.How the Tax Relief WorksTax relief does not mean HMRC refunds the full cost of the expense. Instead, your taxable income is reduced.For example, if you spend £200 on professional subscriptions and pay tax at 20%, you receive £40 back through reduced tax. It works like a mini personal allowance.How to Claim Tax Relief OnlineHMRC’s online expense claim form is now available again and can be used if:* Your total claim is £2,500 or less per tax year * You do not complete a self-assessment tax return

If your claim exceeds £2,500, or you already file a tax return, the claim must be made through your self-assessment.You can access HMRC’s online service via the official government website:🔗 Claim tax relief for job expenses – GOV.UKWhat Evidence Do You Need?HMRC expects evidence to support your claim, so good record-keeping is essential.* Receipts or bank statements for subscriptions and equipment * Mileage logs showing dates, distances, and reasons for travel * Employment contracts or emails confirming required home working

For some flat-rate expenses, such as uniforms in approved occupations, receipts are not required.Can You Backdate Claims?Yes. You can backdate claims for up to four tax years. This means you may be able to recover tax you overpaid in previous years, provided you have the records to support the claim.Common Mistakes to Avoid* Claiming for ordinary commuting * Claiming everyday clothing * Not keeping evidence * Submitting duplicate claims

No proof usually means no claim. Accuracy matters.Key TakeawaysIf you are an employee and spend your own money to do your job, you may be entitled to tax relief. Even small claims can add up, especially when backdated.Claiming tax relief online is about paying the right amount of tax — no more and no less.Episode Timecodes* [00:00:00] – Introduction and why tax relief matters * [00:01:00] – What employment expense tax relief is * [00:02:00] – Travel and mileage claims * [00:03:00] – Subscriptions, tools, and working from home * [00:04:00] – How the online claim works * [00:05:00] – Evidence requirements * [00:06:00] – Backdating claims * [00:07:00] – Common mistakes to avoid * [00:08:00] – Final thoughts and wrap-up

Links Mentioned in This Episode* 🔗HMRC Online Tax Relief Claim * 🔗I Hate Numbers Podcast * 🔗Xero Accounting Support

Listen, Share, and SubscribeIf this episode helped you understand how to claim tax relief online, share it with a colleague or friend. Subscribe to the I Hate Numbers podcast for more practical tax and finance insights.Until next time — plan it, do it, profit.

View Details

Being a social enterprise or Community Interest Company does not mean tax obligations disappear. In this episode, we walk through the real tax position for CICs, clearing up misunderstandings that regularly catch directors out. We cover corporation tax, VAT, payroll, grants, and how structure affects your tax exposure.What Is a Community Interest Company?A Community Interest Company is a special type of limited company created to serve the community. It sits between a traditional profit-making business and a charity. While the purpose is social or environmental, CICs are still companies and remain firmly within the UK tax system.Corporation Tax and CICsCICs pay corporation tax just like any other limited company. If trading income exceeds allowable expenses, the resulting surplus is taxable. Being values-led or not-for-profit does not remove this obligation.Corporation tax rates currently range from 19% for profits up to £50,000, rising to 25% for profits over £250,000, with marginal relief applying in between. Making a surplus is not a failure — it shows sustainability. What matters is how that surplus is managed and reinvested.VAT: A Common CIC TrapVAT frequently causes problems for Community Interest Companies. Grants and donations are usually outside the scope of VAT and do not count toward the registration threshold. However, income from selling goods or services does.If taxable turnover exceeds £90,000 over a rolling 12-month period, VAT registration becomes mandatory. Profitability is irrelevant. Voluntary registration may be possible, but charging VAT to non-VAT-registered communities can create real cost pressures.Digital systems such as Xero cloud accounting help track turnover accurately and reduce the risk of missing VAT thresholds.Employing Staff and PAYEOnce a CIC employs staff, PAYE applies. This includes registering as an employer, operating payroll, deducting tax and National Insurance, and paying employer contributions.From April 2025, employer National Insurance applies once earnings exceed £5,000 per year, charged at 15%. Employment Allowance may reduce the impact, but payroll obligations remain.Freelancers, Contractors, and RiskCICs using freelancers must assess employment status correctly. The engager is responsible for determining whether someone is genuinely self-employed. This is based on control, substitution, and equipment — not personal preference.CIC Structure: Shares vs GuaranteeCICs can be limited by guarantee or by shares. Guarantee-based CICs have members and reinvest all surpluses. Share-based CICs may pay dividends, but these are capped by regulation and are never tax-deductible.The structure chosen affects profit distribution, funding options, and long-term strategy.Grants and Tax TreatmentGrants are a major income source for many CICs. Most grants are restricted income and recognised in line with project delivery. Unused funds are deferred rather than treated as profit.Grants usually fall outside VAT, unless linked to specific service delivery. While grants themselves may not be taxable, any surplus generated can still create tax implications.Practical Tax Planning TipsKeep Clear RecordsAccurate records from day one reduce risk and stress. Cloud accounting provides visibility and control.Plan for Tax BillsIf a surplus arises, setting aside funds early avoids last-minute pressure. Tax is a sign of success, not failure.Understand Your ObligationsCorporation tax, VAT, PAYE, Companies House filings, and CIC regulator reporting all apply.Seek Advice EarlyWorking with a CIC-aware adviser saves time, money, and unnecessary compliance issues.Key TakeawaysCommunity Interest Companies are not exempt from tax. Corporation tax applies to surpluses, VAT applies to trading income, payroll applies to employees, and grants require careful accounting. The right systems and planning make compliance manageable.Episode Timecodes* [00:00:00] – CICs and tax myths * [00:01:33] – Corporation tax explained * [00:03:00] – VAT and registration thresholds * [00:04:36] – Employing staff and PAYE * [00:06:15] – CIC structures compared * [00:07:00] – Grants and restricted income * [00:08:22] – Practical tax planning tips * [00:09:58] – Final recap

Listen and Learn🎧 Listen on Apple Podcasts and follow the I Hate Numbers podcast for practical finance guidance.Additional Links* Book a Call * Xero Accounting Support * I Hate Numbers YouTube Channel * I Hate Numbers Book

View Details

Social enterprises often get misunderstood. Some people think they are charities in disguise, while others assume they are not real businesses. In this episode of I Hate Numbers, we break down what social enterprises really are, how they operate, and how they successfully combine purpose with profit. We explore the most common UK social enterprise models, how they differ from charities and traditional companies, and what you should consider if you are thinking of starting, running, or advising one.

What Is a Social Enterprise?A social enterprise is a business that exists to solve a social, environmental, or community problem while still making money. Profit is not the enemy. Instead, profits are reinvested to support the organisation’s mission rather than simply enriching shareholders. Unlike charities, social enterprises trade commercially. They sell goods and services, employ staff, pay taxes, and face the same commercial pressures as any other business.

Social Enterprises vs CharitiesCharities usually rely on grants, donations, and fundraising. Social enterprises rely primarily on trading income. While charities focus on public benefit, social enterprises focus on sustainability through commercial activity. A charity is not automatically a social enterprise, and a social enterprise is not necessarily a charity. The structure you choose matters.

Community Interest Companies (CICs)Community Interest Companies are one of the most popular social enterprise structures in the UK. They are designed for organisations that want to make profits but lock those profits and assets into community benefit.

Key CIC Features1. A clear community purpose must be demonstrated at registration 2. An asset lock protects profits and assets for community use 3. Can be limited by guarantee or by shares 4. May pay limited dividends if structured correctly

CICs often sit between traditional companies and charities, making them a flexible and popular choice.

Co-operatives and Community Benefit SocietiesCo-operatives operate on democratic principles. Members have equal voting rights, and profits are shared or reinvested for collective benefit. Community Benefit Societies are regulated by the Financial Conduct Authority and are often used for community shops, renewable energy projects, and local initiatives. They can raise funds through community shares and embed democracy into their structure.

Can a Private Company Be a Social Enterprise?Yes, a standard limited company can operate as a social enterprise. However, without an asset lock or legal obligation, trust must be built through transparency and genuine reinvestment of profits. Where social impact is central, we usually recommend using a structure that legally protects the mission.

Charitable Incorporated Organisations (CIOs)CIOs are charities with legal status and limited liability. They are regulated by the Charity Commission and can access tax reliefs such as Gift Aid and business rates relief. They take longer to set up and carry greater trustee responsibilities, but they suit organisations with purely charitable objectives.

Choosing the Right StructureChoosing the right structure starts with your purpose. You should consider who you help, how you generate income, whether you need investment, and how much control or restriction you are comfortable with. In many cases, organisations start as CICs and later convert to charities once the model is proven.

Key TakeawaysSocial enterprises are not soft or fluffy. They are commercial, disciplined, and impactful businesses. They create jobs, deliver services, and reinvest profits where they matter most. If blending purpose with profit matters to you, a social enterprise structure could be the right path.

Episode Timecodes1. [00:00:00] – Introduction to social enterprises 2. [00:01:31] – What defines a social enterprise 3. [00:02:28] – Social enterprises vs charities 4. [00:03:00] – Community Interest Companies (CICs) 5. [00:05:00] – Co-operatives and community benefit societies 6. [00:06:41] – Can private companies be social enterprises? 7. [00:07:22] – CIOs and charitable structures 8. [00:08:41] – How to choose the right model 9. [00:09:45] – Final thoughts and next steps

Listen & Take the Next Step🎧 Listen on Apple Podcasts 📞 Book a Call to get help choosing the right structure and staying compliant 📺 Subscribe to our YouTube channel for more practical business insights 📘 Explore the I Hate Numbers book for clear, practical advice on tax and business Plan it. Do it. Profit.

View Details

Community Interest Companies, often shortened to CICs, are designed for businesses that want to make a positive social impact while still operating commercially. In this episode of the I Hate Numbers podcast, we explain how CICs work, why they exist, and when they are the right structure for a business that wants purpose alongside profit.

What Is a Community Interest Company?A Community Interest Company is a limited company created specifically for social enterprises. It allows a business to trade, earn income, and pay staff while ensuring that profits and assets are used primarily for the benefit of the community. Unlike charities, CICs are not restricted to grant funding and donations. They can sell goods and services in the same way as a standard company, making them a flexible option for organisations that want sustainability as well as impact.

Why CICs ExistCICs were introduced to fill the gap between traditional companies and charities. Many organisations want to do good without the heavy regulation of charitable status or the perception that profit is the main driver. The CIC structure provides reassurance to customers, funders, and stakeholders that the business is genuinely focused on community benefit rather than private gain.

The Community Interest TestTo become a CIC, a business must pass the community interest test. This means clearly demonstrating that its activities benefit a defined community rather than a small group of individuals. The test is reviewed by the CIC Regulator and helps ensure that the structure is used correctly and not as a branding or tax shortcut.

Asset Lock and Profit RestrictionsOne of the defining features of a CIC is the asset lock. This prevents assets and profits from being freely distributed to shareholders.

How the Asset Lock WorksThe asset lock ensures that, if the company is sold or wound up, its assets must continue to be used for community benefit. This protects the original purpose of the business.

Dividend and Profit LimitsCICs can pay dividends, but they are capped. This allows investors to receive a return while ensuring that the majority of profits are reinvested into the community.

CICs Compared to CharitiesWhile charities benefit from tax reliefs, they are tightly regulated and restricted in how they trade. CICs offer more commercial freedom, but without charitable tax exemptions. This makes CICs suitable for social enterprises that want trading income, flexibility, and transparency.

Reporting and ComplianceCICs must file annual accounts like any limited company. In addition, they must submit a Community Interest Report explaining how the business has benefited the community. This added layer of reporting builds trust and accountability with stakeholders.

When a CIC Makes SenseA CIC may be suitable if your business has a clear social mission, wants to trade commercially, and needs to demonstrate credibility and accountability. However, it is not the right choice for every organisation, so understanding the long-term implications is essential.

Final ThoughtsCommunity Interest Companies offer a practical way to combine purpose with profit. When structured correctly, they allow businesses to grow while staying aligned with their social objectives. If you are considering a CIC and want to explore whether it is right for your situation, you can book a call with us to talk it through.

🎧 Listen & Subscribe to I Hate NumbersFor more practical guidance on tax, finance, and running a better business, listen to the I Hate Numbers podcast. You can also watch selected episodes and insights on our I Hate Numbers YouTube channel. Plan it. Do it. Profit.

View Details

We all have habits in business. Some help us move forward, while others quietly hold us back. In this episode of the I Hate Numbers podcast, we explore four common bad business habits and, more importantly, what we can do to break them.

These habits may feel helpful in the short term, especially when cash is tight or pressure is high. However, over time they can damage profitability, confidence, and long-term growth.

Bad Habit One: The Pricing TrapUnderpricing is one of the most common traps business owners fall into, particularly in the early stages. Discounting heavily or working for less than your value often leads to burnout and poor cashflow.

Sustainable businesses price for value, not fear. Getting pricing right allows us to grow, reinvest, and serve clients properly.

Bad Habit Two: Doing Everything YourselfTrying to do everything alone may feel sensible at first, but it quickly becomes a growth blocker. Time spent on low-value tasks is time taken away from strategy, sales, and leadership.

Delegation is not a loss of control. It is a deliberate decision to focus on what matters most in the business.

Bad Habit Three: Always Choosing the Cheapest OptionChoosing based purely on price rather than value often leads to poor outcomes. Cheap solutions can result in wasted time, repeated work, and missed opportunities.

The right support, systems, and advice pay for themselves over time.

Bad Habit Four: Avoiding Financial AdviceAvoiding professional advice is a habit that quietly costs businesses money. Tax efficiency, cashflow planning, and structure are areas where expert guidance makes a real difference.

Good advice is not an expense. It is an investment in clarity, confidence, and long-term success.

Key TakeawaysBreaking bad habits starts with awareness. Small changes around pricing, delegation, decision-making, and financial support can significantly improve profitability and peace of mind.

Listen & Take the Next Step🎧 Listen to the I Hate Numbers podcast for more practical business and tax insights.

📺 Watch our videos on the I Hate Numbers YouTube channel.

📘 Learn more with our book, I Hate Numbers, packed with practical advice on business, finance, and tax.

📞 If you want personalised support, book a call with us and let’s see how we can help.

Until next time, plan it, do it, and profit.

View Details

Procrastination gets a bad reputation. However, in this episode of the I Hate Numbers podcast, we take a different view. We explore why procrastination happens, when it holds us back, and how it can sometimes support better thinking, creativity, and decision-making. Rethinking ProcrastinationWe have all delayed important tasks, even when we know better. Procrastination is usually framed as a weakness or a lack of discipline. However, we challenge that assumption. Instead of guilt, we look at understanding what procrastination is really telling us and how it can sometimes work in our favour.

What Procrastination Really IsProcrastination is not laziness. It is a self-regulation issue where we delay action despite knowing there may be consequences. For many creative business owners, it shows up as distraction, avoidance, or over-preparing instead of starting.

We explain how procrastination often reflects emotional responses rather than poor work ethic. Once we recognise that, it becomes easier to manage rather than fight it.

Why We ProcrastinateProcrastination usually has clear causes. Fear of failure can make starting feel overwhelming. Perfectionism can stop progress before it begins. Feeling overloaded with ideas or lacking motivation can also keep us stuck.

By identifying which of these applies, we gain control. Awareness is the first step towards changing behaviour.

When Procrastination Can Be UsefulNot all delay is bad. Sometimes stepping away allows our subconscious to process information. This can lead to better decisions and stronger ideas when we return to the task.

Procrastination can also act as a filter. If we keep avoiding something, it may be a signal that the task is not as urgent or important as we think.

How We Manage Unhelpful ProcrastinationWhen procrastination becomes a barrier, simple strategies help. Breaking work into small steps reduces overwhelm. Starting with just five minutes often builds momentum. Time-blocking work and rest helps maintain focus.

Reducing distractions is equally important. Fewer interruptions make it easier to move from intention to action.

Keeping Finances from Becoming a DistractionWhen financial admin adds stress, it fuels procrastination. Using the right tools can remove friction and free up mental space, allowing us to focus on creative and strategic work rather than avoiding it.

Key TakeawaysProcrastination is not always the enemy. Used wisely, it can support creativity and better decisions. The key is understanding why we delay and responding with practical strategies rather than guilt.

Next time procrastination shows up, we encourage you to pause and ask whether it is avoidance or incubation. The answer can change how you move forward.

Listen & Take the Next StepIf this episode resonated, explore more insights on the I Hate Numbers podcast.

If you want support bringing clarity to your business decisions, you can book a call with us.

Until next time, plan it, do it, and profit.

View Details

Attitude plays a critical role in the outcomes we achieve in life and in business. In this episode of the I Hate Numbers podcast, we explore how mindset, beliefs, and internal narrative influence decision-making, confidence, and long-term success. A strong mindset shapes behaviour, improves resilience, and supports better business performance.

What This Episode CoversIn this episode, we look at how our thoughts and internal dialogue drive what we do. We discuss why improving business results is not only about numbers or strategy, but also about how we think about ourselves and our business journey.

Fixed Mindset vs Growth MindsetWe explain two major mindset groups—those who believe their ability is fixed, and those who believe ability can develop through effort, coaching, and learning. One mindset restricts progress, and the other encourages improvement, possibility, and stronger results.

Why Attitude Shapes BehaviourAttitude drives behaviour. If we believe a task is achievable, we are more likely to push through challenges. If we believe failure defines us, we retreat. We discuss how attitude influences motivation, problem-solving, and decision-making in everyday business operations.

Business Confidence and BeliefHaving confidence in your skills improves communication, price-setting, delegation, and leadership. A negative attitude affects growth, sales, and customer interaction. This episode shows how reframing beliefs can boost performance and reduce anxiety.

Emotions and Decision-MakingWe highlight how emotional states affect business management. Stress and uncertainty can lead to poor decisions or inactivity. Awareness helps build control and better outcomes.

Seeing Obstacles as GrowthBusiness comes with setbacks. Mindset determines whether setbacks become learning opportunities or stopping points. A growth attitude promotes resilience and long-term success.

Episode Timecodes1. [00:00:00] Introduction to business attitude and mindset 2. [00:01:33] Why mindset matters more than you think 3. [00:04:05] Fixed mindset vs growth mindset 4. [00:06:50] Attitude and business behaviour 5. [00:09:15] Practical steps to improve mindset 6. [00:10:40] Final thoughts

Final ThoughtsYour attitude is a key business asset. Changing mindset changes outcomes. Building belief, developing confidence, and working on internal dialogue will strengthen business results and improve resilience. We encourage business owners to reflect honestly on their own thinking habits and challenge limiting beliefs.

Listen & SubscribeStay in control of your business journey and support your mindset growth. Listen weekly on Apple Podcasts and share this episode with someone who needs it. Listen & Subscribe on Apple PodcastsBook a CallIf you want guidance, business planning support, or mindset improvement strategies, book a call with us. Book a CallAdditional Links1. I Hate Numbers YouTube Channel 2. Buy the I Hate Numbers Book 3. Podcast Website

View Details

Why Getting Paid on Time MattersLate payments don’t just cause frustration — they damage your cashflow, restrict growth, and can force unnecessary borrowing. By tightening up your payment processes, you protect your business and create healthier financial habits.Clear Terms Make a Big DifferenceBefore any work begins, agree on:* Payment terms in writing * Deposit requirements * Due dates, instalments, or milestones * Consequences of late payment

This sets expectations early and reduces misunderstandings later on.Use Digital Tools to Speed Up PaymentsDigital systems make invoicing smoother and faster. We recommend using modern accounting software such as Xero. It helps you:* Send invoices instantly * Track overdue payments * Automate reminders * Accept online payments

Be Clear, Be Direct, Be ConsistentCustomers respond better when communication is firm, polite, and regular. Keep to your procedures — don’t let overdue invoices linger.Before the Due Date* Send a friendly reminder * Confirm they have everything they need to pay

On the Due Date* Send a clear message confirming payment is now due

After Payment Becomes Late* Send a firm reminder without delays * Call if necessary — calls get results * Reinforce the agreed terms

How to Reduce Future ProblemsHere are steps that help prevent late payments altogether:* Carry out basic credit checks * Ask for deposits or staged payments * Use direct debit or payment collection services * Implement late payment charges where appropriate

Final ThoughtsGetting paid on time is not about chasing — it’s about setting the right procedures. With clear communication, good systems, and strong boundaries, you protect your cashflow and strengthen your business.Useful Links* Xero Implementation & Support * Book a Call with I Hate Numbers * I Hate Numbers YouTube Channel

Be sure to follow and subscribe to the I Hate Numbers podcast for weekly episodes that help you plan it, do it, and profit.

View Details

Money can strengthen a relationship or strain it, depending on how we handle it. In this episode of the I Hate Numbers podcast, we explore why couples often struggle when talking about money and what we can do to reduce stress, improve communication, and build financial trust together.

Why Money Creates Tension in RelationshipsMoney is deeply emotional. It connects to safety, identity, habits, fear and upbringing. When two people come together, they often bring different money stories, expectations and comfort levels about spending, saving and risk. Without awareness and open conversation, these differences can easily lead to misunderstandings and conflict.

We often see couples avoiding money discussions because they worry about judgment or triggering an argument. But silence usually makes things worse. The longer things remain unspoken, the bigger the financial and emotional gap becomes.

The Impact of Upbringing and Money MindsetsThe way we think about money is shaped long before adulthood. Childhood experiences, parental attitudes and cultural influences form the habits we carry into relationships. Some people grow up with scarcity thinking, others with confidence, and some with avoidance behaviours.

Understanding where our partner’s mindset comes from is a powerful way to reduce conflict. We stop assuming and start empathising.

Talking About Money Without Triggering ConflictHealthy relationships rely on open and honest communication. This includes choosing the right time to talk about money and keeping discussions neutral and forward-looking. Instead of focusing on past mistakes, we focus on shared goals and what matters to both partners.

Asking questions such as “What does financial security look like to you?” reveals expectations and gives couples a stronger foundation to work from.

How to Build a Shared Money PlanFinancial teamwork starts with shared goals. These could include buying a home, reducing debt, improving financial stability or planning major life events. Once goals are clear, couples can decide on practical steps such as budgeting, tracking expenses or setting spending boundaries.

Transparency is key. Both partners should understand the full financial picture. Whether you use joint accounts, separate accounts or a hybrid approach, clarity and agreement are what matter.

Financial Independence Within a RelationshipIt’s important for each partner to maintain some personal financial independence. This avoids the feeling of being monitored or restricted. A balance of shared and individual responsibility supports both autonomy and teamwork.

When to Seek Professional HelpIf money arguments recur or feel overwhelming, involving a neutral professional can be transformative. A financial coach or advisor provides structure, clarity and a roadmap, removing the emotional heat from the conversation and helping both partners align.

Final ThoughtsMoney does not need to divide couples. When we understand each other’s habits, communicate openly and align around shared goals, money becomes a tool for connection instead of conflict. Strong financial teamwork leads to stronger relationships.

Links Mentioned in This Episode* Book a Call * Watch on YouTube * I Hate Numbers Podcast * Buy the I Hate Numbers Book

Episode Timecodes* [00:00:00] Opening and topic introduction * [00:01:15] Why money causes emotional tension * [00:02:40] Upbringing and money mindsets * [00:04:10] Communication challenges between couples * [00:06:20] Building financial goals together * [00:08:30] Financial independence within relationships * [00:10:05] When professional help is useful * [00:11:10] Closing thoughts

Host & Show InfoHost: Mahmood Reza

About: Mahmood is an accountant, business finance coach and founder of I Hate Numbers. For decades, we’ve helped individuals and businesses understand money better, make confident decisions and improve their financial wellbeing.

Podcast Website:I Hate Numbers PodcastListen & SubscribeStay financially informed and emotionally confident as a couple. Subscribe on Apple Podcasts and share this episode.

View Details

Identity verification is the legal process of confirming that a person or organisation is who they say they are. It helps prevent fraud, tax evasion, money laundering, terrorist financing, and abuse of financial systems. Businesses must prove that clients are legitimate before providing services — especially when risk is higher.When Identity Checks Are Required* When onboarding new clients * If risk levels change or suspicious activity appears * Before offering regulated professional services * When payment behaviour or ownership suddenly changes

These checks are not optional. Failure to verify identity can lead to penalties, account freezes, investigations, reputational damage, and criminal consequences.Acceptable Proof of ID & AddressProof isn't just a name written in an email — it must be documented. Typical verification includes:* Passport or driving licence * Recent utility bill or council tax statement * Bank statements showing address

In some cases, enhanced checks (E-KYC) are required — such as source of funds, ownership structure, or AML screening.Risk-Based Assessment MattersNot all clients have the same level of risk. Businesses should apply stronger verification when:* Clients operate internationally * Payments vary unexpectedly * Large or unusual transactions occur * Clients come from high-risk industries

Good record-keeping protects you. Compliance is not just a legal obligation — it's a financial safeguard.Record Keeping RequirementsKeep ID documents securely for a minimum of five years. Store clean digital audit trails in accounting systems, encrypted drives, or secure cloud platforms. Never hold data informally in WhatsApp chats or desktop folders.Consequences of Getting It WrongIf identity verification fails or is ignored, businesses risk:* HMRC penalties * Financial loss from unpaid invoices * Regulatory investigation * Permanent reputation damage

Preventing risk is cheaper than fixing mistakes later.Episode Timecodes 00:00:00— Why identity verification matters * 00:01:32— When checks are legally required * 00:03:18— What documents are acceptable * 00:05:02— Red flags & high-risk scenarios * 00:06:44— Compliance tips for business * 00:09:11*— Final thoughts

🎧 Listen & SubscribeStay in control of compliance and finance — follow the podcast and never miss an update.Listen on Apple Podcasts🔗 Additional Links* Book a Call * YouTube Channel * I Hate Numbers Book

View Details

E-invoicing is not just a digital nicety, it is becoming central to how modern businesses keep cash flowing and stay compliant. In this episode of I Hate Numbers, we explain what e-invoicing means, why larger customers and public sector buyers increasingly expect it, and how adopting it can reduce errors, speed up payments, and simplify bookkeeping.

Why E-Invoicing MattersE-invoices remove manual rekeying, eliminate lost PDFs, and cut the back and forth that delays payment. They improve accuracy and create a clear, auditable trail that makes life easier at tax time. For businesses supplying VAT-registered customers, being able to send structured data rather than free-form PDFs means customers can process invoices automatically, improving your chance of being paid faster.

Practical BenefitsWe cover the practical benefits: faster approvals from customers, fewer disputes about amounts or dates, smoother integration with cloud accounting systems, and a stronger position when bidding for larger contracts. E-invoicing also reduces duplicate payments and speeds up reconciliations, which helps your cash flow and frees your team from low-value admin tasks.

Standards and ComplianceThere are different e-invoicing standards around the world, and larger buyers are increasingly requiring structured invoices. Check the requirements of your major customers and public sector buyers before you select a provider. Understanding the required data fields and VAT treatments will prevent problems later.

How to Get StartedStart by choosing a provider or using the e-invoicing options inside your cloud accounting package. Map the invoice data fields, run tests, and communicate the change to customers. We recommend a short pilot, perhaps with a handful of customers, to iron out any issues before rolling out the change company-wide. Make sure staff are trained and that you keep backups of your invoices and settings.

Common Pitfalls to AvoidPartial adoption can cause confusion, so decide early how you will handle customers who cannot accept structured invoices. Ensure your internal processes match the structured data fields, and confirm how your software handles varying currencies, VAT rates, and line-item details. Always test end-to-end before switching fully to avoid missed payments and data mismatches.

Final ThoughtsE-invoicing is a practical win for any business that wants to reduce admin, speed up payments, and improve auditability. If you are still sending manual invoices, now is the time to plan the move. Small steps, a short pilot and clear communication with customers will make the switch painless and worthwhile.

Episode Timecodes[00:00:00] – Introduction

[00:01:10] – What e-invoicing is and why it matters

[00:03:05] – Benefits: accuracy, speed, and cashflow

[00:05:00] – Standards and compliance considerations

[00:06:40] – How to get started, step by step

[00:08:20] – Common pitfalls to avoid

[00:09:30] – Final thoughts and next steps

Host & Show InfoHost Name: Mahmood Reza

About the Host: We are the team behind I Hate Numbers. As accountants and business coaches, we help organisations simplify finance, improve cash flow, and adopt efficient systems.

Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧 Listen & SubscribeFind more episodes on Apple Podcasts, and subscribe for weekly insights that help you plan, act, and profit.

Additional Links* Book a Call * I Hate Numbers Book * Apple Podcasts * I Hate Numbers YouTube Channel

View Details

In this episode of the I Hate Numbers podcast, we explore a tax trap that affects countless landlords and property investors. Preparing a property before tenants move in brings real costs, but HMRC applies strict rules on what you can and cannot claim. We explain those rules in plain English, highlight common mistakes, and show how to protect your cash flow and stay compliant.

When Your Property Business Really StartsYour property business officially begins on the day your first tenant moves in and rent starts. That date matters because any spending before then is treated as pre-commencement expenditure. HMRC will only allow these costs if they meet three criteria:

The cost must be within seven years of the start date.
The cost must not already have been claimed elsewhere.
The cost must be allowable if incurred after the business started.

If all three conditions are met, the expense is treated as if it occurred on day one of the rental business.

Understanding Revenue vs CapitalThis is the core of the tax decision. Revenue expenses repair or maintain the property without improving it. Examples include:

Repainting
Repairing damp
Replacing damaged flooring with similar materials
Fixing broken boilers like-for-like

Capital expenses improve or upgrade the property. These include:

Extensions
Loft conversions
Upgrading to high-spec kitchens or bathrooms
Structural alterations

Revenue costs reduce your rental profits now. Capital costs only reduce capital gains tax in the future.

Examples That Show the DifferenceIf you treat dry rot or replace rotten timbers, HMRC sees it as a repair. If you convert a loft or add an extra bathroom, that improves the property’s overall value and is treated as capital. Understanding the difference prevents costly mistakes when completing your tax return.

Why Record Keeping MattersHMRC expects clear records: invoices, breakdowns, and evidence of work carried out. Mixed invoices are a common issue. If repairs and improvements are bundled into one amount, HMRC may block the full claim. Ask contractors for itemised invoices, and take before-and-after photos to strengthen your position.

Avoiding Common MistakesLandlords often run into trouble for reasons such as:

Claiming costs older than seven years.
Classifying improvements as repairs.
Lacking itemised invoices or evidence.
Using inconsistent accounting methods.

If you have multiple rental properties, allowable repair costs from one property can still reduce overall rental profits across your portfolio.

Episode Timecodes[00:00:00] Introduction

[00:00:42] Understanding pre-letting costs

[00:01:27] When a property business starts

[00:02:00] The three tests for pre-commencement expenses

[00:03:00] Revenue vs capital explained

[00:04:12] Examples from real situations

[00:05:00] What you can and cannot deduct

[00:06:09] Record keeping and documentation

[00:07:12] Mixed invoices and challenges

[00:07:57] Accounting basis considerations

[00:08:36] Impact on portfolios and holiday lets

[00:09:18] Summary and next steps

Final ThoughtsUnderstanding pre-let expenditure rules helps you avoid HMRC issues and protects your cash flow. The clearer your records and the more accurate your classifications, the smoother your tax return becomes. If you want personalised support reviewing your property costs, we can help with a detailed tax diagnostic review.

Additional Links* 📘Buy the I Hate Numbers Book * ☎️Book a Call * 🎥I Hate Numbers YouTube Channel

Host & Show InfoHost Name: Mahmood Reza

About the Host: Mahmood is an accountant, tax specialist, and founder of I Hate Numbers. He helps landlords and businesses stay compliant, improve tax efficiency, and build financial confidence.

Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/

View Details

Introduction: Understanding Fuel BenefitsFuel benefits can look attractive on the surface—free fuel for your company car sounds great, right? However, the hidden tax costs can outweigh the perks. In this episode of the I Hate Numbers podcast, we break down how company car fuel benefits work, why they can become expensive tax traps, and how to decide whether it’s really worth it.

Main Topics & DiscussionThe Myth of “Free” FuelMany business owners assume that having their company cover private fuel costs is a tax-efficient perk. However, the reality is that HMRC applies a significant benefit-in-kind tax to fuel provided for personal use. This means both the company and the employee could face unexpected costs at the end of the year.

How HMRC Calculates the TaxThe tax on company car fuel is based on a set “fuel benefit charge.” This combines a fixed amount (currently £27,800 for the 2025/26 tax year) multiplied by the car’s CO₂ percentage band. For example, if your car’s rate is 25%, the taxable benefit is £6,950. This amount is added to your personal income for tax purposes—meaning you’ll pay tax as if you’d earned that money.

Why It’s Rarely Worth ItIn most cases, the actual cost of fuel you receive is lower than the tax you’ll pay on it. Even though it seems like “free” fuel, you could easily lose hundreds or even thousands of pounds more in tax. The company also pays 15% Class 1A National Insurance on the taxable amount, adding to the total expense.

A Simple Test: Is It Worth Keeping the Fuel Perk?Here’s an easy way to check. Calculate how much personal fuel your company covers annually and compare it to the fuel benefit tax charge. If the tax bill is higher, you’re better off reimbursing the company for personal mileage instead of accepting the “free” fuel benefit.

Alternative Approaches That Save TaxThere are smarter ways to handle fuel costs without falling into the tax trap. For example, you can:

Pay for private mileage yourself and claim business mileage at HMRC’s approved rate (45p per mile for the first 10,000 miles).
Opt for hybrid or fully electric vehicles with lower or zero benefit-in-kind rates.
Use business fuel cards solely for business journeys, ensuring private fuel is excluded.

Record Keeping and ComplianceHMRC requires accurate mileage logs to prove business use. Digital mileage apps or GPS-enabled records make this simple and protect you during potential audits. Keeping proper logs ensures you only pay tax on what’s necessary—and stay compliant without the admin stress.

Key TakeawayFuel perks often turn into expensive tax traps. The “free” fuel you get might actually cost you more than paying for it personally. With careful planning and the right approach, you can avoid unnecessary tax and keep your finances in better shape.

Episode Timecodes* [00:00:00] – Introduction: The reality of fuel perks * [00:01:22] – Understanding how fuel benefit works * [00:03:06] – How HMRC calculates the charge * [00:05:15] – Why the fuel benefit rarely pays off * [00:07:10] – Smarter tax-efficient alternatives * [00:08:55] – Final thoughts and best practices

Host & Show InfoHost Name: Mahmood Reza

About the Host: We’re accountants, educators, and financial coaches on a mission to make business and tax easier to understand. For over 30 years, I Hate Numbers has helped businesses plan smarter, save tax, and achieve long-term success.

Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧 Listen & Subscribe to I Hate NumbersWant more tax-saving insights? Listen and subscribe on Apple Podcasts for weekly episodes that help you plan, do, and profit.

Additional Links* Book a Call * I Hate Numbers YouTube Channel * Buy the I Hate Numbers Book

View Details

Owning a business can be rewarding, but it can also feel lonely. In this episode of the I Hate Numbers podcast, we open up about the challenges entrepreneurs face behind the scenes. We explore how isolation affects decision-making, motivation, and mental health—and how you can tackle it head-on with the right mindset and support network.

Why Business Ownership Can Feel LonelyWhen you’re the one making all the decisions, carrying the risks, and keeping everything moving, the weight can feel heavy. Many business owners struggle to find people who truly understand their pressures. Employees, friends, and even family might not grasp the stakes involved. This emotional load often builds quietly until it starts affecting confidence and productivity.

The Emotional Toll of IsolationLoneliness doesn’t always show up as sadness—it often looks like overworking, indecision, or self-doubt. We discuss how isolation can lead to burnout and how acknowledging it is the first step to overcoming it. Recognising these emotions allows you to regain perspective and avoid reacting from a place of fatigue or frustration.

The Power of Connection and CommunityConnection is a vital part of business success. Building relationships with peers, mentors, and other business owners helps you gain insights, share ideas, and stay grounded. Joining professional networks or mastermind groups can reduce the emotional burden of entrepreneurship and remind you that you’re not alone on this journey.

Practical Strategies to Overcome Loneliness* * Build a trusted support circle of mentors, advisers, and peers. * * * Share your challenges openly—don’t carry them alone. * * * Set realistic work boundaries to protect your wellbeing. * * * Stay connected through regular check-ins with other business owners. * * * Use tools and systems to reduce overwhelm and regain control of your time. *

Reframing the Entrepreneurial JourneyBeing a business owner doesn’t mean going it alone. Collaboration and communication are strengths, not weaknesses. We highlight stories of entrepreneurs who turned isolation into opportunity by embracing connection and building communities around shared goals.

Final ThoughtsThe lonely road of business ownership doesn’t have to stay lonely. By recognising the signs of isolation and taking active steps to stay connected, you can build a more sustainable and fulfilling business journey. Remember—success isn’t only about numbers; it’s also about people, purpose, and wellbeing.

Episode Timecodes* * [00:00:00] – Introduction: The lonely side of business ownership * * * [00:01:14] – Why isolation happens * * * [00:03:20] – The emotional and financial impact * * * [00:05:32] – The importance of community and support * * * [00:07:16] – Practical steps to stay connected * * * [00:09:00] – Final thoughts and key takeaways *

Host & Show InfoHost Name: Mahmood Reza

About the Host: We’re accountants, finance educators, and business coaches at I Hate Numbers. With over 30 years of experience helping businesses grow sustainably, we’re on a mission to make finance simple, approachable, and empowering for every entrepreneur.

Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧 Listen & Subscribe to I Hate NumbersDon’t miss future episodes designed to simplify tax, business planning, and financial confidence. Listen on Apple Podcasts, follow our show, and share it with others who could use some practical business motivation.

Additional Links* * Book a Call * * * I Hate Numbers YouTube Channel * * * Buy the I Hate Numbers Book *

View Details

Working for free might sound like a good way to gain exposure, experience, or opportunities. However, it can also lead to burnout, undervaluing your work, and setting the wrong expectations. In this episode, we talk about how to make the right call and ensure your time and skills are respected.

When Working for Free Might Make SenseThere are times when working for free can make strategic sense — such as for charities, community causes, or trusted partners. These opportunities can align with your values, offer meaningful exposure, or help you test new services. However, they should always be intentional and clearly defined.

The Hidden Costs of Free WorkWorking for free often costs more than you think. Beyond lost income, it uses up valuable time, energy, and resources that could be invested in paid opportunities. It can also train clients to undervalue your services and expect unpaid support in the future.

Setting Boundaries and Saying NoWe all want to help others, but saying yes to every unpaid request isn’t sustainable. Clear boundaries protect your time and reinforce your professional worth. Learn to differentiate between genuine collaborations and situations where your generosity is being taken for granted.

Alternatives to Working for FreeIf you want to support someone or gain visibility, there are smarter ways to do it. You could offer a discounted rate, limit your contribution, or agree on an exchange of services. Always set terms in writing, even if no money changes hands, to ensure mutual respect and clarity.

Final ThoughtsWorking for free can sometimes open doors, but it’s rarely the foundation of a successful business. Every hour you give away should have a purpose. Ask yourself what the long-term benefit is and whether it aligns with your goals. Ultimately, valuing your time is key to building credibility and financial stability.

Episode Timecodes* * [00:00:00] – Introduction * * * [00:01:02] – When Working for Free Might Make Sense * * * [00:03:15] – The Hidden Costs of Free Work * * * [00:05:48] – Setting Boundaries and Saying No * * * [00:07:34] – Alternatives to Working for Free * * * [00:09:15] – Final Thoughts *

Host & Show InfoHost Name: Mahmood Reza

About the Host: We are accountants, business finance coaches, and the team behind I Hate Numbers. With decades of experience helping businesses stay profitable and confident, we simplify finance, tax, and planning so you can make smarter decisions and achieve long-term success.

Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧 Listen & Subscribe to I Hate NumbersJoin us on Apple Podcasts for weekly episodes that help you master business finance and mindset. Listen, rate, and subscribe to support the show!

🎧 Listen on Apple PodcastsAdditional Links* * 📘 Buy the I Hate Numbers Book * * * 📺 Visit the I Hate Numbers YouTube Channel * * * 📞 Book a Call with Us *

View Details

Community Interest Companies, or CICs, are designed for businesses that want to make a difference while still being commercially sustainable. In this episode of the I Hate Numbers podcast, we explain what a CIC is, why it exists, and when it makes sense to form one.

We cover the key differences between CICs and charities, the rules you must follow, and how profits are managed. Whether you are starting a social enterprise or transitioning from a limited company, this episode gives you a clear understanding of how to use a CIC structure to do good and stay financially viable.

Main Topics & DiscussionWhat Is a Community Interest Company?A Community Interest Company is a special type of limited company created for social enterprises that want to use their profits and assets for public good. It combines commercial flexibility with a social mission, allowing businesses to operate with purpose while remaining financially independent.

Why Choose a CIC?Unlike charities, CICs can trade freely, pay staff, and make a profit, but their assets and surplus must primarily benefit the community. The structure gives credibility to organisations that want to attract funding or contracts while showing a clear commitment to social impact.

Many founders choose a CIC when they want to balance doing good with maintaining control and the ability to generate income.

How CICs Differ from CharitiesCharities are regulated by the Charity Commission, while CICs are overseen by the CIC Regulator. The main distinction lies in flexibility. CICs can pay directors and distribute limited dividends, whereas charities face tighter restrictions. CICs also have simpler reporting and governance requirements compared to registered charities.

Legal Requirements and OversightEvery CIC must submit an annual community interest report, explaining how its activities benefit the community. It must also file accounts with Companies House and remain transparent about how profits are used. The regulator can reject or question applications if a business’s objectives do not clearly serve the public interest.

When to Register as a CICRegistering as a CIC makes sense when your business has a clear social or community purpose but still operates commercially. It is ideal for projects that generate revenue while tackling social or environmental challenges. If your main focus is profit for private shareholders, a traditional limited company may be a better fit.

Funding Opportunities for CICsCICs can access funding from ethical investors, social impact funds, and grants that are unavailable to standard limited companies. This makes them attractive to entrepreneurs who want to create measurable change while sustaining long-term growth.

Common Pitfalls to AvoidRunning a CIC comes with responsibilities. Failing to submit community reports, misusing profits, or not keeping accurate records can lead to penalties or deregistration. Always keep clear documentation of decisions and spending to remain compliant and maintain public trust.

Final ThoughtsCommunity Interest Companies offer a balanced way to combine purpose and profit. They provide the freedom to operate like a business while committing to social good. Understanding when and how to form one helps you stay compliant and credible. A well-managed CIC not only supports your mission but strengthens your long-term financial sustainability.

Episode Timecodes* * [00:00:00] – Introduction: What is a CIC? * * * [00:01:04] – Why CICs exist and their social purpose * * * [00:02:30] – CICs versus charities * * * [00:04:00] – Legal requirements and compliance * * * [00:05:42] – When to register as a CIC * * * [00:07:15] – Funding and opportunities * * * [00:08:45] – Common pitfalls and compliance * * * [00:09:30] – Final thoughts and next steps *

Host & Show InfoHost Name: Mahmood Reza

About the Host: Mahmood is an accountant, business finance coach, and founder of I Hate Numbers. With over three decades of experience helping businesses grow responsibly, he simplifies finance and tax so you can focus on impact and profit.

Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧 Listen & Subscribe to I Hate NumbersLearn how to build a sustainable, community-focused business model. Listen on Apple Podcasts, share this episode, and subscribe for more weekly insights. Plan it. Do it. Profit.

Additional Links* * I Hate Numbers YouTube Channel * * * Buy the I Hate Numbers Book * * * Book a Call *

View Details

Social enterprises are businesses that aim to make a difference while staying financially healthy. In this episode of the I Hate Numbers podcast, Mahmood explains how social enterprises can combine purpose and profit, create impact, and still run with the discipline of a commercial business. We explore what defines a social enterprise, how they operate, and what sets them apart from charities or traditional businesses.

Main Topics & DiscussionWhat Is a Social Enterprise?A social enterprise is a business that exists to tackle social or environmental challenges. It trades in goods or services but reinvests the majority of its profits into its mission. It’s not a charity, nor is it purely commercial. Instead, it sits in the middle, using business tools to achieve social goals.

Purpose Meets ProfitSocial enterprises prove that doing good and being profitable can go hand in hand. They create real impact while ensuring the business remains viable. The more successful the business, the more impact it can make. Profit is not the enemy of purpose. It’s what helps fund the mission and sustain the good work over the long term.

Legal StructuresSocial enterprises can take different forms. The most common structures include Community Interest Companies (CICs), Companies Limited by Guarantee, and Co-operatives. Each structure defines how profits are distributed and how accountability is maintained. Choosing the right structure is key to balancing transparency, control, and long-term sustainability.

Funding and Financial HealthUnlike charities that rely mainly on donations or grants, social enterprises trade their way to success. They may still receive grants or investment, but trading income keeps them independent and resilient. Sound financial planning and management are essential. Mahmood stresses the need for strong bookkeeping, cash flow monitoring, and reinvesting profits wisely.

Challenges Social Enterprises FaceSocial enterprises face unique challenges. Balancing impact with income can be tricky. They must compete with commercial businesses while upholding ethical values. Access to funding can also be harder because investors look for returns, not just results. Despite this, the sense of purpose and community support keeps them moving forward.

Impact and AccountabilitySocial enterprises must measure and report their impact. It’s not just about numbers but about demonstrating social value. Whether it’s job creation, community development, or environmental change, they need to show tangible results. Transparency builds trust with stakeholders and reinforces credibility with customers and funders alike.

Examples of Social EnterprisesAcross the UK, social enterprises are thriving. Companies like The Big Issue and Divine Chocolate are powerful examples. They combine business models with strong missions. Each shows how profitability and social good can strengthen one another when purpose drives every decision.

Common Mistakes to Avoid* * Neglecting financial planning or relying too much on grants. * * * Losing sight of the core mission in pursuit of profit. * * * Failing to measure or report social impact clearly. * * * Choosing the wrong legal structure without considering long-term implications. *

Final ThoughtsSocial enterprises are proof that doing good can be profitable. With clear goals, financial control, and community focus, they can thrive and create lasting impact. Mahmood reminds us that purpose and profit are not opposites but partners in success. If you’re thinking about starting or growing a social enterprise, plan carefully, know your numbers, and stay true to your mission.

Episode Timecodes* * [00:00:00] – Introduction: Doing good while making profit * * * [00:01:22] – What defines a social enterprise * * * [00:03:15] – Legal structures explained * * * [00:05:00] – Funding and financial sustainability * * * [00:06:42] – Measuring impact and accountability * * * [00:08:30] – Common mistakes and how to avoid them * * * [00:09:50] – Closing thoughts and advice *

Host & Show InfoHost Name: Mahmood Reza

About the Host: Mahmood is an accountant, tax expert, and founder of I Hate Numbers. With over 30 years of experience helping businesses and social enterprises grow, he brings clarity to complex financial topics so you can build a business that makes both money and a difference.

Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧 Listen & Subscribe to I Hate NumbersStay inspired and financially savvy. Listen on Apple Podcasts, share this episode, and subscribe for weekly insights. Plan it. Do it. Profit.

Additional Links* * 🔗 Book a Call * * * 🔗 I Hate Numbers YouTube Channel * * * 🔗 Buy the I Hate Numbers Book *

View Details

VAT may seem simple in theory, but in practice it can feel like opening a tin without a ring pull. For VAT-registered businesses, invoices are the foundation of compliance. Get them wrong and you risk late payments, disputes, and HMRC penalties. Get them right, however, and you protect your cash flow, build credibility, and reduce stress.

What Is a VAT Invoice?A VAT invoice is much more than a receipt. It is a legal document that proves VAT has been correctly applied and charged. Only VAT-registered businesses are allowed to issue VAT invoices, and these must be provided whether the supplies are standard or reduced rate. Importantly, you have 30 days from the tax point to issue one, and you must always keep copies for your records. HMRC expects every VAT-registered business to maintain a tidy audit trail.

Why VAT Invoices Are EssentialFirst and foremost, VAT invoices keep you compliant. They demonstrate that VAT has been applied correctly, which protects you during audits and supports your customers in making their own claims.

Secondly, they build trust. When invoices are clear and accurate, customers are more confident in working with you and disputes are avoided before they arise.

Finally, VAT invoices play a huge role in your cash flow. Clear and accurate invoices speed up payments, and as we know, once cash flow dries up, businesses risk closure. Invoices done well are therefore not only about compliance but about survival.

Mandatory Information for a VAT InvoiceThere are several items that must appear on every VAT invoice. You must include your VAT registration number, which identifies you as eligible to charge VAT. Each invoice also needs a unique and sequential number, with no gaps or duplicates—accounting software like Xero can handle this automatically.

Both the date of supply and the date of issue must be shown clearly, as these may differ. Your business name and address should be present, as well as the customer’s details. Where appropriate, including the customer’s VAT number can also be useful.

Perhaps most importantly, invoices must describe exactly what was supplied. Simply writing “services” is not acceptable; you must state what was provided, when, and how. Quantities, units, and pricing must be broken down line by line, with the VAT rate and net amount shown. The total VAT amount must be displayed separately, and the gross total including VAT should be clear and obvious. Even if the invoice is in dollars or euros, the VAT amount must always be shown in sterling.

If discounts are offered, they should be explained in full, with the terms clearly applied. Missing any of these details could invalidate the invoice.

Special Rules and Simplified InvoicesIn some cases, special rules apply. For example, if you use a margin scheme, you do not need to show VAT separately, but you must include the correct wording for the scheme. Businesses in Northern Ireland trading with the EU must include the customer’s VAT number with their country code. Retailers, on the other hand, are not normally required to issue VAT invoices to non-registered customers. Instead, for sales under £250, simplified invoices can be issued, which still require basic details such as your VAT number, date of supply, description of goods or services, VAT rate, and total payable.

When issuing credit notes, always mirror the original invoice. Reference the original invoice number and clearly show any reductions, returns, or cancellations. This ensures transparency and protects both you and your customers.

Electronic vs Paper InvoicesWhether paper or digital, both types of invoices carry the same legal weight. Many businesses still use paper invoices, but electronic invoicing is increasingly common. It cuts down on paper, speeds up delivery, and works well for remote businesses. Regardless of the format, invoices must be kept for at least six years, ideally with backups in place. Technology can fail, so ensuring secure backups is vital for compliance and continuity.

Practical Tips for Better InvoicingOne of the best moves you can make is to adopt digital tools such as Xero. As a Xero Platinum Partner, we have seen how properly set up systems save time, reduce errors, and handle VAT calculations automatically.

Consider taking out appropriate insurance to protect yourself. Cyber insurance is increasingly important for businesses handling invoices online, while professional indemnity insurance helps cover disputes.

Security should also be a top priority. Protect customer data with encryption, strong passwords, and regular staff training. Always do due diligence on new customers by checking their VAT numbers using HMRC’s online checker, and running credit checks where possible.

Finally, keep your records tidy. Back up your data monthly, test your restores, and never wait until a crisis to find out whether your system works.

Common Mistakes to AvoidOne of the most frequent mistakes is vague descriptions. Writing “consultancy” or “services” without detail is not enough. HMRC expects clarity so the nature of the supply is obvious.

Another common issue is forgetting to show VAT in sterling. Even if your invoice uses another currency, the VAT must always be displayed in pounds. Businesses also sometimes mix exempt and taxable supplies without clearly labelling them, which can lead to confusion and disputes.

Delaying invoices beyond 30 days of the tax point is another mistake that causes both compliance risks and cash flow problems. Similarly, credit notes that do not reference the original invoice create gaps in your audit trail. Avoiding these errors puts you far ahead in staying compliant and getting paid on time.

FAQs on VAT InvoicesDo I need a VAT invoice for every sale? No, only for taxable supplies to VAT-registered customers. Retail customers do not normally require one.

Can invoices be emailed? Yes, electronic invoices such as PDFs are perfectly valid, provided you keep copies for at least six years.

Must VAT totals be in sterling? Absolutely. Regardless of the main invoice currency, VAT must be displayed in pounds.

What happens if I forget something? If you miss a required detail, correct it and reissue the invoice. Keeping incomplete or invalid invoices in your records is risky and non-compliant.

VAT Invoice ChecklistBefore you hit send, confirm your customer’s VAT status by using HMRC’s online checker. Agree the scope, price, and terms in advance so there are no disputes later. Always use a standard invoice template that contains all mandatory details, and send the invoice securely, keeping a copy for your records.

Once the invoice is issued, track it and chase late payments politely but firmly. Review your invoice templates regularly, and update them to make sure they remain clear and compliant. A short investment of time in refining your process saves stress and strengthens your cash flow.

Final ThoughtsProfessional VAT invoices are not just about ticking compliance boxes. They reinforce customer trust, protect your cash flow, and reduce admin headaches. A strong invoicing system makes your business more resilient and profitable. If this episode has highlighted gaps in your process, don’t worry—fix them now and you’ll reap the benefits immediately.

Episode Timecodes* * [00:00:00] – Introduction: why VAT invoices matter * * * [00:01:20] – What VAT invoices are and why they count * * * [00:03:00] – Mandatory information explained * * * [00:06:15] – Special rules and simplified invoices * * * [00:08:40] – Electronic vs paper invoices * * * [00:10:10] – Practical invoicing tips * * * [00:12:00] – Common mistakes to avoid * * * [00:13:45] – FAQs answered * * * [00:15:30] – Invoice checklist and wrap-up *

Host & Show InfoHost Name: Mahmood Reza

About the Host: Mahmood is an accountant, tax advisor, and founder of I Hate Numbers. With decades of experience, he helps businesses stay compliant, save tax, and improve profits.

Podcast Website:I Hate Numbers Podcast🎧 Listen & SubscribeStay compliant and protect your cash flow with I Hate Numbers. Listen on Apple Podcasts, subscribe, and share this episode.

Additional Links* * Book a Call * * * I Hate Numbers YouTube Channel * * * Buy the I Hate Numbers Book *

View Details

Business success doesn’t start with numbers, strategy, or sales—it starts with belief. If we don’t believe in ourselves, we hold back. If we do, we take action. Mahmood explains why self-belief is the foundation that drives progress and resilience in business.

What Self-Belief in Business Really Means1. 2. Trusting your decisions: Self-belief is about backing yourself, even when the path isn’t clear. It doesn’t mean ignoring advice but having the confidence to choose and move forward. 3. 4. 5. Seeing challenges as opportunities: Instead of being paralysed by setbacks, self-belief helps us see them as lessons and stepping stones toward progress. 6. 7. 8. Balancing realism and optimism: It’s not blind confidence. True self-belief comes from preparation, planning, and recognising our own ability to adapt. 9.

Why Self-Belief Shapes Success1. 2. Decision-making becomes faster and clearer: When we believe in ourselves, we avoid second-guessing and keep momentum in our businesses. 3. 4. 5. Resilience improves: Business is full of bumps, but self-belief ensures we bounce back rather than stall at the first sign of difficulty. 6. 7. 8. Growth feels possible: With self-belief, we are more willing to set ambitious goals, pursue opportunities, and step outside our comfort zones. 9.

Building Stronger Self-Belief1. 2. Start small and act: Confidence grows through action. Take small, consistent steps in your business to build momentum and proof that you can achieve results. 3. 4. 5. Keep learning: Knowledge and preparation reduce fear. Whether through courses, mentors, or reading, ongoing learning strengthens self-belief. 6. 7. 8. Track your wins: Reflecting on progress, no matter how small, reminds us of how far we’ve come and reinforces confidence for the future. 9. 10. 11. Seek supportive voices: Surround yourself with people who encourage and challenge you, not those who sow doubt or negativity. 12.

Common Mistakes to Avoid* * Confusing self-belief with arrogance—one drives growth, the other creates blind spots. * * * Thinking self-belief is fixed. It can be built and strengthened with consistent effort. * * * Waiting for “perfect confidence” before acting. Action builds belief, not the other way around. *

Final ThoughtsSelf-belief is the unseen foundation of business success. It fuels our ability to take risks, bounce back, and keep growing. Without it, even the best strategy or advice can fall flat. With it, we unlock the confidence to plan, act, and profit.

Episode Timecodes* * [00:00:00] – Introduction: Why self-belief is the hidden key * * * [00:01:15] – Defining self-belief in business * * * [00:03:20] – Why self-belief shapes success * * * [00:06:05] – How to build stronger self-belief * * * [00:09:10] – Mistakes and misconceptions * * * [00:11:00] – Final thoughts and next steps *

Host & Show InfoHost Name: Mahmood Reza

About the Host: Mahmood is an accountant, tax expert, and founder of I Hate Numbers. With over 30 years of experience, he helps businesses simplify numbers, strengthen strategy, and grow with confidence.

Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧 Listen & Subscribe to I Hate NumbersReady to strengthen your mindset and build confidence in business? Listen on Apple Podcasts, share this episode, and subscribe for weekly insights. Plan it. Do it. Profit.

Additional Links* * Book a Call * * * I Hate Numbers YouTube Channel * * * Buy the I Hate Numbers Book *

View Details

In this episode of I Hate Numbers, we uncover why budgeting is not a straitjacket, but one of the most liberating tools you can use in business. Far from restricting you, a budget gives you clarity, control, and confidence. By the end of this episode, you’ll see budgeting in a whole new light.We share eight powerful advantages of budgeting that will help you reduce stress, improve decision-making, and move closer to your business goals.Episode SummaryBudgeting gives your business direction and resilience. In this episode, we explore:* Why clarity is the first gift of a budget. * How budgeting keeps you in control of cash flow and costs. * How goals and purpose are shaped and supported by budgeting. * Why numbers + instinct = better decision making. * How budgeting improves communication with your team. * Why targets boost motivation and accountability. * How budgeting reduces risks and flags problems early. * Why achievement is more likely when you have a roadmap.

Timestamps* [00:00] – Why budgeting is misunderstood — and why it’s liberating, not restrictive. * [00:01:03] – Advantage 1: Clarity – your business sat nav. * [00:02:00] – Advantage 2: Control – your financial dashboard. * [00:03:00] – Advantage 3: Purpose and goals – aligning money with mission. * [00:04:00] – Advantage 4: Better decision making – blending instinct with numbers. * [00:04:47] – Advantage 5: Communication – involving your team in the process. * [00:05:30] – Advantage 6: Motivation – why targets inspire commitment. * [00:05:50] – Advantage 7: Risk reduction – spotting red flags early. * [00:06:37] – Advantage 8: Achievement – turning dreams into measurable results. * [00:07:20] – Closing thoughts: Why budgeting is your financial roadmap.

Links Mentioned in This Episode* Order the book I Hate Numbers for more practical advice on budgeting. * Visit the I Hate Numbers website for resources and guides.

Call to ActionIf you enjoyed this episode, subscribe to the I Hate Numbers podcast on Apple Podcasts and leave us a review — it helps more business owners discover the show.Want personalised advice? Book a call with us today and let’s work together on your budget and business growth.You can also visit our website for tools and resources to plan better, save tax, and grow your business.Plan it. Do it. Profit.

View Details

In this episode of the I Hate Numbers podcast, we shine a light on a common but costly issue—Class 2 National Insurance wrongly charged by HMRC. Thousands of self-employed people and small business owners are impacted each year. We’ll explain why it happens, how it affects your state pension and benefits, and the exact steps you should take to put things right.

Main Topics & Discussion * What Class 2 NI Is: Class 2 National Insurance is a flat-rate weekly contribution (£3.45 in 2024–25) paid by the self-employed. It secures your entitlement to the state pension and certain benefits. While the cost is relatively small, missing payments can leave gaps in your record that affect your long-term financial security. * * * Why HMRC Gets It Wrong: Errors often occur because of mismatched data across HMRC systems, mistakes in reporting self-employed profits, or discrepancies between your self-assessment and NI records. These issues can trigger incorrect charges, meaning you pay contributions you don’t actually owe. * * * The Real Impact: Overpaying NI reduces your immediate cash flow, which is critical for self-employed individuals. On the flip side, if HMRC fails to charge you when it should, you may end up with gaps in your NI record, putting your future pension entitlement at risk. * * * How to Check: The best defence is to stay proactive. Always log into your HMRC account to check your self-assessment details and compare them with your National Insurance contributions. Reviewing your pension record regularly helps you spot missing or extra payments early, avoiding problems later. * * * Steps to Fix:* If you think you’ve been wrongly charged, contact HMRC as soon as possible. Provide supporting documents, such as tax returns, profit and loss statements, or payment evidence. You can request corrections to your NI record or claim a refund for overpayments, but the process takes time, so early action is key. *

Common Mistakes to Avoid * Assuming HMRC Is Always Right: Many taxpayers accept charges at face value, but HMRC systems are not flawless. Always double-check your notices and statements before paying. * * * Ignoring Your Records: Failing to review your NI contributions and pension record regularly could mean years of unnoticed errors. By the time you claim your pension, it may be too late to fix. * * * Not Reclaiming Refunds:* If you don’t take action, you could lose money unnecessarily. HMRC does process refunds, but you must initiate the request and provide the right evidence. *

Final ThoughtsClass 2 National Insurance may look small on paper, but the consequences of getting it wrong are significant. Errors can drain your cash flow or leave gaps in your pension record. By checking your account, acting quickly, and challenging HMRC when necessary, you can save money and protect your future benefits. Proactivity pays off when it comes to NI.

Episode Timecodes* * [00:00:00] – Introduction to Class 2 NI errors * * * [00:01:20] – What Class 2 NI contributions cover * * * [00:03:15] – Why HMRC often charges the wrong amounts * * * [00:05:42] – The impact on pensions and benefits * * * [00:07:30] – How to spot and check for errors * * * [00:09:10] – Steps to fix HMRC mistakes * * * [00:11:00] – Common mistakes and final thoughts *

Host & Show InfoHost Name: Mahmood Reza

About the Host: Mahmood is an accountant, tax expert, and founder of I Hate Numbers. With over 30 years’ experience, he helps businesses stay compliant, tax-smart, and profitable.

Podcast Website:I Hate Numbers Podcast🎧 Listen & Subscribe to I Hate NumbersStay on top of tax and business issues. Listen on Apple Podcasts, share this episode, and subscribe for weekly insights. Plan it. Do it. Profit.

Additional Links🔗 Book a Call

🔗 I Hate Numbers YouTube Channel

🔗 Buy the I Hate Numbers Book

View Details

Many people have unused space that could generate extra income. But before you start renting out your garage or driveway, you need to understand the tax implications. In this episode of the I Hate Numbers podcast, we explain how to keep it legal and tax-efficient while boosting your earnings.

What You’ll Learn in This Episode* * The UK tax rules for renting out garages, driveways, and storage spaces. * * * How much income you can earn tax-free under the property allowance. * * * What records to keep and when you need to declare the income. * * * Practical tips for staying compliant and avoiding HMRC problems. *

How Tax-Free Income WorksIf you rent out your garage, driveway, or storage space, HMRC treats this as property income. But the good news is that you can earn up to £1,000 tax-free under the property allowance. If your income stays within that limit, there’s nothing to report. Go over it, and you’ll need to declare it on your self-assessment tax return.

Property Allowance Explained* * £1,000 property allowance applies to rental income, including garage and driveway rentals. * * * No need to register or report income if you stay under £1,000. * * * If you earn more, you can deduct either actual expenses or the £1,000 allowance. *

What Counts as Rental Income?Renting your driveway to a commuter or your garage for storage counts as taxable property income. Even if it’s casual or occasional, HMRC expects you to declare it if it exceeds the allowance. Payments from family members for genuine rent also count.

When to Tell HMRCIf your total income from this activity is over £1,000 in the tax year, you need to inform HMRC and include it on your tax return. Failure to do so can lead to penalties, so track what you earn.

Keeping Records* * Track all payments received. * * * Keep agreements, even informal ones, in writing. * * * Record any related expenses if you plan to claim them. *

Final ThoughtsRenting out unused space can be a smart way to boost your income, but don’t fall into the trap of ignoring tax rules. Use the property allowance wisely, keep good records, and stay compliant. It’s simple once you know the basics.

Links Mentioned in This Episode* * 🔗 Book a Call *

Episode Timecodes* * [00:00:00] – Intro: Earning from unused space * * * [00:01:12] – How the property allowance works * * * [00:02:34] – What counts as rental income * * * [00:04:15] – Reporting requirements * * * [00:05:20] – Record keeping tips * * * [00:06:10] – Final takeaways *

🎧 Listen & Subscribe to I Hate NumbersEarn extra income without the tax stress. Listen on Apple Podcasts, share this episode, and subscribe for weekly tax and business tips. Plan it. Do it. Profit.

Additional Links* * 🔗 I Hate Numbers YouTube Channel * * * 🔗 Buy the I Hate Numbers Book *

View Details

Making Tax Digital for Income Tax may sound technical, but we break it down simply. In this episode, we share what MTD for ITSA is, who needs to comply, when it starts, and how to prepare effectively. If you’re a sole trader, landlord, or small business owner, this episode is essential listening.

What You’ll Learn in This Episode* * What Making Tax Digital for Income Tax is and why it matters. * * * Who must comply, who is exempt, and turnover thresholds. * * * How to prepare with compatible software and proper bookkeeping. * * * Practical steps to avoid fines, stress, and last-minute panic. * * * Real examples of businesses affected by MTD. *

Making Tax Digital ExplainedMTD for Income Tax is HMRC’s plan to move tax reporting into the digital world. Instead of submitting one annual return, you’ll send four quarterly updates via approved software. It’s like switching from a paper diary to an online calendar—more visibility, fewer surprises, and closer monitoring of compliance.

Who Must ComplyIf you are a sole trader or a landlord and your turnover exceeds £50,000 in 2024/25, you must join MTD from 6 April 2026. Turnover here means income before expenses. HMRC looks at the full amount coming in, not what you keep after costs.

Practical Examples from the EpisodeHere are some real-life examples mentioned in the episode to show how MTD rules apply in practice:

Deepak, a self-employed builder, has a turnover of £55,000 in 24/25. He must join MTD from April 2026.
Sarah, a landlord renting three flats with gross rental income of £48,000 in 25/26, must join MTD from April 2027.
Paul, a market trader with turnover of £52,000 in 24/25, is seasonal but still exceeds the threshold, so he must join in April 2026.

Exemptions and ExceptionsNot everyone needs to join immediately. If your income is below £20,000, or you qualify based on age, disability, or location, you can apply for exemption. Exemption does not remove the requirement to file a self-assessment; it only exempts you from quarterly digital updates. For example, a freelance designer earning £14,000 per year is under the threshold and does not need to join MTD.

Preparing for MTD* * Choose compatible software—Xero, QuickBooks, or FreeAgent are common options. (We recommend Xero as a Platinum partner.) * * * Authorize the software to link with HMRC for quarterly updates. * * * Decide who handles submissions—yourself or an accountant—and agree on fees upfront. * * * Keep bookkeeping accurate and up to date; don’t wait until year-end. * * * Consider joining voluntarily early to test the system and gain confidence, like Sebastian, who signed up early in 24/25 and felt stress-free by April 26. *

Benefits of Preparing EarlyEarly preparation reduces stress, avoids penalties, and gives better control of cash flow. You can see quarterly profits building, plan tax efficiently, and identify whether incorporating or other planning is beneficial. Avoid last-minute panic and get ahead of HMRC deadlines.

Real Consequences of DelayLeopold set up his software a week before the first submission and struggled with data import, missed the submission, and faced unnecessary fines. Don’t be like Leopold—preparing early is key.

Key TakeawaysSole traders and landlords with turnover above the thresholds must prepare for MTD for Income Tax. Don’t wait for HMRC letters—take control early, choose the right software, maintain accurate records, and seek advice if needed. Early action keeps you compliant, confident, and stress-free.

Episode Timecodes* * [00:00:00] – Intro: Why MTD for Income Tax matters * * * [00:00:46] – What is Making Tax Digital? * * * [00:01:25] – Who must comply * * * [00:03:02] – Exemptions and exceptions * * * [00:05:26] – How to prepare * * * [00:06:38] – Software, authorization, and bookkeeping * * * [00:07:53] – Benefits of early preparation * * * [00:08:54] – Key takeaways and final advice *

🎧 Listen & Subscribe to I Hate NumbersStay ahead of tax changes and keep your business safe. Listen on Apple Podcasts, share this episode, and subscribe for weekly insights. Plan it. Do it. Profit.

Additional Links* * 🔗 I Hate Numbers YouTube Channel * * * 🔗 Buy the I Hate Numbers Book * * * 🔗 Book a Call *

View Details

Illegal dividends sound complicated, but we break them down in simple terms. In this episode, we share what counts as an illegal dividend, why they happen, and the steps you can take to avoid expensive problems. If you’re a company director or shareholder, this is essential listening.

What You’ll Learn in This Episode* * What an illegal dividend is and why it matters. * * * The tax consequences for the company and directors. * * * How HMRC identifies illegal dividends. * * * Practical steps to stay compliant and stress-free. *

Illegal Dividends ExplainedUnder the Companies Act 2006, dividends can only be paid from accumulated, realised profits. If your company doesn’t have enough retained profits, paying a dividend is unlawful—even if your bank account looks healthy. It’s a common mistake, especially when cash and profit are confused.

Why Illegal Dividends Cause ProblemsThis isn’t just a technical breach—it can trigger serious tax consequences, increase insolvency risk, and create personal liability for directors. Think of it like driving without insurance. You may not get caught immediately, but if things go wrong, the impact can be huge.

Tax Consequences for the CompanyIf an illegal dividend is treated as a director’s loan and not repaid within nine months of the year-end, HMRC charges an additional tax of 33.75% on the amount. This applies even if the company is making a loss. While the charge is refundable if repaid later, the wait is long and the cost can hurt cash flow.

Tax Consequences for DirectorsDirectors can face extra tax on loans over £10,000, including a benefit-in-kind charge and Class 1A NIC. If the loan is written off, it’s treated as additional income and taxed accordingly. In liquidation, illegal dividends can make directors personally liable for repayment, creating serious financial risk.

How HMRC Identifies Illegal DividendsHMRC uses digital filing and iXBRL-tagged accounts to check for inconsistencies between reserves and declared dividends. If your accounts show negative reserves but dividends paid out, expect questions. This is an easy red flag for HMRC systems.

Steps to Stay Compliant* * Check retained profits before declaring dividends. * * * Don’t confuse cash with profitability. * * * Keep management accounts up to date using software like Xero. * * * Consult your accountant if unsure. * * * Repay unlawful dividends quickly if you make a mistake. *

Key TakeawaysIllegal dividends aren’t worth the risk. Review your dividend policy, maintain accurate records, and seek advice when in doubt. Avoid unnecessary tax charges and personal liability by staying compliant and proactive.

Links Mentioned in This Episode* * 🔗 Book a Call *

Episode Timecodes* * [00:00:00] – Intro: Why illegal dividends matter * * * [00:01:00] – What is an illegal dividend? * * * [00:02:13] – Why they create problems * * * [00:03:09] – Tax consequences for companies * * * [00:04:35] – Tax consequences for directors * * * [00:06:25] – HMRC checks and red flags * * * [00:07:07] – Steps to avoid trouble * * * [00:08:25] – FAQs and final advice *

🎧 Listen & Subscribe to I Hate NumbersStay ahead of tax traps and keep your business safe. Listen on Apple Podcasts, share this episode, and subscribe for weekly insights. Plan it. Do it. Profit.

Additional Links* * 🔗 I Hate Numbers YouTube Channel * * * 🔗 Buy the I Hate Numbers Book *

View Details

Trivial benefits are a great way to reward staff and directors without adding tax or National Insurance to the bill. In this episode of the I Hate Numbers podcast, we explain what trivial benefits are, the rules that must be followed, and how they can be used effectively in 2025. This is about giving without the tax sting.

Main Topics & DiscussionWhat Are Trivial Benefits?* * Small gifts or perks given to employees that do not count as taxable income. * * * Completely exempt from tax and National Insurance if all conditions are met. * * * Can be given to both employees and directors, but with limits for directors. *

Key Conditions for Exemption* * Cost must not exceed £50 per benefit. * * * Must not be cash or a cash voucher. * * * Must not be a reward for work or performance. * * * Must not be part of contractual entitlement. *

Annual Limit for Directors* * Directors of close companies (and their family members) have a total annual cap of £300 in trivial benefits. * * * This means up to six separate £50 gifts per tax year. *

Examples of Trivial Benefits* * Flowers for a birthday. * * * Gift card (non-cash) to celebrate a personal event. * * * Meal out not linked to business performance. * * * Small seasonal gifts like chocolates or wine. *

Common Mistakes to Avoid* * Exceeding the £50 limit – the whole benefit becomes taxable if this happens. * * * Giving cash or cash vouchers – these are always taxable. * * * Linking the benefit to performance or contractual terms. *

Final ThoughtsTrivial benefits are a simple, tax-efficient way to build goodwill with staff and directors. Staying within the rules ensures the gift remains tax-free, helping businesses to be generous without unwanted costs. Planning these benefits throughout the year can also make them more meaningful and spread the goodwill.

Links Mentioned in This Episode* * Book a Call *

Episode Timecodes* * [00:00:00] – Introduction to trivial benefits * * * [00:01:12] – What trivial benefits are * * * [00:02:08] – Rules for exemption * * * [00:03:30] – Directors’ annual limits * * * [00:04:22] – Examples * * * [00:05:16] – Common mistakes * * * [00:06:20] – Final advice *

Host & Show InfoHost Name: Mahmood Reza

About the Host: Mahmood is an accountant, tax expert, and founder of I Hate Numbers. With over 30 years of experience, he helps businesses make sense of tax and finances so they can grow with confidence.

Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧 Listen & Subscribe to I Hate NumbersStay tax smart all year round. Listen on Apple Podcasts, share this episode, and subscribe for weekly insights. Plan it. Do it. Profit.

Additional Links* * I Hate Numbers YouTube Channel * * * Buy the I Hate Numbers Book *

View Details

In this episode of I Hate Numbers, we’re diving into five powerful tax-free health and welfare benefits that employers can offer to their team. Whether you run a small business, creative agency, or a social enterprise, these perks can boost morale, reduce stress, and keep you compliant — all without adding to your tax bill.

From annual health check-ups to mental health counselling, you’ll learn how to implement these benefits, avoid benefit-in-kind traps, and make your workplace healthier without increasing payroll costs.

Episode SummaryWe break down each of the five benefits, explaining how they work, the conditions you must follow, and why they’re a win-win for you and your employees. You’ll get practical examples, compliance tips, and a simple checklist to review and improve your current benefits package.

Timestamps* * [00:00] – Introduction: Why health & welfare benefits matter and what “tax-free” really means. * * * [00:00:39] – Benefit 1: Annual health check-ups – what’s included and what’s not. * * * [00:01:40] – Benefit 2: Eye tests & glasses for screen use – how to stay compliant. * * * [00:02:44] – Benefit 3: £500 towards recommended medical treatment – conditions & evidence needed. * * * [00:03:41] – Benefit 4: Medical treatment while working overseas – rules & examples. * * * [00:04:42] – Benefit 5: Mental health and welfare counselling – what’s covered and what’s excluded. * * * [00:05:44] – Wrap-up: Why these benefits are more than “nice extras” and how to implement them. * * * [00:06:49] – Closing thoughts: Support your team, save tax, and strengthen your recruitment strategy. *

Links Mentioned in This Episode* * Visit the I Hate Numbers website to book a diagnostic review session. *

Call to ActionIf you found value in this episode, make sure to subscribe to the I Hate Numbers podcast on Apple Podcasts and leave us a review — it helps more people find the show and benefit from these tips.

You can also visit our website to explore resources, guides, and tools to help you plan, save tax, and grow your business.

Plan it. Do it. Profit.

View Details

Property taxes can be confusing—especially when dealing with both UK and overseas rentals. In this episode of the I Hate Numbers podcast, Mahmood simplifies the rules for landlords, including how to report income, claim expenses, and avoid common mistakes that cost money.

Main Topics & DiscussionUK Property Income* * Tax applies to rental income from UK property, regardless of where you live. * * * Includes residential, commercial, furnished holiday lets, and even part of your home if rented. * * * Must declare gross rents, allowable expenses, and profit on your tax return. *

Overseas Property Income* * UK residents pay tax on worldwide rental income. * * * Double Taxation Relief may apply if tax is also paid abroad. * * * Exchange rates must be considered when reporting foreign income. *

Allowable Expenses* * Deductible costs include repairs, letting agent fees, insurance, and utilities (if landlord-paid). * * * Mortgage interest relief is restricted and subject to tax credit rules. * * * Improvement costs are capital, not revenue, so not immediately deductible. *

Property Ownership Structures* * Rental profits are taxed on the legal owner(s). * * * Joint ownership splits income for tax purposes. * * * Using a company for property may offer tax advantages but adds complexity. *

Common Mistakes to Avoid* * Forgetting to declare overseas rental income. * * * Mixing personal and rental expenses without evidence. * * * Ignoring currency conversion rules. * * * Missing out on capital allowances or reliefs for certain property types. *

Final ThoughtsTax on property income doesn’t have to be overwhelming. Understand what’s taxable, keep good records, and use reliefs wisely. Whether your property is in the UK or abroad, planning and compliance are key to keeping more of your money.

Links Mentioned in This Episode* * 🔗 Book a Call *

Episode Timecodes* * [00:00:00] – Intro: Why property tax rules matter * * * [00:01:10] – UK property income explained * * * [00:03:00] – Overseas property income & tax relief * * * [00:05:15] – Allowable expenses landlords can claim * * * [00:07:00] – Ownership structures & tax implications * * * [00:09:00] – Common mistakes to avoid * * * [00:10:30] – Final thoughts & next steps *

Host & Show InfoHost Name: Mahmood Reza

About the Host: Mahmood is an accountant, tax advisor, and founder of I Hate Numbers. With decades of experience helping landlords and businesses, he makes tax easier so you can focus on growth.

Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧 Listen & Subscribe to I Hate NumbersStay ahead on property tax and business finance. Listen on Apple Podcasts, share this episode, and subscribe for weekly insights. Plan it. Do it. Profit.

Additional Links* * 🔗 I Hate Numbers YouTube Channel * * * 🔗 Buy the I Hate Numbers Book *

View Details

Main Topics & DiscussionVAT Registration Triggers* * You must register when taxable turnover exceeds £90,000 in any rolling 12-month period. * * * Also required if you expect turnover to exceed £90,000 in the next 30 days. * * * Applies to sole traders, partnerships, CICs, and limited companies—even overseas businesses selling to UK customers. *

What Counts as Taxable Turnover?* * Includes standard-rated, reduced-rated, and zero-rated supplies. * * * Also counts: free gifts, goods you use personally, barter services, reverse-charge services (like Google Ads), and certain construction work. * * * Excludes exempt or outside-the-scope items like insurance or genuine donations. *

Deadlines and Late Registration Penalties* * Notify HMRC within 30 days of crossing the threshold. * * * Registration date is the 1st day of the second month after exceeding the limit. * * * Missing the deadline can mean penalties, interest, and paying VAT out of pocket. *

How to Register for VAT* * Go to gov.uk/register-for-vat with a Government Gateway account. * * * Sole traders need NI number, UTR, photo ID, bank details, and estimated turnover. * * * Companies need registration number, UTR, bank details, and estimated turnover. * * * Decide on special schemes (e.g. flat rate) during registration. *

Voluntary VAT Registration* * You can register even before reaching £90,000. * * * Benefits: reclaim input VAT, boost business credibility, prepare for Making Tax Digital. * * * Drawback: must charge VAT to all taxable customers, including those who cannot reclaim it. *

Staying Compliant* * Keep proper VAT records and issue compliant invoices. * * * Submit VAT returns on time via MTD-compliant software (like Xero). * * * Maintain accurate bookkeeping for insights and compliance. *

Common Mistakes to Avoid* * Ignoring the rolling 12-month calculation. * * * Forgetting to track taxable turnover inclusions. * * * Assuming voluntary registration always works in your favour. * * * Missing deadlines and failing to issue proper invoices. *

Final ThoughtsVAT registration is manageable when you understand the triggers and process. Whether mandatory or voluntary, take control, keep records, and use digital tools to stay compliant. And if you need help, support is available.

Episode Timecodes* * [00:00:00] – Intro: Should you register for VAT? * * * [00:00:43] – VAT registration rules and triggers * * * [00:02:30] – What counts as taxable turnover? * * * [00:04:00] – Deadlines and penalties * * * [00:05:44] – How to register online * * * [00:07:16] – Benefits of voluntary registration * * * [00:08:00] – Staying compliant with records and MTD * * * [00:09:27] – Wrapping up and next steps *

Host & Show InfoHost Name: Mahmood Reza

About the Host: Mahmood is an accountant, tax expert, and founder of I Hate Numbers. With over 30 years helping businesses stay compliant and profitable, he simplifies complex tax rules so you can focus on growth.

Podcast Website: https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧 Listen & Subscribe to I Hate NumbersStay on top of VAT and business taxes. Listen on Apple Podcasts, share this episode, and subscribe for weekly insights. Plan it. Do it. Profit.

Additional Links* * 🔗 I Hate Numbers YouTube Channel * * * 🔗 Buy the I Hate Numbers Book *

View Details

National Insurance Contributions (NICs) work differently for company directors—and misunderstanding them can cost you. In this episode of the I Hate Numbers podcast, we walk through the 2025–26 rules, salary thresholds, and two key methods of NIC calculation. Whether you take a regular wage or one-off payments, knowing how to handle director NICs can save you money, reduce stress, and keep HMRC off your back.

Main Topics & DiscussionHow Director NICs Differ From Regular Employees * Directors have an annual earnings period, not weekly/monthly thresholds * * * HMRC calculates NICs based on total annual earnings * * * Irregular pay? No problem—NICs are smoothed out over the year * * * Directors are not subject to minimum wage laws* *

Two Methods for NIC Calculation1. Annual Earnings Method (Default)* * Works on cumulative pay vs. annual thresholds * * * Ideal for directors taking irregular or one-off salary payments * * * Flexible but may result in large NIC bills late in the year *

Alternative Method (Regular Earnings Basis)*
NICs calculated monthly like regular employees
Ideal for steady monthly salaries
Requires end-of-year reconciliation to ensure total NIC due is paid

2025–26 NIC Thresholds & Rates * Primary Threshold (Employee): £12,570 (NIC starts here) * * * Upper Earnings Limit: £50,270 (NIC drops to 2% above this) * * * Employer NIC Threshold: £5,000 (NIC starts here) * * * Employee Rate: 8% (then 2%) | Employer Rate:* 15% *

Choosing the Best MethodAnnual Method* * Best for flexible, irregular salary patterns * * * Slower NIC buildup—good for cash flow * * * May cause unpredictable deductions *

Alternative Method* * Best for steady monthly salary (e.g. £1,200/month) * * * Predictable deductions, easier budgeting * * * Must reconcile at year-end; risk of surprises if ignored *

Salary Planning OptionsOption 1: Pay £5,000 Salary * No income tax, employee NICs, or employer NICs * * * Doesn’t qualify as a state pension year* *

Option 2: Pay £12,570 Salary* * Full personal allowance used * * * Triggers NICs but qualifies for state pension * * * Check employment allowance rules if sole director *

Common Mistakes to Avoid* * Using annual method without tracking thresholds * * * Forgetting year-end reconciliation under alternative method * * * Assuming £5,000 salary qualifies for pension—it doesn’t * * * Missing out on planning opportunities that reduce NIC and tax *

Real-World Examples * One-off annual salary: Use annual method * * * Monthly wage of £1,200:* Use alternative method * * * Reconcile by March or risk penalties *

Final ThoughtsDirector NICs give you flexibility—but require careful planning. Choose the right method, monitor thresholds, and don’t leave payroll to chance.

Links Mentioned in This Episode* * 🔗 Book a Call *

Episode Timecodes* * [00:00:00] – Intro: Why this matters for directors * * * [00:00:32] – Director NIC basics vs employees * * * [00:02:00] – Method 1: Annual Earnings Method * * * [00:03:48] – Method 2: Alternative Method * * * [00:05:53] – NIC thresholds and rates for 2025–26 * * * [00:06:33] – Comparing the two methods * * * [00:08:00] – Salary planning tips * * * [00:09:09] – Common NIC mistakes to avoid * * * [00:10:00] – Real-world examples * * * [00:10:55] – Final thoughts & next steps *

Host & Show InfoHost Name: Mahmood Reza

About the Host: Mahmood is an accountant, business finance coach, and founder of I Hate Numbers. With decades of experience advising directors and small businesses, he helps you plan it, do it, and profit.

Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧 Listen & Subscribe to I Hate NumbersMake your director NICs work for you. Or listen on Apple Podcasts, share this episode, and check out the I Hate Numbers book for smarter business planning tips. Plan it. Do it. Profit.

Additional Links* * 🔗 I Hate Numbers YouTube Channel * * * 🔗 Buy the I Hate Numbers Book *

View Details

“Can you do it for exposure?” If you've heard that before, you’re not alone. Whether you’re a designer, coach, accountant, or small business owner, requests for free work are common—and controversial.

In this episode of the I Hate Numbers podcast, we unpack when working for free makes sense, when it hurts your business, and how to navigate those tricky requests with professionalism and confidence.

Main Topics & DiscussionWhen Saying Yes Might Make Sense1. 2. Exposure & Visibility 3. Speaking at industry events or collaborating with the right audience might open doors—if the value exchange is clear. 4. 5. 6. Building a Portfolio 7. When starting out or pivoting, unpaid projects can build credibility and act as proof of concept—but only as a short-term strategy. 8. 9. 10. Passion Projects & Volunteering 11. Sometimes, working for free aligns with your values. Whether it’s helping a charity or supporting a cause, do it for joy—not obligation. 12.

The Real Cost of Free Work1. 2. Unpaid Bills 3. Exposure doesn’t cover rent or fund your business growth. Without income, your business becomes a very expensive hobby. 4. 5. 6. Devaluation of Your Work 7. Free often signals low value. It affects how others see your expertise and sets a difficult precedent when you eventually want to charge. 8. 9. 10. Burnout & Resentment 11. Taking on too many unpaid gigs leads to frustration, exhaustion, and a loss of motivation. 12.

5 Questions to Ask Before Saying Yes1. 2. What do I get out of this? 3. 4. 5. Am I choosing this, or being emotionally manipulated? 6. 7. 8. Can they actually afford to pay me? 9. 10. 11. Will this set a long-term precedent? 12. 13. 14. What does my gut say? 15.

How to Say No Professionally* * “Thanks for thinking of me. I’d love to help, but I can’t take on unpaid work right now.” * * * “If you have a budget in future, I’d be happy to chat.” * * * “It wouldn’t be fair to my paying clients.” *

Be polite but firm. No need to apologise. Read your message aloud before sending.

When Free Can Be Strategic* * Treat it like a marketing expense: proof of concept, brand visibility, or network building. * * * Make sure it aligns with your long-term goals. * * * Ask: “Would I pay for this opportunity if it weren’t free?” *

Real-World InsightMahmood shares how he’s worked for free through volunteering, guest speaking, and events—always with intention and clarity. Sometimes unpaid work brings real returns—but only when it's your choice, not an obligation.

Final TakeawayFree work is a strategy, not a habit. Use it selectively. Stay in control. Your work deserves to be valued—financially and professionally.

Links Mentioned in This Episode* * 🔗 I Hate Numbers YouTube Channel * * * * 📘 I Hate Numbers book * *

Episode Timecodes* * [00:00:00] – Intro: The free work dilemma * * * [00:00:45] – Why people say yes to unpaid work * * * [00:01:56] – When free work might be worth it * * * [00:03:48] – The dangers and real costs * * * [00:05:00] – Five questions to ask yourself * * * [00:06:51] – How to say no professionally * * * [00:07:50] – Using free as a smart strategy * * * [00:08:47] – Final thoughts & listener takeaway *

Host & Show InfoHost Name: Mahmood Reza

About the Host: Mahmood is an accountant, business advisor, and founder of I Hate Numbers. With decades of experience helping service-based businesses grow, he's passionate about helping professionals get paid what they're worth.

Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧 Listen & Subscribe to I Hate NumbersNot all work is worth doing for free. Share this episode, subscribe on Apple Podcasts, and tune in weekly for more practical business and finance tips. Plan it. Do it. Profit.

📘 Check out the I Hate Numbers book for deeper insights on building a profitable, sustainable business.

View Details

Thinking of starting your own business? Whether it's for freedom, profits, or making an impact, success begins with clarity and preparation. In this week's episode of the I Hate Numbers podcast, we explore how to start with success in mind—and avoid the common pitfalls that derail so many new businesses.

Drawing from decades of real-world experience, Mahmood shares what it really takes to build a sustainable, profitable business—from defining your "why" to knowing your numbers.

Main Topics & DiscussionKnow Your "Why"Your "why" is the foundation of your business. It's your motivation and direction. Whether it's freedom, profit, social impact, or personal pride—clarity here keeps you focused when challenges arise.

Define Success On Your TermsSuccess looks different for everyone. Is it financial freedom, more time, job creation, or personal fulfilment? Define what success means to you—and how you'll know when you've arrived.

Set SMART Goals & KPIsVague goals like "get more clients" don't cut it. Use SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) to set clear targets. Track progress with KPIs like:

Income and profit targets
Website traffic and conversions
Client retention and churn rates

Understand Your CustomerBusiness success depends on knowing your customer. Who are they? What problems do they have? How does your product or service solve them?

Remember the 7Ps of Marketing:

Product, Price, Promotion, Place, Packaging, Positioning, People

Know Your NumbersNumbers are your business compass. Get comfortable with:

Digital bookkeeping (cloud accounting recommended)
Budgets and cash flow forecasts
Profit targets and pricing strategies

Good financial systems reduce stress and support smarter decisions.

Leadership & Mindset MatterStarting a business is tough. Expect good days and bad. Success requires resilience, consistent action, and continuous learning. Good leadership is about making decisions, learning from mistakes, and staying focused.

Real-World ExampleMahmood reflects on starting his own business 30 years ago—from a back bedroom to building I Hate Numbers. The lessons? Clarity, systems, knowing your numbers, and staying focused on your "why".

Links Mentioned in This Episode* * 🔗 Cloud Accounting & Xero Support *

Episode Timecodes* * [00:00:00] – Introduction: Defining success in business * * * [00:01:00] – The importance of knowing your "why" * * * [00:02:38] – Defining success on your terms * * * [00:03:18] – Setting SMART goals & KPIs * * * [00:05:00] – Understanding your customer & the 7Ps * * * [00:06:16] – Know your numbers: budgeting & cash flow * * * [00:08:00] – Leadership, mindset & resilience * * * [00:09:49] – Business success starter checklist * * * [00:10:29] – Final thoughts & free resources *

Host & Show InfoHost Name: Mahmood Reza

About the Host: Mahmood is an accountant, business coach, and founder of I Hate Numbers. With over 30 years helping businesses start, grow, and thrive, he's passionate about making numbers simple—and helping entrepreneurs succeed.

Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧 Listen & Subscribe to I Hate NumbersBusiness success takes more than luck. Plan it. Do it. Profit. Share this episode, rate us on Apple Podcasts, and subscribe for practical tips to help your business thrive. Visit our website for expert resources and support.

View Details

The Hidden Tax Saving for Single Director CompaniesAre you a sole director of your own limited company? Do you follow the typical model—small salary, dividends, smart tax planning? If so, today's episode of the I Hate Numbers podcast is essential listening.

Many think the Employment Allowance is off-limits for single director companies. But with the right setup and careful planning, you could unlock over £1100 in National Insurance savings for the 2025–26 tax year.

We break down exactly how to stay legal, compliant, and cash smart—without falling foul of HMRC rules.

Main Topics & DiscussionThe Rising Cost of Employers National Insurance (NI)From 6 April 2025, employers NI increased to 15%. The point at which NI kicks in—the Secondary Threshold—also dropped to £5,000. That means you pay NI sooner and at a higher rate.

What is the Employment Allowance?The Employment Allowance lets eligible businesses reduce their employers NI bill by up to £10,500 (2025–26 figure). But single director companies usually can't claim—unless they meet specific conditions.

Two Legal Options to Unlock the Allowance1. Hire an Additional Employee* * * * Real work must be performed * * * Minimum wage rules apply * * * One week's work at £97 or more qualifies * * * Claiming the allowance saves around £1100 per year * * *

Restructure Director Roles*
Resign as company director
Appoint a trusted person as director (e.g., spouse, partner)
You remain an employee, not a director
Triggers eligibility for the allowance

Both methods are legal, provided the setup is genuine and properly documented.

Essential Record-Keeping and Compliance* * Use reliable payroll software * * * Submit claims via HMRC’s EPS service * * * Keep payslips, employment contracts, board minutes * * * Maintain proper Company House filings if changing director structure *

Costly Mistakes to Avoid* * Assuming you're ineligible without checking * * * Faking employees to trigger the allowance * * * Missing the claim deadline for the current tax year *

Real-World ExampleA single director pays themselves £12,570. Without the Employment Allowance, they'd owe £1135 in employers NI. By meeting the conditions and claiming the allowance, that bill disappears—saving over £1100 annually.

Links Mentioned in This Episode* * Webinar: How to Handle the Rise in Employers NI in April 2025 * * * Book a Business Tax Chat *

Episode Timecodes[00:00:00] – Introduction: Who this episode is for

[00:01:17] – Rising employers NI and threshold changes

[00:02:55] – What is the Employment Allowance?

[00:04:00] – Option 1: Hiring an employee

[00:05:30] – Option 2: Restructuring directors

[00:07:08] – Legal and record-keeping requirements

[00:07:50] – Common mistakes to avoid

[00:08:47] – Next steps and helpful resources

Host & Show InfoHost Name: Mahmood Reza

About the Host: Mahmood is an accountant, tax adviser, and founder of I Hate Numbers. With decades of experience helping small businesses stay compliant and tax-efficient, he's passionate about making finance less scary—and saving businesses money.

Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/Listen & Subscribe to I Hate NumbersShare this episode, rate us on Apple Podcasts, and subscribe for practical tax-saving advice delivered straight to your inbox. Visit our website, follow us on YouTube, and join our mailing list for more expert guidance.

View Details

Let’s be honest—nobody looks forward to tax season. However, leaving your return until January could mean unnecessary stress, missed opportunities, or even money left on the table. Filing your 2024-25 tax return early, on the other hand, brings more than peace of mind. It gives you financial clarity, greater control, and even potential savings.

In this week’s episode of the I Hate Numbers podcast, we share 10 powerful reasons why getting ahead of your tax obligations is one of the smartest financial moves you can make. Whether you're self-employed, a freelancer, or a landlord, early filing can seriously improve your business and personal finances.

Main Topics & DiscussionWhat is Early Tax Filing and Why It MattersEarly filing means submitting your self-assessment tax return well before the 31st January 2026 deadline for the 2024-25 tax year. It’s optional, but it brings clarity, helps avoid last-minute chaos, and often leads to better tax decisions.

10 Reasons to File Your Tax Return Early1. Remove the Stress EarlyTax season doesn’t have to mean panic. Filing early clears the task from your to-do list and lets you enjoy the holiday season stress-free.

Know What You Owe HMRCEarly filing gives you a confirmed tax bill months in advance. No nasty surprises. No guessing. And plenty of time to budget or plan a repayment if needed.
Spread Tax Payments Through PAYEIf you owe under £3,000 and are in PAYE employment, you can file by 30 December 2025 and have HMRC collect the tax through your salary over 2026-27. It’s like an interest-free loan.
Get Tax Refunds SoonerIf you're owed money, early filing gets your refund processed faster. That cash could help your household budget or business capital immediately.
Reduce Your July Payment on AccountFiling before 31 July 2025 could reduce or eliminate your second payment on account. Perfect if income has dropped or business losses apply.
Prepare for Making Tax Digital (MTD)MTD starts April 2026 for sole traders and landlords earning over £50,000. Filing early lets you see if you're affected and gives time to prepare.
Manage Transition Profits2023-24 triggered a shift to fiscal-year accounting. Early filing helps manage any transition profits in 2024-25 and optimise tax reliefs over five years.
Prove Income for Loans or MortgagesEarly returns provide official proof of income (think SA302) needed for mortgage applications, loans, or other financial support.
Enable Better Tax PlanningThe earlier you file, the earlier you see where you can be more tax efficient. That could mean adjusting pensions, business structure, or income strategies.
Keep Your Accountant Happy (and Costs Lower)Avoid the January rush and build goodwill with your accountant. Many practices charge a premium for late submissions or may be fully booked.

Real-World ExampleImagine you overpaid your tax or have losses to claim. Early filing could put money back in your pocket within weeks. Or if you're budgeting, knowing your January 2026 bill now means no scrambling for cash later.

Key Tax Dates to Remember * 6 April 2024: Start of the 2024-25 tax year * * * 31 July 2025: Second payment on account for 2023-24 due * * * 30 December 2025: Deadline to have tax collected via PAYE * * * 31 January 2026:* Filing deadline and tax payment due for 2024-25 *

Links Mentioned in This Episode* * 🔗 Making Tax Digital * * * 🔗 Making Tax Digital and Incorporation: Everything You Need to Know about the 2026 Changes *

Episode Timecodes* * [00:00:00] – Why people need to file tax returns * * * [00:00:36] – Overview of the 10 early filing benefits * * * [00:01:00] – Benefit 1: Remove stress early * * * [00:02:00] – Benefit 2: Know what you owe * * * [00:03:00] – Benefit 3: Spread payments via PAYE * * * [00:04:00] – Benefit 4: Get tax refunds sooner * * * [00:05:00] – Benefit 5: Adjust July payments * * * [00:05:32] – Benefit 6: Prepare for MTD * * * [00:06:00] – Benefit 7: Transition profits and relief * * * [00:06:26] – Benefit 8: Prove income for loans * * * [00:07:00] – Benefit 9: Improve tax planning * * * [00:08:00] – Benefit 10: Keep your accountant happy * * * [00:08:47] – Key dates and wrap-up *

Host & Show InfoHost Name: Mahmood Reza

About the Host: Mahmood is an accountant, business finance coach, and founder of I Hate Numbers. With decades of experience helping businesses improve their numbers, he’s passionate about simplifying tax and giving people control over their money.

Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/Listen & Subscribe to I Hate NumbersDon’t wait until January to take control of your taxes. Share this episode with a friend, rate us on Apple Podcasts, and subscribe to get future episodes delivered straight to you. Visit our website, follow us on YouTube, and join our mailing list for more free resources to help you save money and time.

View Details

Voluntary VAT registration might sound crazy - why become an unpaid tax collector before you legally have to? But this proactive strategy could put thousands of pounds back in your pocket. This episode reveals when voluntary VAT registration makes sense and how it could benefit your growing business.

We explore five compelling reasons to consider early registration, from reclaiming pre-registration VAT up to four years back, to improving cash flow and professional credibility. We also cover the real downsides - admin burden, pricing impacts, and when it could hurt your business. Whether you're approaching the £90K threshold or just starting out, this episode provides the framework to make an informed decision.

Main Topics & DiscussionUnderstanding Voluntary VAT RegistrationUK businesses must register for VAT within 30 days of hitting £90,000 turnover over 12 months. Voluntary registration means choosing to register before you're legally required - taking control of timing and terms rather than being forced into it.

Five Key Benefits of Voluntary RegistrationCash Injection from Pre-Registration Claims: Reclaim VAT on purchases made before registration. For goods/assets you still own, claim back up to four years. For services like accounting fees or website development, claim back six months prior. Keep proper VAT invoices as evidence.

Improved Cash Flow: Reclaim VAT on laptops, software, and stock inventory. Over 30+ years, this has helped clients reclaim hundreds or thousands of pounds, making a real difference to cash flow.

Professional Credibility: VAT registration signals you're serious and professional. Large clients may prefer working with VAT-registered suppliers, helping you land bigger contracts.

Avoid Future Penalties: If you're growing, hitting £90K is often inevitable. Voluntary registration prevents missed deadlines, fines, penalties, and interest charges.

Better Systems: Forces proper accounting and bookkeeping from day one, providing valuable business data for better decision-making.

The Downsides to ConsiderPricing Impact: Adding 20% VAT may make you less competitive with consumers or non-VAT registered businesses. Options include absorbing costs, slight price increases, or targeting VAT-registered clients.

Admin Burden: Making Tax Digital (April 2026) requires digital records, quarterly returns, and approved software. Proper cloud accounting setup makes this manageable.

"Intending Trader" RegistrationYou can register before making your first sale as an "intending trader," allowing VAT claims on startup costs before any revenue comes in.

Who Should Consider ItAsk yourself: Planning fast growth? Buying from VAT-registered suppliers? Selling to VAT-registered businesses? Can you manage the admin? Yes to two or more questions means seriously consider it.

The NumbersExample: £20,000 annual VAT-related purchases = £4,000 reclaimable VAT. If clients are VAT-registered, that £4K goes straight back to you. B2B businesses typically make more profit when VAT-registered.

Links Mentioned in This EpisodeMaking Tax Digital podcast episode

MTD and Incorporation: Is It Time to Go Limited?

Xero Cloud AccountingEpisode Timecodes[00:00:00] – Introduction

[00:00:32] – What is Voluntary VAT Registration?

[00:01:13] – Why Businesses Avoid VAT Registration

[00:02:00] – Five Benefits of Voluntary Registration

[00:05:00] – The Downsides to Consider

[00:07:00] – Intending Trader Registration

[00:07:28] – Who Should Consider It

[00:08:00] – The Financial Reality

[00:08:25] – Final Thoughts & Call to Action

Host & Show InfoHost Name: Mahmood Reza

About the Host: Mahmood is an accountant, business finance coach, and founder of I Hate Numbers. With decades of experience helping businesses improve their numbers, he's on a mission to simplify finance and empower entrepreneurs by saving tax and time!

Podcast Website: https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/

Join the Community📢 Subscribe, Rate & Review on Apple Podcasts – Help others discover the show and stay updated on new episodes by following us! Listen & Review

View Details

Are you a PAYE employee spending your own money to do your job without getting reimbursed? You could be missing out on money that's legally yours through tax relief claims. This episode of the I Hate Numbers podcast breaks down everything you need to know about claiming work expenses online using HMRC's updated system.

We explore what qualifies for tax relief, walk through the new online claiming process, and provide essential evidence requirements to ensure your claims succeed. From travel expenses and professional subscriptions to working from home costs, we cover the most common claimable expenses with real-world examples. Whether you're new to expense claims or looking to catch up on backdated claims, this episode gives you the practical knowledge to recover money you're entitled to.

If you're an employee who pays for work-related expenses out of your own pocket, this episode will help you understand your rights and navigate HMRC's requirements with confidence.

Main Topics & DiscussionUnderstanding Tax Relief on Work ExpensesTax relief is available for PAYE employees who pay for work-related expenses from their own pocket without reimbursement. The key criterion is that expenses must be "wholly, exclusively, and necessarily incurred in the course of your job." This excludes personal items like lunch or your normal daily commute, but covers expenses directly connected to your work duties.

What You Can Claim - The Essential ChecklistTravel and Mileage: You can claim for travel outside your usual commute, including meetings, site visits, or temporary work locations. When using your own car, claim mileage at statutory rates (45p per mile for first 10,000 miles, then 25p thereafter). Public transport ticket costs are also claimable, but remember - your normal commute to the office doesn't count.

Professional Fees and Subscriptions: Payments to trade bodies, professional groups, or governing bodies that are work-related and appear on HMRC's approved list qualify for relief. This includes trade unions, professional networks, and industry-specific memberships.

Working from Home Costs: When your employer requires you to work from home (not by choice), you can claim a proportion of household costs including heating, lighting, and broadband. The key is proving it's a job requirement, not just convenience.

Tools, Uniforms, and Equipment: Specialist gear, work clothing, and tools that your employer hasn't provided may qualify. HMRC offers flat-rate claims for uniform maintenance and toolkits for approved occupations.

The New Online Claiming ProcessHMRC's online service for expense claims has been updated and relaunched. If your total claim is £2,500 or less in a single tax year and you're not required to complete a self-assessment tax return, you can claim online at gov.uk/tax-relief-for-employees/travel-and-overnight-expenses. For claims over £2,500 or if you already complete self-assessment, use your tax return instead.

Essential Evidence RequirementsProfessional Subscriptions: Provide receipts, bank statements, or payment proof showing what you paid, who you paid it to, and when. Include the organization name, amount, and date.

Mileage Claims: Maintain a detailed mileage log with the date of travel, journey reason, start and end postcodes, and total mileage. Even if your employer reimburses mileage below statutory rates, you can claim the difference.

Working from Home: Obtain written evidence that working from home is required, such as a letter from your employer or contract clause demonstrating it's mandatory, not optional.

Other Expenses: Keep receipts and bank/credit card statements showing payments made by you personally, not reimbursed by your employer.

Backdating Claims and Avoiding Common MistakesGood news for those discovering this late - you can backdate claims for up to four years. Just ensure you have proper records for each year claimed. Avoid common mistakes like claiming ordinary commuting costs, lacking proper evidence, submitting duplicate claims, or including personal purchases like everyday clothing or office supplies.

Flat Rate Claims ExceptionFor certain approved occupations, HMRC recognizes standard expense levels without requiring detailed evidence. This includes uniforms, tools for engineers and mechanics, and protective gear. Check HMRC's list of approved professions for applicable flat-rate allowances.

Links Mentioned in This Episode🌐 HMRC Online Expense Claims: www.gov.uk/tax-relief-for-employees/travel-and-overnight-expenses

Episode Timecodes[00:00:00] – Introduction[00:00:52] – What is Tax Relief on Work Expenses?[00:02:00] – What You Can Claim - The Essential Checklist[00:03:23] – The New Online Claiming Process[00:05:00] – Essential Evidence Requirements[00:07:00] – Backdating Claims and Common Mistakes[00:08:10] – Quick Recap and Key Takeaways[00:09:00] – Final Thoughts & Call to Action

Podcast Website: https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/

Join the Community📢 Subscribe, Rate & Review on Apple Podcasts – Help others discover the show and stay updated on new episodes by following us! Listen & Review

View Details

Salary sacrifice and National Insurance changes have created significant challenges for employers across the UK. However, every challenge presents an opportunity. In this episode of the I Hate Numbers podcast, we explain how to turn rising employment costs into smarter savings.We break down the April 2025 National Insurance changes, explain how salary sacrifice works, and outline the legal steps every business must follow. With practical examples and tax-saving insights, this episode helps you keep costs down while maintaining valuable employee benefits.Main Topics & DiscussionUnderstanding the April 2025 National Insurance ChangesFrom 6 April 2025, employer National Insurance rates rose from 13.8% to 15%, while the threshold dropped from £9,100 to £5,000. Although the employer’s NI allowance increased from £5,000 to £10,500, many businesses still face higher contributions per employee. Class 1B contributions also climbed to 15%, further raising costs.What Salary Sacrifice Actually MeansSalary sacrifice is a voluntary agreement where employees exchange part of their gross pay for non-cash benefits such as pension contributions or cycle-to-work schemes. This arrangement reduces taxable pay, which means both the employer and employee pay less in National Insurance while maintaining the same benefit value.How Salary Sacrifice Works in PracticeFor example, without salary sacrifice, an employee pays £500 into a pension from their net salary. With salary sacrifice, their gross salary reduces by £500, and that amount goes directly into the pension. Both the employee and employer enjoy National Insurance savings as a result.The Financial Benefits Are ClearEmployers could save up to £900 per employee each year. Employees also benefit from reduced NI contributions. When multiplied across a workforce, these savings create a substantial financial impact without lowering the actual pension contribution value.Eligible Benefits for Salary SacrificeEven with recent restrictions, several benefits still qualify. These include pension contributions, low-emission company vehicles, workplace nurseries, and bicycles with safety gear. Each of these options can create meaningful tax efficiencies when structured correctly.Legal Requirements You Must FollowTo stay compliant, update employment contracts, ensure genuine salary reductions, and never backdate arrangements. Salary sacrifice schemes must be set up before payroll runs. Getting this wrong can trigger HMRC scrutiny and financial penalties.Why Act Sooner Rather Than LaterThe earlier a business introduces salary sacrifice, the more it can save. Delaying means additional months of paying higher National Insurance. Taking action early helps preserve profits and supports smarter financial planning for the future.Links Mentioned in This Episode* 🎥 Free Recorded Webinar on Salary Sacrifice

Episode Timecodes* [00:00:00] – Introduction * [00:01:09] – Understanding the April 2025 National Insurance Changes * [00:03:12] – What Salary Sacrifice Actually Means * [00:05:21] – How Salary Sacrifice Works in Practice * [00:06:36] – The Financial Benefits Are Clear * [00:07:53] – Eligible Benefits for Salary Sacrifice * [00:08:19] – Legal Requirements You Must Follow * [00:10:16] – Why Act Sooner Rather Than Later * [00:10:54] – Final Thoughts & Call to Action

Host & Show InfoHost Name: Mahmood RezaAbout the Host: Mahmood is an accountant, business finance coach, and founder of I Hate Numbers. With decades of experience helping businesses improve their numbers, he’s on a mission to simplify finance and empower entrepreneurs to save tax and time.Podcast Website: https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧 Listen & Subscribe to I Hate NumbersStay ahead of tax and payroll changes. Listen on Apple Podcasts, share this episode, and subscribe for weekly insights. Plan it. Do it. Profit.Additional Links* I Hate Numbers YouTube Channel * Buy the I Hate Numbers Book * Book a Call

View Details

Making Tax Digital represents HMRC's ambitious plan to bring tax reporting into the digital age. Consequently, we're facing significant changes that will affect thousands of self-employed individuals and landlords across the UK. Moreover, these changes are no longer a distant possibility but a concrete reality with confirmed implementation dates.

The MTD Timeline: When Changes Take EffectOriginally, MTD was scheduled for April 2024. However, the government revised the timetable in December 2022. Subsequently, we now have a phased rollout approach that gives businesses more time to prepare.

Specifically, the implementation follows this timeline:

April 6, 2026: Businesses earning over £50,000 annually from self-employment or property letting must comply
April 6, 2027: The threshold drops to £30,000-£50,000
April 6, 2028: Finally, those earning £20,000-£30,000 must join the scheme

How MTD Changes Your Tax ReportingPreviously, most self-employed individuals filed one annual tax return. Conversely, MTD requires quarterly updates throughout the year. Accordingly, you'll submit information four times annually, followed by a final year-end declaration.

Additionally, paper records become obsolete under these new rules. Instead, you must use MTD-compatible software to record all income and expenses digitally. Eventually, traditional self-assessment returns will disappear entirely, replaced by this quarterly system.

Should You Incorporate to Avoid MTD?Currently, limited companies don't fall under MTD requirements for corporation tax. Therefore, some business owners consider incorporating to delay compliance. However, we strongly advise against making decisions purely for tax reasons.

Historically, incorporation provided significant tax savings. Nevertheless, these benefits have diminished over recent years. Generally, the tipping point for incorporation sits around £25,000 annual profit. Below this threshold, the tax advantages often prove marginal.

Furthermore, becoming a limited company brings additional responsibilities:

Companies House registration and annual filings
Payroll system operation
Both personal and corporate tax obligations
Higher accounting fees
Stricter penalty regimes

Administrative Impact and CostsUndoubtedly, MTD increases administrative burdens for self-employed individuals. Quarterly reporting means more frequent deadlines and ongoing software costs. However, embracing digital accounting tools can streamline this process significantly.

Alternatively, limited companies face different administrative challenges. Specifically, they must manage payroll obligations, national insurance contributions, and potentially VAT compliance. Additionally, the rules around mixed personal and business expenses change when you incorporate.

Making the Right Decision for Your BusinessObviously, there's no one-size-fits-all solution to this challenge. Rather, your decision should align with your business goals and circumstances. Particularly important is considering your long-term strategy, not just immediate tax implications.

Certainly, professional advice proves invaluable when navigating these choices. Whether you choose to remain self-employed or incorporate, both paths require careful planning and ongoing compliance.

Ready to learn more about navigating these tax changes? Listen to the I Hate Numbers podcast for expert insights and practical guidance that will help you make informed decisions about your business structure and tax obligations. Additionally, visit the I Hate Numbers website for valuable resources and guidance to support your tax planning journey.

View Details

Transforming Business Finance ManagementCloud accounting is changing how business owners manage their finances. Accordingly, we want to explain why this shift matters for freelancers and entrepreneurs who often avoid financial management until it's too late. Furthermore, understanding this technology can save you time, money, and stress in running your business.

What Exactly Is Cloud Accounting?Firstly, cloud accounting means using online software to handle your business finances in real time. Additionally, it covers everything from invoicing and expense tracking to financial reporting. Unlike traditional methods, cloud accounting gives you access from anywhere—your phone, laptop, or tablet. Therefore, you can check your financial position while sitting in your garden or meeting clients at a café.

Key Benefits For Your BusinessTime Savings That Convert To MoneyBecause cloud accounting automates many tasks, you can save several hours each week. For instance, our client Sandra (name changed) previously spent Sunday mornings entering receipts and chasing payments. Consequently, after switching to cloud accounting, she saved 3-4 hours weekly. Moreover, at £20 per hour, this represents significant savings over a quarter—not to mention getting paid faster through electronic invoicing.

Fewer Costly MistakesCertainly, everyone makes errors occasionally. However, cloud accounting significantly reduces these problems. While spreadsheets invite formula errors and duplicate entries, cloud systems flag issues in real time. Thus, you're not "walking a financial tightrope with a blindfold."

Clear Financial VisibilityRunning a business without seeing your finances clearly is like driving with a frosted windscreen. Nevertheless, cloud accounting solves this problem through intuitive dashboards and reports. Hence, you can instantly view bank balances, outstanding invoices, and expense patterns. Specifically, this visibility leads to better decision-making and fewer financial surprises.

Easy To Implement Despite Common FearsAlthough many fear new technology, cloud accounting platforms like Xero are designed for non-accountants. Besides, most systems offer straightforward setup processes. Once configured, you can:

Connect your bank accounts for automatic updates
Upload receipts by simply taking a photo
Set automatic reminders for overdue invoices

Overall, it's like having a digital finance assistant that never complains or takes holidays.

The Cost Of Avoiding Modern Financial ToolsContrarily, sticking with outdated methods can lead to serious problems:

Unpredictable cash flow
Delayed invoicing
Uncollected payments
Surprise tax bills

Undoubtedly, these issues amount to what we call "silent financial sabotage." Regardless of how busy you are, neglecting your financial systems ultimately undermines your business success.

Getting Started Without The HeadacheTransitioning to cloud accounting doesn't need to be painful. Subsequently, we recommend this simple approach:

Select appropriate software (we recommend Xero)
Learn the basics of navigation
Set up automatic bank feeds
Establish a weekly 30-minute routine

Since consistency matters more than perfection, small regular habits beat occasional panic sessions.

Important Legislative Changes ComingImportantly, from April 2026, Making Tax Digital (MTD) will require quarterly digital submissions for small businesses and landlords. Therefore, adopting cloud accounting now prepares you for these coming requirements while providing immediate business benefits.

Take Action TodaySurely, now is the perfect time to modernize your financial management. While the transition may seem challenging at first, the long-term benefits for your business control and growth are tremendous. Likewise, you'll find that 30 minutes weekly beats hours of stress later.

Lastly, if you found this information helpful, please listen to the I Hate Numbers podcast for more practical financial advice tailored for business owners. Thereupon, you'll discover weekly tips that simplify the complex world of business finances.

View Details

Business ownership comes with numerous responsibilities, especially when it comes to tax compliance. Moreover, as HMRC intensifies its digital surveillance capabilities, staying ahead of tax requirements has never been more crucial.

The Digital Detective Has ArrivedPreviously, HMRC relied on basic methods like paper trails and manual checks. However, they have subsequently embraced sophisticated technology to close the UK tax gap. Specifically, at the heart of this revolution lies their powerful "Connect" system, which consequently processes billions of data points to identify inconsistencies.

Undoubtedly, this system has transformed how tax investigations begin—approximately 90% now start because the Connect system has flagged something unusual. Additionally, business ownership requires understanding that HMRC can investigate any tax return without providing a reason.

Your Digital Footprint Is Being MonitoredFurthermore, HMRC's data collection extends far beyond traditional sources. Although bank statements and tax returns remain important, they also monitor:

Social media activity
Travel data and passenger lists
Google Street View and location data
Cryptocurrency transactions
Online payment platforms

Generally, if your lifestyle doesn't match your reported income, this will raise red flags. Consequently, business ownership now requires heightened awareness of your digital presence and its potential tax implications.

New Reporting Requirements for Digital PlatformsSince January 2024, platforms like Airbnb, Uber, Deliveroo, and eBay must report sellers' income directly to HMRC. Accordingly, the first report covering January-December 2024 was due by January 2025. Although occasional sellers with fewer than 30 sales are currently excluded, this clearly indicates future trends.

Therefore, business ownership in this digital age means understanding that your sales data is automatically submitted to tax authorities.

AI and Advanced AnalyticsMeanwhile, HMRC continues to leverage artificial intelligence to analyze the collected data. Subsequently, this technology identifies patterns and assesses behavior more efficiently than ever before. Because of geomapping capabilities, they can also link sales, income, and demographic data to specific locations.

Hence, business ownership requires recognizing that HMRC can pinpoint high-risk businesses with greater speed and accuracy than ever before.

The Human Element RemainsNevertheless, HMRC still relies on human intelligence. Specifically, they maintain a hotline for informants to report undeclared income. Furthermore, as of March 2025, informants who report serious non-compliance can receive up to 25% of the recovered tax.

Phoenixism Under ScrutinyAdditionally, HMRC is targeting "phoenixism"—where directors close debt-laden companies and quickly open new ones to avoid taxes. Consequently, they now demand upfront tax payments for high-risk new companies and sometimes hold directors personally liable.

Protecting Your BusinessTherefore, how can you protect yourself? Firstly, keep detailed records of all income, regardless of size. Secondly, declare everything—hiding income is both criminal and counterproductive. Thirdly, seek qualified professional support.

Certainly, business ownership demands transparency in today's digital landscape. Although mistakes happen, HMRC's increasingly watchful eyes mean even honest errors can lead to severe consequences, including:

Penalties and interest charges
Full investigations
Backdated tax bills
Potential criminal charges

Taking ActionOverall, business ownership requires staying one step ahead of changing tax enforcement methods. Undoubtedly, transparency is no longer optional—it's essential for survival.

Therefore, if you have concerns about your tax compliance, now is the time to address them. Otherwise, you might face unwelcome attention from HMRC's sophisticated tools.

Would you like to learn more about protecting your business in this new era of tax enforcement? Then tune in to the "I Hate Numbers" podcast where we break down complex financial topics into easy-to-understand advice for business owners.

View Details

Business ownership begins with much more than spreadsheets and profit margins. Furthermore, it encompasses a deeply human experience filled with challenges, triumphs, and countless learning moments. Additionally, this episode of Numbers Know How explores what truly matters when steering your business ship through both calm and stormy waters.

The Captain's DecisionsBusiness owners face choices daily, much like selecting a movie after a long day. Consequently, each decision carries its own set of risks and rewards. Should you invest in that new product line or stick with what works? Moreover, the key lies in your willingness to make choices, test them out, and pivot when necessary. Although making decisions might feel overwhelming at times, remember that even Netflix viewers change their selection ten minutes in!

Managing Your CrewRunning a business involves managing different personalities and needs, similar to hosting a complex family dinner. Accordingly, some team members require additional guidance while others thrive with independence. The real magic happens when you bring these diverse individuals together to create something greater than themselves. Despite the challenges, creating an environment where people feel valued produces the best results. Undoubtedly, business ownership succeeds when connections form beyond just completing tasks.

Balancing Stress and Self-CareStress arrives as an uninvited guest for every business owner. Specifically, it often feels like juggling flaming swords while riding a unicycle on a tightrope! Nevertheless, a small amount of stress adds flavor and drive to your business journey. However, too much can quickly become overwhelming. Therefore, recognizing when to ask for help remains crucial.

The Recharging NecessityBusiness ownership demands consistent energy and focus. Hence, self-care becomes non-negotiable. Think of yourself as a smartphone that needs regular recharging after handling challenges throughout the day. Otherwise, your effectiveness diminishes when running on empty. Certainly, taking time to recharge—whether through proper sleep, walks in nature, or mindful breathing—keeps you performing at your best.

The Complete PictureOverall, business ownership transcends numbers and growth charts. Rather, it encompasses the full human experience with its ups and downs. While profits matter, the people involved—including yourself—make the journey worthwhile. Unquestionably, embracing both aspects creates sustainable success.

Take Action TodayDo you connect with the human side of business ownership? Then listen to the I Hate Numbers podcast for more insights that transform how you view your business journey. Additionally, each episode provides practical wisdom that goes beyond traditional business advice. Subscribe today and join our community of thoughtful business owners!

View Details

Economies of scale is a concept that all businesses should understand, regardless of size. Basically, it means saving money as your business grows. As your operation expands, the average cost of producing each item or delivering each service decreases.

Furthermore, this principle applies to businesses of all types. Whether you run a small bakery, manage a theater company, or operate a multinational corporation, understanding economies of scale can help you boost profits and grow sustainably.

How Do Economies of Scale Work?

To illustrate this concept, consider a bakery. Initially, when making a single cake, you need specific amounts of time, energy, and ingredients. However, when making 20 cakes simultaneously, you'll use the same oven and roughly the same amount of electricity. Additionally, you can buy ingredients in bulk at lower prices. Consequently, the average cost per cake decreases.

Similarly, think about sharing £100 among friends. If 10 friends split it equally, each receives £10. Nevertheless, if the group grows to 20 people, each person gets only £5. This demonstrates how costs spread across larger operations.

Types of Economies of Scale

There are two main categories:

Internal Economies of Scale

Bulk purchasing of materials
Investing in better equipment
Training staff to handle more responsibilities

External Economies of Scale

Industry growth leading to supplier price reductions
Improved infrastructure in your area
Lower transportation and logistics costs

Real-World Examples

Bakery Example

Initially, a small bakery buys ingredients from local shops. Afterward, as they grow, they purchase in bulk from wholesalers. Eventually, they might invest in larger, more efficient ovens. Accordingly, their cost per loaf decreases over time.

Theater Company Example

For a theater's first production, everything is created from scratch. Subsequently, sets and costumes can be reused or repurposed. Furthermore, as the audience grows, marketing costs per ticket decrease.

Challenges and Limitations

Despite the benefits, economies of scale have limitations. Firstly, not every business can scale up easily, especially those offering bespoke services. Secondly, rapid growth without proper planning can lead to diseconomies of scale—where costs actually increase due to inefficiencies. Thirdly, you need initial resources to invest in equipment and bulk materials.

Overtrading can occur when businesses grow too quickly without adequate planning or resources. Therefore, careful strategy is essential.

Practical Steps to Implement

Review Your Costs: Identify areas where scaling would reduce expenses
Plan Ahead: Think about growth in stages rather than all at once
Build Partnerships: Collaborate with others to increase purchasing power
Embrace Technology: Use automation and software to streamline processes

Conclusion

Economies of scale provide a powerful way to make your business more efficient and competitive. During our discussion, we highlighted how understanding this concept can help businesses of all sizes save costs, increase profits, and grow sustainably.

Although there are challenges to consider, the benefits of strategic scaling far outweigh the risks when approached thoughtfully. Obviously, the key is to plan carefully and implement gradually.

Listen to the "I Hate Numbers" podcast for more insights on business economics and strategies to help your venture thrive. Furthermore, if you found this episode helpful, please share it with fellow business owners who might benefit from understanding economies of scale

View Details

Trust forms the cornerstone of every thriving business relationship. Although many focus on profits and growth, this fundamental quality ultimately determines long-term success. Consequently, businesses that prioritize building strong relationships create deeper connections with customers, employees, and suppliers alike.

Think about your own experiences. Certainly, you can recall businesses you stopped using because they broke your confidence. Conversely, consider those establishments you return to repeatedly. Undoubtedly, they've proven themselves reliable and honest over time.

The Business Value of ReliabilityCustomer LoyaltyStrong relationships keep customers coming back. Indeed, people often stay with businesses they believe in, even when competitors offer lower prices. Moreover, reliable businesses benefit from powerful word-of-mouth marketing. Subsequently, positive reviews and referrals provide cost-effective advertising.

Team DynamicsEmployees who believe in their leaders generally show greater engagement. Additionally, they demonstrate willingness to go the extra mile during challenging times. Correspondingly, this creates a positive workplace culture that attracts and retains talent.

Business ResilienceDuring difficult periods, strong relationships act as a buffer. Specifically, customers and suppliers more readily support businesses they believe operate with integrity. Therefore, reliability becomes an invaluable asset when facing market uncertainties.

Practical Steps to Build Stronger RelationshipsBe Honest and TransparentTransparency undeniably forms the foundation of strong business connections. Accordingly, when problems arise:

Communicate proactively
Explain the situation clearly
Provide realistic solutions

For example, when delivery delays occur, contact customers before they contact you. Although they might not like the news, they will appreciate your honesty.

Make Realistic PromisesReliability proves essential to establishing credibility. Hence, only commit to what you can deliver consistently. Furthermore, aim to underpromise and overdeliver rather than the opposite. Consequently, you'll create positive impressions that strengthen business relationships.

Communicate ClearlyClear communication binds relationships together. Therefore, avoid vague statements and jargon. Instead, speak plainly and specifically about expectations, deadlines, and outcomes. Thus, misunderstandings decrease while confidence grows.

Maintain ConsistencyActions must align with stated values. Likewise, consistency reassures people they can rely on your business. Nevertheless, many businesses start with quality offerings but later cut corners. However, customers notice these shifts, and credibility erodes quickly.

Take ResponsibilityMistakes happen. Still, how we handle them makes all the difference. Unquestionably, owning errors, apologizing sincerely, and making things right builds stronger connections than denial or defensiveness. Additionally, taking responsibility demonstrates integrity that customers and employees respect.

Extending Good Practices Throughout Your BusinessDigital PresenceIn today's online world, credibility extends to digital interactions. Therefore:

Ensure secure payment systems
Be transparent about policies
Respond professionally to all reviews
Handle negative feedback constructively

Leadership ApproachAs business leaders, we must lead by example. Chiefly, this means demonstrating the honesty and integrity we expect from others. Also, creating safe spaces for open dialogue allows employees to share ideas and concerns without fear.

Supplier RelationshipsBefore building partnerships, perform due diligence. Thereafter, develop mutual respect through clear agreements and consistent follow-through. Altogether, this creates a network of reliable business relationships.

The Long-Term BenefitsWhen trust becomes your business foundation, you create:

A loyal customer base
Stronger business partnerships
A positive work environment
A compelling competitive advantage

These outcomes translate to financial benefits since loyal customers spend more money over time. Particularly worth noting: it costs three times more to acquire new customers than to retain existing ones.

ConclusionTrust works like a savings account that builds over time and provides security when you need it most. While larger corporations have greater resources, strong relationships become the secret weapon that sets smaller businesses apart. Overall, investing time and effort in building genuine connections pays remarkable dividends.

Take ActionHas this episode changed how you think about trust in your business? We'd love to hear your thoughts! Moreover, for more insights on building successful business relationships, listen to the I Hate Numbers podcast wherever you get your podcasts. Undeniably, the practical advice you'll gain could transform your approach to business relationships and customer loyalty.

View Details

Overtrading can destroy even profitable businesses when growth happens too quickly. Although most business owners aim for growth, we often overlook the risks that come with rapid expansion. Furthermore, this week's episode explores why managing your growth carefully is essential for long-term success.

What Is Overtrading?Overtrading occurs when a business takes on more than it can handle financially or operationally. Consequently, this creates a situation similar to revving a car engine until it blows up. Moreover, even companies that appear successful on paper can fall into this dangerous trap.

A Cautionary TaleTo illustrate this concept, we shared the story of Serena, a boutique bag maker. Initially, her business was stable with:

£250,000 annual turnover
£30,000 profit margin
£20,000 overdraft facility

However, when a major retailer offered a £50,000 monthly order, everything changed. Because the payment terms were 70 days, Serena quickly ran into cash flow problems. Additionally, suppliers demanded faster payment, creating a perfect storm that threatened her entire operation.

Warning Signs You're OvertradingRecognizing the signs early can save your business. Therefore, watch for these red flags:

Financial Indicators* Cash flow struggles * Overinvestment in resources * Banking roadblocks

Relationship Indicators* Supplier tensions * Legal threats * Squeezed profit margins

How to Avoid the Overtrading TrapAccordingly, we recommend several strategies to prevent overtrading:

Negotiate better payment terms
Explore financing tools like invoice factoring
Consider leasing equipment instead of buying outright
Manage supplier relationships carefully
Invest in back-office support

Two Critical Numbers to TrackFurthermore, you must monitor these key figures:

Cash FlowThe money coming in and out of your account daily. Undoubtedly, you can survive without profits temporarily, but once you run out of cash, the game is over.

Working CapitalThe resources available for short-term obligations. Consequently, if these run dry, even profitable businesses will collapse.

Finding BalanceGrowth remains positive and necessary. Nevertheless, it must be managed with care. Before taking on major new business, ask yourself: "Do I have the resources and systems to handle this?" If not, consider scaling more gradually.

Overall, overtrading represents a serious risk that many entrepreneurs overlook. Although winning new contracts brings an adrenaline rush, sustaining that growth requires planning and prudence. Certainly, the right preparation can turn dangerous growth into sustainable success.

Take ActionEnjoyed this episode? Then listen to more business insights on the I Hate Numbers podcast. Additionally, check out our previous episodes for more practical financial advice for business owners.

View Details

Financial accountability is more than tracking money—it is the compass that keeps our business heading toward the right destination. Evidently, without clear direction, we risk getting lost in daily chaos. However, when we embrace responsibility for our numbers, we take control of our journey.

Planning With PurposeFirstly, running a business without financial accountability is like setting off on a road trip without a map. Secondly, although we may eventually arrive somewhere, it likely won’t be where we intended to go. Consequently, we must define our goals, plan our route, and prepare for the unexpected.

Moreover, our financial story plan becomes our guide. Besides being our route map, it keeps us honest and focused. Furthermore, just like a personal trainer tracks our fitness, our plan helps track profit targets, expenses, and resources. Hence, it must stay visible, current, and part of our weekly and monthly routines.

Reviewing and Reflecting RegularlyUndoubtedly, we must check our dashboard—our digital accounting system—frequently. Accordingly, we can monitor whether sales match forecasts, expenses stay within limits, and profits align with projections. Additionally, when things go off course, we do not panic. Instead, we reroute, reflect, and readjust.

Certainly, unexpected events will happen. Nevertheless, strong financial accountability helps us respond with clarity. Specifically, reviewing metrics like cashflow weekly, or even daily, gives us real-time control.

Building Habits for Long-Term SuccessEmphatically, our financial plan is not a one-off task. Instead, it lives and breathes with our business. Previously missed goals become future milestones. Additionally, celebrating small wins keeps motivation high. Lastly, asking reflective questions helps identify blind spots and improve decisions.

Keep Moving ForwardAltogether, financial accountability gives us power, direction, and peace of mind. It may not guarantee a smooth ride, but it ensures we keep moving toward our goals. Therefore, let’s stop guessing and start owning our path.

If this episode sparked new thoughts or gave you something to act on, then keep the momentum going. Listen to the I Hate Numbers podcast for more practical insights, guidance, and tools to help you take charge of your finances. Let's keep building smarter, stronger businesses—together.

View Details

Why Financial Jargon Feels Like a Foreign LanguageJargon can make financial discussions feel like navigating an unfamiliar country without knowing the language. Additionally, many business owners struggle with terms like equity, liquidity, and ROI, which can lead to confusion and uncertainty. However, understanding the basics helps us take control of our business finances. Likewise, learning key financial phrases makes decision-making easier and reduces frustration.

The Risks of Not Understanding JargonWithout a basic grasp of financial jargon, we risk making uninformed choices. For instance, imagine trying to negotiate with lenders or investors without fully understanding the terms they use. Consequently, misinterpretation could result in costly mistakes or lost opportunities. Nevertheless, not knowing the language sometimes leads to unexpected advantages, because creative problem-solving emerges when we think outside conventional financial frameworks.

Essential Financial Terms Every Business Needs to KnowUnderstanding key financial terms allows us to manage our businesses effectively. Furthermore, these terms provide clarity when making financial decisions. Some essential ones include:

Revenue – The total income a business generates before expenses. Therefore, this figure represents the starting point for financial analysis.
Profit – What remains after deducting costs from revenue, showing actual earnings. Accordingly, higher profits indicate better financial health.
Liquidity – How quickly assets convert to cash, affecting financial flexibility. Likewise, strong liquidity ensures that unexpected expenses can be managed easily.
Assets – Valuable business items like equipment, inventory, and cash reserves. Moreover, assets contribute to a company’s overall value.
Liabilities – Debts and financial obligations that require careful management. Consequently, businesses must ensure they do not accumulate excessive liabilities.
ROI (Return on Investment) – A measure of profitability from investments made. Evidently, a higher ROI signifies more effective resource utilisation.

Grasping these terms is like learning survival phrases in a new language. Similarly, we do not need complete fluency, but knowing the essentials helps us make smarter business decisions.

How Jargon Fluency Strengthens Our BusinessWhen we understand financial jargon, we gain confidence, negotiate better, and avoid costly missteps. Additionally, we recognise financial patterns, improve forecasting, and make strategic decisions with greater clarity. Eventually, this knowledge leads to more stability and growth. Furthermore, learning the right financial terms allows us to engage in meaningful discussions with investors and lenders.

Final ThoughtsJargon should not be a barrier to business success. Moreover, learning essential financial terms makes decision-making easier, reduces uncertainty, and improves financial management. Instead of feeling lost in translation, we can confidently steer our businesses forward.

Listen to the I Hate Numbers podcast for more insights on financial success. Furthermore, stay informed, stay empowered, and keep your business on the right

View Details

Passion vs. PracticalityPassion may spark a business idea, but it is never enough to guarantee success. Many believe that following their passion automatically leads to profit. However, without planning, effort, and strategy, businesses struggle to survive. Therefore, we must approach business with a mindset that values numbers, structure, and sustainable action.

Why Planning MattersCertainly, passion can inspire a great vision, but it does not replace the need for careful planning. Likewise, running a business without structure is like embarking on a road trip without a map. Before setting out, we must consider routes, fuel, and supplies. Comparatively, business success depends on understanding financials, setting achievable goals, and preparing for obstacles. Consequently, without a clear plan, even the strongest enthusiasm will not sustain long-term growth.

Sweat Builds EquityDespite common misconceptions, effort is what truly drives business success. While motivational speeches glorify passion, real progress comes from the long hours spent managing finances, refining processes, and adapting strategies. Eventually, those who commit to consistent effort gain financial stability and business equity. Additionally, sustainable businesses are built on repeatable systems rather than fleeting excitement.

The Role of Numbers in BusinessMoreover, numbers serve as a business’s compass. They reveal what works, where money is lost, and how to improve profitability. Certainly, tracking costs, setting realistic sales targets, and managing cash flow ensure that a business remains sustainable. Regardless of industry, understanding financial data leads to smarter decisions and long-term security.

Final ThoughtsPassion fuels ambition, but it should never dictate business decisions. Instead, we must balance enthusiasm with careful planning and disciplined effort. Otherwise, without a structured approach, businesses risk failure. Furthermore, success comes from building systems, making informed choices, and sustaining long-term progress.

Lastly, for more insights into running a business successfully, listen to the I Hate Numbers podcast.

View Details

Hiring staff is a significant decision for any business. We know that it comes with both opportunities and challenges. In this episode, we will break down the costs and benefits of hiring employees versus freelancers. Additionally, we will explore why making the right choices can have a major impact on your business’s growth.

Why Should You Consider Hiring?Firstly, when you are growing your business, it becomes increasingly difficult to manage everything alone. We’ve all faced the limitations of being a one-person operation. Hiring can bring the manpower you need, helping you focus on other important aspects of your business. Furthermore, employees can provide long-term sustainability, allowing your business to scale more efficiently.

Benefits of Hiring the Right PeopleWhen you make the right hires, your business can experience numerous benefits. For instance, hiring the right people allows you to save time, enabling you to concentrate on bigger business goals. In addition, by expanding your team, you can offer more services, boost your output, and improve your overall customer experience. These advantages, in turn, can strengthen your profitability and sustainability.

Hidden CostsHowever, it's important to recognise that hiring comes with its hidden costs. Besides salaries, you must consider employer National Insurance, pensions, insurance, and other employee-related expenses. These costs can quickly add up, so it's essential to budget accordingly. Consequently, understanding the financial obligations of hiring staff is key to making informed decisions.

Common Mistakes to AvoidAlthough hiring seems straightforward, there are several common pitfalls. For example, many businesses hire in a panic, without properly assessing the fit or understanding the full costs involved. Additionally, failing to register as an employer with HMRC can lead to serious consequences. To avoid these issues, take your time and plan carefully before making any decisions.

Financial Planning for New HiresBefore hiring, it’s crucial to prepare financially. We recommend using tools like Budgetwhizz to help manage your budget effectively. This tool can help you track employee-related expenses and keep your finances in check. Also, consider using payroll calculators to ensure that you’re setting aside enough to cover wages, taxes, and other costs.

ConclusionIn conclusion, hiring staff can significantly benefit your business, but it comes with both direct and hidden costs. Therefore, it’s essential to plan wisely and make the right choices. If you’re unsure about the financial implications, be sure to consult budgeting tools like Budgetwhizz and calculators to help you manage your business effectively.

Don’t forget to listen to the I Hate Numbers podcast for more tips on growing and managing your business effectively. Subscribe, share, and leave a review!

Lastly, don’t miss our free webinar How to Handle the Rise in Employers' National Insurance coming in April 2025. Register today!

View Details

PAYE (Pay As You Earn) is a cornerstone of the UK tax system. Whether you’re an employer or an employee, understanding how it works is crucial. Since its introduction in 1944, it has simplified tax collection by taking income tax, National Insurance, and other deductions directly from wages. The system continues to play a vital role today, and we’re here to explore how PAYE impacts businesses and employees, and why it’s essential to get it right.

The History of PAYEThe government introduced PAYE during the Second World War to address inconsistent tax collection. Before PAYE, many individuals paid tax in lump sums once a year, but this system proved unreliable. By collecting tax directly from wages, PAYE ensured a steady cash flow to fund the war effort. The system has evolved since then, but it remains central to the UK tax structure.

Responsibilities of Employers Under PAYEEmployers must register with HMRC and calculate tax, National Insurance, and other deductions from employees' wages. They must pay these amounts over to HMRC, typically on a monthly or quarterly basis. Employers also provide payslips and P60s, ensuring employees understand the deductions made. Employers who make mistakes face penalties, so they must ensure all tax codes are accurate and that they pay on time.

Employee ResponsibilitiesWhile PAYE shifts much of the tax burden onto employers, employees also have a role. They need to provide accurate personal details, including their National Insurance number and tax code. Employees should also check their payslips regularly to ensure the correct deductions are being made. If discrepancies arise, they must address them immediately, as incorrect tax payments could lead to a larger tax bill later.

Why PAYE Matters for Small BusinessesFor small businesses, PAYE might seem like another administrative task, but it plays a vital role in managing cash flow and staying compliant with tax laws. It ensures businesses pay their taxes on time, keeping teams satisfied with accurate and timely payments. As a business owner, you must account for all PAYE-related costs, including National Insurance, pension contributions, and holiday pay.

Tools to Help Manage PAYETo simplify managing PAYE, tools like BudgetWhizz help streamline payroll processes. Additionally, our online calculators assist you in understanding the full cost of employing someone, including PAYE deductions and other statutory contributions.

ConclusionIn conclusion, PAYE might seem like an added layer of bureaucracy, but it has been helping UK businesses and employees since 1944. The system ensures efficient tax collection, and it helps employees avoid large tax bills. Employers who manage PAYE correctly keep their operations running smoothly and stay compliant with the law. If you’re considering hiring your first employee or need to brush up on payroll knowledge, regularly reviewing your processes is essential.

Lastly, don’t miss our free webinar How to Handle the Rise in Employers' National Insurance coming in April 2025. Register today!

View Details

Understanding the Isolation of Business OwnershipBusiness ownership often feels like a solitary journey. Although we set out with excitement and purpose, the weight of responsibilities can make the road feel isolating. Despite having a clear vision, the daily challenges of managing operations, making decisions, and handling setbacks can feel overwhelming. However, acknowledging this reality helps us turn isolation into an advantage.

The Silent Struggles We FaceRunning a business means wearing multiple hats. One moment, we focus on strategy, and the next, we handle customer service, finances, or marketing. Consequently, this constant juggling can create a sense of disconnection from those who do not share our experiences. Furthermore, friends and family may not fully understand the pressures we navigate, which can make communication difficult.

Moreover, the noise of external advice adds another layer of stress. While many people offer suggestions, not all understand the full picture. Instead of finding clarity, we may feel even more isolated. Nevertheless, recognising that others share similar struggles can provide reassurance.

Turning Isolation into StrengthAlthough isolation can feel like an obstacle, it also creates space for growth. Instead of viewing solitude as a burden, we can use it as an opportunity for reflection and innovation. Similarly, quiet moments allow us to think deeply, plan effectively, and gain new insights. Additionally, engaging with other business owners through networking or mastermind groups can provide valuable support.

Building a Strong Support SystemWhile self-reliance is crucial, connection remains essential. Accordingly, finding a community of like-minded individuals helps lighten the load. Furthermore, seeking mentorship or joining professional groups provides guidance and encouragement. Likewise, leaning on friends and family for emotional support strengthens our resilience.

Moving Forward with ConfidenceBusiness ownership presents challenges, but we do not have to face them alone. Although the journey may feel lonely at times, there are always opportunities to connect, grow, and find support. Therefore, embracing both the quiet moments and the collaborative ones ensures long-term success.

Listen to the I Hate Numbers podcast for insights that help navigate the ups and downs of business ownership. Let’s keep moving forward, one step at a time!

View Details

Understanding Financial JargonFinancial jargon can often feel overwhelming. However, learning these terms is crucial for business success. Comparatively, understanding financial terms is like tending to a garden—each concept plays a role in keeping your business healthy. Additionally, knowing these terms allows us to make better financial decisions.

Revenue: Planting the Seeds of GrowthRevenue is the money a business earns from selling products or services. Essentially, it acts as the seeds we plant to grow our business. The more revenue generated, the larger and stronger the business becomes. Moreover, steady revenue ensures long-term sustainability.

Profit: Harvesting the RewardsProfit represents what remains after covering all costs. Similarly, it is the fruit of our efforts, showing whether our business is thriving. Therefore, managing expenses wisely ensures that profits remain high. Furthermore, reinvesting profits can accelerate growth.

Expenses: Nurturing the BusinessExpenses are the necessary costs of running a business. Likewise, just as plants need water and fertiliser, a business requires investment in resources, marketing, and operations. However, overspending can harm financial stability. Consequently, tracking expenses closely helps maintain profitability.

Cash Flow: Monitoring the ForecastCash flow measures the movement of money in and out of a business. Notably, it is like watching the weather forecast—ensuring there is enough liquidity to cover expenses and avoid financial droughts. Furthermore, positive cash flow allows for expansion and new opportunities.

Assets: The Essential ToolsAssets include valuable items a business owns, such as equipment and inventory. These are the tools that keep everything running smoothly. Therefore, managing assets properly strengthens long-term stability. Additionally, maintaining assets well ensures they provide long-term benefits.

Liabilities: Controlling the WeedsLiabilities are the debts and financial obligations a business must handle. Just like weeds in a garden, they must be controlled to prevent them from overwhelming the business. Consequently, effective debt management ensures financial health. Moreover, reducing liabilities improves financial flexibility.

Keep Your Business ThrivingFinancial jargon does not have to be complicated. By understanding these essential terms, we can make informed decisions and maintain a strong financial position. Furthermore, keeping our business well-managed ensures long-term growth. Additionally, a strong grasp of financial jargon builds confidence in decision-making.

Listen to the I Hate Numbers podcast for more insights on financial success. Let’s keep our businesses thriving!

View Details

VAT in the UK is a crucial tax that affects businesses and consumers alike. It applies to most goods and services, making it essential for companies to understand their obligations. Furthermore, businesses must register for VAT if their taxable turnover exceeds the threshold set by HMRC. However, voluntary registration can also provide advantages, such as reclaiming VAT on expenses.

How VAT in the UK WorksVAT in the UK operates on a system where businesses collect tax on sales and deduct VAT paid on purchases. Consequently, they submit the difference to HMRC through regular VAT returns. Additionally, different VAT rates apply depending on the nature of the goods or services. Standard-rated items attract 20%, while reduced and zero-rated items follow different rules.

Who Needs to Register for VAT?Businesses exceeding the VAT threshold must register straightaway. However, those below the limit can still register voluntarily to reclaim VAT on eligible expenses. Comparatively, small businesses should assess whether VAT registration benefits them financially. Moreover, once registered, companies must charge VAT, issue VAT invoices, and maintain accurate records.

Common VAT Schemes and ReliefsSeveral VAT schemes exist to simplify reporting and improve cash flow. The Flat Rate Scheme allows businesses to pay a fixed percentage of turnover, rather than calculating VAT on every transaction. Likewise, the Cash Accounting Scheme helps businesses pay VAT only when they receive payments. Additionally, reliefs such as VAT exemptions apply to specific goods and services, reducing the tax burden for eligible businesses.

Filing and Paying VAT in the UKVAT-registered businesses must submit returns periodically, generally every quarter. Late submissions or incorrect filings result in penalties, making compliance essential. Moreover, businesses must keep digital records and file returns using Making Tax Digital (MTD) software. Accordingly, accurate bookkeeping ensures smooth VAT reporting and minimises errors. Using software like Xero can simplify VAT tracking, helping businesses stay compliant with HMRC requirements.

Final ThoughtsVAT in the UK impacts businesses of all sizes, requiring careful management to remain compliant. Understanding VAT rates, registration rules, and available schemes helps businesses navigate tax responsibilities effectively. Additionally, staying updated with HMRC regulations ensures businesses avoid penalties.

For expert insights on finance and business, listen to the I Hate Numbers podcast. Each episode provides valuable guidance to help you take control of your numbers and make informed decisions.

View Details

UK business taxes impact every company, regardless of size or industry. Accordingly, understanding tax obligations helps businesses plan effectively. Additionally, knowing the different taxes applicable ensures compliance while avoiding penalties.

Types of UK Business TaxesCorporation TaxCorporation tax applies to limited companies on their profits. Currently, businesses must calculate their taxable income and file returns with HMRC. Moreover, proper record-keeping ensures accurate reporting and reduces tax liabilities.

Value Added Tax (VAT)VAT applies when businesses exceed the registration threshold. Furthermore, companies must charge VAT on taxable sales and submit returns regularly. However, certain businesses qualify for VAT exemptions or special schemes, which simplify compliance.

Income Tax and National InsuranceSelf-employed individuals pay income tax on profits instead of corporation tax. Moreover, National Insurance contributions (NICs) apply based on earnings. Consequently, proper tax planning helps manage cash flow and prevents unexpected liabilities.

Business RatesCompanies operating from commercial premises pay business rates. Although local authorities handle business rates, reliefs exist for small businesses. Additionally, reviewing rateable values ensures businesses do not overpay.

Tax Planning for EfficiencyStrategic tax planning reduces liabilities while maintaining compliance. Moreover, claiming allowable expenses, utilising tax reliefs, and choosing the right VAT scheme significantly impact finances. Furthermore, seeking professional advice ensures businesses make informed decisions.

Staying Compliant with UK Business TaxesBusinesses must file returns accurately and meet deadlines. Otherwise, penalties and interest charges apply. Similarly, using digital accounting software simplifies tax management and ensures timely submissions. Significantly, keeping updated with tax law changes prevents compliance issues.

Final ThoughtsUK business taxes shape financial decisions and impact profitability. Therefore, proactive tax management helps businesses operate efficiently. Moreover, staying informed and seeking expert advice leads to better financial outcomes.

Listen to the I Hate Numbers podcast for more insights on managing business taxes effectively. Additionally, explore our resources to enhance your financial knowledge and strengthen your business.

View Details

Tax basics for self employed individuals are crucial for managing finances effectively. Unlike employees, we handle our own tax affairs, meaning we must register with the tax authorities, keep accurate

records, and file tax returns on time. Additionally, we need to calculate tax payments correctly to avoid penalties. Because financial planning is essential, understanding these obligations helps us stay on track.

Key Tax ConsiderationsSelf Assessment and DeadlinesSelf-employed individuals must complete a self-assessment tax return each year. Generally, the deadline for online submissions is 31 January, while paper returns must be submitted earlier. However, missing deadlines leads to fines, making it vital to stay organised. Consequently, setting reminders prevents last-minute stress. Furthermore, filing early allows us to plan tax payments efficiently.

Allowable ExpensesClaiming allowable business expenses reduces taxable income, helping us manage finances efficiently. Accordingly, costs such as office supplies, professional fees, and travel expenses qualify as deductions. However, expenses must be wholly and exclusively for business purposes. Because proper documentation is necessary, keeping receipts and maintaining records ensures compliance. Moreover, tax rules change, so checking for updates helps maximise deductions.

National Insurance Contributions (NICs)Paying NICs is mandatory for self-employed individuals. These contributions impact state benefits and pensions. Generally, we pay Class 2 and Class 4 NICs, depending on annual profits. Additionally, checking the latest thresholds ensures accurate calculations. Because tax liabilities vary, professional guidance helps us avoid surprises.

Managing Tax Payments EfficientlySetting Money Aside for TaxesInstead of waiting until deadlines approach, setting aside money regularly prevents financial strain. Similarly, using a dedicated tax savings account helps us manage payments without disruption. Additionally, planning ahead reduces stress and ensures smooth cash flow.

Using Accounting SoftwareAccounting software simplifies tax management. Besides automating invoicing and expense tracking, it provides real-time insights into our financial position. Furthermore, software like Xero improves accuracy and efficiency. Consequently, using digital tools saves time and reduces errors.

Final ThoughtsTax basics for self employed individuals require careful planning and organisation. Because tax rules can change, staying informed is essential. Moreover, professional advice helps optimise tax efficiency and compliance.

For expert insights and practical tips, listen to the I Hate Numbers podcast. Additionally, register for our webinar –A Stress-Free Tax Return: Guide for Freelancers and the Self-Employed.

View Details

What to do if you can’t pay your tax bill is a challenge many face, but there are solutions. Firstly, it’s important to stay calm and take action immediately. Ignoring the issue will only make matters worse. Additionally, remember that tax authorities are usually willing to help when approached. Communication is key.

Options to Manage Your Tax BillWhen you find yourself unable to pay, there are several options to consider. For instance, you could arrange a payment plan with the tax authorities. This method, known as a Time to Pay Agreement, allows you to spread payments over time. Moreover, it’s crucial to have an open dialogue with the tax office to explain your situation.

Alternatively, you could explore ways to reduce your tax liabilities. For example, checking if you qualify for reliefs, deductions, or allowances could lower the amount owed. Equally, reviewing your financial situation may help identify areas where you can free up cash to meet your obligations.

Steps to Take ImmediatelyBefore taking any action, calculate the total amount owed to avoid confusion. Then, prioritise reaching out to your tax office, as they can offer guidance tailored to your circumstances. Furthermore, if you cannot resolve the issue directly, consulting a financial advisor can provide clarity and direction.

Another important step is to avoid late filing or non-payment penalties. Consequently, even if you can’t pay the full amount, submitting your tax return on time is vital.

The Bigger PictureWhat to do if you can’t pay your tax bill involves more than immediate solutions. Planning ahead ensures you avoid such situations in the future. Setting aside funds regularly or seeking professional advice can help you better manage tax obligations.

Finally, understanding your options is the first step towards resolving financial difficulties. Listen to the I Hate Numbers podcast for practical tips and expert advice to help you tackle tax challenges with confidence.

View Details

Forecasting is crucial for running a successful business because it helps us look ahead and prepare for potential challenges effectively and strategically. While understanding historical performance is important, we must equally focus on what lies ahead and adapt to evolving circumstances. Specifically, forecasting cash flow ensures we minimise risks, reduce anxiety, and identify opportunities that can significantly drive our growth and success.

Why Forecasting Cash Flow MattersCertainly, keeping track of money coming in and going out is essential. However, forecasting goes beyond this by giving us valuable insights into future trends. With accurate predictions, we can determine if our business will thrive or merely survive. Consequently, we should consistently refine our cash flow projections.

Tips for Accuracy1. Assess Future Demand

Estimating future sales can be tricky, but it is undeniably necessary. By analysing our current order book, market share, and pricing, we can set realistic expectations for income.

2. Evaluate Profitability

Knowing projected costs alongside sales figures helps us estimate profit margins accurately. Consequently, this enables us to plan for improving profitability.

3. Plan Monthly Projections

Regularly updating forecasts—ideally monthly—allows us to accommodate changes in customer payments or sales patterns.

4. Include Payment Timings

Cash flow is about timing. Specifically, we must factor in when expenses will leave our account and when income will arrive. This ensures our predictions align with real-world activity.

5. Review and Compare

Evidently, comparing current cash flow to forecasts prevents over-optimistic projections. Realistic data ensures accuracy.

Automate and SimplifyUsing tools like BudgetWhizz, which integrates with systems like Xero, simplifies forecasting and reduces manual effort. Moreover, these tools free up time for strategic decision-making.

Start Forecasting TodayForecasting helps us plan effectively and prepare for the future. Listen to the I Hate Numbers podcast to learn more about forecasting and other essential business strategies.

View Details

Cashflow management is undeniably critical for the survival of any business. Although profits may sustain you temporarily, businesses cannot thrive without steady cash flow. Consequently, managing cashflow ensures that your business can handle unforeseen expenses, adapt to changing circumstances, and maintain financial stability.

Build a Safety Net with Cash ReservesFirstly, creating a cash reserve is a vital strategy. A reserve covering three to six months of operating costs provides a financial cushion during emergencies. This approach is especially useful if unexpected challenges arise, such as a sudden drop in revenue. Therefore, aiming for this buffer can protect your business during turbulent times.

Prioritise Cost ControlSecondly, practising cost consciousness helps maintain financial discipline. Even during periods of high revenue, sticking to a minimum viable budget is essential. Furthermore, keeping costs in check during good times prepares your business for potential downturns.

Manage Inventory WiselyFor product-based businesses, poor inventory management can severely impact cashflow. Besides tying up funds in stock, overstocking can lead to wasted resources. Consequently, maintaining a balance between supply and demand ensures your cash remains accessible for other needs.

Consider Leasing and LoansInstead of making outright purchases, leasing equipment offers flexibility and preserves cash reserves. Additionally, equipment loans can provide financial support with manageable repayment terms. Moreover, borrowing during good times often secures better rates, offering financial breathing room when you need it most.

The Role of Expert GuidanceLastly, hiring a skilled accountant helps identify cashflow issues early. Professionals provide forecasting and budgeting support, ensuring your business avoids financial pitfalls. Additionally, tools like Xero can simplify cashflow tracking, offering greater clarity for your financial planning.

Keep Your Business HealthyIn summary, cashflow management involves maintaining reserves, practising cost control, and utilising resources effectively. We encourage you to maintain these habits and seek expert advice to keep your cashflow strong. Listen to the I Hate Numbers podcast to gain more insights on managing your business finances effectively.

View Details

Billing mistakes can severely harm your cash flow and lead to unnecessary stress for your business. Because of poor billing practices, many small business owners find themselves struggling to keep their financial health intact. Consequently, addressing these issues early can make a significant difference in maintaining smooth operations.

Irregular Invoicing PracticesFirstly, failing to invoice regularly creates cash flow unpredictability. For instance, when invoices are sent sporadically, it becomes harder to track and receive payments promptly. Instead, we recommend setting up a consistent invoicing routine, whether weekly, fortnightly, or monthly. Additionally, regular invoicing reduces the chances of forgetting a customer or overlooking overdue payments.

Delays in Sending InvoicesAnother frequent mistake is delaying invoices after completing a job. The longer the delay, the longer you wait to get paid. Moreover, customers calculate their payment deadlines based on when they receive the invoice, not when the work was done. Therefore, promptly issuing invoices ensures faster payments and better cash flow.

Weak Payment TermsAlbeit challenging, setting clear and firm payment terms is essential. Before starting work, ensure your clients know these terms. Furthermore, enforcing payment policies consistently helps prevent long payment delays, which can drain your resources. Where possible, consider requesting upfront payments or deposits for your services.

The Role of Invoicing SoftwareUsing proper invoicing software, such as Xero, simplifies the billing process. Besides automating tasks like sending reminders and tracking payments, software ensures invoices look professional and include clear details. Correspondingly, this eliminates client confusion and speeds up payments. Likewise, platforms like BudgetWizz assist with online cash planning, further supporting your financial stability.

Clear Invoice DescriptionsEvidently, unclear invoices cause payment delays. Instead of generic descriptions, provide detailed breakdowns of your products or services. For example, itemised invoices reduce client queries and foster prompt payments.

ConclusionBilling mistakes are common but fixable. By streamlining invoicing processes, automating tasks, and using tools like Xero and BudgetWizz, you can improve your cash flow significantly. Undoubtedly, these changes ensure smoother operations and reduced stress.

We encourage you to listen to the I Hate Numbers podcast for more actionable advice on managing your business finances effectively.

View Details

Dividend paperwork and documentation are crucial for ensuring compliance with legal regulations. Certainly, adhering to the Companies Act is non-negotiable for limited companies, regardless of size or shareholder structure. Proper records not only safeguard you during audits but also provide clarity for future financial decisions. Accordingly, maintaining accurate records is a wise discipline that helps avoid unnecessary complications.

Essential Documents for DividendsThere are two primary documents every company must prepare for dividends. Firstly, board meeting minutes are required. These minutes document the decision to declare dividends, including the date, attendees, and confirmation of sufficient post-tax profits. Secondly, a dividend voucher acts as a receipt for the dividend payment. This voucher must include the company name, payment date, shareholder details, and the number of shares held. Together, these documents ensure compliance with legal standards and serve as proof during tax audits.

Steps for ComplianceFollowing a clear process is essential when issuing dividends. First, check your accounts to confirm there are adequate post-tax profits. Then, hold a formal board meeting to declare the dividend. Next, prepare the necessary paperwork, including the minutes and vouchers. Finally, pay the dividend and retain copies of all documents for your records. Notably, even sole director-shareholder companies must follow these steps.

Consequences of Non-ComplianceIgnoring dividend paperwork and documentation can lead to serious consequences. HMRC may question the legitimacy of payments, and in worst cases, label them as illegal dividends. Consequently, directors might have to repay these amounts, causing financial strain. Additionally, a lack of clarity can lead to confusion in tax filings and delays in financial reporting.

Final ThoughtsDividend paperwork and documentation ensure legal compliance and financial clarity. Thus, taking time to plan and organise pays off in the long run. For further insights, listen to the I Hate Numbers podcast, where we simplify financial processes to help your business succeed.

View Details

Dividends and the Director’s Loan Account are essential topics for any business owner who operates through a limited company. Firstly, dividends represent payments made to shareholders from a company's post-tax profits. Unlike wages, dividends do not attract National Insurance contributions. Consequently, they are a tax-efficient way to reward shareholders. However, dividends can only be issued if the company has sufficient profits and positive reserves. Proper documentation, such as board meeting minutes and dividend vouchers, is a legal requirement.

Introducing the Director's Loan Account (DLA)A Director's Loan Account (DLA) serves as a vital record within a company's financial framework, meticulously documenting the intricate financial interplay between the company and its directors. Essentially, it functions as a ledger, meticulously tracking all financial transactions that transpire between these two entities. This encompasses a spectrum of activities, including instances where directors generously contribute their personal funds to bolster the company's resources, or when they personally shoulder company expenses. In such scenarios, the DLA faithfully reflects these contributions as credits, acknowledging the director's investment in the company's well-being. Conversely, when directors withdraw funds from the company, receive reimbursements for company-related expenses, or draw a salary, these transactions are duly recorded as debits within the DLA, providing a transparent and accurate accounting of the director's financial interactions with the company.

Link Between Dividends and DLAThe connection between dividends and the DLA is noteworthy. Whenever a DLA becomes overdrawn—i.e., the director owes money to the company—it may result in tax consequences. Accordingly, dividends are often used to clear these overdrawn balances, provided there are sufficient profits. Nonetheless, ensuring compliance with the Companies Act is vital to avoid penalties.

Key ConsiderationsAltogether, understanding these financial tools is vital for effective business management. Equally important is maintaining proper records and seeking professional advice. Notwithstanding the complexities, staying informed ensures you remain compliant while maximising benefits.

Final ThoughtsLastly, dividends and the Director’s Loan Account are significant aspects of running a limited company. Therefore, staying aware of your legal and financial responsibilities is essential. For more insights and practical advice, listen to the I Hate Numbers podcast today and take charge of your business finances!

View Details

VAT reverse charging fundamentally shifts the responsibility of VAT accounting from the seller to the buyer. Unlike traditional VAT transactions where sellers collect and pay VAT to HMRC, the buyer handles the VAT declaration instead. Consequently, this mechanism prevents VAT fraud by eliminating the risk of sellers disappearing with VAT payments owed to HMRC. Furthermore, it ensures compliance and streamlines transactions for certain sectors.

Why Does VAT Reverse Charging Exist?Reverse charging exists primarily to combat VAT fraud, particularly in high-risk industries such as construction and telecommunications. For example, unscrupulous sellers may collect VAT and fail to remit it to HMRC, leaving taxpayers at a loss. Additionally, this system ensures that VAT processes are cash-neutral for businesses, especially for cross-border transactions. This mechanism applies only to specific scenarios and not to all VAT transactions.

When Does Reverse Charging Apply?Firstly, reverse charging applies within the construction industry for VAT-registered contractors and subcontractors. Secondly, it is relevant for cross-border transactions involving goods and services between the UK and other countries. Moreover, specific commodities like telecom equipment and energy provisions fall under its scope. For example, if a UK business purchases services from a supplier in France, the buyer records and declares the VAT in their own accounts.

Benefits and ChallengesAltogether, VAT reverse charging simplifies cash flow for sellers, reduces errors, and strengthens fraud prevention efforts. However, there are challenges, especially for those unfamiliar with VAT rules. For example, non-VAT-registered businesses inadvertently exceeding the £90,000 turnover threshold may find themselves unexpectedly VAT-registered. Therefore, keeping accurate records is essential.

Practical Tips for Managing Reverse ChargingUsing accounting software like Xero significantly eases the complexities of managing reverse charging. Xero’s features ensure accurate reporting and compliance. However, setting up systems correctly is critical to avoid mistakes. Moreover, consulting an accountant is advisable for businesses navigating these regulations.

Final ThoughtsVAT reverse charging minimizes fraud and enhances compliance by shifting responsibility from sellers to buyers. Therefore, businesses must stay informed and manage their transactions efficiently. To learn more about simplifying VAT and other financial processes, listen to the I Hate Numbers podcast today.

View Details

Tax treatment for limited companies plays a significant role in financial planning and compliance. Additionally, understanding the tax rules can help businesses optimise their finances while meeting their obligations. Basically, limited companies have unique responsibilities and opportunities compared to other business structures.

Corporation Tax and RatesFirstly, limited companies are subject to corporation tax on their profits. Unlike sole traders, who pay income tax, this tax applies directly to the company's earnings. Currently, the corporation tax rate depends on the company’s profit level, albeit rates may vary due to legislative changes. Consequently, staying updated on tax rates is essential for accurate planning.

Allowable ExpensesAnother important aspect is claiming allowable expenses, which reduces taxable profits. For example, expenses like salaries, office costs, and professional fees can be deducted. However, only costs that are wholly and exclusively for business purposes qualify. Notwithstanding this, failure to correctly classify expenses could lead to complications.

Dividends and Personal TaxLimited companies can distribute profits as dividends to shareholders. Evidently, dividends are taxed differently from salaries, with varying rates depending on income thresholds. Moreover, this method of payment can provide tax efficiency when combined with a director’s salary.

VAT ObligationsWhen turnover exceeds the VAT threshold, companies must register for VAT. Furthermore, businesses may reclaim VAT on allowable purchases. Equally, choosing the right VAT scheme is crucial for effective cash flow management.

Importance of Professional AdviceLastly, professional guidance ensures compliance and identifies opportunities for tax relief. Despite the complexity of tax rules, working with advisors helps companies navigate the landscape successfully.

Tax treatment for limited companies is undeniably vital for financial health and growth. Therefore, tune in to the I Hate Numbers podcast for deeper insights into managing taxes and boosting your business. Additionally, explore how tools like Xero and our resource guide can simplify your financial journey.

View Details

Understanding the tax treatment for sole traders in the United Kingdom is crucial for managing your business finances effectively. Sole traders, unlike limited companies, operate without legal separation between personal and business finances. This structure may be simpler, but it comes with unique tax obligations.

What It Means to Be a Sole TraderAs a sole trader, you take home all the profits after taxes, but you are also personally responsible for any business debts. For instance, Alex, a freelance photographer, must manage his income and expenses carefully to ensure proper tax reporting. Similarly, registering with HMRC is a vital first step. Sole traders need a Unique Taxpayer Reference (UTR) to file annual self-assessment tax returns.

How Taxation Works for Sole TradersSole traders are taxed on their business profits, not their total income. For example, Sarah, a baker, earns £40,000 from her sales but spends £10,000 on business expenses. Her taxable profit is £30,000. In the UK, income tax thresholds vary, with a personal allowance of £12,570. Any profits exceeding this amount are taxed at rates between 20% and 45%, depending on the income bracket.

National Insurance ContributionsAdditionally, National Insurance Contributions (NICs) apply to sole traders. Class 2 NICs are a flat rate, while Class 4 NICs depend on profits, with rates starting at 9% for profits over £12,570. For Sarah, this would mean an NIC bill of £1,748 in addition to her income tax.

Key Deadlines and Record-KeepingIt is important to file your tax return by 31 January following the tax year. Keeping detailed financial records simplifies the process and ensures compliance with HMRC requirements. Tools like BudgetWiz can help with tracking income and expenses efficiently.

Final ThoughtsManaging the tax treatment for sole traders may seem daunting, but it becomes manageable with proper guidance. For more tips and insights, listen to the I Hate Numbers podcast, where we simplify finance for business success.

View Details

Sole Trader or Limited Company—this is one of the most significant decisions you'll face as a business owner. Each option has its own advantages and challenges. However, understanding how these choices impact your business can save you from costly mistakes.

The Sole Trader AdvantageA sole trader business is straightforward to set up. Because you and your business are legally the same entity, getting started is simple and affordable. Additionally, sole traders enjoy fewer reporting obligations and generally lower administrative costs. However, despite its simplicity, this structure comes with risks. For instance, your personal assets are at stake if financial or legal issues arise.

Moreover, sole traders may struggle to attract investors or plan for substantial growth. For example, Emma, a fictional bakery owner, chose to run her business as a sole trader. Nevertheless, when faced with financial difficulties, she found her personal finances exposed.

The Benefits of a Limited CompanyConversely, a limited company offers greater protection by separating your personal assets from your business. Consequently, your liability is limited to the company itself. For example, Ali, who launched a tech startup, opted for a limited company to protect his assets and prepare for future investment opportunities.

Although forming a company requires more administrative work and compliance costs, it provides better opportunities for tax planning. Additionally, companies enjoy more credibility, which can positively influence how customers and suppliers perceive your business.

Making the Right ChoiceWhen deciding between a sole trader or limited company, you must consider your goals, risk tolerance, and growth plans. Additionally, tax planning and administrative responsibilities play a crucial role. While starting as a sole trader might suit some, transitioning to a limited company can make sense as your business grows.

Final ThoughtsSole Trader or Limited Company? The choice depends on your unique needs and ambitions. Before you decide, consult a professional for tailored advice. For more insights and guidance, listen to the I Hate Numbers podcast today!

View Details

In this episode, we explore Bad Business Habits that can slowly but surely undermine growth and profitability. Surprisingly, many business owners develop unproductive habits without fully realising their long-term effects. Accordingly, addressing these bad business habits is essential for building a sustainable and thriving enterprise, no matter the industry.

The Pricing Trap: Harmful DiscountsFirstly, one of the most common bad business habits is underpricing products or services to attract more customers. Although offering discounts may initially seem like an effective strategy to boost sales, it often leads to reduced margins and undervalues your offerings. Instead, setting fair and well-considered prices that reflect the true value of our work benefits both the business and its customers. Pricing correctly establishes trust and ensures profitability in the long run.

Doing Everything AloneAnother bad business habit involves attempting to manage every single task on your own. However, this can lead to overwhelming workloads, inefficiency, and eventual burnout. Delegating responsibilities to a capable team or outsourcing certain tasks is crucial for success. Additionally, using tools like the Pricing Calculator on the "I Hate Numbers" website can help prioritise high-value tasks. With proper delegation, we can focus on strategic decisions and growth instead of mundane details.

Focusing Only on Low PricesSimilarly, focusing too heavily on finding the cheapest options can create bigger problems over time. This approach, which is one of the most damaging bad business habits, often sacrifices quality and ultimately hurts customer satisfaction. Rather than cutting corners, it’s far better to invest in reliable solutions that enhance value and protect your reputation.

Avoiding Financial AdviceAdditionally, some business owners avoid seeking professional financial advice due to perceived high costs. Nevertheless, working with experts ensures better decision-making and financial health. Tools like BudgetWhizz can further support effective budgeting, helping to avoid critical financial mistakes.

Breaking Free of Bad Business HabitsEvidently, recognising and overcoming bad business habits is a transformative step towards achieving long-term goals. While breaking these habits requires effort, the rewards are undeniable. For actionable tips and deeper insights, listen to this episode of the I Hate Numbers podcast. Take control of your business habits today and pave the way for a successful tomorrow.

View Details

Dormant accounts play a significant role in business compliance, especially for company directors. When a company is dormant, it’s essential to understand both the Companies House and HMRC perspectives. Although both consider dormancy differently, each perspective brings specific obligations. Accordingly, directors must navigate these to avoid fines and ensure accurate filings.

Companies House and Dormancy RequirementsCompanies House defines a company as dormant if it has no significant transactions within the financial year. Notably, fees like filing charges or penalties don’t count as transactions. Consequently, even inactive companies must submit annual confirmation statements and accounts. Although these may be “light-touch” accounts, failing to submit them on time can lead to fines or, worse, removal from the register. Therefore, directors need to prioritise timely filing for dormant accounts to avoid such risks.

HMRC’s Definition and Tax ImplicationsFor HMRC, dormant accounts take on a slightly different meaning. HMRC generally considers a company dormant for tax purposes if it has ceased trading or has no income. Additionally, it may also consider new companies that have not yet started trading as dormant. Even if HMRC issues a “notice to file” indicating dormancy, it’s the director’s responsibility to inform them if the company starts trading. Hence, regular communication with HMRC is crucial to maintain compliance and avoid unnecessary tax issues.

Reclassifying from Dormant to ActiveIf a dormant company begins trading, this change must be reflected in the company’s filings. When a company moves from dormant to active, it must file full accounts and inform HMRC. Likewise, even companies receiving investment income should re-evaluate their dormant status. Thus, keeping accurate records and updating relevant authorities promptly becomes essential.

Consequences of Non-ComplianceThe consequences of ignoring dormant account obligations are serious. Failure to file on time can lead to fines, an adverse credit rating, or even deregistration. Therefore, staying proactive about filing requirements is a fundamental step for directors to keep their companies in good standing.

Finally, if you found this information helpful, make sure to listen to the I Hate Numbers podcast for more insights on managing your business accounts and compliance essentials.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Shareholders and directors each have unique roles and responsibilities within a company, yet people often confuse the two. As we discuss this in the episode, we aim to clarify these distinctions for UK companies. However, these principles apply broadly to companies outside the UK as well.

Defining Shareholders and DirectorsFirstly, shareholders are the actual owners of the company, holding shares that signify their ownership stake. They may be individuals or entities, and their liability typically extends only to unpaid shares. Comparatively, directors handle the day-to-day management of the company. Appointed by shareholders, they implement strategy, make decisions, and hold legal responsibilities in line with the Companies Act.

Roles and ResponsibilitiesShareholders’ RolesNotably, shareholders primarily provide investment and vote on significant decisions, including director appointments and any alterations to the articles of association. Consequently, they share in company profits through dividends. Their role remains generally passive in day-to-day operations unless they also serve as directors.

Directors’ ResponsibilitiesDirectors, on the other hand, have an active role, managing daily operations, hiring staff, and negotiating contracts. Additionally, they hold legal obligations to act within their powers, promote company success, and avoid conflicts of interest. Any breach of these duties could result in personal liability, especially in cases of wrongful trading.

Financial BenefitsShareholders benefit from dividends and any capital growth over time, while directors may receive salaries, bonuses, and other benefits. This separation clarifies both parties’ financial stakes and obligations within the business.

Summing It UpAltogether, shareholders own the company, providing investments and voting on major decisions, while directors manage daily operations and uphold legal responsibilities. Although these roles may overlap in smaller companies, understanding each role's distinct duties fosters smoother company operations.

To gain more insights into managing roles and responsibilities in your business, listen to the I Hate Numbers podcast

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Responsibilities of a Director in a limited company carry both exciting opportunities and substantial responsibilities. Whether we are leading a small business or a larger organisation, being a director means understanding our role fully. Directors in the UK, regardless of sector, must prioritise compliance and the company’s success.

Acting Within PowersFirstly, directors must act within the powers defined in the company’s constitution, specifically in the articles of association. These articles define our authority and outline the decisions we can make. Additionally, we should document any updates properly to remain within legal boundaries. Certainly, this proactive approach secures the company’s operational integrity.

Promoting Company SuccessAnother key responsibility involves promoting the company’s success, a duty that requires aligning our decisions with the best interests of the company. Also, maintaining positive relationships with employees, suppliers, and stakeholders is crucial. As directors, we need to evaluate how our choices will impact these relationships, with fairness as a guiding principle.

Making Independent DecisionsDirectors must act independently in their decision-making process. Consequently, this involves confidently expressing our views in board meetings, where silence could imply agreement. Therefore, speaking up when necessary strengthens the company and ensures our contributions are clear and impactful.

Exercising Care, Skill, and DiligenceAll directors must exercise reasonable care, skill, and diligence in their roles. Furthermore, by staying informed about industry trends and legal requirements, we enhance our ability to lead effectively. Notably, professional development becomes essential, providing the tools needed to handle complexities in business.

Avoiding Conflicts of InterestMoreover, avoiding conflicts of interest is a priority. Directors must separate personal interests from those of the company, especially in decision-making. For example, Directors should disclose any possible conflicts to fellow directors to maintain transparency.

Avoiding Third-Party BenefitsLastly, refusing benefits from third parties preserves a director’s integrity. Thus, gifts that might influence decision-making should be avoided. Establishing a policy around gifts and hospitality can provide clear guidelines for directors and ensure consistent ethical standards.

Final Thoughts on Director ResponsibilitiesIn summary, fulfilling our responsibilities as a director in a limited company ensures the company's success and longevity. Altogether, acting with integrity, staying within our authority, and upholding diligence in our duties strengthens the business and fosters trust. Embrace your role as a director with accountability, and watch your company thrive.

Take a step further in understanding director responsibilities! Listen to the I Hate Numbers podcast for deeper insights and guidance on leading with confidence and purpose.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Transferring to cloud accounting is a game changer for businesses today. It undoubtedly streamlines financial operations while providing real-time data and insights. Consequently, businesses can manage their finances more efficiently, ensuring smoother cash flow and more accurate reporting. Additionally, with cloud accounting, teams can access their financial information anytime, anywhere, allowing for more flexibility and collaboration.

Why Transfer to Cloud Accounting?Firstly, moving away from traditional accounting systems to the cloud helps reduce paperwork and manual data entry. Moreover, it makes collaboration easier as multiple users can work on the same data simultaneously. Xero, for instance, is one of the most popular platforms that enables businesses to automate invoicing, track expenses, and monitor cash flow in real time. However, despite these advantages, some businesses hesitate due to concerns about the transition.

Addressing the MythsAlthough there are concerns about security, cloud accounting platforms, including Xero, implement high-level encryption to protect sensitive financial information. Comparatively, the risk of data loss in traditional accounting is higher due to hardware failures or theft. On the contrary, cloud systems regularly back up data, ensuring its safety.

Some business owners also believe that switching to cloud accounting is expensive. However, Xero and many other providers offer affordable pricing plans that suit businesses of all sizes. Besides, the long-term benefits far outweigh the initial costs, as cloud solutions save time and reduce errors. Furthermore, businesses like BudgetWhizz provide additional tools to help with budgeting and financial forecasting, making cloud accounting an even more valuable asset to growing enterprises.

The Future of Accounting is in the CloudUltimately, the shift to cloud accounting is a strategic move for any business looking to streamline its operations and future-proof its finances. Moreover, it is a secure, efficient, and cost-effective solution. Lastly, adopting cloud accounting, especially with tools like Xero, means staying competitive in a fast-paced, digital world. Be sure to tune in to the I Hate Numbers podcast, where we explore topics like cloud accounting and more, helping you make informed financial decisions. For more support, check out BudgetWhizz.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Cloud accounting myths often deter businesses from embracing this efficient financial solution. We understand that hesitation can stem from misconceptions surrounding cloud accounting. However, we are here to clarify these myths and demonstrate how cloud accounting can significantly benefit businesses of all sizes.

Myth 1: Only Large Businesses Can Use Cloud AccountingMany believe that cloud accounting is exclusively for large corporations. This misconception couldn't be further from the truth. Cloud accounting caters to various businesses, including freelancers, charities, and small startups. Accordingly, its scalability allows businesses to choose plans that fit their needs and budgets. Therefore, businesses of any size can leverage cloud accounting to streamline their financial processes.

Myth 2: It's Too Complex for Non-Tech UsersAnother common myth is that cloud accounting is overly complicated. While some initial training is beneficial, using cloud accounting platforms does not require extensive tech knowledge. If you can send an email or use a smartphone, you can easily manage your finances in the cloud. Additionally, most providers offer user-friendly interfaces and ongoing support to help users navigate the system with ease.

Myth 3: Cloud Accounting Is UnsecureMany businesses worry about the security of their data in the cloud. Nevertheless, reputable cloud accounting platforms implement advanced security measures like data encryption and two-factor authentication. Consequently, cloud accounting can be even more secure than traditional systems, which are often vulnerable to local hardware failures and breaches.

ConclusionOverall, cloud accounting myths can prevent businesses from realising the full potential of this powerful tool. Cloud accounting is accessible, affordable, and beneficial for all business types. We encourage you to reconsider any misconceptions you may have about this transformative approach to managing finances.

Thus, listen to the I Hate Numbers podcast for more insights on how cloud accounting can revolutionise your business and help you thrive in a competitive environment.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Cloud accounting is undeniably transforming the way businesses manage their finances. Whether you're running a small business or a large enterprise, this technology offers a smarter, more efficient way to stay on top of your financials. Accordingly, in this week's episode of the I Hate Numbers podcast, we explore the essential benefits of adopting cloud accounting.

The Costs of Cloud AccountingTypically, cloud accounting operates on a subscription basis, making it more accessible and manageable for businesses of all sizes. Instead of large upfront costs, we can spread expenses more easily, ensuring better cash flow. Additionally, traditional systems often come with higher initial costs, including software licenses and hardware, which can burden companies. By contrast, cloud accounting ensures flexibility and predictability for ongoing financial commitments.

Scalability and GrowthOne of the key advantages of cloud-based systems is scalability. As businesses grow, their accounting needs change, and cloud solutions allow us to add features and users as required. Consequently, this makes it an ideal choice for companies looking to expand without being weighed down by outdated systems. Also, it empowers businesses to prepare for growth before they are too busy to implement new solutions.

Efficiency and Time SavingsCloud accounting offers automation and integration with other business systems, such as payroll and inventory management. This reduces manual data entry and errors, saving time and resources. Moreover, it allows us to focus on value-added activities, leading to increased productivity. Furthermore, these systems are designed to handle multiple business functions simultaneously, ensuring smooth operations.

Real-Time Reporting and MonitoringA significant benefit of cloud accounting is real-time financial reporting. Businesses can access up-to-date insights, allowing us to monitor cash flow and financial health effectively. Equally important, these systems enable us to manage our business finances from anywhere in the world, thanks to the flexibility of mobile access.

Call to ActionIn conclusion, cloud accounting provides numerous advantages, including scalability, real-time reporting, and efficiency. It empowers us to monitor our financial health more effectively and make informed decisions for our businesses. Furthermore, we recommend exploring Xero for a user-friendly cloud accounting experience. For those looking to transition to cloud accounting, we have a helpful guide to assist you in your journey.

We encourage you to listen to the "I Hate Numbers" podcast for more insights into optimising your accounting practices.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Self-belief is crucial when it comes to succeeding in business. Undeniably, it can shape how we approach opportunities and challenges alike. Without confidence, even the best plans might falter because hesitation tends to slow progress. Thus, building and maintaining self-belief becomes essential for achieving long-term goals.

The Role of Self-Belief in Business GrowthWe know that self-belief directly impacts decision-making. Additionally, when we believe in our own abilities, we are more likely to take risks, experiment, and adapt during uncertain times. Evidently, confidence encourages innovative thinking, which helps us stand out. In contrast, self-doubt holds us back from trying new ideas, often making us more vulnerable to stagnation.

How to Develop Self-BeliefTo cultivate self-belief, we must begin by acknowledging our strengths. However, this also involves recognising areas where we need improvement and committing to growth. Certainly, learning from failure is key. While setbacks can challenge our self-belief, they also offer valuable lessons that contribute to future success.

We should also surround ourselves with positive influences. Albeit difficult at times, having supportive people can boost our morale. Comparatively, negative environments hinder our ability to believe in ourselves, so it’s essential to create a network that reinforces positivity.

Practical Steps Firstly, setting small, achievable goals allows us to build momentum. Subsequently, as we accomplish each target, our confidence grows. Secondly, visualising success can help shift our mindset, making self-belief a more natural part of our process. Also, taking regular breaks to reflect on progress ensures we stay motivated.

Finally, self-belief is not a one-time achievement. Instead, it’s an ongoing journey. Therefore, by nurturing it, we increase our chances of thriving in business.

To boost your self-belief and achieve greater success, tune in to the I Hate Numbers podcast, where we break down complex financial topics with practical insights. Whether you're looking to grow your business, sharpen your financial skills, or build confidence in your decision-making, we have you covered. Subscribe now and take the next step toward mastering your finances!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Economies of Scale are crucial for businesses seeking efficient growth. This week's episode explains how this concept applies across industries, especially in small businesses and the creative arts. When businesses grow, unit costs generally decrease, leading to more profit when managed well. Additionally, economies of scale provide businesses with the opportunity to optimise resources, which is vital for sustainable success.

The Core of Economies of ScaleEconomies of Scale mean that when businesses expand, they can produce goods or services at lower costs. Fixed costs, e.g., rent and salaries, spread across more products, consequently reducing each unit's cost. For example, buying ingredients in bulk lowers the cost per cake, thus allowing for either higher profits or competitive pricing. Furthermore, the larger the scale of operations, the more opportunities arise for negotiating better deals with suppliers, leading to additional cost savings.

Comparatively, businesses operating on a smaller scale may struggle to achieve such savings, making it even more critical to understand the timing and scale of expansion. However, it's important to recognise that economies of scale are not just about cost reduction. Instead, they also offer a strategic advantage in improving market competitiveness by enabling businesses to lower prices while maintaining or even improving quality.

Why Economies of Scale MatterUnderstanding economies of scale is essential for small businesses. It helps in planning growth and guides decisions on investments in staff, equipment, or premises. Lowering unit costs undoubtedly boosts profits, enables competitive pricing, and supports business reinvestment, driving continuous growth. Moreover, economies of scale can make the difference between mere survival and thriving in a competitive market. Specifically, businesses that leverage these efficiencies can reinvest savings into other areas, such as marketing or product development, creating a cycle of growth and innovation.

Practical Examples from the ArtsIn creative arts, economies of scale have a significant impact. A full theatre audience spreads fixed costs over more tickets, thus lowering the average cost per ticket. Similarly, artists printing larger batches of their work reduce the cost per print, thereby increasing profits or alternatively allowing competitive pricing. Consequently, this attracts more buyers and enhances the artist’s market presence. Likewise, in a production company, producing content at scale can lead to better utilisation of resources, such as equipment and crew, making each project more cost-effective.

Challenges and ConclusionEconomies of scale present challenges, especially when growth occurs too quickly. This can lead to inefficiencies, known as diseconomies of scale. Albeit, careful planning is essential to maintain quality and ensure sustainable growth. Undeniably, understanding it is key to long-term business success, regardless of size. Finally, it’s worth noting that while economies of scale offer substantial benefits, they require strategic management to avoid potential pitfalls such as overexpansion or loss of quality. To learn more about how economies of scale can benefit your business, listen to the "I Hate Numbers" podcast.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this episode, we explore the Operating Profit Margin and its significance for your business. The Operating Profit Margin is a crucial metric that shows how much profit your business generates from its core operations after covering costs such as operating expenses and the cost of goods sold. Knowing how to calculate and interpret this margin is essential for any business owner.

How to Calculate Operating Profit MarginFirstly, calculating the Operating Profit Margin involves dividing the operating profit by the total revenue and then multiplying by 100 to get a percentage. For instance, if your business has £100,000 in revenue, £50,000 in the cost of sales, and £30,000 in operating expenses, the operating profit is £20,000. Consequently, dividing £20,000 by £100,000 results in a margin of 20%. This percentage provides a clear indication of how effectively your business is managing its costs relative to its revenue.

What Affects Your Operating Profit MarginSeveral factors can have an impact. Industry standards, the size of your business, and management decisions all play a crucial role. For example, margins in the aviation industry are often lower compared to those in the hospitality sector. Hence, it is important to compare your margin with similar businesses or against your own historical performance. Moreover, investments in infrastructure or changes in operations can also affect your margin over time. By regularly reviewing these factors, you can gain valuable insights into your business’s performance.

Why It’s Important to Know Your MarginUnderstanding your Operating Profit Margin is vital because it helps you gauge how efficiently your business is running. A high margin indicates that your business is controlling its costs effectively and generating a substantial amount of profit from its operations. Conversely, a low margin may suggest issues such as high operating costs or insufficient sales. Therefore, monitoring your margin can help you identify areas needing improvement and make informed decisions to enhance profitability.

Final ThoughtsTo sum up, tracking and understanding your Operating Profit Margin is key to ensuring your business’s success. It provides important insights into how well your business is performing and where improvements can be made. For more tips and guidance on managing your business finances, be sure to listen to the I Hate Numbers podcast.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this episode of the I Hate Numbers podcast, we explore "Inheritance Tax Exemptions and Reliefs." We'll explain the key elements that affect inheritance tax, including thresholds, gifts, and the importance of keeping records.

What is Inheritance Tax?Inheritance tax began in 1986, replacing capital transfer tax. This tax applies to the transfer of capital value when an individual dies, certain lifetime gifts when the donor passes away within seven years, and some gifts taxed immediately. However, not everyone pays inheritance tax. Only estates exceeding the current threshold of £325,000, including any assets held in trust and gifts made within seven years of death, are liable for this tax.

Key Exemptions to ConsiderMarriage and Civil PartnershipsMarried couples and registered civil partners can increase their threshold to as much as £650,000 when the second partner dies. To achieve this, the personal representatives must transfer the unused inheritance tax threshold from the first spouse or civil partner to the surviving partner. Additionally, any assets transferred between spouses or civil partners remain free from inheritance tax. However, this exemption does not apply to assets transferred to others.

Exempt GiftsSeveral exemptions allow you to avoid inheritance tax on gifts. Gifts to your spouse, UK charities, national institutions, and political parties remain exempt from inheritance tax. Wedding or civil partnership gifts can also be given tax-free: £5,000 for each parent, £2,500 for grandparents or other relatives, and £1,000 for others.

An annual exemption allows you to give up to £3,000 each tax year without inheritance tax implications. Smaller gifts of up to £250 per person per year are also allowed, but cannot be combined with other exemptions. Thoughtful planning of your gifts can reduce the taxable value of your estate significantly.

Importance of Keeping RecordsAccurate record-keeping of all gifts and exemptions used is crucial. Such records assist executors or personal representatives in efficiently managing estate matters and claiming all available exemptions. Clear documentation simplifies the completion of probate forms and ensures you avoid unnecessary tax payments.

Conclusion By understanding inheritance tax exemptions and reliefs, we make better decisions for our financial future. We encourage you to listen to the I Hate Numbers podcast for more insights on this topic and other tax matters. For more information or assistance, check out the show notes to book a call with us.

Until next week, happy planning!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

We often consider inheritance tax one of life's unavoidable topics. Accordingly, we need to understand how it works and learn some basic strategies to minimise its impact. In this episode of the "I Hate Numbers" podcast, we explain what IHT is, how it applies, and share simple tips on planning effectively to avoid paying it.

What is Inheritance Tax?Inheritance tax in the UK is a tax on the estate of someone who has passed away. It includes the property, money, and possessions left behind. When the value of the estate exceeds the "nil rate band" threshold of £325,000 per individual, we must pay IHT. However, if the estate value stays below this amount, we avoid paying inheritance tax. Any amount above £325,000 is taxed at 40%.

Key Factors to ConsiderFirstly, we need to recognise that every individual has an estate. This estate may include your home, savings, shares, and personal items, all of which contribute to the total value. When someone passes away, we calculate the estate’s value, and any amount over the nil rate band will be subject to IHT. However, we can take advantage of reliefs and exemptions to reduce the tax burden.

Reduce or Avoid Inheritance Tax with PlanningTo reduce or avoid inheritance tax, we must plan ahead. One effective strategy is to make lifetime gifts. When we give gifts to beneficiaries and survive for at least seven years after, we ensure these gifts are exempt from inheritance tax. Moreover, leaving everything to your spouse or civil partner also helps avoid IHT and transfers your nil rate band. Additionally, we can make use of small annual gifts, like £3,000, which remain exempt from tax.

ConclusionWhen we plan effectively, we can minimise or avoid inheritance tax altogether. We encourage you to act now to make informed decisions that will benefit your loved ones. Also, listen to the "I Hate Numbers" podcast for more insights on financial planning.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Holistic tax planning is more than just a buzzword; it is a crucial strategy for anyone serious about managing their finances effectively. We believe that, to truly optimise your tax strategy, you must consider the entire tax landscape rather than focusing on isolated elements. In this week's episode of the "I Hate Numbers" podcast, we explore why taking a holistic approach to tax planning is essential and how it can benefit your overall financial health.

The Importance of a Holistic ApproachWhen it comes to tax planning, simply addressing one aspect of your taxes can lead to unintended consequences. For instance, when you decide to incorporate your sole trader business, you might focus solely on the benefits of paying corporation tax at a lower rate. However, if you do not consider the impact on your personal income, national insurance contributions, and potential future liabilities, you might end up with a less efficient strategy. Thus, it is evident that understanding the interplay between various taxes is critical.

Key Examples in Holistic Tax PlanningIncorporating a business is just one example where holistic tax planning comes into play. Additionally, we discuss the interaction between capital gains tax and inheritance tax. We explain how decisions about property sales and gifts can significantly affect your tax liabilities. Consequently, without a holistic view, you might make decisions that save you money now but cost you dearly later.

Seeking Professional AdviceTherefore, we emphasise the importance of seeking professional advice. Tax laws are complex and ever-changing, so having a qualified advisor who understands holistic tax planning is invaluable. They can help you navigate these complexities and ensure your tax strategy aligns with your long-term goals.

ConclusionOverall, holistic tax planning should be a cornerstone of your financial strategy. By considering the broader tax landscape, you avoid the pitfalls of isolated decisions. We encourage you to tune in to the "I Hate Numbers" podcast for more insights on how to apply holistic tax planning in your life. Let's make sure your tax strategy is as comprehensive and effective as possible.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Imagine your income as a delicious cake. Who wouldn’t want a bigger slice, right? Maximising Your Personal Allowance is all about ensuring you keep as much of that cake as possible, even when the tax office is eyeing a big bite. Today, we’ll explain what personal allowances are and how to make sure you’re enjoying the biggest slice of your income cake.

What is Personal Allowance?First off, Maximising Your Personal Allowance starts with understanding it. In the UK, your personal allowance is £12,570. This is the amount you can earn before you start paying income tax. Although this figure stays the same until 2028, inflation can impact its real value. So, knowing how to use this allowance effectively is essential for keeping your tax bill in check.

Applying Your Allowance to Different Income SourcesNext, when you have different sources of income, Maximising Your Personal Allowance becomes even more important. If you’re earning from both a job and self-employment, managing your allowance wisely is key. Typically, your personal allowance applies first to your employment income. As a result, any additional income might not benefit from this allowance, which could lead to a surprise tax bill. Therefore, keeping track of how your allowance is used is a smart move.

Handling Mixed Income StreamsFurthermore, if you have mixed income streams, like a regular job and a side business, Maximising Your Personal Allowance is crucial. You need to ensure that your allowance isn’t entirely consumed by your employment income alone. If not managed well, this could lead to unexpected tax costs. Thus, it’s a good idea to regularly review your tax code and manage your allowances accordingly.

Effective Strategies Also, to Maximising Your Personal Allowance, consider options like making pension contributions or charitable donations. These can lower your taxable income and help you get the most out of your allowance.

ConclusionTo wrap things up, managing your personal allowance effectively is key to avoiding unnecessary taxes. By understanding how it works and applying it properly, you can ensure you’re not paying more than you need to. If you need any help or have questions about managing your allowance, don’t hesitate to reach out. For more helpful tips on tax management, don’t forget to listen to the I Hate Numbers podcast!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Managing taxes is one of the many responsibilities of running a business. From personal self-assessment taxes to corporation taxes, the process can be daunting. However, by saving for taxes as you go, we can avoid the last-minute scramble and the stress of finding funds to pay our tax bill.

Why Save as You Go?Firstly, consistent saving helps us avoid the panic of year-end tax payments. Rather than scrambling to gather large sums at the last minute, we can steadily put aside money, ensuring peace of mind. Additionally, this approach stabilises cash flow, preventing sudden, disruptive spikes in outflow.

Moreover, regularly saving for taxes means we’re always prepared. If our tax bill is lower than expected, we can use the surplus for unexpected expenses or investments. Staying compliant with tax regulations also helps us avoid penalties and interest charges.

Practical Steps to Save as You GoTo start, we need to understand our tax liability by consulting with an accountant or using a tax calculator. Then, setting up a separate savings account dedicated to taxes ensures that funds are ring-fenced and not inadvertently spent.

We recommend saving on a weekly or monthly basis, using a percentage of our income as a guideline. Revisiting our savings strategy regularly, adjusting as necessary, will help us stay on track.

Finally, maintaining accurate accounting records is crucial. Digital systems like Xero can simplify this process and provide insight into our financial health.

ConclusionSaving for taxes as we go is a smart strategy. It reduces stress, maintains cash flow, and ensures compliance with tax laws. By thinking like an employer and acting like a boss, we can set ourselves up for long-term success. Listen to the I Hate Numbers podcast for more tips on managing your business finances effectively.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Stress and anxiety are part of the human condition. However, undue stress and anxiety are detrimental. As small business owners, we cope with numerous responsibilities. Besides delivering our products and services, we manage marketing, sales, accounting, and customer service. It's no wonder that many business owners feel stressed and anxious.

In this week's "I Hate Numbers" podcast, we discuss four strategies for coping with stress and anxiety, maintaining productivity, generating profits, and preserving well-being.

Identify TriggersFirstly, identify what triggers your stress and anxiety. We must recognise when stress becomes excessive and causes discomfort, fatigue, or irritability. We cannot solve a problem without understanding what the root cause is.

Find Healthy OutletsSecondly, find healthy outlets for you to relieve stress. Once you know the triggers, you need a healthy outlet. Physical activity, meditation, yoga, journaling, and spending time in nature are beneficial. Choose activities you enjoy and make time for them daily.

Find a MentorThirdly, find a mentor. A mentor with business experience can offer advice, support, and empathy. They help avoid mistakes, saving time, money, and reducing stress and anxiety. Choose someone you trust and feel comfortable talking to.

Rely on Your TeamLastly, rely on your team. Whether it is paid staff or freelancers, your team is there to help you. Delegate tasks, ask for advice, and lean on them. It makes running your business easier and helps you stay sane.

ConclusionIn conclusion, these strategies help manage stress and anxiety. Remember, you are not alone. Many small business owners face similar challenges. If stress and anxiety are excessive, seek qualified support. Join the Numbers Know How community for additional support. Listen to the "I Hate Numbers" podcast for more tips and join the Numbers Know How community. Keep stress levels at bay and stay productive.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Have you ever entered a business collaboration or bought a service only to find out it was a mistake? We've been there, and it's likely because of a lack of due diligence. This week, on the I Hate Numbers podcast, we explore why it is crucial, how to conduct it, and its benefits for your finances and well-being.

Importance of Due DiligenceIn today's fast-paced world, we often make decisions based on surface-level information. Due diligence requires us to verify and validate details before proceeding. As Samuel Johnson implied, what we hope to do easily, we must first learn to do with due diligence. Therefore, before entering any business collaboration or purchasing services, we must ensure we have all the necessary information.

Key Areas Financial due diligence is crucial. We need to assess our partner’s financial health. Are they financially stable? Can they meet their obligations? Legally it is equally important. We need to check for any legal issues, such as lawsuits or regulatory compliance. Additionally, the cultural fit between partners is vital. Do we share similar values and objectives? Moreover, we must document everything in writing, ensuring clarity of responsibilities before parting with cash.

Putting it into practiceWe should start by validating financial stability. Check financial statements, cash flow, and debts. Next, conduct legal due diligence. Research for any lawsuits or compliance issues. Also, assess the cultural fit. Understand each other's values and objectives. Finally, document everything in a written agreement to avoid misunderstandings.

ConclusionDue diligence is about making informed decisions. It protects us from unnecessary risks and ensures successful collaborations. So, before diving into your next business venture, remember to be diligent.

Listen to the I Hate Numbers podcast for more insights and join our Numbers Know How community for resources and support in building a successful, diligent business.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

When you think about kindness, do you believe it applies in business, or do you assume you need to be ruthless, wear sharp suits, and tread over anyone in your way? Or do you think otherwise? In this week's I Hate Numbers podcast, we explore the place of kindness in business and whether it truly belongs there.

The Essence of KindnessSpoiler alert: kindness does have a place in business. But what exactly is kindness? Why is kindness not a weakness but a superpower? And how can we practice kindness in our business? Let's dive in and explore these concepts.

Defining Kindness in BusinessWhen we think about kindness, we might envision helping people across the road, being kind to animals, and generally being nice and pleasant. While this is a reasonable definition, in business it extends beyond that. It involves treating others with respect, understanding, empathy, and care. Additionally, it means being direct and honest without being overly critical.

Kindness: A Strength, Not a WeaknessAlthough some might mistake kindness for weakness, it actually requires strength and courage to demonstrate it in business. Kindness is about building trust, which is the foundation of any successful business. When we are kind, we build loyalty with our team, clients, and partners, leading to long-term success.

Building Trust and LoyaltyTrust and loyalty are essential in business. They ensure that customers return, staff stay committed, and employees go the extra mile. A strong foundation of kindness fosters positive interactions with everyone involved in the business, from team members to suppliers and customers.

Constructive FeedbackKindness in business also means having direct and honest conversations. This doesn't mean being rude or aggressive, but rather providing constructive feedback and being honest. People appreciate honesty and prefer constructive feedback, which helps them grow and improve.

Customer RelationsIn customer relations, kindness plays a significant role. Customers remember how you make them feel more than the service you provide. A kind approach to customer service, managing boundaries carefully, and being straightforward with customers enhances their overall experience.

Stress ReductionKindness can also be a great stress reliever. The business world can be stressful, and having a positive, kind outlook can reduce stress, improving overall well-being and physical health. A welcoming environment is more conducive to productivity and satisfaction than one filled with tension.

Practicing Kindness in BusinessPracticing kindness in business is fundamental and must be genuine. Small, sincere acts of kindness can make a significant difference. Active listening, showing appreciation, being empathetic, and offering help where needed are simple ways to incorporate kindness into daily business practices.

Effective CommunicationClear, open, and respectful communication is crucial. Avoid ambiguity and ensure your communication is honest and direct. This helps in building a positive working environment and fosters better relationships.

ConclusionKindness in business is a powerful tool that builds trust, creates a positive working environment, fosters teamwork, improves customer relations, reduces stress, and encourages personal growth. Far from being a weakness, kindness is a strength that drives success.

Call to ActionWhat acts of kindness will you demonstrate in your business? Check out our Numbers Know How community, where we provide resources for small businesses, artists, creatives, and coaches. Join us in creating a business community that collaborates, learns, and develops in a kind, positive environment. Until next week, stay kind.

Listen to the I Hate Numbers podcast for more insights and tips!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

IntroductionTax efficiency and tax planning are crucial for all businesses, whether private or non-profit. Additionally, one key area offering significant opportunities is benefit planning. Specifically, benefit planning allows you to remunerate your staff, including yourself as a business owner, in the most tax-efficient way.

The Importance of Benefits in KindWhy Benefits in Kind Are UsefulFirstly, benefits in kind provide a tax-efficient way to reward employees. Whether you run a private company, a charity, or a social enterprise, offering benefits can lead to tax savings.

Tax Efficiency for Employers and EmployeesConsider this scenario: an employee wants to go to the gym monthly. Consequently, the employee would have to pay from their post-tax income. However, if the employer covers this cost, it can be more tax-efficient for both parties. Employers can also avoid paying extra National Insurance contributions on top of gross wages.

Examples of Tax-Free BenefitsPensionsPension contributions made by your company are a tax-efficient way to save for the future. Moreover, these contributions are deductible against corporation tax profits, benefiting both the employee and the company.

Mobile Phones and TechnologyEmployers can provide mobile phones, laptops, and smartphones. These items, provided through company contracts, are tax-free benefits and valuable tools for employees.

Workplace Parking and Health BenefitsOffering free parking is another tax-efficient benefit. Additionally, employers can provide health screening and medical checkups, promoting employee well-being.

Trivial BenefitsTrivial benefits, costing £50 or less, can be provided tax-free under certain conditions. They must not be cash or cash vouchers and should not be performance rewards. For company directors, there's a £300 limit per tax year.

The Advantages of Offering BenefitsBusiness Expenses DeductionEmployers can deduct the cost of these benefits as business expenses, reducing overall tax liability. Furthermore, providing these benefits boosts employee satisfaction and retention.

Tax-Efficient Remuneration StrategyEmployers can remunerate staff without the additional burden of National Insurance and tax. Consequently, this approach is beneficial for both the employer and the employee.

ConclusionIn conclusion, tax-efficient benefit planning is a strategic way to reward employees. Whether you run a private company, charity, or social enterprise, consider incorporating benefits in kind into your remuneration strategy.

Call to ActionListen to the I Hate Numbers podcast for more insights and tips on maximizing your business's tax efficiency. Join our Numbers Know How community and take advantage of our resources to help your business thrive.

Explore our FREE Online Business Calculators

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

At "I Hate Numbers," we emphasize the critical role of tax planning for business owners and employers alike. Managing taxes efficiently isn't just a legal obligation—it's a strategic imperative. Today, we delve into a powerful yet often overlooked strategy: benefits in kind.

What are Benefits in Kind?Benefits in kind are non-cash perks provided to employees, such as company cars, medical insurance, and even housing. These perks hold a monetary value but aren't part of the standard salary package. The appeal? They offer tax advantages, particularly by sidestepping Employee's National Insurance, making them a valuable tool for both companies and employees.

Merits of Adopting Benefits in KindTax Efficiency: By offering benefits in kind like gym memberships or health insurance, companies can achieve significant tax savings. For instance, funding personal expenses through benefits in kind can be more tax-efficient than taking equivalent cash from the company.

Cost Efficiency: Negotiating bulk discounts for corporate benefits, proves cheaper for companies compared to individuals. This approach not only saves costs but also enhances employee satisfaction.

Employee Satisfaction and Retention: Beyond monetary compensation, benefits in kind play a pivotal role in enhancing employee satisfaction and retention. Offering perks like flexible working arrangements or professional development can differentiate your company in a competitive job market.

Comparison with Salary and DividendsWhile the traditional route of salary and dividends is common for private companies, it has limitations. Dividends depend on company profits and lack tax-deductible benefits, unlike benefits in kind. This makes benefits in kind a more flexible and imaginative option for remuneration.

Tax-Free Benefits ExamplesCertain benefits, such as mobile phones and work-based parking, can be provided tax-free to employees. These exemptions benefit both employers and employees, enhancing overall compensation packages without incurring additional tax burdens.

ConclusionIn conclusion, incorporating benefits in kind into your tax planning strategy can lead to substantial benefits for your business and employees alike. To learn more about maximizing your tax efficiency and enhancing employee satisfaction through benefits in kind, tune in to the "I Hate Numbers" podcast. Join our community and start planning your taxes smarter today!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Welcome to this week's episode of the I Hate Numbers Podcast, where we explore business success. We discuss what success means, how to achieve it, and common pitfalls to avoid. Notably, success differs for each of us; hence, defining it personally is crucial. Therefore, let's focus on crafting our unique vision of success, planning smartly, and building a resilient mindset.

Defining Business SuccessBusiness success is subjective. Correspondingly, it is essential to clarify what success looks like for each of us. We must consider what we want to achieve within the next 1 to 3 years. Moreover, we should determine if success means balancing lifestyle, reaching revenue targets, or having a global impact. Explicitly, our idea of success should not mirror someone else's vision.

Setting SMART ObjectivesOnce we have our vision, setting SMART objectives is the next step. Specifically, SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound goals. For instance, if our aim is to generate £100,000 in profit, we should assess our current position, available resources, and the timeline to achieve this. Similarly, breaking down long-term goals into actionable steps helps keep us on track. Ultimately, these objectives ensure we stay focused and measure our progress meaningfully.

Cultivating the Right MindsetEqually important is our mindset. While having a growth mindset allows us to explore new opportunities and take calculated risks, a fixed mindset can hinder our progress. Moreover, we should be ready to learn from mistakes and setbacks, which are inevitable in any business journey. Therefore, we must remain resilient, avoiding excessive self-criticism, and always move forward.

Planning and Avoiding PitfallsEffective planning is crucial for business success. Therefore, we need to prepare detailed plans that include end goals, required resources, and marketing strategies. Additionally, we should be aware of common pitfalls, such as inadequate market research, weak operational planning, and poor credit control. By addressing these issues, we can better navigate the challenges of running a business.

The Pros and Cons of Self-EmploymentSelf-employment offers flexibility, varied work, and potential for higher earnings. However, we must also consider its challenges, including transitioning from employment, aligning resources with expectations, and maintaining thorough market research. Altogether, being aware of these factors helps us prepare for the realities of working for ourselves.

ConclusionBusiness success combines a clear vision, SMART objectives, a growth mindset, and robust planning. By focusing on these areas, we can navigate our path to success effectively. Finally, we invite you to listen to the I Hate Numbers Podcast for more insights on achieving business success.

Feel free to join the Numbers Know How community for additional resources and support. Tune in to our podcast for more tips and strategies!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this week’s episode of the "I Hate Numbers" podcast, we tackle common business myths. These beliefs often mislead and hinder progress. We explore which beliefs to discard and why.

What is a Belief?Firstly, let's clarify what a belief is. According to Wikipedia, a belief is a subjective attitude that a proposition is true. Basically, this means beliefs can be either true or false. However, in business, myths masquerading as beliefs can be especially dangerous.

Myths in BusinessMyth 1: Waiting for the Right TimeMany think they should wait for the right time to start a business or launch a product. Nevertheless, there is no perfect time. Instead, planning and adapting quickly is essential. Moreover, starting sooner allows us to gather real feedback and refine our approach, e.g., Microsoft's iterative method demonstrates this well.

Myth 2: Passion Alone is EnoughCertainly, passion is crucial. Nonetheless, relying solely on passion can cloud judgment. Passion should be balanced with strategic planning and market awareness. Otherwise, poor decisions and misallocated resources can result. Additionally, successful businesses combine passion with facts and data.

Myth 3: Complete Knowledge is NecessaryThere's a common myth that complete knowledge is needed before starting. However, this isn’t practical. Correspondingly, learning as we go is vital. Moreover, accessing a support network and seeking advice can greatly aid our journey.

Myth 4: Doing Everything YourselfLastly, some believe they must do everything themselves to save money. Conversely, this can be inefficient. Outsourcing and delegating tasks to experts can often yield better results. Furthermore, it’s a wise use of time and resources to focus on our strengths.

ConclusionIn summary, challenging these myths can significantly enhance business success. Thus, we encourage you to reflect on these points. Are there any other myths you’ve encountered? Feel free to share them with us! Finally, don’t miss our next episode and remember to listen to the "I Hate Numbers" podcast. Check the Numbers Know How community for more insights and resources.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this episode of the I Hate Numbers podcast, we explain what depreciation is and its importance in business. Albeit often misunderstood, it is crucial for accurately determining profitability. Essentially, we clarify that it is not merely a reflection of value loss but rather an allocation of the asset's cost over its useful life. Subsequently, we discuss how businesses categorize expenses into revenue and capital, identifying the latter as subject to depreciation. Specifically, we outline two primary methods of calculating depreciation: the straight-line method and the reducing balance method, offering practical examples for each.

Key ConceptsRevenue vs. Capital ExpensesBefore exploring what depreciation is, we differentiate between revenue and capital expenses. Revenue expenses are daily operational costs such as hiring staff or buying food. Conversely, capital expenses include investments in infrastructure like equipment or buildings, vital for generating revenue but not intended for immediate sale.

What Depreciation IsDepreciation involves spreading the cost of fixed assets over their useful lives, thus aligning expenses with revenue generation. Hence, we clarify that it is not about the asset's current market value but its cost allocation.

Calculation MethodsWe explore two main methods:

Straight-Line Method: Allocates depreciation evenly across the asset’s lifespan.
Reducing Balance Method: Allocates more depreciation in earlier years, reflecting higher initial usage and diminishing benefits over time.

Impact on Financial StatementsDepreciation affects the income statement and balance sheet. However, it does not impact cash flow directly, though it is crucial for accurate profit reporting.

ConclusionOverall, understanding what depreciation is helps in better financial management and accurate profit calculation. Therefore, it’s essential to grasp its role in aligning costs with revenue over time.

Listen to the full episode of the I Hate Numbers podcast to enhance your financial insights. Share your thoughts, and visit our online financial planning platform for additional resources.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

The "I Hate Numbers" podcast explores the accounting matching concept, also known as accrual accounting, in finance and accounting. In this episode, we explore what the matching concept is, how it applies, and why it's essential. We also explore its impact on financial statements, providing practical examples for clarity.

What Is the Matching Concept?The matching concept ensures that expenses recorded in the same period as the revenues they help generate, offering a clearer picture of financial performance. Various sectors, including non-profits and private companies, use it. Essentially, the matching concept helps understand a business's true financial state over a specific period.

Why Do We Use it?Accurate Financial Reporting:

We use the matching concept to produce financial statements that reflect true business performance. Accordingly, matching expenses with revenues provides a more accurate financial picture.

Consistency:

Equally important, the matching concept promotes consistent financial reporting. By applying the same rules consistently, businesses can compare their performance over different periods more effectively.

Decision Making:

With accurate financial information, businesses can make informed decisions. Additionally, matching expenses with revenues allows us to assess profitability and make better decisions.

Compliance and Regulation:

Lastly, accounting standards such as GAAP and IFRS require the use of the matching concept. Businesses must follow these guidelines to ensure their financial statements comply with regulations.

Applying the ConceptRevenue Recognition:

We record revenue when we earn it, not when we receive the cash. For example, if we provide a service in December and receive payment in January, we record the revenue in December

Expense Recognition:

Expenses are recorded when incurred. Suppose we receive a utility bill in January for December's consumption. We record the expense in December, when the obligation arose.

Examples of the Matching ConceptWages and Salaries:

We pay employees in January for December's work. However, we record the expense in December.

Advertising Costs:

Suppose we run an advertising campaign in November and receive the bill in December, paying it in January. Thus, the expense is recorded in November.

Sales Commissions:

If a sales commission is earned in March but paid in April, we record it as a March expense.

Impact on Financial StatementsIncome Statement:

The income statement shows revenues and expenses over a period. Hence, matching expenses with revenues provides an accurate picture of profitability.

Balance Sheet:

The balance sheet shows assets and liabilities. Correspondingly, this is where accrued expenses and prepayments are reflected.

Cash Flow Statement:

The cash flow statement reconciles the difference between profit and cash flow. Though the matching concept does not directly impact cash flow, it helps explain discrepancies between profit and cash flow.

Conclusion

Altogether, the matching concept is crucial for accurate and consistent financial reporting. It allows us to track financial performance, comply with standards, and make informed decisions.

Listen to the "I Hate Numbers" podcast for more insights into accounting principles like the matching concept and how they can help manage and grow your business effectively. Additionally, don't forget to check out the upcoming launch of the Numbers Know How business community, supported by I Hate Numbers. This community will offer valuable resources and support for your business. Listen to the I Hate Numbers podcast for more tips and insights to help you stay motivated and succeed in your business.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

5 Useful Motivation Tips for Solopreneurs that are essential to keep you going when working for yourself. Initially, being your own boss sounds great. However, many solopreneurs discover that giving up their day job is not as glamorous as it seems. Loneliness and a lack of motivation will eventually creep in, and you may even miss your 9-to-5 job more than you thought possible. Nevertheless, remember that you went into business for yourself for a reason. Although motivation can be lost, it can also be regained.

Make Your Business Adapt to Your LifestyleFirstly, align your business with your lifestyle to boost your overall satisfaction and motivation. Freedom is often the top reason solopreneurs leave the corporate world. For example, adjust your working schedule to accommodate personal activities, like socializing with friends or going to the gym. Therefore, integrating your business with your lifestyle will help you stay motivated.

Find a Co-working SpaceSecondly, consider finding a co-working space. Working from home sounds fantastic, but being alone can be very lonely. Consequently, co-working spaces offer a social interaction that is often missing when working from home. Additionally, they provide networking opportunities and access to valuable events and workshops. Thus, a co-working space can significantly enhance your motivation.

Find a Support NetworkFurthermore, having a support network is crucial. Co-working spaces are great for meeting fellow entrepreneurs who can empathize with your journey. Moreover, mastermind groups offer peer-to-peer mentoring, helping you stay accountable and motivated. Equally important, these networks provide insights and advice that can be invaluable.

Balance Your WorkloadBalancing your workload is vital. Studies show that small business owners often work longer hours than the average worker. Therefore, set reasonable work hours and think of yourself as an employee of your own business. Consequently, avoiding burnout will keep your motivation high. Remember, your journey is a marathon, not a sprint.

Reward YourselfFinally, rewarding yourself is an effective motivation strategy. Set small, achievable goals and attach rewards to them. For instance, take a break, enjoy a snack, or go for a walk once you accomplish a task. Hence, these small rewards can keep you motivated during long-term projects.

ConclusionIn conclusion, staying motivated as a solopreneur involves enjoying the journey and remembering why you started your business. Balance work and life to sustain your motivation. We hope these 5 useful motivation tips for solopreneurs help you on your journey. Additionally, don't forget to check out the upcoming launch of the Numbers Know How business community, supported by I Hate Numbers. This community will offer valuable resources and support for your business. Listen to the I Hate Numbers podcast for more tips and insights to help you stay motivated and succeed in your business.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

How to cope with Failure in Your Business? Failure is often seen as negative in business. When we hear the term, it sounds bad. The dictionary defines failure as a lack of

success

, especially in specific activities. However, we need to change this viewpoint.

Famous Examples of Overcoming FailureWalt DisneyWalt Disney faced rejection 300 times before his idea of Mickey Mouse was accepted. Consequently, he built a legacy of theme parks and entertainment that lives on.

Oprah WinfreyOprah Winfrey, born into poverty, was fired from her first job as a news anchor. Although she faced many challenges, her hard work and resilience led to immense success.

Thomas EdisonThomas Edison famously said he found many ways that didn't work before succeeding. When he died, he held over 1,000 patents. Thus, failure can lead to incredible achievements.

Dealing with Failure in BusinessAcceptance and ResponsibilityIn nearly 30 years of business, we have faced many failures. We lost money and made bad decisions. Nevertheless, each mistake taught us valuable lessons.

Firstly, we must accept and take responsibility for our failures. Blaming others does not help. Instead, we should reflect, learn, and move forward.

Enjoy the JourneySecondly, reframe our mindset. Set milestones and goals, but appreciate the journey. Enjoy the process and growth along the way.

Positive Self-TalkAdditionally, avoid negative self-talk. It’s crucial to build self-confidence and focus on learning from setbacks. Negative thoughts can hinder our progress.

PatienceLastly, practice patience. Success takes time. Overnight success stories are rare. By measuring progress and setting realistic timelines, we can stay motivated and on track.

Final ThoughtsIn conclusion, learning how to cope with failure in your business is vital for success. Accept responsibility, avoid negative self-talk, and practice patience. Join a supportive community for further growth.

Listen to the I Hate Numbers podcast for more insights and tips on managing your business effectively.

Useful Links

https://www.ihatenumbers.co.uk/budgetwhizz/

https://www.ihatenumbers.co.uk/

https://numbersknowhow.co.uk/

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Welcome to this week's episode of the I Hate Numbers podcast. We are excited to share four steps to increasing your profits. Accordingly, these steps will help you keep more of the money you make. Moreover, they are designed to ensure your business thrives, despite external challenges. Every business faces numerous challenges, from changing customer habits to financial pressures. However, these challenges impact profitability. Therefore, adapting to these changes is crucial for survival and growth.

Step 1: Focus on Customer RetentionFirstly, focusing on customer retention is vital. It is often said that retaining existing customers costs significantly less than acquiring new ones. Indeed, repeat customers spend more, leading to higher profits. Additionally, maintaining a strong relationship with your customers through regular communication, such as newsletters and loyalty programs, can enhance retention.

Step 2: Effective MarketingSecondly, effective marketing goes beyond posting on social media. It involves understanding your customers' needs and pain points. Identifying your ideal customer allows you to target your marketing efforts more effectively. Consequently, this focused approach leads to better engagement and higher sales.

Step 3: Streamline OperationsThirdly, streamlining your operations can significantly boost efficiency. Using technology, like digital accounting systems, simplifies record-keeping and invoicing. This blend of human effort and technology reduces stress and frees up time for business-building activities. Consequently, it enhances your overall profitability.

Step 4: Improve Cash FlowLastly, improving cash flow is essential. Proper cash flow management ensures your business has the resources it needs to operate smoothly. Using tools for financial planning and maintaining strict invoicing practices can prevent cash flow issues. Therefore, focus on cash flow to keep your business financially healthy.

ConclusionIn conclusion, by focusing on customer retention, marketing effectively, streamlining operations, and improving cash flow, you can significantly increase your business's profitability. These four steps to increasing your profits are practical and achievable. If you found this episode useful, share it with others who might benefit. Lastly, don't forget to listen to the I Hate Numbers podcast for more insightful episodes. Happy profit generation!

Useful Links* Budget Whizz * I Hate Numbers * Numbers Know How

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

To start our journey towards understanding business success, we often overlook a vital tool: the profitability analysis. Yet, this oversight can hinder our ability to grasp our true financial standing.

Calculating MarginsFirstly, let's delve into the calculation of profit margins through conducting a profitability analysis. By comparing our sales revenue with associated costs or direct provision costs, we gain valuable insights into our financial performance. Take, for example, a theatre; revenue from ticket sales must be weighed against expenses like actor fees and stagehand wages.

Segmented Profit AnalysisAdditionally, we need to analyze profits on a segmented basis. By examining different revenue streams within our business, such as productions versus workshops in a theatre or sit-down versus takeaway in a restaurant, we gain a deeper understanding of where our profits lie.

Client ValuationFurthermore, we should perform client valuations to assess the value of each client segment. By segmenting clients based on demographics or ordering habits, we can determine the profitability of each group and allocate resources accordingly.

Historical AnalysisConsequently, it's essential to look at historical data to identify trends and patterns in our performance. This allows us to make informed decisions and understand our business's trajectory over time.

BenchmarkingMoreover, comparing our performance against benchmarks, whether they be our own expectations or industry standards, provides valuable insights into our standing within the market.

Benefits of Profitability AnalysisPerforming a profitability analysis can alleviate anxiety about our business's financial health while pinpointing areas for improvement. By utilizing tools like BudgetWhizz, we can streamline this process and pave the way for future success.

ConclusionIn conclusion, conducting a profitability analysis is not just a task; it's a blueprint for long-term business growth. To learn more about optimizing your financial strategies, tune in to the "I Hate Numbers" podcast.

Useful Links* Budget Whizz * I Hate Numbers * Numbers Know How

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In the realm of business, understanding financial terminology is essential. It unlocks insights, reveals trends, and empowers

decision-making

. At the "I Hate Numbers" podcast, we're committed to demystifying the complex world of numbers. In this episode, we'll delve into the essential concepts of capital and operating expenses, shedding light on their significance for businesses across diverse sectors.

Explaining Capital ExpensesCapital expenses are the backbone of business investment, laying the foundation for future growth and prosperity. Whether you're an arts organization, restaurateur, manufacturer, or airline company, capital expenses encompass vital infrastructure and assets. Think lighting equipment for theatres, ovens for restaurants, machinery for manufacturers, and planes for airlines. These investments, also known as

fixed assets or non-current assets

, are pivotal for long-term success.

Understanding Operating ExpensesExplaining assets and liabilitiesOperating expenses, on the other hand, fuel the day-to-day operations of a business. From electricity bills to maintenance costs, operating expenses ensure the smooth functioning of capital investments. Whether it's powering equipment in an arts organization, maintaining kitchen appliances in a restaurant, or servicing machinery in a manufacturing plant, operating expenses are indispensable. They're the lifeblood that sustains business operations, often referred to as overheads or running costs.

Differentiating Capital and Operating ExpensesWhile capital expenses pave the way for future growth, operating expenses directly impact profitability. The key distinction lies in their treatment within profit calculations. While capital expenses are excluded from profit calculations, operating expenses play a crucial role in determining net profit. Understanding this difference is paramount for effective financial management and strategic decision-making.

Exploring Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents expenses directly attributable to the production of goods or services. Whether it's actors' fees for performances, ingredient costs for restaurants, or raw materials for manufacturers, COGS encapsulates essential expenditures. This metric provides insights into the profitability of core business activities, serving as a cornerstone for financial analysis.

Importance of Profit MeasurementProfit serves as the ultimate gauge of business performance; consequently, it reflects the effectiveness of financial strategies and operational efficiency. Gross profit and operating profit are key metrics; therefore, they encapsulate revenue generation and expense management. Whether it's EBIT or PBIT, understanding these profit figures is essential for assessing business viability and sustainability.

ConclusionUnderstanding financial terminology is not just a matter of semantics; it's a strategic imperative for businesses of all sizes. By deciphering concepts like capital and operating expenses, businesses can navigate the intricacies of financial management with confidence and clarity. Join us at the "I Hate Numbers" podcast as we continue to unravel the mysteries of finance and empower entrepreneurs worldwide.

Listen to the "I Hate Numbers" podcast for more insights into financial management and business success.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In last week's episode of I Hate Numbers, we emphasized the critical nature of cash flow forecasting for businesses. Now, in Episode 217, we're shifting focus to share five essential cash flow management tips every small business owner needs to know.

Calculating Days Cash on HandTo kick things off, it's crucial to determine the number of days cash on hand. Additionally, most of us monitor bank statements, but they don't always reveal upcoming expenses. Therefore, ideally, aim for 45 to 90 days of cash reserves to weather unforeseen expenses. Moreover, consider utilizing overdraft facilities as a buffer when needed.

Monitoring Payment TermsConsequently, keeping an eye on payment terms with customers is paramount. Similarly, negotiating shorter terms or taking payments upfront can alleviate cash flow pressures. Furthermore, utilizing digital accounting systems like Xero streamlines credit control and ensures timely payments.

Managing Customer ConcentrationDiversifying your customer base reduces the risk associated with customer concentration. Also, relying heavily on a few clients poses a threat to business stability. Therefore, ensure you spread your risk evenly to mitigate potential financial jeopardy.

Controlling OutflowNevertheless, maintaining good relationships with suppliers is essential. During cash flow challenges, negotiating extended terms can provide breathing room. However, open dialogue is crucial to avoid damaging supplier relationships.

Utilizing Cash Flow Monitoring ToolsSimilarly, tools like Xero offer real-time insights into your financial health. Additionally, consider platforms like Budgetwizz for future planning and monitoring. Moreover, having a clear understanding of your cash flow allows for informed decision-making and proactive measures.

In essence, healthy cash flow and adequate reserves are the backbone of any business. Therefore, effective cash flow management not only ensures stability but also creates opportunities for growth. Join us in optimizing your cash flow management and tips to achieve financial peace of mind.Tune in to the I Hate Numbers podcast for more insightful discussions on financial management strategies tailored for small business owners.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In the latest episode of the I Hate Numbers podcast, we shed light on the indispensable role of Cash Flow Forecasting in ensuring the success of your business endeavours.

Understanding the Ups and DownsCash Flow Forecasting serves as a beacon, guiding entrepreneurs through the turbulent waters of business finances. Additionally, by providing a clear projection of future cash flows, it equips us with the foresight needed to navigate challenges and seize opportunities.

The Power of Pragmatic ProjectionBeyond mere budgeting tips, Cash Flow Forecasting emerges as a steadfast ally on the path to success. It offers a pragmatic view of where our business is headed. Consequently, it empowers us to make informed decisions and take decisive action when needed.

Targeting Key EntitiesThis invaluable tool directly impacts three pivotal entities: business owners, funding institutions like banks, and knowledgeable investors. Its ability to instill confidence and offer visibility into financial health is unparalleled. Furthermore, it allows for better collaboration and understanding among stakeholders.

Empowering StakeholdersFor business owners, a robust Cash Flow Forecast is akin to a roadmap, guiding them toward their goals and prompting timely interventions when deviations occur. Similarly, investors and banks rely on these forecasts to gauge the viability of ventures and make funding decisions accordingly. Moreover, it fosters trust and transparency in business relationships.

Making Informed DecisionsEffective decision-making hinges on a thorough understanding of financial dynamics. Cash Flow Forecasting empowers business leaders with insights gleaned from past, present, and future financial data. Consequently, it enables them to strategize and adapt proactively, ensuring long-term success.

Handling Cash Flow ForecastingWhile the ideal scenario involves the finance team spearheading Cash Flow Forecasting, smaller businesses can leverage our tools like BudgetWiz or enlist the support of experienced accountants. As businesses evolve, delegating forecasting tasks to a wider finance team becomes imperative. Therefore, collaboration and communication are essential for effective implementation.

Conclusion: Take Action TodayIn conclusion, embracing Cash Flow Forecasting is not just prudent—it's essential for long-term success. Recognize the warning signs, harness the power of forecasting, and steer your business toward prosperity. For further insights, tune in to the I Hate Numbers podcast.

Listen NowJoin us in our journey to demystify numbers and unlock the full potential of your business. Listen to the latest episode of the I Hate Numbers podcast and embark on a path of financial enlightenment.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In our pursuit of simplifying clients' lives and alleviating stress, the "I Hate Numbers" podcast delves into the benefits of cloud accounting this week.

Time Saving BenefitsTransitioning to cloud accounting not only saves time but also streamlines financial processes, boosting productivity significantly. Additionally, it automates tasks, reducing manual labour and freeing up resources for core business activities. Consequently, businesses can focus more on strategic initiatives rather than mundane administrative tasks.

Visibility into FinancesCloud accounting offers real-time insights into finances, facilitating informed decision-making and enhancing business agility. Moreover, it fosters transparency, providing a clear understanding of cash flow and financial health. Furthermore, cloud-based platforms allow for easy access to financial data from anywhere, enabling timely decision-making and proactive financial management.

Transition ProcessTransitioning to cloud accounting may initially appear overwhelming, but with effective communication, training, and meticulous planning, the process becomes manageable. It's crucial to clearly define requirements and involve stakeholders from various departments to ensure their needs are addressed. Thorough planning is essential to anticipate potential challenges and minimize disruptions during the migration. Additionally, businesses should assess the impact on existing processes and workflows to identify areas for improvement. By taking these steps, businesses can optimize their transition to cloud accounting, maximizing its benefits while minimizing potential challenges and ensuring a smooth and successful implementation.

ConclusionIn conclusion, Cloud accounting transforms financial management, offering myriad benefits for businesses. Embrace the cloud for enhanced efficiency and profitability. Cloud accounting revolutionizes financial management, offering unparalleled advantages for businesses. Explore further insights on the "I Hate Numbers" podcast and embark on your journey to optimized financial management. Hence, businesses can leverage cloud accounting to gain a competitive edge in today's dynamic business landscape.

Join us on the "I Hate Numbers" podcast for expert insights and tips on optimizing your business finance management. Take the first step towards financial efficiency and success today.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In today's episode of the I Hate Numbers podcast, we're delving into five compelling reasons why we, as business owners, should consider ignoring cloud accounting. Stick with us until the end for valuable insights. First and foremost, let's clarify what cloud accounting entails.

Understanding Cloud AccountingCloud accounting, also known as digital accounting, involves utilizing digital tools and software to efficiently manage financial records, transactions, and generate reports. It's like upgrading from traditional pen and paper methods to a turbocharged, super-efficient system.

Reasons to Ignore Cloud Accounting1. Lack of Interest in Efficiency: If you're not keen on optimizing efficiency in your business operations, preferring outdated methods such as manual invoicing and email communications, then cloud accounting might not be for you.

2. Disinterest in Financial Insight: For those unconcerned with gaining valuable insights into their business finances, including understanding revenue sources, profitability, and resource allocation, cloud accounting may seem unnecessary.

3. Resistance to Making Good Business Decisions: Ignoring the data-driven insights provided by cloud accounting may lead to relying on instinct or unreliable advice from peers, rather than making informed decisions.

4. Running Business as a Hobby: If you're content with treating your business as a hobby rather than a profit-driven endeavor, and you don't prioritize efficiency and financial management, then cloud accounting might not align with your approach.

5. Resistance to Streamlining Operations: In today's fast-paced business environment, where efficiency is key to success, cloud accounting offers streamlined operations. However, if you prefer reactive approaches and are resistant to change, then cloud accounting may not be suitable for you.

Additional Reasons to Ignore Cloud Accounting6. Preference for Traditional Record-Keeping: For those who prefer traditional methods such as filing cabinets and relying on external advisors for financial information, the accessibility and benefits of cloud accounting may not be appealing.

7. Emphasis on Accessibility and Remote Work: Cloud accounting facilitates accessibility to financial data, especially for remote teams. However, if you prefer office-based work and traditional data access methods, then cloud accounting might not be a priority.

ConclusionWhile cloud accounting offers numerous benefits for business efficiency and financial management, it may not be suitable for everyone. However, we encourage you to explore the possibilities further. Check out our free guide to cloud accounting.

Don't forget to tune in and subscribe to the I Hate Numbers podcast for more on business and finance. Happy accounting!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this week's episode of the I Hate Numbers podcast, we're exploring the fascinating journey to success. What do Abraham Lincoln, Dr. Seuss, Michael Jordan, and other renowned figures have in common? Contrary to popular belief, their success wasn't an overnight phenomenon. It was the culmination of years of relentless effort, resilience, and a winning attitude.

Understanding Success: Breaking the Myth of Overnight SuccessWe've all heard stories of individuals who seemingly skyrocketed to fame and fortune having overnight success. However, upon closer inspection, we realize that their success was anything but instant. My experience working with thousands of business owners has revealed a universal truth: success is a result of consistent hard work and dedication.

The Reality Behind Overnight SuccessLet's debunk the myth of overnight success. Success doesn't happen overnight; it's a journey filled with ups and downs, failures, and lessons learned. Each setback is a stepping stone toward eventual success. Therefore, it's crucial to adopt a long-term perspective and understand that true success takes time to achieve.

The Seven Key IngredientsBased on my observations and experiences, I've identified seven key ingredients that are essential for long-term success:

Hard Work: Success requires relentless effort and determination.
Perseverance: Despite challenges and setbacks, it's essential to keep pushing forward.
Resilience: Bouncing back from failures and adversity is critical on the path to success.
Continuous Learning: Embrace a growth mindset and never stop seeking knowledge and improvement.
Positive Attitude: Maintaining a positive outlook fuels motivation and resilience during tough times.
Adaptability: Success often requires adapting to changing circumstances and seizing opportunities.
Purpose: Having a clear sense of purpose and passion drives sustained effort and commitment.

Conclusion: Embracing the Journey to SuccessIn conclusion, success is not an overnight phenomenon but rather the result of years of hard work, determination, and resilience. By incorporating these seven key ingredients into our lives and endeavours, we can navigate the journey to success with confidence and purpose.

Therefore, let's embrace the process, learn from our failures, and keep pushing forward. Remember, overnight success is a myth, but with the right ingredients, we can achieve our goals and fulfil our dreams.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this episode, additionally, we delve into the importance of planning in business endeavours. As entrepreneurs, we're often enticed by spontaneity and agility, yet the question remains: is it truly viable to forgo meticulous planning? Let's explore the benefits of having a strategic roadmap and why it's paramount for sustainable success.

The Benefits of PlanningGuidance and DirectionConsequently, a plan acts as our North Star, providing clear direction amidst entrepreneurial chaos. Without it, we risk wandering aimlessly, encountering unnecessary detours and hurdles along the way. Moreover, having a well-defined plan not only sets the course but also instils confidence and purpose in our actions.

Risk ManagementMeanwhile, while risk is inevitable, planning empowers us to anticipate and mitigate potential pitfalls. It's akin to preparing for a journey; by foreseeing delays and roadblocks, we can strategize alternative routes to navigate challenges effectively. This proactive approach not only minimizes disruptions but also enhances our ability to seize opportunities as they arise.

Clarity and FocusFurthermore, articulating our goals through planning fosters clarity and focus. It forces us to prioritize tasks and allocate resources efficiently, ensuring everyone is aligned toward a common objective. By outlining specific milestones and deadlines, we create a roadmap that keeps us on track and motivated to achieve success.

FlexibilityHowever, contrary to popular belief, a plan isn't rigid—it's a living, breathing document that evolves with our business. Flexibility is key, enabling us to adapt to changing circumstances and seize emerging opportunities. By incorporating feedback and adjusting our strategies, we remain agile in an ever-evolving market landscape.

Practical Aspects of PlanningFinancial PlanningSimilarly, effective cash flow forecasting and budgeting are essential components of planning. They enable us to make informed decisions, ensuring financial stability during lean periods and periods of abundance. By closely monitoring our finances and identifying potential cash flow gaps, we can proactively address challenges and sustain our operations.

AccountabilityNonetheless, our plan serves as an accountability buddy, holding us responsible for actions and progress. It acts as a benchmark, keeping us disciplined and focused on achieving goals. Through regular reviews and updates, we stay accountable to ourselves and our stakeholders, driving continuous improvement and growth.

ConclusionUltimately, planning is undeniably good for your business. It provides direction, reduces risk, and fosters accountability. Whether you're a seasoned entrepreneur or just starting out, investing time in strategic planning is crucial for long-term success. By embracing planning as a fundamental pillar of your business, you set the foundation for sustainable growth and prosperity.

As we wrap up, remember that it's never too late to start planning. By charting out a business plan and setting clear goals, we pave the way for a bright and prosperous future. So, take the first step today and embark on the journey to success through strategic planning.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Have you paid too much tax? In this week's episode of the I Hate Numbers podcast, we explore the fundamental criteria shaping the UK tax system and why understanding it matters. We delve into the implications for individual taxpayers and businesses, shedding light on key tips to reclaim potentially overpaid taxes.

Understanding the UK Tax SystemTwo main criteria underpin the UK tax system: Ignorance is no excuse, and it's your personal responsibility. These principles place a significant burden on taxpayers to comprehend the intricacies of tax laws and fulfill their obligations diligently. Nonetheless, navigating the labyrinth of tax rules and regulations can be daunting, especially for those without financial expertise.

Impact on TaxpayersMillions of taxpayers may unknowingly overpay taxes due to a lack of awareness regarding available reliefs and allowances. Despite this, understanding the implications of tax rules is crucial for financial well-being. Navigating the tax landscape requires diligence and attention to detail, particularly for individuals and businesses alike.

Tips for Maximizing ReturnsTip 1: Checking Your Tax CodeTo ensure accuracy, it's crucial to verify your tax code. By rectifying any errors, you can potentially reclaim overpaid taxes dating back four years. Additionally, timely updates to HMRC regarding changes in circumstances are essential to avoid penalties. Furthermore, failing to make necessary adjustments could result in missed opportunities for tax savings.

Tip 2: Utilizing Marriage AllowanceMarried couples or civil partners can transfer a portion of their personal allowance to reduce tax liabilities. Timely updates to HMRC regarding changes in circumstances are essential to avoid penalties. Moreover, failing to make necessary adjustments could result in missed opportunities for tax savings. Furthermore, seeking professional advice for complex matters is recommended to ensure compliance with tax laws.

Tip 3: Optimizing Self-Employed ExpensesSelf-employed individuals can maximize tax returns by claiming legitimate business expenses such as home office costs and travel expenses. Reviewing and amending previous claims can lead to significant tax savings. Furthermore, seeking professional advice for complex matters is recommended to ensure compliance with tax laws. Additionally, maintaining accurate records of expenses is essential for tax purposes.

Bonus Tip: Claiming Uniform AllowancesWorkers with required uniforms can benefit from flat-rate allowances for uniform-related expenses. This often-overlooked opportunity can result in substantial savings over time. Moreover, keeping detailed records of uniform-related expenses can facilitate the process of claiming allowances. Additionally, consulting with a tax professional can ensure that you maximize your entitlements.

ConclusionIn conclusion, understanding the UK tax system empowers individuals to reclaim overpaid taxes and maximize returns. Regular tax health checks and seeking professional advice for complex matters are recommended to ensure financial well-being.

Have you paid too much tax? Take control of your tax affairs and explore these practical tips to secure your financial future.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

How do you describe your business in the business world? In this week's episode of the "I Hate Numbers" podcast, we tackle a topic often overlooked but with significant implications. You might wonder, "What's in the name?" Well, it turns out, quite a lot. Traditionally, we classify ourselves as freelancers, self-employed individuals, charities, private businesses, or voluntary organizations. This categorization profoundly influences self-perception, framing of interactions, and external perceptions of our value.

Identity in BusinessRethinking Definitions: Contrary to popular belief, being a business isn't solely about size or structure. It's about the impact we make, the services we provide, and the risks we undertake. Size isn't the defining characteristic; it's the actions and engagements that matter. However, challenging misconceptions is necessary. Some believe that only large entities with extensive staff and resources deserve the title of "business." We disagree. Any entity that provides goods or services, takes risks, and contributes to the economy is a business, regardless of size or structure.

Embracing DiversityIt's time to broaden our definition of business to include freelancers, charities, voluntary organizations, and businesses of all shapes and sizes. Recognizing and appreciating the diverse contributions of various entities is crucial for a thriving society and economy. Incorporating Business Discipline: Embracing business disciplines like planning, budgeting, and risk management across all organizations is essential. Framing ourselves as businesses facilitates audience engagement by focusing on impact rather than structure.

ConclusionIn conclusion, how we describe ourselves in business contexts matters. Emphasizing the impact we make rather than our organizational structure can lead to better recognition and engagement. So, how do you describe your business? Let's rethink our approach and reclaim the term "business" for all entities, irrespective of size or structure. We encourage your feedback and discussion on this topic. Share your thoughts with us!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In today's episode, we explore tax-effective giving strategies for supporting charities in the United Kingdom. We'll delve into various methods individuals can employ to make donations while minimizing tax liabilities and maximizing benefits for both themselves and the charities they support.

Exploring Tax-Effective Giving MethodsGift AidGift Aid, as discussed in a previous episode, allows donors to increase the value of their contributions to charities by enabling the charity to reclaim tax on the donation. By participating in Gift Aid, donors can amplify the impact of their generosity while receiving tax benefits.

Payroll GivingPayroll Giving is a powerful method where individuals donate regularly through their wages or salaries, ensuring a consistent income stream for charities. Notably, it significantly reduces the donor's personal tax liability, making each donation more impactful. For instance, basic-rate taxpayers can witness reduced costs due to tax relief. Moreover, individuals have the flexibility to choose from 23 listed agencies with HMRC, facilitating easy administration and allowing them to designate specific charities or groups of charities for their contributions. Understanding your tax bracket and the associated tax rates is vital in maximizing the tax-saving benefits of payroll giving and optimizing your support for charitable causes. For detailed information on Income Tax rates and Personal Allowances, you can visit here.

Donation of AssetsDonating assets such as land, property, or shares can also yield tax benefits. By gifting these assets to charities, individuals can claim income tax relief and capital gains tax exemptions. This not only reduces taxable income but also ensures that charities receive valuable support without incurring tax liabilities.

Inheritance Tax ReliefPlanning ahead for charitable giving through a will can significantly reduce inheritance tax liabilities. By bequeathing assets to charities, individuals can not only avoid inheritance tax on those assets but also benefit from a reduced tax rate if more than 10% of the estate is donated to charity.

ConclusionIn conclusion, tax-effective giving offers a win-win solution for both donors and charities. By utilizing strategies such as Gift Aid, Payroll Giving, donation of assets, and inheritance tax relief, individuals can maximize the impact of their contributions while minimizing their tax exposure. Let's continue to support charities in their valuable work by making tax-effective donations.

We hope you found this episode informative and insightful. Until next time, happy giving!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this episode, we delve into the intricacies of the Gift Aid scheme and its profound impact on charitable giving. Since its inception in 1990 in the UK, Gift Aid has revolutionized the way individuals contribute to charities and Community Amateur Sports Clubs (CASCs), providing essential financial support for various causes.

Overview of Gift Aid SchemeGift Aid serves as a crucial mechanism for channelling funds to deserving organizations. By allowing charities to claim an additional 25% in tax relief on donations, the scheme significantly bolsters their financial resources. This vital support enables charities to expand their programs, reach more beneficiaries, and make a lasting impact on society.

How Gift Aid WorksWhen an individual makes a donation, not only does the charity receive the initial amount, but they can also reclaim tax on that donation. For every £100 donated, the charity receives an additional £25 in tax relief, making each contribution even more impactful. This incentive encourages individuals to give generously, knowing that their donations will go further in supporting the causes they care about.

Compliance and Tax ImplicationsTo ensure

compliance, donors must have paid an equivalent amount in income or capital gains tax. Additionally, it's imperative that no financial benefits are received in exchange for donations, as per HMRC regulations. By adhering to these guidelines, both donors and charities can uphold the integrity of the Gift Aid scheme and maximize its benefits.

Declaration RequirementsCharities must maintain accurate records and obtain declarations from donors confirming their taxpayer status. This ensures transparency and accountability in the Gift Aid process, providing reassurance to both donors and regulatory authorities. By maintaining proper documentation, charities can streamline their operations and focus on their core mission of making a positive impact in their communities.

Benefits to Individual TaxpayersHigher-rate taxpayers stand to benefit the most from Gift Aid, as they can claim a tax reduction of 20% of the donation value. This incentivizes individuals to contribute more generously to charitable causes, knowing that they can also receive tax benefits. By leveraging Gift Aid, taxpayers can maximize the impact of their charitable contributions while also reducing their tax liabilities.

Limitations and ExclusionsWhile Gift Aid is a powerful tool for driving charitable contributions, it's essential to note its limitations. For instance, payroll giving does not qualify for Gift Aid benefits, highlighting the importance of understanding the scheme's intricacies. By being aware of these limitations, donors can make informed decisions about how to maximize the impact of their donations and support their chosen charities effectively.

Power of Gift Aid for CharitiesDespite these limitations, Gift Aid remains a cornerstone of charitable fundraising efforts. By extending their reach and maximizing contributions, charities can make a tangible difference in their communities. The additional funding provided through Gift Aid enables charities to implement new initiatives, expand existing programs, and address pressing social issues more effectively. By harnessing the power of Gift Aid, charities can amplify their impact and create positive change on a larger scale.

Conclusion and Call to ActionUnderstanding the nuances of Gift Aid empowers us to make informed decisions about charitable giving. Let's continue to support causes close to our hearts and spread awareness about the transformative power of Gift Aid. By working together to maximize the impact of our donations, we can create a brighter future for all.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Moreover, we begin by visualizing the staggering amount collected by the government in taxes every minute. This serves as a reminder of the significant financial contribution businesses and individuals make to the system.

Importance of Tax PlanningManaging your tax effectively is crucial for financial stability and growth. We delve into why tax planning is not just about minimizing tax liability but also about responsible financial management.

Assessing Your Current SituationBefore we can provide any meaningful advice, it's imperative to understand your current financial standing. This involves analyzing both personal and business objectives, ensuring a holistic approach to tax planning.

Integrating Business and Personal ObjectivesWe emphasize the importance of aligning your business and personal financial goals. Whether you're a small business owner or part of a larger corporation, integrating these objectives is key to effective tax planning.

Differentiating Tax Evasion and Tax AvoidanceIt's essential to understand the distinction between illegal tax evasion and legitimate tax avoidance. Moreover, we discuss the ethical and legal considerations of minimizing tax exposure.

Compliance and RegulationCompliance with tax regulations is non-negotiable. We highlight the importance of fulfilling tax obligations while cautioning against unreliable sources of information.

Practical Tips for Tax ReductionWe provide actionable advice for reducing tax bills while considering the broader financial picture. From exploring tax reliefs to strategic business structuring, we offer insights to help you minimize tax liabilities.

Approach to Tax Planning ReviewOur approach to tax planning review involves thorough analysis and strategic recommendations. Additionally, we outline the steps involved, emphasizing the importance of estimating potential tax savings and developing an actionable plan.

Conclusion: Planning Your Future with ImpactEffective tax planning is not just about minimizing tax burdens—it's about planning your future with impact. By taking proactive steps to manage your tax effectively, you can achieve greater financial stability and growth.

By adhering to these guidelines, we ensure that your tax planning efforts are strategic, ethical, and ultimately beneficial for your financial well-being.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In today's discussion, we delve into the concept of "Fiscal Drag" and its profound implications for UK taxpayers. This term, though not commonly discussed, holds significant relevance for our financial well-being. Fiscal Drag occurs when inflation drives up prices and wages, yet the government fails to adjust tax thresholds accordingly. Consequently, taxpayers find themselves pushed into higher tax brackets, leading to increased tax liabilities. We'll explore why understanding Fiscal Drag is crucial for taxpayers and how it impacts our financial landscape.

Explaining Fiscal DragFiscal Drag is a phenomenon that often goes unnoticed but has far-reaching effects on our finances. It occurs when inflation outpaces adjustments to tax thresholds, resulting in taxpayers being pushed into higher tax brackets. As incomes rise, individuals may find themselves transitioning into higher tax bands, subject to increased

tax rates

. This silent tax hike can significantly impact disposable income, leading to financial strain for many households.

Understanding UK Tax BandsWithin the UK tax system, individuals are categorized into basic, higher, or additional rate tax bands. The shifting tax landscape presents challenges for taxpayers striving to maintain financial stability. With frozen allowances failing to keep pace with inflation, taxpayers face higher tax burdens without a corresponding increase in real income. This can have detrimental effects on household budgets and overall financial well-being.

Implications and ChallengesThe implications of Fiscal Drag are significant, affecting taxpayers across the board. Despite efforts to combat rising tax liabilities, many individuals find themselves grappling with reduced disposable income and higher tax burdens. This often goes unnoticed by many but has tangible effects on household finances. The challenges posed by Fiscal Drag underscore the importance of proactive tax planning and strategic financial management.

Combating Fiscal Drag through Tax PlanningEffective tax planning offers a strategic approach to mitigate the impact of rising tax liabilities. By leveraging legal strategies such as pension contributions and charitable donations, taxpayers can optimize their tax positions and minimize liabilities. Proactive measures can lead to significant savings and financial resilience in the face of Fiscal Drag. By understanding the implications of rising tax liabilities and implementing smart tax strategies, we can ensure a more secure financial future.

ConclusionIn conclusion, Fiscal Drag poses a significant challenge to UK taxpayers, affecting their financial stability and disposable income. However, proactive tax planning empowers individuals to navigate through these challenges and safeguard their financial well-being. By understanding the implications of rising tax liabilities and implementing smart tax strategies, we can ensure a more secure financial future. We encourage listeners to engage in discussions and share their experiences with tax planning strategies. Together, we can navigate the complexities of the tax system and achieve financial resilience.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Welcome back to another episode of "I Hate Numbers," where we aim to guide you through the maze of financial challenges. Today, we're tackling a common concern: "Paying Tax Bill." As your dedicated business finance fixers, we've got your back, offering insights to navigate this stressful situation.

The Initial SituationHaving filed your personal tax return, you may face the daunting reality of lacking funds to meet the obligation. It's a scenario that can induce sleepless nights, but worry not – we're here to provide a roadmap to alleviate the stress.

Stay Calm and Take ActionIn such circumstances, panic is not the solution. Stress only compounds the issue, leading to undue anxiety. Take a moment to breathe, relax, and follow our suggested steps to address the challenge effectively.

Arranging Time to Pay with HMRCIf your funds are insufficient, the crucial step is to initiate a payment arrangement directly with HMRC. We recommend the online mechanism, ensuring a smooth process without the need for direct conversations.

Understanding HMRC and BudgetingRecognize the distinction between tax collectors and assessors at HMRC. Empathy goes a long way. Before contacting HMRC, assess your affordability by delving into your personal and business cash flow. For effective budgeting, explore the BudgetWhizz online platform we've linked in the show notes.

Payment Arrangements and PenaltiesHMRC typically accommodates at least a six-month payment arrangement, provided efforts to raise funds are evident. Negotiate terms and build a rapport. However, remember to make arrangements by the deadline to avoid a 5% penalty surcharge. Late filing and payment penalties are also imminent without proactive communication.

Payments on AccountUnderstanding payments on account is crucial. Triggered if your tax bill exceeds a thousand pounds, it involves paying upfront towards the following year's tax bill. Flexibility exists to reduce payments if income expectations change, but accuracy is key to avoid interest charges.

Reviewing Previous Tax ReturnsMoreover, consider reviewing past tax returns, as adjustments within a four-year window may be possible. Seek guidance from a competent accountant for any overlooked claims or expenses.

ConclusionIn conclusion, handling tax-related stress involves proactive steps – reviewing returns, making payment arrangements, adjusting payments on account, and ideally setting aside funds for future tax payments. Share this episode with those who may benefit, and remember, keep stress levels down as you take charge of your tax situation. Until next time, stay financially savvy!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In the realm of business financial planning, one indispensable element takes centre stage - sales forecasting. Whether you're part of a theatre company, a dance troupe, or a business involved in manufacturing or retail, understanding what your future income might look like is paramount for success. As freelancers or consultants, the same principle applies. Today, in this episode of "I Hate Numbers," we embark on a journey to explore the perils of excessive ambition or undue caution in our sales forecasts.

Navigating UncertaintyAs business owners, we acknowledge the impossibility of crystal ball gazing into the future with 100% certainty. We're not endowed with superpowers, and our task is to navigate through an uncertain landscape. Many businesses resort to historical sales patterns as a basis for their forecasts, an approach that, while easy, can be overly restrictive and lacking in ambition.

Stress Testing and Critical ThinkingRegardless of whether your approach is historical or forward-looking, stress testing your sales forecasts is crucial. Computers and planning platforms, while efficient in crunching numbers, lack the critical human touch. Ambitious forecasts demand answers to critical questions, aligning projections with historical performance, and substantiating them with evidence and marketing efforts. For a powerful online tool in this regard, check out "Budgetwhizz" developed by NumbersKnowHow.

Avoiding PessimismOvert pessimism in forecasts necessitates a deep dive into factors influencing buyer behaviour. Occupancy rates, historical anomalies, and external factors like economic pressures must be considered. Storytelling, a retrospective look at buyer behaviour during lockdowns, offers valuable insights.

Clearly Stated Assumptions and Digital Eco AccountingWe emphasize the importance of clearly stated assumptions in forecasts, allowing for modifications while keeping an eye on changing variables. The sales forecast, being the linchpin of financial planning, impacts resource allocation and costs. We recommend a digital eco-accounting system, such as Xero, for tracking, recording, and integrating historical patterns. Additionally, platforms like "BudgetWiz" offer a seamless integration to facilitate easy coordination.

In ConclusionIn the realm of financial forecasting, substance behind the numbers is paramount. Whether aiming for the stars or playing it safe, ambition backed by solid reasoning is key. Undue pessimism can limit potential, while excessive caution opens doors for competitors. As we wrap up today's episode, we encourage businesses to adopt a mindset of continuous questioning, stress testing, and revisiting assumptions to thrive in an ever-evolving landscape.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Greetings, everyone! In another episode of I Hate Numbers, your go-to for demystifying business finance, we unravel the intricate web of business costs and operational gearing.

Understanding Fixed and Variable Costs:In the business realm, understanding your costs is pivotal for success. We're diving into two fundamental types: fixed and variable costs. Fixed costs, like the steady beat of a drum, remain constant, encompassing expenses such as salaries and rent. Meanwhile, variable costs fluctuate based on activity, akin to fuel consumption in a car.

Operational Gearing Unveiled:Now, let's delve into the core concept of operational gearing—the intricate relationship between fixed and variable costs. This relationship profoundly influences the risk and profitability of a business. The higher the fixed costs in relation to total costs, the higher the operational gearing.

Scenario Analysis - Lower Operational Gearing:Transitioning into our first scenario, with a 50% fixed cost burden, we'll explore the impact of a 20% sales fluctuation. Fixed costs stay static, but variable costs adjust accordingly. The result? A substantial profit increase, showcasing the dynamics of lower operational gearing.

Scenario Analysis - Higher Operational Gearing:Conversely, in our second scenario, where fixed costs make up 60% of the total, we'll observe a more pronounced impact of a 20% sales fluctuation. The higher operational gearing leads to a more significant profit increase when sales rise but a more substantial decline when sales drop.

Key Takeaways:So, what's the key takeaway? High operational gearing can be advantageous during growth but risky in challenging times. Being cost-conscious is crucial, offering a buffer against unexpected downturns.

Tools and Resources:Furthermore, explore our Numbers Knowhow site for a free online calculator and other resources, including BudgetWhizz. Planning for the future? Dive into our online planning tool with a cash flow planner—your ally in business strategy.

Conclusion:As we wrap up, remember to share this valuable insight with others. Your reviews and comments help expand our community. Until next time, happy calculating, and stay tuned for more business wisdom on "I Hate Numbers."

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In the world of business, dealing with a financial crisis is not a matter of if, but when. We, as business owners, often take risks, and sometimes these risks don't pan out as expected. The key is to remain calm and composed when the unexpected hits, avoiding the trap of becoming a proverbial rabbit caught in the financial headlights.

Staying Calm in the StormIn a hypothetical scenario, a dance company faces a financial setback after a series of performances. Despite artistic success, the expected box office takings did not materialize, merchandise sales were disappointing, and promised revenue streams vanished. In such hypothetical moments, panic is not our ally. Instead, we would take a moment to acknowledge the situation, allowing for a rational and logical approach to navigate the challenges.

Understanding the DepthsThe crucial second step involves understanding the depth of our financial problem. Additionally, We compile a comprehensive list of debts and obligations, refusing to create a vacuum by avoiding communication. Communicating with stakeholders and suppliers is paramount. In this context, having robust financial systems, such as Xero, becomes invaluable for tracking expenditures and maintaining transparency.

Looking Ahead: Future Cash FlowsSubsequently, with communication lines open and debts understood, we move to the third step: looking into the future. Drilling down into our future cash flows becomes imperative. Using tools like BudgetWiz, we monitor upcoming cash flows, identifying reserves, and assessing the financial landscape for the next three to six months.

Prioritizing for ProgressAs we delve deeper into our financial toolkit in the next episode, it's crucial to prioritize debts. Which ones are critical to our ability to move forward? We explore payment terms, seeking to create a clear picture of the cash flow pressures we're facing.

In summary, panic has no place in dealing with a financial crisis. We confront the situation, understanding why it went wrong, and ensure open communication with stakeholders. As we navigate these challenges, our reputation is on the line, making transparency and resolution essential. Remember, keep it healthy, keep it wise, and share this episode with those who might benefit.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In today's podcast, we aim to explore and demystify the common misconceptions surrounding tax obligations for Community Interest Companies (CICs). As passionate advocates of business finance, we want to illuminate the intricate relationship between CICs and their tax responsibilities.

Understanding Community Interest Companies (CICs)Defining CICs

Firstly, before tax, let's define what a Community Interest Company, or CIC, entails. Despite charities, CICs blend social enterprise with an entrepreneurial spirit, all in the pursuit of benefiting their communities.

CICs vs. Charities

In a crucial clarification, being a CIC doesn't equate to being a charity. Even though charities enjoy specific tax exemptions, CICs navigate a different landscape with its own set of rules and obligations.

Tax Obligations for CICsGenerating Surplus

Notably, CICs often find themselves generating a surplus, equivalent to profit in the private sector. Regardless of the positive connotations, it's important to note that this surplus is not exempt from corporation tax.

Mitigating Tax Liability

Furthermore, while there are strategies to mitigate tax liability, CICs engaging in commercial activities, grants, or donations must adhere to regular rules governing corporation tax.

Value Added Tax (VAT) ConsiderationsImpact of Commercial Activities

Shifting our attention to VAT considerations, it becomes relevant when CICs engage in commercial activities. Upon crossing the statutory turnover limit necessitates VAT registration.

Obligations Despite Structure

Moreover, whether limited by guarantee or shares, CICs cannot evade VAT obligations. This emphasizes the responsibility of navigating tax intricacies, regardless of their structural nuances.

Employment and National InsuranceEmployee Tax Responsibilities

As CICs employ staff, they inevitably step into the realm of employer National Insurance obligations. This additional duty adds to the responsibility of operating payroll schemes, a critical aspect of tax compliance.

Clarifying Employee Status

Moreover, it's essential to recognize that the distinction between an employee and a freelancer is about the developed relationship. This topic we'll explore further in future podcasts.

CIC Structure and Tax RulesLimited by Guarantee vs. Limited by Shares

By distinguishing between CIC structures, whether limited by guarantee or shares, it significantly impacts tax considerations. Dividends and fund withdrawals have specific rules that must be navigated.

Advisor Guidance

In cases of uncertainty about the intricacies of CIC structures, seeking advice from experts is paramount. Our inbox at IHATENUMBERS is open to support your queries, ensuring you have the guidance needed.

Grant Income and Accounting ConsiderationsHandling Grant Income

Grant income, essential for many CICs, comes with accounting nuances. Therefore, understanding restricted funds ensures accurate representation in financial records, a practice essential for tax compliance.

Not a Tax-Free Card

Further, with receiving grant income, CICs must recognize that it is not a carte blanche for tax exemption. Grant income serves specific project delivery purposes, and understanding its implications is critical.

ConclusionIn essence, being a CIC doesn't exempt one from tax obligations. It's a social enterprise vehicle combining an entrepreneurial trading spirit with income generated from various sources. We hope this episode clarifies common misconceptions about tax and CICs.

If you found this episode useful, we encourage you to share it within your network. CICs with specific questions or future topics can reach out to us. Until next time, this is your business finance fixer, signing off. See you on the other side.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Greetings, savvy listeners! In this episode of I Hate Numbers, we're on a mission to empower business owners and creatives. Our goal is crystal clear: fostering financial growth, reducing stress, and realizing your aspirations. Today, we delve into a game-changer—the "Positive Money Mindset."

Understanding Money MindsetTo begin, let's comprehend what a money mindset entails. Money mindset is the silent architect of our financial outlook, a symphony of deep-seated beliefs, attitudes, and perceptions shaped by childhood experiences, family backgrounds, and cultural influences. Consequently, it silently guides our financial decisions.

Positive vs. Negative Money MindsetNow, let's explore the dichotomy between a positive and negative money mindset. Firstly, a positive money mindset views money as a dynamic tool, propelling us toward our goals. It acts as a catalyst for financial growth, embracing opportunities and profiting without guilt. Conversely, a negative mindset breeds fear and scarcity, imposing self-restrictions and casting doubt on our wealth-generating capabilities.

Cultivating a Positive Money MindsetTransitioning to cultivating a positive mindset, we must employ key strategies. Notwithstanding childhood experiences, exposure to positive role models, and enhancing financial awareness—all play pivotal roles. Furthermore, embracing the idea that profit isn't a taboo but a necessity for sustainability marks a foundational shift.

Impact on BusinessesWithin the realm of business, the impact of this mindset is profound. Our money mindset dictates our businesses' fate. A positive mindset fuels calculated risks, driving innovation and creativity. Meanwhile, a negative mindset begets hesitancy, reluctance, and aversion to risk-taking, stifling growth.

The Power of a Positive Money MindsetDelving deeper into how a money mindset influences our decisions and risk-taking, we find a formidable force. A positive money mindset sets the stage for success, influencing decision-making and fostering innovation. It's not about recklessness but calculated risks, ultimately reducing stress through sound financial decisions.

ConclusionAs we wrap up, let's reflect on the profound impact of a money mindset. To conclude, folks, the right mindset is a formidable ally in the journey of success. It shapes our decisions, fuels innovation, and attracts collaborators. So, as we sign off, ask yourself: How do you perceive your money mindset? Is it a positive force propelling you forward, or is there room for a transformative shift?

Until next week, stay positive and keep those financial vibes strong!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In the realm of business, we often underestimate the emotional toll it can take. When we confront unexpected challenges—economic downturns, restructurings, or closures—we're not just dealing with logistical hurdles; we're grappling with grief. In this episode, we explore the profound connection between personal loss and the business world, examining how the five stages of grief identified by Elizabeth Kubler Ross—denial, anger, bargaining, depression, and acceptance—resonate within the entrepreneurial landscape.

Denial: The Initial ShockIn times of crisis, such as economic downturns or unforeseen disruptions, small business owners may find themselves in a state of denial. The overwhelming changes in the business landscape can be hard to accept initially. Consequently, denial is not an uncommon response; it's a defense mechanism, a shield against the harsh realities we're confronted with. Picture a restaurateur witnessing a decline in footfall—denial becomes the initial refuge, a way to make sense of the nonsensical.

Anger: A Valid Emotion in Business GriefAnger, often suppressed in societal norms, is a crucial part of the grieving process. In the business context, it manifests as frustration, directed at challenges like declining foot traffic or increasing competition. Additionally, we must acknowledge and work through this anger, understanding its role in the healing process. Bottling it up only prolongs the inevitable confrontation with this powerful emotion.

Bargaining: Seeking Solutions in Business TurmoilAs denial diminishes, business owners often transition to the bargaining stage, searching for solutions and compromises. This is a phase of false hope, where the mind crafts scenarios to avoid the impending problem. However, guilt, an unwelcome companion, accompanies bargaining, leading to numerous "what if" scenarios. Consequently, it's crucial to recognize bargaining as a natural part of the process and, when possible, channel it towards productive solutions.

Depression: Navigating the Depths of Business ChallengesDepression, a weighty stage in the grief cycle, manifests as sadness, withdrawal, and a sense of emptiness. Business owners, faced with significant challenges like bankruptcy or restructuring, may find themselves in a state of despair. Consequently, it's essential to acknowledge the various degrees of depression and seek support when necessary. Embracing a safe space for help is crucial in navigating through this emotionally taxing phase.

Acceptance: Embracing a New BeginningThe final stage brings acceptance—not necessarily of business failure but an acknowledgment that life continues. Emotions stabilize, and clarity emerges. Additionally, acceptance doesn't signify surrender; rather, it marks a transition to rebuilding and moving forward. Consequently, business owners often experience a cathartic release, lifting the weight off their shoulders and paving the way for a new chapter.

Typical Symptoms of Business Grief:Recognizing the signs of business grief is crucial. From crying and headaches to disrupted sleep patterns and increased stress, these symptoms mirror personal grief experiences. Consequently, understanding these manifestations is key to supporting oneself and others through challenging business situations.

Conclusion: Navigating Business Grief for ResilienceAs business owners, we are emotionally driven beings. Consequently, recognizing and understanding the stages of grief in the business context equips us to face challenges with resilience. Consequently, the Kubler Ross grief cycle serves as a valuable framework, allowing us to navigate the complex emotions intertwined with the entrepreneurial journey. By acknowledging, understanding, and embracing these stages, we can emerge stronger and more resilient in the face of business adversity.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this week's episode of "I Hate Numbers," we tackle a critical topic that every business is bound to confront sooner or later — the signs of impending financial distress. Last time, we delved into the emotional challenges of making tough decisions, particularly the decision to let go. Today, we shift the spotlight to identify four unmistakable signals that could signify trouble on the horizon. Whether you're a creative soul or a small business owner, these warning signs are universal, and recognizing them early might just be the key to steering your business away from disaster.

The Odometer of the Business (Cash Flow)Driving a business is akin to navigating a car, and just like a car's dashboard provides vital information, your business needs indicators for effective navigation. The critical gauge here is your cash flow, the lifeblood of your business. As the saying goes, when the cash runs out, the lights go off. Regularly monitor your cash flow, and notwithstanding, keep an eye on credit customers, as exceeding credit terms could be a red flag.

The DashboardMuch like a car's dashboard reveals critical information, your business should have its own set of vital signs. For retailers or manufacturers, efficient inventory turnover is the engine of the business. The speed at which goods move in and out represents money tied up in your business, and efficient turnover is crucial. Moreover, it is important to align your strategies with industry challenges.

Client Base and Market PositioningBeyond numbers, assess whether your client base is dwindling or if there's an over-reliance on a few clients. Watch out for declining spending and potential challenges in acquiring supplies. Utilize digital systems to gain insights and simultaneously monitor market dynamics.

Operational EfficiencyOperational efficiency is crucial for long-term success. Evaluate delivery times, customer complaints, and internal issues. Recruiting the right team is essential. Similarly, align your strategies with industry challenges, and consider future capacity when taking on new business.

Conclusion and Action StepsBeing aware of these warning signs is crucial. Develop a cash flow budget, reassess your strategy, and adopt a planning mindset. Therefore, seek support and assistance when navigating business distress. Remember, a proactive approach can make all the difference.

We encourage you to share this valuable information with those who could benefit. Consequently, as we navigate financial challenges, let's support each other and build resilient businesses. Until next time, keep that space between your ears healthy and wise.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In the world of business, the journey often feels like an exhilarating roller coaster ride with its highs, lows, and unexpected turns. Consequently, as business owners, we comprehend this emotional impact all too well. Drawing from three decades of personal experience and additionally assisting thousands of fellow entrepreneurs, we've observed the highs and lows, helping entrepreneurs weather the storms and, conversely, celebrating the victories.

The Emotional Impact on Business OwnersOur mission has been to empower business owners by increasing financial awareness. Simultaneously, aiding them in navigating the tumultuous landscape, we've witnessed the highs and lows, helping entrepreneurs weather the storms and, conversely, celebrating the victories.

Facing Difficult DecisionsThe reality of being a business owner involves confronting difficult decisions. Whether it's dropping a product, discontinuing a service, or closing the business altogether, the emotional toll can be immense. Meanwhile, external factors like falling sales, fierce competition, and market changes often force us to make decisions that challenge our original dreams.

The Emotional Toll of Letting GoLetting go, akin to the Kubler Ross cycle of grief, brings forth a range of emotions—failure, disappointment, and a profound sense of loss. The decision to part ways with something we've invested time and energy in is emotionally wrenching. It affects not only our well-being but also our personal relationships and family dynamics.

Communicating ChangeOnce the decision is made, transparent communication becomes paramount. We must honestly convey our decisions to employees, staff, customers, and loved ones, bearing the responsibility of the impact on their lives.

Catharsis and ResilienceOddly, making the tough decision to close a business can be cathartic. The weight lifted off our shoulders reveals clearer skies, providing an opportunity for resilience and personal growth. Moreover, it's not the end of the road but a transformative moment.

Seeking Support and Embracing ChangeDuring such pivotal moments, a robust support network and professional advice become invaluable. Choosing to close a business can be a conscious decision leading to new opportunities. Consequently, changing paths isn't a sign of failure but a chance for enrichment and positivity.

Endings as BeginningsEmbracing setbacks as inevitable and recognizing that endings can be disguised beginnings allows for a positive mindset shift. Life is full of unexpected turns, and consequently, sometimes, the end of one venture marks the beginning of a new, more fulfilling journey.

ConclusionAs we conclude this episode, we encourage you to share these insights with those who may benefit. Accordingly, we're eager to hear your thoughts and experiences—have you faced the emotional challenge of letting go in your business journey? Until next week, let's continue navigating the intricate landscapes of business together.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

We embark on today's episode of the I Hate Numbers podcast with a mission: to demystify the complexities surrounding the "Higher Income Child Benefit Charge." This financial obligation affects individuals or couples with a combined income exceeding £50,000, leading to a potential clawback of child benefits.

Unpacking the £50,000 LimitTo comprehend the implications, we must first grasp the significance of the £50,000 adjusted net income threshold. This term, adjusted net income, is vital in determining eligibility. It encompasses various income sources—self-employed profits, rental income, and PAYE earnings—while factoring in deductions like gift aid contributions and losses from prior years.

Addressing Unfairness in the SystemWhile designed to ensure fairness, the system's structure raises questions. A couple with both partners earning £49,999 each escapes the charge, while a scenario where one partner earns significantly more triggers the clawback. This apparent incongruity necessitates a closer look at the system's fairness and impact.

The Mechanics of ClawbackThe clawback mechanism is straightforward but consequential. For every £100 over the £50,000 adjusted net income threshold, a 1% reduction in child benefit occurs. The situation intensifies for those surpassing £60,000, where the entire child benefit received during the tax year must be repaid.

Reporting Obligations and Self-AssessmentAdditionally reporting obligations fall on the shoulders of the higher earner, emphasizing the importance of navigating the self-assessment process. This responsibility often rests with the partner responsible for preparing the tax return, typically the higher-income earner in the household.

Exploring Options and RecommendationsMoreover, in the face of these regulations, proactive steps become imperative. We advise promptly addressing obligations, registering for self-assessment if necessary, and considering the option of not claiming child benefit, understanding its potential impact on national insurance contributions and future state pension.

ConclusionNonetheless, our exploration of the Higher Income Child Benefit Charge unveils a nuanced financial landscape. By understanding the £50,000 threshold, the clawback mechanism, and reporting obligations, we empower ourselves to navigate this system with clarity and confidence. Stay informed, take charge, and join us for future episodes as we continue simplifying the world of finance.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In the dynamic realm of business, whether steering a private enterprise or a non-profit organization aspiring to make a social impact, one constant looms large – taxes. Amidst the myriad of taxes, VAT, or the rather awkwardly named Value Added Tax, emerges as a distinct challenge, particularly when entwined with agency relationships. Today, on the I Hate Numbers Podcast, we embark on a journey to decipher the intricacies of VAT within the realm of agent relationships

Exploring Agency Relationships:As we delve into the podcast, we elucidate the essence of an agency relationship – a scenario where one acts on behalf of another. Drawing from our experience at I Hate Numbers, we often function as agents for numerous clients, engaging in conversations with tax authorities and handling tasks they might not have time for.

VAT Unveiled:Moreover, VAT, a pivotal player in the tax landscape, manifests in different agency relationships. Two primary types, disclosed and undisclosed, dictate the buyer's awareness of the agent's role. In a disclosed agency relationship, transparency prevails, and the buyer is cognizant of the agent's representation. Conversely, in an undisclosed agency relationship, the agent operates more discreetly, with the buyer potentially unaware of the principal.

Navigating VAT Responsibilities:The implications of VAT diverge based on the type of agency relationship. In an undisclosed agency setup, the agent shoulders the responsibility for the full VAT, charging it on the entire value of the transaction. Additionally, in a disclosed agency relationship, VAT obligations are limited to the commission, a more common scenario in the art world.

Common Pitfalls and Best Practices:Consequently, amidst these intricacies, pitfalls often emerge. One common misstep involves failing to distinguish between collected funds and personal sales, leading to accounting headaches. Consequently, proper documentation and record-keeping become imperative, with contracts reinforcing the nature of agency relationships.

Responsibilities of Principals:For principals, whether artists or performers, vigilance is key. Monitoring supply values is crucial, potentially triggering VAT registration. Simultaneously, robust paperwork clarifies responsibilities and safeguards against misunderstandings.

Conclusion:In conclusion, we encourage agents and creative entities to seek assistance if navigating these waters seems daunting. Dive into our resources, stay informed, and elevate your financial literacy. Explore more on our website now. Don't miss our Free upcoming tax webinar on December 6th, offering insights into stress-free tax returns.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In the dynamic landscape of the gig economy, additionally, we find ourselves at the crossroads of change. The term, a buzzword for many, holds particular relevance for those in the UK. Specifically, this week's episode of I Hate Numbers delves into the impending legislation by HMRC, set to take effect on January 1, 2024.

The Gig Economy's ScaleBefore we explore the legislative intricacies of tax, let's comprehend the scale of the gig economy. Undoubtedly, a staggering 7.35 million people actively participate in this industry in the United Kingdom alone. Moreover, what does this mean in the grand scheme? Our friends at HMRC, in conjunction with the OECD, believe it necessitates new legislation.

New Legislation: A Compulsory ShiftStarting January 1, 2024, digital giants like Airbnb, Fiverr, Upwork, and Deliveroo will be compelled to report income details to HMRC. Consequently, this isn't a mere option; it's a mandatory action. The global stage is witnessing a synchronized effort to curb what tax authorities perceive as evasion and avoidance in the gig economy.

Impact and EnforcementMoreover, as we transition into the heart of the matter, it's crucial to understand the implications. The legislation unfolds in two stages: reporting by digital platforms in 2024 and cross-checking by HMRC in 2025. The message is clear – transparency is non-negotiable. Those who fail to comply may find themselves the subject of a meticulous investigation.

Tax Evasion vs. Avoidance: Drawing the LineUnderstanding the thin line between tax evasion and avoidance is paramount. For instance, while tax avoidance is legal and smart, evading taxes is a criminal offense. HMRC's focus is on ensuring individuals rightfully declare their income, thereby minimizing the tax gap and preventing loss of revenue.

Responsibilities of Gig WorkersGig workers, take note. Equally, if you're self-employed and your yearly sales exceed £1,000, self-assessment registration is mandatory. Even if your income incurs no tax, it is crucial to declare. Thus, remember, hiding income can lead to repercussions beyond financial implications.

Potential Consequences and PreparationHMRC possesses the authority to prosecute, emphasizing the severity of non-compliance. Meanwhile, preparation is key. Get your financial house in order. Explore our show notes for valuable resources and register for our free webinar on December 6, 2024, for a more comprehensive understanding.

Conclusion: Navigating the Tax TerrainIn conclusion, by addressing it head-on, anxiety can be mitigated, allowing gig workers to navigate this changing landscape successfully. Ready to master your financial game? Dive into our resources, stay informed, and elevate your financial literacy. Explore more on our website now.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Welcome back, everyone! Today, we're tackling a familiar adversary: procrastination. We've all been guilty of putting things off in both our business and personal lives. In our previous episode, we explored the surprising ways procrastination can be a force for good. However, today, we're taking a different approach, focusing on why procrastination is often a hindrance and providing practical tips on how to beat it.

Why Procrastination MattersUnderstanding the Art of Procrastination

Procrastination, the art of delaying essential tasks, is a shape-shifter we've all encountered. Whether it's that crucial email, a vital phone call, or the ever-looming personal tax return, procrastination takes many forms.

The Tax Return Context

Let's put procrastination into context—something universally relatable, the dreaded tax return. In the UK, millions face this challenge annually, with around 2 million people waiting until the last minute and 660,000 surpassing the deadline.

Unveiling the Reasons Behind ProcrastinationCommon Causes of Procrastination

Understanding why we procrastinate is crucial. Common reasons include a lack of motivation, poor prioritization, feelings of overwhelm, and challenges in time management.

Practical Tips to Overcome ProcrastinationStrategies for Success

Now that we've identified the reasons behind procrastination, let's delve into actionable strategies to beat it.

Additionally, we need clarity on the 'why' behind a task. This rationale serves as our motivation, propelling us forward.

Furthermore, curbing distractions, using the 'Eat the Frog' method, and adopting short bursts of productivity, like the Pomodoro technique, can significantly enhance our focus and efficiency.

Consequently, breaking tasks into smaller, manageable parts and offering rewards post-completion can make the process less daunting.

Moreover, a crucial point is to understand the urgency and priority of tasks, ensuring they align with our goals.

Additional Support for Tax Return and EncouragementNavigating Tax Returns

As an additional resource, check out our show notes for a free webinar on completing your tax return. It's filled with valuable insights on avoiding mistakes and optimizing claims.

Meanwhile, if you find yourself among notorious procrastinators, you're not alone. It's time to take control of your time and achieve your goals.

ConclusionIn conclusion, overcoming procrastination is a shared challenge. By understanding the 'why' behind it and implementing practical strategies, especially in the context of tax returns, we can reduce stress, enhance productivity, and achieve our goals. Remember to hit that subscribe button, stay updated, and share this episode with your network. Until next time, let's beat procrastination together!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In the fast-paced world of business, people often view procrastination with apprehension. They commonly associate it with missed deadlines, incomplete tasks, and unfulfilled promises. We, too, used to perceive procrastination negatively, as it seemed to hinder productivity. But in this episode, we invite you to join us on a journey where we challenge this notion. We explore procrastination not as a hindrance but as a force that can benefit both you and your business.

Procrastination as a Time for ReflectionConsequently, when we take a step back without rushing against deadlines, we create an atmosphere that significantly enhances our decision-making process. This period of thoughtful reflection, believe it or not, can significantly enhance our decision-making process.

Fostering Creativity and InnovationLikewise, when we let our minds meander through moments of idleness, we free our minds to wander and explore new ideas. These brief, seemingly unproductive periods can be fertile ground for creativity and innovation. Some of the greatest breakthroughs in history have emerged during procrastination when the brain makes unexpected connections.

Preventing BurnoutMoreover, the world of business often resembles a relentless marathon. In our quest for

success, burnout looms as a potential threat. Therefore, procrastination serves as a safety valve that allows you and your team to step back, recharge, and avoid the brick wall of exhaustion.

Strategic Advantage and Task FilteringMeanwhile, the business landscape is ever-evolving, with new strategies, technologies, and social platforms emerging. By strategically delaying decisions and implementations, we can gain valuable insights and minimize impulsive choices. Procrastination can be a strategic advantage in this dynamic environment.

Similarly, procrastination helps filter out tasks that don't warrant immediate attention. It conserves your time, energy, and resources, making you a more productive asset in your business.

ConclusionIn summary, procrastination isn't merely a negative attribute to be eliminated. Instead, it's a multifaceted tool that offers time for reflection, fosters creativity and innovation, prevents burnout, and can be strategically advantageous. Therefore, we urge you to embrace procrastination as a valuable force for good in your business journey.

Nonetheless, it's important to remember that procrastination should be approached mindfully. It's not an excuse for avoiding essential tasks but a chance to harness its positive aspects strategically. By doing so, you can discover the uncharted potential of procrastination in enhancing your business endeavours.

Don't forget to like and share if you find this useful and check out the Numbers Knowhow platform for more resources.

Until next time, keep making the most of your procrastination, and as always, we're here to help you and your business thrive.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this week's episode, we delve into the Business Model Canvas, a powerful tool for visualizing and describing your business or organization.

Understanding the SignificanceWe often hear business owners and organizations talk about business models without fully understanding what a business model entails. Consequently, comprehending your business model is crucial. Additionally, according to American entrepreneur and educator Steve Blank, a business model describes how your company creates, delivers, and captures value.

Moreover, having a well-articulated business model brings various benefits. It helps in effective communication, aids in financial planning, and ensures sustainability. We at I Hate Numbers are here to guide you through this valuable process.

The Business Model CanvasMoreover, the Business Model Canvas comprises nine building blocks that together provide a comprehensive view of your business. It starts with the Value Proposition; namely, identifying your core value and what sets you apart from competitors.

Similarly, we'll look at Key Partners, the crucial stakeholders and resources necessary for your business's success.

Building the FoundationThe Key Activities involved in delivering your value proposition are essential. Whether you're a small bakery crafting personalized cakes or an art gallery curating exhibitions, these activities are the core of your operations.

The Resources that MatterFirstly, Key Resources, both physical and non-physical, underpin your business. For a bakery, it's the talent of your bakers and the quality of ingredients. In the art gallery world, curators, exhibition space, and the art itself are paramount.

Nurturing Customer RelationshipsEffective Customer Relationships can be diverse. Specifically, for a bakery, it's about offering a friendly and welcoming experience. In the art gallery, it could mean guided tours and interactions with artists.

Establishing Channels and SegmentsDiverse Channels are essential. A bakery might use a physical shop, website, and social media, while an art gallery leverages physical exhibitions, digital art sales, and partnerships.

Also, Segments help you understand your audience. Consider demographics, interests, and pain points. A bakery caters to event planners, residents, and businesses. An art gallery might target collectors, tourists, and schools.

Balancing Costs and RevenueUnderstanding your Cost Structure is vital. For a bakery, this includes labour, raw materials, and marketing costs. An art gallery's costs encompass rent, marketing, and salaries.

The Key - Revenue StreamsFinally, your Revenue Streams define your financial goals. A bakery's streams may include counter sales, customized cakes, and takeaways. An art gallery earns from ticket sales, artwork sales, memberships, fundraising, grants, and donations.

Similarly, the Business Model Canvas is a dynamic tool that helps you craft a comprehensive view of your business, guiding your financial modelling, business planning, and communication strategy. Feel free to download our Business Model Canvas template to get started.

Wrapping UpWe hope you found this episode valuable and insightful. Lest, we encourage you to share it with others who can benefit from understanding the power of the Business Model Canvas. We look forward to your feedback, and until next week, Happy business modelling.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

We believe that your business budget is one of your most valuable allies. It might sound surprising, but the process of budgeting should not be daunting or intimidating. In this episode of "I Hate Numbers," we'll explore the advantages of implementing a budget for arts and creatives.

Your Budget as a Valuable AllyBudgets, for example, play a pivotal role in your business. They help allocate resources, monitor progress, motivate your team, and facilitate communication across departments and stakeholders.

Transforming Your Business JourneyBudgets, in fact, transform your business journey into tangible numbers, creating a robust performance system.

Budgeting for CreativityLessons from different sectors, such as the arts, likewise, can be adapted and applied to your business context.

The Universal Language of FinanceAdditionally, finance is a universal language that offers valuable lessons for businesses, regardless of their sector.

A Traditional ApproachA traditional approach involves setting your destination point. Once we've got our destination, your budget becomes your roadmap, outlining the journey and activity plan needed to reach that destination.

Building a Financial ModelBudgeting is a financial model that simulates and represents something, a bigger landscape. To build a successful financial model, you need to understand your business model.

Understanding Your Business ModelYour business model defines your value proposition, core values, target audience, and transformation goals. That sounds odd, but your business model is not the same as a financial model.

Cost StructureYour business model influences your cost structure, including the nature of expenses involved in delivering products or services.

The Art of Revenue StreamsAnother aspect of your business model is revenue streams. So, each revenue source has its value and risks, but we need to factor them in.

Simplifying Data ManagementTwo tools can support you: a digital accounting system and a planning platform like Numbers Knowhow.

ConclusionIn conclusion, budgets are powerful tools. Granted, they might have their limitations, but they help control costs, provide accountability, offer direction, and motivate teams. They are not financial straitjackets but rather flexible frameworks that enable adaptability and focus.

We hope you found this post insightful. So, we'd love to hear your feedback. Do you follow a similar approach when creating your budgets? Reflect on your organization's model, and until next week's episode, keep budgeting wisely.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

When we discuss artists, creatives, and arts organizations as businesses, it can often lead to puzzled expressions. Nonetheless, it's a concept that deserves attention.

Profits with PurposeIn this week's "I Hate Numbers" podcast, we delve into the fascinating realm of the arts and creatives as businesses. While their objectives and motivations may differ, they share fundamental characteristics with traditional enterprises.

Valuable Lessons for All SectorsConsequently, unlike traditional businesses, arts organizations often utilize their profits to fulfil a particular purpose or support their unique "why." These surpluses play a crucial role in sustaining and thriving within the arts and creative sector.

Common Ground and Distinct DifferencesArts and social enterprise organizations provide valuable lessons for the private sector. For example, lessons in budgeting, compliance, tracking, and efficient resource management can benefit all industries.

Navigating Unique ConsiderationsMoreover, when we turn our attention to the arts and creative sector, we embark on a journey through the intricate landscape of funding streams. Here, we encounter the importance of maintaining impeccable cost transparency. Alongside this, we shed light on the nuanced realm of tax considerations that are distinctly unique to this field.

Understanding the multifaceted aspects of funding, cost management, and taxes becomes increasingly vital. This understanding is pivotal, considering the substantial impact that arts and creative businesses have on not only the economy but society as a whole.

ConclusionIf you're engaged in the arts or creative sector, we invite you to share your thoughts on the distinctions and commonalities compared to the private sector. Your experiences and insights are invaluable to our ongoing discussion. The arts and creative sector encompasses more than just creativity. Likewise, it's about running businesses with unique challenges and objectives that offer valuable lessons for all industries. What are your thoughts on the creative economy? Join the conversation and share your perspective. Share this episode and explore Numbers Know How for online tools and resources. Until, next time, happy creating!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this discussion, we're going to explore the significance of tracking in running your business. Additionally, we'll be talking about the power of project or product tracking and how it unravels profitability. We'll shed light on the financial intricacies that impact your bottom line.

The Significance of Project TrackingIn the realm of business finance, it's crucial to uncover where profits hide and how resources are allocated. To achieve this, we adopt a structured system. Specifically, what we generically call project tracking. This method involves monitoring your business activities. Concurrently, whether they're individual projects, products, or services, and grouping them strategically.

Benefits of CategorizationJust imagine a supermarket with thousands of product lines. It's impossible to scrutinize each one individually. So, they group products by category. Therefore, this simplifying the process and gaining valuable insights. Categorization is not just about the private sector; it's a concept widely used in arts and creative industries.

Applying Project Tracking to Your BusinessWhether you run a service-based or product-based business, tracking different revenue streams is essential. Equally important, prices, and profitability levels is essential. This approach helps you understand which aspects of your business are profitable, require more investment, or are resource-intensive.

Leveraging Digital ToolsIn the digital age, tools like Xero make project tracking more efficient. They allow us to allocate funds, record income, and gain insights by category. Digital tools save time. Simultaneously, they eliminate the tedium of manual data capture, enhancing the accuracy of financial analysis.

Actionable Insights and Informed DecisionsProject tracking offers actionable insights into your business's strengths and weaknesses. Instead of viewing finances in aggregate, we look at individual projects, products, or services. This reveals critical details. Subsequently, with this knowledge, you can make informed decisions to drive your business forward.

Additional ResourcesTo further enhance your financial management, consider exploring Numbers Know How, our sister company. They offer a powerful online planning platform. Notably, this allows you to plan and forecast by different product groups, projects, or services. You can integrate your plans with your accounting system. As a result, this gives you a clear view of reality against expectations.

ConclusionIn conclusion, tracking is not just a financial exercise; it's a strategic tool that empowers your business. It provides clarity, reveals opportunities. Moreover, it helps you navigate the complex landscape of profitability. By categorizing and tracking your projects and products, you gain insights that drive your business toward greater success.

So, remember to embrace the power of tracking, and may your journey towards better financial management be filled with actionable insights, informed decisions, and, unquestionably, success.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

One of the fundamental aspects of any business is invoicing. Whether it's billing clients for services rendered or products sold, efficient invoicing is vital. Moreover, if your business offers credit facilities, ensuring timely payment becomes paramount.

Creating Invoices with EaseIn a cloud-based system like Xero, invoicing becomes remarkably straightforward. We have access to customizable templates that can be tailored to fit our brand identity and payment preferences. This means that, from the outset, we present a professional image to our clients.

Automating Recurring InvoicesFor those clients who make regular payments, such as subscriptions or membership fees, we can automate the process. This saves time and eliminates the need for manual invoice creation each time. We can schedule recurring invoices on a weekly, monthly, or any preferred billing cycle, ensuring that payments are prompt and hassle-free.

Efficient Payment TrackingEfficiently tracking payments is essential for maintaining cash flow. Cloud accounting provides real-time updates on invoice status. Furthermore, we can configure the system to send automatic reminders to clients about upcoming or overdue payments. This feature alone markedly improves our cash flow management.

Enhanced Security and MobilityIn today's digital age, security is paramount. Cloud accounting systems, including Xero, implement robust security measures, such as two-factor authentication. We can also generate invoices on the go, using any internet-connected device, be it a laptop, mobile phone, or tablet.

The Bottom LineIn conclusion, embracing cloud accounting is undoubtedly a game-changer. It simplifies invoicing, payment tracking, and overall cash flow management. These user-friendly interfaces and automation features, combined with real-time updates and seamless payment integration, empower us to enhance our financial productivity significantly.

Efficient invoicing and payments are the lifeblood of a successful business. By adopting cloud accounting, we are not only saving time but also ensuring that our cash flow remains healthy and contributes to our growth. If you're intrigued by the possibilities of efficient invoicing and payments with cloud accounting, take action now! Explore our free cloud accounting guide and discover how we can assist you in migrating to the cloud, accessing key features, and providing the training and support you desire.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In today's fast-changing business world, although staying competitive requires embracing innovation, consequently, we find ourselves exploring the realm of Digital Accounting.

Benefits of Digital AccountingBefore we dive into the practical aspects, let's explore why transitioning to digital accounting is not just a trend but a strategic move that can benefit your business in many ways.

OnboardingInitially, let's get to the specifics of making this transition successfully. The first step in our journey to cloud accounting is the critical phase of onboarding.

MigrationThe migration phase marks a significant step in this process. It's where the rubber meets the road, and we leave our old accounting system behind for the world of digital accounting.

Ongoing JourneyTransitioning to digital accounting is not a one-time event; it's a journey. Moreover, after taking the initial steps, there's an ongoing journey that requires attention and dedication.

Embracing Cloud AccountingAs we wrap up our guide to digital accounting, we'll discuss the crucial role of cloud accounting in this transformation. Similarly, embracing the cloud is a key element in modernizing your financial operations.

ConclusionIn conclusion, cloud accounting is not just a technological upgrade; it's a strategic decision that can empower your business with efficiency, insights, and agility. By understanding the benefits, embracing the onboarding process, navigating the migration phase, and committing to an ongoing journey, you can position your business for a more prosperous future.

Nonetheless, don't just take our word for it. Dive deeper into the world of digital accounting by tuning in to our podcast. We've covered these topics and more in our recent episodes, offering in-depth insights and practical advice.

Listen to our podcast episodes for expert insights, tips, and real-world experiences. Subscribe today to stay updated with the latest trends and strategies in the world of finance and accounting.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this episode, we explore the world of modern finance as we talk about the remarkable advantages of cloud accounting. Unlike traditional methods involving spreadsheets or desk-based systems, cloud accounting is a contemporary approach to managing your financial data. It leverages online platforms like Xero, QuickBooks, FreshBooks, Sage, and many more. The cloud enables secure storage of financial information accessible to you and your team, anytime, anywhere.

The Benefits of Cloud AccountingNow, let's look at the numerous benefits of cloud accounting. We believe that understanding these advantages is crucial before making any transition.

Efficient Receipt ManagementSay goodbye to shoeboxes filled with receipts. With cloud accounting, you can effortlessly scan and digitize your receipts for hassle-free record-keeping.

Real-time Financial InsightsGone are the days of waiting for year-end financial statements. Cloud accounting puts financial information at your fingertips, allowing you to assess your business's profitability and cost structure in real-time.

Integration with Third-party SystemsCloud accounting systems, like Xero, seamlessly connect with other platforms, allowing you to consolidate data from various sources. This integration simplifies tasks such as tracking inventory and sales.

The Cost-saving AspectWhile there are initial setup costs, cloud accounting offers substantial long-term savings. By automating data entry and eliminating administrative burdens, you can save valuable time and resources. Moreover, maintenance and system admin costs become a thing of the past.

Security and CollaborationWith data encryption, two-factor authentication, and automatic backups, security is a top priority in the cloud. Additionally, cloud accounting promotes collaboration, making it suitable for the modern, remote-working world.

Planning for the FuturePlanning is the key to success. Cloud accounting empowers you to integrate financial data into forecasts and roadmaps effortlessly. It's not just about compliance; it's about driving your business forward with informed decisions.

ConclusionIn conclusion, cloud accounting is a game-changer for businesses of all sizes. We encourage you to explore the possibilities it offers. It's cost-effective, secure, and provides invaluable real-time insights. So, whether you're a startup or an established enterprise, cloud accounting is a powerful ally that can help your business thrive.

If you'd like more information, check out our free guide, "Release the Power of You," which covers cloud accounting migration. Additionally, explore the Numbers Know How platform for a deeper dive into planning and financial analysis.

Join us in the next episode, where we will discuss the practical steps to transition to cloud accounting. Until then, keep your head in the cloud and stay sanguine.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In today's episode, we, as dedicated proponents of effective business practices, discuss the paramount significance of planning in the world of business. We firmly believe that planning serves as the compass that guides businesses through turbulent waters, ensuring they not only survive but also thrive. In this discussion, we'll break down the essential elements of planning and highlight why adopting a proactive mindset is your secret weapon for sustainable success.

The Power of Strategic PreparationLet's start with the basics. Effective planning is the backbone of any business, whether privately owned or operating as a not-for-profit entity. Consequently, neglecting this crucial aspect is akin to playing with fire. The consequences can be dire, as research reveals that many business failures can be attributed to a lack of financial foresight.

Fostering the Planning MindsetAt, we're all about fostering the mindset of strategic preparation. This isn't just about crafting rigid plans; it's about shifting your focus from the rearview mirror to the windshield. It's about staying ahead of the curve, continually monitoring progress, and adeptly adapting to evolving circumstances.

Defining Your Business GoalsTo embark on this transformative journey, you must commence with the clear and well-defined establishment of your business objectives. Whether you're charting a course for the next 12 months, 2 years, or even 3 years, the magic often lies in the number three; it provides focus and clarity.

SMART GoalsNow, let's get SMART: Specific, Measurable, Achievable, Realistic, and Time-bound. These are the essential traits your goals should embody. Therefore, rather than formulating vague aspirations, set forth concrete targets that can be meticulously tracked and systematically accomplished.

Staying FocusedA crucial facet of successful strategic preparation is the unwavering maintenance of your focus. Nonetheless, resist the temptation to juggle an excessive number of objectives simultaneously. Overloading yourself with numerous goals can lead to unwarranted distractions and a dilution of your efforts.

Crafting Your Battle PlanAt this juncture, it's time to craft your strategic action plan. Think of it as preparing for a lengthy journey. What activities will propel you closer to your ultimate destination? Additionally, at this stage, we're not becoming bogged down in the minutiae; instead, we're wholly concentrating on the 'how' and 'what.'

Translating Strategy into NumbersIn due course, it becomes imperative to translate your meticulously devised action plans into tangible numerical figures. Furthermore, resist the urge to prematurely dismiss ambitious possibilities. Instead, contemplate the investments needed, envision the team you wish to assemble, and imagine the resources you're prepared to allocate.

Beyond the PlanRemember, strategic preparation isn't a one-and-done endeavor; it's a continuous process. Liken it to the regular maintenance of your vehicle; periodic check-ups and maintenance are requisite to ensure seamless operations.

Conclusion: Embrace the Strategic MindsetWe trust you've gained valuable insights into the significance of strategic preparation. By fully embracing the strategic mindset, you'll alleviate stress, manifest your ambitions, and ensure your business flourishes. Share this episode and explore Numbers Know How for online tools to stay on track.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Responsibilities are the cornerstone of achievement. They demand our attention, time, and energy. In today's episode, we explore the critical topic of responsibilities and how they impact our journey towards success. At every turn, we face challenges that test our ability to manage our duties effectively. Join us as we discuss practical strategies and insights on how to handle responsibilities with finesse.

Understanding the Role of ResponsibilitiesResponsibilities are the cornerstone of achievement. They demand our attention, time, and energy. Additionally, they are the driving force behind our progress. Although they may seem daunting at times, we are committed to taking ownership of them.

The Importance of PrioritizationResponsibilities come in various shapes and sizes. Therefore, it's essential to prioritize tasks based on their significance. This ensures that we allocate our resources efficiently, enabling us to tackle what matters most.

Achieving BalanceBalancing our professional and personal duties can be challenging. However, it's a vital aspect of our lives. Consequently, striking equilibrium allows us to maintain our well-being and deliver our best.

The Art of Time ManagementTo excel in our role, we employ time management techniques. Similarly, by staying organized and focused, we maximize our productivity and make the most of each moment.

The Power of AccountabilityAccountability is a shared responsibility within our team. Meanwhile, when we collaborate and hold each other accountable, we enhance our collective performance.

Communicating EffectivelyCommunication is key. Moreover, we emphasize clear and open dialogue, ensuring that everyone understands their role and can seek assistance when needed.

Transitioning with ConfidenceNevertheless, we believe that transitions are opportunities for growth. Navigating change with confidence allows us to adapt to new responsibilities seamlessly.

Embracing ChallengesChallenges are inherent in taking on responsibilities. Thus, we approach them as chances to learn and grow, embracing the opportunities they present.

ConclusionIn conclusion, responsibilities are the stepping stones to success. By prioritizing, balancing, and holding ourselves accountable, we pave the way for achievement. Embrace your responsibilities with enthusiasm, and they will propel you towards your goals.

If you found this episode valuable and insightful, we encourage you to share it with others who can benefit from these valuable tips and strategies. Join the ‘I Hate Numbers‘ community, where you can gain support, and access resources to conquer financial challenges. Plan it, Do it, Profit!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

The Art of Time ManagementTo excel in our role, we employ time management techniques. Similarly, by staying organized and focused, we maximize our productivity and make the most of each moment.

The Power of AccountabilityAccountability is a shared responsibility within our team. Meanwhile, when we collaborate and hold each other accountable, we enhance our collective performance.

Communicating EffectivelyCommunication is key. Moreover, we emphasize clear and open dialogue, ensuring that everyone understands their role and can seek assistance when needed.

Transitioning with ConfidenceNevertheless, we believe that transitions are opportunities for growth. Navigating change with confidence allows us to adapt to new responsibilities seamlessly.

Embracing ChallengesChallenges are inherent in taking on responsibilities. Thus, we approach them as chances to learn and grow, embracing the opportunities they present.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Motivation is a potent force that propels both individuals and teams toward success in the business realm. In this week's episode of the "I Hate Numbers" podcast, we delve into four crucial aspects related to motivation.

What Exactly is Motivation? At its core, motivation is the dynamic spark that ignites action and, moreover, propels us, as individuals and a team, towards our goals. Picture it as the fuel energizing the engine of our business, thereby keeping us enthusiastic, focused, and relentless in the face of challenges

The Importance of Motivation in BusinessThe significance of motivation in business cannot be overstated. Notably, it enhances productivity and spawns innovation, driving teams to unearth fresh ideas that invigorate the business landscape.

Types of Motivation: Intrinsic and ExtrinsicWithin the realm of motivation, two pivotal types come to light: intrinsic and extrinsic. Intrinsic motivation is an internal force that stems from passion and personal values. On the flip side, extrinsic motivation is driven by external factors like recognition and financial incentives.

Cultivating and Sustaining Business MotivationMaintaining motivation requires a deliberate approach. We kickstart the process by setting crystal-clear, shared, and attainable goals. Additionally, connecting with our business purpose and breaking down goals into micro-steps helps us navigate the journey effectively.

Embrace Goals and PurposeEnsuring our goals are distinct, achievable, and moreover, shared with our team sets a solid foundation for sustained motivation.

The Intrinsic and Extrinsic BalanceStriking a harmonious balance between intrinsic and extrinsic motivation maximizes our potential and therefore spurs us toward accomplishment.

Celebrate ProgressMicro-achievements, whether financial milestones or personal victories, merit acknowledgement to fuel ongoing motivation.

Cultivating a Positive MindsetEmbracing positivity while recognizing occasional negativity empowers us to maintain a balanced outlook and stride forward resiliently.

The Power of Continual LearningOur enthusiasm flourishes when we actively pursue new skills and knowledge, fostering an environment of growth.

ConclusionIn essence, motivation serves as the bedrock of our business journey. By setting precise goals, cultivating a positive mindset, and nurturing a culture of perpetual learning, we channel motivation's force to achieve our entrepreneurial aspirations.

Be sure to subscribe to the podcast and share it with fellow entrepreneurs. Until next week, remember that motivation is the key to realizing your ambitions.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Budgeting often triggers unenthusiastic reactions. But let's debunk these myths. In my experience, budgeting isn't about constraints; it's a potent tool for empowerment. Let's have a look in our podcast as we delve into embracing budgeting and a budgeting mindset. Uncover seven advantages that could reshape your business.

Clarity of Purpose and DirectionBudgeting provides clarity, giving you a clear path and understanding of the purpose and direction of your business. Moreover, by setting goals and aligning them with your budget, you gain valuable insights into how you'll achieve those goals. This clarity helps reduce stress and uncertainty, allowing you to focus on the journey ahead
Efficiency and ControlAn effective budget empowers you with financial control, enabling better management of your business. Furthermore, by identifying and minimizing waste, you can boost profitability and ensure alignment with your goals. Budgeting allows for efficient resource allocation, optimizing spending and maximizing results
Goal-Driven Decision MakingSmart goals shape your budget and guide decision-making. In addition, specific, measurable, achievable, realistic, and timely goals help you allocate funds strategically. With a clear understanding of your financial situation and future projections, you're able to make effective choices in spending, resource allocation, and financial planning.
Enhanced Communication and EmpowermentInvolving your team in the budgeting process fosters communication and empowers them to contribute to the business's success. When employees participate in setting targets, they take ownership of their work, leading to increased motivation and accountability. This cohesive approach ensures everyone is working towards the same budget and objectives.
Motivation and AccountabilityParticipating in setting targets boosts motivation and accountability. When individuals are involved in determining their own goals, they are more inspired to achieve desired outcomes. Ownership and active contribution from team members create a sense of responsibility and accountability. Regularly monitoring progress against the budget serves as a constant reminder and motivator.
Minimizing Risks and Achieving GoalsBudgeting provides a financial roadmap for your business. Understanding the financial consequences of your decisions minimizes risks and increases the likelihood of reaching your goals. By regularly monitoring progress and comparing it to the budget, you can identify and address any deviations before they become major setbacks.
Success and ResilienceBy embracing budgeting, you pave the way for success and resilience. Budgeting is not restrictive; it is a powerful tool that offers clarity, control, informed decision-making, enhanced communication, motivation, and a path towards achieving your desired objectives. It provides a framework for effectively managing your business's financial future and mitigating risks.

In conclusion, budgeting is far from a dry and tedious process. It is a liberating and cathartic exercise that equips your business with the tools necessary for success. By embracing a budgeting mindset, you empower yourself and your team to make informed decisions, drive growth, and navigate towards your desired objectives.

Nevertheless, if you're looking for a platform to help shape your financial future the Numbers Know How platform is here for you.

Remember, happy budgeting leads to a happy business. Join us next week for another episode of the I Hate Numbers podcast. Stay tuned, stay motivated, and let's achieve success together.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In the world of business, bookkeeping often remains in the shadows, underestimated and undervalued. However, as we delve into this episode of the "I Hate Numbers" podcast, we'll unveil the profound impact of bookkeeping that extends far beyond numbers.

Understanding the BasicsBefore we explore the ten compelling reasons that highlight bookkeeping's crucial role in business, let's first define its essence. Essentially, bookkeeping involves systematically recording, organizing, and managing financial transactions. Regardless of the method—whether digital, spreadsheet, or paper—the principles remain consistent.

10 Reasons Why Bookkeeping Matters1. Historical InsightsBy meticulously tracking income, expenses, sales, and purchases, businesses gain a historical context for informed decision-making and future planning. Furthermore, this historical data forms a solid foundation for assessing trends and shaping strategies.

2. Compliance AssuranceEffective bookkeeping ensures compliance with tax regulations, financial standards, and legal obligations. Moreover, adhering to these standards provides a shield against potential penalties and legal complications.

3. Tax OptimizationAccurate records streamline tax calculations, deductions, and claims, thereby minimizing the risks of penalties or investigations. When your records are detailed and precise, you can easily substantiate any tax-related claims.

4. Strategic Decision-MakingPrecise bookkeeping supports financial statements, which in turn enables insightful evaluations of profitability, liquidity, and overall stability. In addition, these insights serve as crucial guides for business strategies and future directions.

5. Informed AnalysisInsights derived from financial analysis drive strategic planning, budgeting, and resource allocation. Moreover, an informed analysis based on accurate data lays the groundwork for robust decision-making.

6. The Budgeting AdvantageProper bookkeeping facilitates realistic budgeting, forecasts, and adaptable strategies. This, in turn, empowers businesses to navigate market changes and seize emerging opportunities.

7. Credibility BoostTransparent records enhance credibility with suppliers, investors, and lenders. Consequently, maintaining accurate records becomes pivotal for securing crucial financial support.

8. Auditing and Due DiligenceMaintained records ease internal and external audits, thus ensuring compliance with internal controls and regulations. In the event of acquisitions or mergers, a comprehensive bookkeeping history is invaluable for due diligence.

9. Asset and Liability ManagementDetailed records help track assets, liabilities, and equity, thereby optimizing resource utilization and strengthening overall financial stability.

10. Fueling Growth and ExpansionAccurate records support strategic growth and investor confidence. In...

View Details

In this episode of the I hate numbers podcast, we delve into the crucial topic of business debt. While some might view debt as a risky path, it's not always doom and gloom. We'll explore the ins and outs of business debt, when to consider it, and how to manage it effectively.

Why Borrowing Matters for Your BusinessAs a business owner, you might need a financial boost to fuel your growth. Business debt can be that friendly neighbour, in the form of banks or financial institutions, helping you achieve your goals. Tax benefits are often cited as a reason to borrow, but it's essential to understand the fine print and the real impact on your finances.

Tax Deductibility: Not As Lucrative As It SeemsWhile debt interest is tax-deductible, it's not a straightforward 1-to-1 benefit. Understanding the details is crucial. Remember, tax savings on interest costs are not equivalent to the total interest paid. It's essential to weigh the commerciality of borrowing, not just the potential tax benefits.

Debt Repayment: A Fixed CommitmentRegardless of your business's profitability, debt repayment remains a fixed cost. Failing to repay can lead to severe consequences, jeopardizing your business viability and personal financial security if personal guarantees are involved.

The Upside of Debt: Speed and ControlOn the positive side, business debt can be easier to arrange than other financing options like share issues or asset sales. You retain full control of your company without diluting your ownership.

The Downside of Over-BorrowingToo much debt can lead to increased risk and financial pressure. Debt increases your operational gearing, making your business more sensitive to changes in costs and sales. It's crucial to have a robust cash flow plan to ensure you can service your debt under different circumstances.

Striking the Right BalanceBusiness debt can be a rollercoaster ride, with highs and cautious climbs. While it can fuel your growth and offer tax advantages, it comes with risks and responsibilities. Properly managing your debt and maintaining a sturdy cash flow plan are essential for success.

ConclusionBusiness debt can be a useful tool if used wisely and managed effectively. Finding the right balance and understanding the consequences are vital. Share your thoughts and experiences with debt, and remember, we're here to help you navigate the financial waters. Until next time, stay financially aware and make informed decisions for your business. Plan it, Do it, Profit!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this episode, we explore the crucial topic of holiday pay for employers. As business owners, we bear many responsibilities, and additionally, one of the most significant is towards our staff, our workers. We will explain why honouring this obligation is essential not only for legal compliance but also for the overall success of your business.

Who Is Entitled to Holiday Pay?In the United Kingdom, all workers, including part-time, full-time, or even those on zero-hours contracts, have an entitlement to receive holiday pay from the moment they start working. Consequently, providing fair compensation for employee time off to all eligible employees is a fundamental aspect of being a responsible employer.

How to Calculate Holiday Pay?Let's clarify how to calculate compensation for holiday time off for your employees. The statutory entitlement for holiday pay in the UK is 28 days a year, equivalent to 5.6 times an employee's normal working week. For example, if an employee works five days a week, they are entitled to 28 days of paid time off per year. Additionally, you can choose to provide additional holiday pay beyond the statutory 28 days.

The Crucial Importance of Honoring Holiday Pay Obligations1. Legal Requirement: Ensure you meet the legal obligation to provide holiday pay. Failure to do so can result in legal action against your business, leading to costly consequences, including court costs and damage to your reputation as an employer. 2. Protect Your Reputation: Demonstrate your commitment to your employees and uphold your standing as a responsible employer. Moreover, a positive employer reputation can attract and retain talented individuals, crucial for the success of your business. Additionally, it enhances your overall brand image, making your company an employer of choice. 3. Boost Productivity: Invest in your employees' well-being through proper compensation for time off. This allows them to recharge and return to work more energized and productive, benefiting both your employees and your business. 4. Tax Deductible: Remember that compensation for holiday time off is tax deductible. Providing a financial incentive to ensure your employees receive the time off they deserve. This allows you to optimize your tax planning and reduce your tax liabilities, thus contributing to your company's financial health.

Key TakeawaysWe cannot emphasize enough the significance of employee time off and holiday pay for employers. By treating your employees well and providing fair compensation for time off, you are investing in the success and reputation of your business. So, let's prioritize honouring this obligation and continue building workplaces that foster loyalty, dedication, and prosperity.

Get in touch!We'd love to hear your thoughts on this episode! Get in touch with us through our website or social media channels. Share your insights and experiences about holiday pay and employee time off. Together, let's build a community of responsible employers.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Retirement planning is crucial, whether it's years away or just around the corner. As we explore the UK state pension in this I Hate Numbers podcast, we aim to provide clarity on the two-state pension types and how to optimize your entitlement. Our team is dedicated to empowering you with financial knowledge, so let's delve into the details.

Two Types of State PensionThe UK state pension comprises the basic state pension and the new state pension. The pension you receive depends on your birth date. Men born before April 6, 1951, and women born before April 6, 1953, are eligible for the basic state pension, while those born after these dates qualify for the new state pension.

Qualifying Years and EntitlementTo maximize your state pension, you need 35 qualifying years of paying the right national insurance contributions. Having a minimum of 10 qualifying years ensures you receive a proportionate pension, while anything beyond 35 years won't increase your pension further.

National Insurance ContributionsFor employees, Class 1 National Insurance contributions count toward your state pension. Even on a low wage, you may receive credits to bolster your pension. If you're self-employed, paying Class 2 National Insurance (about £164 per year) helps build your pension record.

Filling the GapsDiscovering gaps in your contribution history can be concerning, but fear not! You can buy back years until 2006 to improve your pension. The government recently extended the deadline to April 5, 2025, considering financial constraints and communication challenges. So, act sooner than later and secure your future!

Supplementing Your PensionWhile the state pension is valuable, we don't believe it should be your sole financial pillar in retirement. Consider other provisions such as workplace pensions or setting up a pension if you're a director. Remember, pensions are an excellent tax planning approach for a comfortable retirement.

ConclusionUnderstanding your UK state pension is a critical step in securing the retirement you deserve. Assess your qualifying years, fill any gaps, and make provisions for a financially stress-free future. Plan wisely, act promptly, and let's make your financial dreams a reality!

Call to Action: Explore our website for valuable insights and resources on financial planning. Stay tuned for upcoming podcasts and take charge of your financial journey. Together, we can build a prosperous future. Plan it, do it profit.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this week's episode of the I Hate Numbers podcast, we continue our exploration of Management Reports, delving specifically into their design, presentation, and content.

Setting the StageWelcome to I Hate Numbers, the podcast that aims to make you and your business more profitable, financially literate, and stress-free. Let's dive right in and discuss the key elements of effective management reports.

Design for Engagement and AccessibilityTo ensure maximum engagement and accessibility, it's important to avoid jargon and cater to readers who may not have a financial background. Additionally, consider the specific stakeholder group and management level that the report targets, tailoring the content accordingly.

Shape and StructureA well-crafted management report begins with an eye-catching cover page that restates your organization's mission and objectives. Furthermore, it is essential to include an executive summary at the beginning, highlighting key achievements and challenges.

Contextualize Financial DataRemember, numbers alone hold little meaning. It is crucial to provide context by comparing financial performance against budgets and previous years. Highlight any significant variances and provide comprehensive narratives to explain them.

Visuals and Non-Financial DataEnhance your management reports with visual aids such as charts and graphs to effectively summarize trends and comparisons. In addition to financial data, consider incorporating non-financial information to gain deeper insights into your organization's performance.

Key TakeawaysSummarize your main findings and insights concisely, allowing users to easily grasp the key points. Also, consider including comments on risk and major risks if relevant to your organization.

Share Your ThoughtsWe value your input! We invite you to share your thoughts on management reports, including any additional elements you believe should be included. How do you currently utilize management reports in your business? Let's engage in a meaningful discussion. Stay tuned for more valuable insights on I Hate Numbers.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this episode, we look at designing management reports and their crucial role in helping businesses thrive and make informed decisions.

The Importance of Management ReportsManagement reports go beyond mere documents; they are powerful tools for comprehending your organization's past, present, and future. By analyzing a wide range of information, they help you identify opportunities, navigate challenges, and steer your business toward sustainable growth.

Problems with Generating Management ReportsHowever, many business owners encounter three common problems when generating management reports. It is important to address these issues to maximize the effectiveness of these reports in driving success.

Lack of Clarity in ObjectivesFirstly, businesses often fail to consider the purpose and objectives of their reports. Without clear objectives, the internal structure and content of the reports can suffer. Therefore, it is essential to define the specific needs of your business, whether it's financial analysis, efficiency assessment, or strategic planning.

Neglecting the Intended AudienceSecondly, businesses often overlook the intended audience of their reports. These reports should primarily cater to decision-makers such as managers, board members, and external agencies. By tailoring the reports to meet the unique needs of each stakeholder group, you ensure relevance, impact, and effective decision-making.

Inadequate Inclusion of Relevant InformationLastly, businesses sometimes fail to include all the relevant information in their reports. The information provided must be reliable, accurate, and up-to-date, reflecting key performance indicators (KPIs) specific to your business. While financial results are crucial, it is essential to have a well-rounded analysis that encompasses non-financial aspects, aligning with your mission and objectives.

ConclusionIn summary, management reports are indispensable tools for driving positive change and achieving sustainable business growth. By clarifying objectives, considering the audience, and including relevant information, businesses can harness the power of these reports to make informed decisions, measure progress, and ensure long-term success.

If you would like assistance in developing your management reporting systems or gaining insights into your business, please contact us. Remember, planning, implementing, and profiting from effective management reports can transform your business.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this episode of the I Hate Numbers podcast, we'll explore six essential strategies to ensure a successful financial system change

Identifying the Need for ChangeTo start, it's crucial to identify the financial systems that require change or updating. Accordingly, review your current financial processes, and although they may be functional, identifying areas for improvement is key. Additionally, involve stakeholders who will be affected by the new systems.

Effective CommunicationNext, communicate the proposed changes to all relevant stakeholders. Before implementing any changes, it's important to ensure everyone is aware and on board with the plan. Moreover, clear communication with employees, managers, and investors will foster understanding and support.

Developing a Clear Implementation PlanTo facilitate a smooth transition, develop a clear implementation plan. Firstly, create a timeline with key milestones, set targets, and allocate necessary resources. Consequently, a well-defined plan will streamline the change process and minimize disruptions. Fourthly, consider the training and support required to equip your team for the new financial system.

Addressing Team ResistanceTeam resistance is a common hurdle when introducing changes. Albeit natural, it's important to address it effectively. Involve your team from the beginning and provide training, support, and development opportunities. Additionally, encourage open communication to alleviate concerns and facilitate a smoother transition.

Gaining Senior Management Buy-inSenior management buy-in is vital for the success of any change initiative. Therefore, clearly communicate the benefits of the proposed changes. Moreover, provide data and evidence to support your case. Conversely, failure to secure buy-in can hinder the project's progress.

Monitoring and FlexibilityTo ensure the success of the change process, closely monitor its implementation. Simultaneously, be flexible and open to adjustments as needed. Moreover, regularly gather feedback from stakeholders and make necessary refinements. Ultimately, flexibility and responsiveness will lead to a smoother transition.

ConclusionManaging change in financial systems is a complex process. Nevertheless, by following these six strategies, you can navigate the challenges and achieve success. Overall, effective communication, a clear implementation plan, addressing resistance, gaining buy-in, monitoring progress, and maintaining flexibility are the keys to a successful transition. Should you need assistance implementing your financial systems, don't hesitate to reach out. Share this podcast with others who can benefit, and until next week, happy financial system consideration!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Hi folks, and welcome to another episode of our podcast. Today, we're diving into the topic of cutting and managing business costs. It's an essential aspect of running a successful business, so let's crack on with this week's episode.

Understanding the Importance of Cost Management:

First of all, it's crucial to understand the importance of effective cost management. Both small and large businesses can benefit from it.

Identifying Areas for Cost Reduction:

The next thing you do is identify areas where you can reduce costs without compromising quality. Remember, it's not just about cutting expenses but doing it smartly.

Exploring Cost-Cutting Strategies:

Now, within the costs that we have, let's look at some strategies to cut them down. Automation is certainly something to be recommended.

Collaborating and Outsourcing:

What else can we look at? Collaborating with other businesses or outsourcing certain tasks can help reduce costs significantly.

Monitoring and Adjusting Expenses:

Now, I would caution you here folks. It's crucial to continuously monitor your expenses and make necessary adjustments.

Optimizing Resource Allocation:

What else can we do? Optimize resource allocation and make the most out of what you already have.

Considering the Impact on Staff:

Everything is up for grabs when it comes to cutting costs, but be mindful of the impact it may have on your team. More burdens placed on your existing team might mean decreased productivity.

Conclusion:

So, folks, I hope you got some value from this podcast episode on cutting and managing business costs. Remember, it's all about finding the right balance and making strategic decisions. And until next week, folks, I'll see you on the other side.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

How can you manage and reduce business costs effectively? By developing a cost reduction framework to foster financial awareness, increase profitability and make more informed decisions in your business journey.

Listen in to dive deeper.

Implementing an Effective Cost Reduction FrameworkTransform your mindset.Firstly, shift your perspective to see cost reduction as a positive endeavour rather than a negative aspect of business operations.

Optimal Timing for Cost ReductionCost reduction programs should be an ongoing effort rather than a reactive response to challenges.

The Importance of Team InvolvementEmphasizing the importance of engaging your entire team in a collective and participative exercise is undoubtedly a key ingredient for success with a cost reduction framework.

Aligning Cost Reduction with Business ObjectivesEnsure that your cost reduction framework aligns with your business goals and maintains the quality and value your customers expect.

Practical Steps for Cost AnalysisUnderstand the different cost types in your business. Particularly, identify value-added and non-value-added costs, and gain insights into your cost structure to make informed decisions.

Embracing a Continuous Cost Management CultureLastly, develop a culture of cost consciousness. Make cost evaluation an integral part of your business DNA, regardless of your business's size or current financial state.

In conclusion, by proactively managing and optimizing their costs, businesses can lay the foundation for sustainable growth in the long run. Moreover, by embracing a cost-conscious mindset and implementing an effective cost reduction framework, businesses can enhance their profitability, and propel themselves towards a prosperous future.

Tune in to the next episode as we take a look at specific cost-reduction strategies and provide you with a toolkit to effectively manage costs. We value your feedback and encourage you to share this episode with anyone you know who may benefit from this. Join the I hate numbers community for more resources and remember folks, Plan it, Do it, Profit.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Why do businesses often neglect to review and monitor activities? In this episode, we find out why and the detrimental effects it can have on their success. By understanding these reasons and taking action, you can avoid missed opportunities, financial losses, and business failure.

Reasons Behind Neglecting Review and MonitoringProcrastination: Business owners and managers delay the review and monitoring process due to daily tasks.

Overwhelmed by Daily Operations: Due to day-to-day activities, there is little time available to identify areas for improvement.

Perceiving It as a Numbers Exercise: Some view reviewing as mundane, failing to recognize the valuable insights numbers provide.

Lack of Financial Expertise: Given that small and medium-sized businesses lack dedicated finance teams, it can be daunting to analyze, review and monitor financial data.

Fear of Uncovering Problems: Some owners avoid facing financial challenges, thereby leaving them vulnerable to surprises and consequences.

Perceived Complexity: Financial statements and data can seem overwhelming, consequently leading to avoidance.

Taking Action: Embracing Review and MonitoringBuilding a Habit: To start with, engage in small, regular review sessions such as analyzing your bank statements on Monday mornings for 15-20 minute

Setting Expectations: Define benchmarks for each review to determine positive or negative results.

Seeking Help: Moreover, consult your accounting team, explore educational resources, and increase financial literacy.

Conclusion: Discovering Business Success through Review and MonitoringTaking time to review and monitor business activities is crucial for identifying issues, making informed decisions, and achieving growth. Overcome procrastination, prioritize review amidst daily operations, embrace numbers as insights, seek financial expertise, confront challenges, and simplify complexity to be on your way to discovering your business's full potential.

If you found this episode valuable and insightful, we encourage you to share it with others who can benefit from these valuable tips and strategies. Together, let's empower more businesses for success. Join the 'I Hate Numbers' community, where you can connect with like-minded individuals, gain support, and access resources to conquer financial challenges. Plan it, Do it, Profit!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this episode of the I Hate Numbers podcast, we explore how planning can transform your business's future. Discover how planning reduces anxiety, empowers decision-making, and boosts profitability.

Why Business Owners Overlook PlanningMany business owners neglect planning, missing out on its benefits like looking ahead, cash flow forecasts, and clear goals. In the following sections, we have a look at the reasons behind this oversight and provide actionable tips to make planning an essential part of your business.

Unlocking the Benefits of PlanningLack of Awareness:Business owners often resist change until they understand the benefits that planning brings, such as effective cash flow management.

Fear of the Unknown:Embracing uncertainty and adapting to market changes are critical for proactive decision-making and also staying ahead of the competition.

Perceived Lack of Skills:Contrary to common belief, planning doesn't require specialized expertise. Your deep business knowledge and experience are invaluable in creating a successful plan.

Short-Term Gratification:To stay motivated throughout the planning process, it's important to celebrate milestones and recognize the rewards that come with each step forward.

Clear Objectives and Goals:Clearly defining your goals, articulating desired outcomes, and making them tangible will drive your planning efforts and keep you focused on success.

Access to Data:Moreover, leveraging digital solutions and accounting software to gather accurate and up-to-date data, provides a solid foundation for informed decision-making.

Effective Communication and Collaboration:Improving team communication and fostering collaboration within your organization significantly enhances the planning process and ensures everyone is aligned towards shared goals.

Prioritizing Cash Flow and ProfitabilityWhile profitability is essential, maintaining a healthy cash flow is crucial for the long-term sustainability of your business.

By reducing anxiety, empowering decision-making, and boosting profitability, planning becomes an invaluable tool. Don't overlook its benefits. Remember, a goal without a plan is just a wish.

If you found this episode helpful, we encourage you to share it with others who can benefit from it. Let's empower business owners worldwide to embrace planning and unlock their true potential. Don't forget to subscribe to the I Hate Numbers podcast and join our community. And remember folks Plan it, Do it, Profit!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Are you thinking of starting or running a Community Interest Company (CIC)? In this episode, we'll delve into the concept of Asset Lock in Community Interest Companies, and its importance, especially in the world of social enterprises.

Asset Lock in Community Interest Companies DefinedAsset lock, a safeguard that ensures funds received by a CIC are used solely for their intended community purposes, promotes transparency and prevents personal enrichment of directors or founders.

Implications for CICsNow, let's have a look at the implications of asset lock for Community interest companies. CICs must effectively manage and retain assets to benefit the community. When transferring or selling assets, they need to meet strict requirements, including conducting transactions at fair market value and ensuring direct benefit to the community. Transfers to other asset lock bodies require consent from the regulator.

Incorporating Asset LockTo ensure clarity and compliance, you should include provisions for asset lock in the Articles of Association. These provisions should clearly identify the beneficiaries, seek permission, and provide an explanation to the designated asset lock body

Asset Locked Body and AlternativesWhile CICs are commonly recognized as asset locked bodies, it's worth noting that other organizational structures, like charitable incorporated organizations, can adopt asset lock principles. Nominating asset lock bodies in the Articles of Association is a best practice for smooth asset transfers.

Dissolution and Residual AssetsWhen it comes to dissolution, handle residual assets with care and inform the nominated asset lock body as a courtesy, ensuring continued community benefit.

Considerations and ComplianceExercise caution when selecting asset recipients and avoid self-nomination. Regulatory approval is necessary for transferring or selling assets below market value to non-nominated asset lock bodies.

ConclusionIn conclusion, asset lock plays a vital role in safeguarding communities and ensuring accountability in CICs. Understanding its implications empowers CICs to fulfil their mission and make a lasting positive impact. Whether you're starting or running a CIC, embracing asset lock is a crucial step toward building a successful and socially responsible organization.

If you found this episode helpful, and know someone who might benefit please pass the word! The more people we reach, the more impact we can make together! And don't forget to stay tuned for more exciting episodes where we'll continue exploring essential topics. Thanks for listening and being part of our community! In the meantime Plan it, Do it, Profit!

If you want to see how we can help you with your social enterprise, accounts, tax affairs, budgeting or planning then contact us for an initial FREE chat.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Are you ready to explore the incredible world of Social Enterprises in the United Kingdom? Join us on a thrilling journey as we uncover their astonishing growth, with £60 billion contributed to the economy and over 2 million people employed. Get ready to dive deep into their fascinating business models, including Community Interest Companies, cooperatives, and private companies limited by shares.

Discover the secrets to choosing the perfect structure for your social enterprise. Buckle up for an engaging episode of the "I Hate Numbers" podcast, where we unlock the power of social enterprises in making a difference and driving both profit and social impact.

Today, we're diving into the fascinating world of social enterprises in the United Kingdom. Welcome to another captivating episode of the "I Hate Numbers" podcast. Brace yourself for a deep dive into the incredible growth, unique business models, and legal structures that are revolutionising the way businesses make an impact!

Episode HighlightsThe Rise of Social Enterprises in the UK: Can you believe it? Social enterprises have been taking the UK by storm! We're talking about 100,000 social enterprises, contributing a whopping £60 billion to the economy and providing employment to around 2 million people. Those numbers are nothing short of astounding!

Defining Social Enterprises So, what exactly is a social enterprise? Well, it's not your typical charity, folks. Social enterprises are businesses that tackle social and environmental issues while also making a sustainable profit. It's all about blending the best of both worlds—doing good while running a successful venture.

Choosing the Right Business Model Now, when it comes to social enterprises, picking the right business model is crucial. But don't worry, it's not rocket science! You just need to consider a few factors. Think about your objectives, how you plan to raise funds, and whether you're looking for personal rewards. Oh, and tax benefits can come into play too! So, a bit of strategic thinking and planning goes a long way.

Community Interest Company (CIC)The CIC Model: Ah, the beloved CIC! It's short for Community Interest Company. Let me tell you, this model is gaining serious popularity among UK social enterprises. Why? Well, CICs are designed to ensure that the profits they generate are primarily used for social good. They have a specific community purpose, and they even require a community benefit statement.

CooperativesEmbracing Democratic Control: Hold on to your hats, folks! We're about to talk cooperatives. No, not the grocery store chain, but the type of structure that embraces democratic control. In cooperatives, members—whether they're employees, customers, or members of the local community—have a say in decision-making. Plus, they all share the profits. It's all about transparency, fairness, and the well-being of the members.

Industrial and Providence Societies (IPS)IPSes as Community Benefit Societies: Now, let's chat about IPSes, also known as cooperative or community benefit societies. These legal structures are tailor-made for social enterprises, regulated by the Financial Conduct Authority. IPSes prioritize the well-being of members and the wider community. They open doors to various tax benefits and funding opportunities, making them a valuable choice.

Conventional Private Company Limited by SharesRaising External Capital: Hey, don't forget, folks—social enterprises can also be conventional private companies limited by shares. Yep, it's true! By opting for this structure, they can raise external capital from investors. And guess what? They can access funding programs like SEIS and EIS too. It's all about finding the right fit for your vision and mission.

Charitable Incorporated Organization (CIO)Combining Charitable Purpose and Legal Structure: Last but not least, let's talk about CIOs—a legal structure primarily for organizations with charitable purposes. By registering as both a charity and a CIO, these incredible entities offer limited liability protection to their members while enjoying tax benefits associated with charitable status. It's a win-win!

ConclusionWell, folks, that's a wrap on our exploration of social enterprises in the United Kingdom. They're a force to be reckoned with, combining business acumen with social impact. Whether you're a CIC enthusiast, a cooperative champion, an IPS advocate, a shares company trailblazer, or a CIO superhero, social enterprises are changing the game in the UK economy and society.

We hope you found this episode both enlightening and entertaining. We're eager to hear your thoughts and experiences with social enterprises. Are you involved in one? What's your preferred model? Don't forget to join us next week for another exciting episode of the "I Hate Numbers" podcast. Until then, take care and catch you on the other side!

If you want to see how we can help you with your social enterprise, accounts, tax affairs, budgeting or planning then contact us for an initial FREE chat.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Starting a business in the United Kingdom can be a daunting task, but choosing the right business structure can make a big difference. If you're considering a limited company (LLC), here are some advantages you don't want to miss:

Simplified Process and Personal ProtectionCreating an LLC is straightforward and can be done quickly. Plus, an LLC provides personal protection to its owner against legal disputes, so your personal assets won't be at risk.

Separate Legal Identity and FlexibilityAn LLC has a separate legal identity, making it easier to introduce new shareholders and directors or even pass the company down through generations. Plus, it's simpler to sell an LLC compared to a sole trader or partnership business.

Tax BenefitsAn LLC offers tax benefits compared to a sole trader business, resulting in lower tax rates overall and less tax payable when withdrawing funds.

Greater Flexibility in Benefit Planning and Wealth ExtractionThe owner of an LLC has greater flexibility in benefit planning, pension planning, and wealth extraction from the company. Withdrawing money can be done in various ways, such as through dividends or salary.

ConclusionTo sum up, opting for a limited company (LLC) as the structure for your UK business has numerous benefits, such as streamlined process, safeguarding of personal assets, distinct legal identity, tax advantages, increased flexibility in benefit planning and wealth extraction, and others. Consulting a qualified expert can help you make the most of these perks

Ready to explore more benefits of an LLC? Tune in to this week's I Hate Numbers podcast!

Now, let’s talk about the fabulous resources we’ve cooked up for you. Our clients have their own client portal (think of it as your secret recipe book) with a Tax Return Checklist.

Fancy tapping into some extra FREE I Hate Numbers resources about UK tax and business, you have blogs, videos and podcasts to browse through.

We offer professional tax and accounting services to individuals and businesses. Furthermore. contact us today for help and support on tax, accounts, and managing business finances.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

In this episode of the "I Hate Numbers" podcast, we explore The Benefits of Operating as a Sole Trader for your business. While limited companies have their perks, operating as a sole trader can offer flexibility, autonomy, and ease of set-up. Listen to learn more.

If you're starting a business and trying to decide on its legal structure, it's essential to consider the benefits of operating as a sole trader. In this episode of the "I Hate Numbers" podcast, we'll take a closer look at why being a sole trader can be an excellent option for small businesses.

Ease of Set Up:One of the most significant advantages of being a sole trader is the ease of setting up your business. Compared to forming a limited company, the formalities are relatively light-touch, and the process is generally more straightforward. This simplicity can save you time, effort, and money in the long run.

Flexibility:Another advantage of being a sole trader is the flexibility it offers. As a sole trader, you have the autonomy to make decisions independently, without the need to consult other directors or shareholders. This flexibility allows for a quicker response to changing market conditions and can give you an edge over your competitors.

Privacy:One of the biggest benefits of operating as a sole trader is the privacy it offers. Unlike limited companies, sole traders have a greater degree of privacy, and only HMRC is entitled to look at your accounts. This privacy can be especially important if you're running a home-based business or if you're in a sensitive industry.

Tax:Tax is often cited as a reason to form a limited company, but this isn't always necessary. Many people who incorporate become companies when it's not necessary, Furthermore, it can be more expensive than operating as a sole trader. As a sole trader, you can take advantage of tax deductions, and it's often simpler to manage your tax affairs.

Migration to a Limited Company:If you decide to start as a sole trader, you're not locked into that legal structure forever. It's possible to migrate to a limited company when the time is right and when circumstances dictate. Starting as a sole trader can give you the freedom to test your business idea before committing to a more complex legal structure.

Conclusion:In conclusion, while limited companies have their advantages, operating as a sole trader can offer significant benefits, This includes flexibility, autonomy, ease of set-up, privacy, and tax advantages. If you're starting a small business, it's essential to consider all the options available to you and choose the legal structure that best suits your needs. Check out our range of calculators

Now, let’s talk about the fabulous resources we’ve cooked up for you. Our clients have their own client portal (think of it as your secret recipe book) with a Tax Return Checklist.

Fancy tapping into some extra FREE I Hate Numbers resources about UK tax and business, you have blogs, videos and podcasts to browse through.

We offer professional tax and accounting services to individuals and businesses. Furthermore. contact us today for help and support on tax, accounts, and managing business finances.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Is there a difference between tax avoidance and evasion? Does it matter ? They may seem similar, but they are different concepts with different implications. In this weeks I Hate Numbers podcast I look at the difference between tax avoidance and tax evasion. Furthermore I throw in some relevant examples.

Tax AvoidanceThis is where taxpayers use legal methods to minimize their tax liability. These methods are often complex and involve taking advantage of tax loopholes, deductions, and credits to reduce taxable income. Tax avoidance is a common practice among individuals and businesses, and it is not illegal. However, it is often viewed as unethical as it can result in a lower tax revenue for the government.

An example of tax avoidance in the UK is using tax reliefs to minimize taxable income. For instance, a business may choose to invest in qualifying investments such as research and development or renewable energy to claim capital allowances and reduce tax liability. Another example is the use of offshore tax havens, which allow individuals or companies to reduce their tax burden by exploiting the differences in tax laws between countries.

Tax EvasionTax evasion, on the other hand, is an illegal practice of not paying taxes that are legally required. This can take various forms such as under-reporting income, inflating expenses, failing to declare income, or failing to register for tax. Tax evasion is a serious offense, and the government has the power to prosecute individuals or companies found guilty of tax evasion.

An example of tax evasion in the UK is failing to declare income from offshore assets. The UK government has been cracking down on this practice, and in recent years, it has targeted individuals who have not declared income or gains from offshore assets, including bank accounts, property, or trusts.

Summary and conclusionIn summary, the key differences between tax avoidance and tax evasion are as follows:

Firstly, avoidance is a legal way of minimising your tax. However, tax evasion is illegally not paying taxes that are due.
Secondly, tax avoidance can use complex strategies such as deductions, credits, and tax shelters to reduce tax payments. However, tax evasion hides or under-declares taxable income.
Lastly, tax avoidance is often viewed as unethical, tax evasion is a criminal offense that can result in prosecution.

You need to understand the difference between tax avoidance and tax evasion. They have different legal implications. Tax avoidance is legal, we all do it in varying ways. However, many see aggressive tax avoidance as unethical. Conversely, tax evasion is a criminal offence that can lead to prosecution, fines or even imprisonment.

That’s why we offer professional tax and accounting services to individuals and businesses. Furthermore. contact us today for help and support on tax, accounts, and managing business finances.

Now, let’s talk about the fabulous resources we’ve cooked up for you. Log in to your client portal (think of it as your secret recipe book) and find the Tax Return Checklist, or select this link . It’s a complete list of ingredients we need to whip up your perfect tax return. Fancy tapping into some extra FREE I Hate Numbers resources about UK tax and business, you have blogs , videos and podcasts to browse through

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Filing taxes in the UK is a mandatory legal requirement for any individual, business or organization that meets certain criteria. While you may be tempted to put it off until the deadline, there are numerous benefits to filing your tax return early for the 2022-23 financial year.

Reduced Stress LevelsIt's no secret that filing taxes can be a stressful experience. Waiting until the last moment can increase your stress levels and can lead to mistakes, inaccuracies, and errors. By filing your tax return early, you get to avoid that stressful scramble to meet the deadline. Instead, you get to relax and focus on other important aspects of your personal or business life.

Early Tax RefundsFiling your tax return early means that you'll receive your tax refund earlier too. You'll get to enjoy the benefits of the refund much earlier than people who wait until the last minute to file their returns. This cash infusion can be crucial for your personal or business finances and can help you achieve your financial goals.

Avoid the Last-Minute RushFiling your tax return early means that you won't have to rush to meet the deadline. You'll have plenty of time to gather all the necessary documents, double-check your figures, and make any corrections before submitting your return.

Avoid Penalties and FinesOne of the primary benefits of filing your UK tax return early is that you get to avoid penalties and fines that come with late filing. If you file your tax returns past the deadline, you'll be subject to late filing penalties that can accumulate rapidly. By filing your returns early, you get to avoid such penalties.

Efficient Financial PlanningAnother benefit of filing your tax return early is that it allows you to plan efficiently when it comes to your finances. Filing early means that you know exactly how much you owe, if any, and you can budget accordingly. This allows you to plan for the upcoming financial year better, both in terms of tax and overall finances for your personal or business life.

Less StressFiling your tax return early can reduce stress levels significantly. You won't have to worry about meeting the deadline, and you'll have peace of mind knowing that your return has been submitted correctly.

Free Up Time and ResourcesFiling your tax return early frees up your time and resources, allowing you to focus on other aspects of your business, work or personal life. You don't have to worry about the stress and hassle that comes with trying to meet the deadline, which means that you have more time to dedicate to other important matters.

Increase Your AccuracyBy filing your tax return early, you increase your accuracy levels drastically. It gives you enough time to go through everything and make sure that all the information you provide is correct. This means that you are less likely to make any errors or omissions that could get you in trouble with HMRC.

ConclusionFiling your UK tax return early for 2022-23 financial year can save you time, money and lots of stress. At "I Hate Numbers," we understand that the process of filing taxes can be overwhelming and stressful.

That’s why we offer professional tax and accounting services to individuals and businesses. Furthermore. contact us today for help and support on tax, accounts, and managing business finances.

Now, let's talk about the fabulous resources we've cooked up for you. Log in to your client portal (think of it as your secret recipe book) and find the Tax Return Checklist, or select this link . It's a complete list of ingredients we need to whip up your perfect tax return. Fancy tapping into some extra FREE I Hate Numbers resources about UK tax and business, you have blogs , videos and podcasts to browse through

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

KPIs for Each Responsibility Centre increases the power of Responsibility Accounting. Numbers are our best business friend, moreover, KPIs are our best buddies.

Managing a business comes with many responsibilities, including

Firstly, preparing and analysing financial reports
Secondly, evaluating investments and growth opportunities
Thirdly, monitoring profitability.

As a business owner, understanding KPIs for each Responsibility Centre is crucial. For example, here are three essential KPIs for each responsibility center.

Cost Centre Example 1: Cost Reduction PercentageThis measures the percentage of cost reduction compared to the previous year. Calculate it by subtracting the current year's total cost from the previous year's total cost and dividing by the previous year's total cost.

Example 2: Budget VarianceThis variance compares the actual cost with the budgeted cost. Calculate it by subtracting the budgeted cost from the actual cost and dividing by the budgeted cost.

Example 3: Employee ProductivityHere we are looking at employee productivity measures the output per employee. Calculate this by dividing the total output by the number of employees.

Revenue Centre Example 1: Revenue Growth RateThis measures the percentage increase or decrease in revenue over a period of time. Calculate this by subtracting the previous period's revenue from the current period's revenue, finally divide it by the previous period's revenue.

Example 2: Sales Conversion RateThis measures the percentage of customers who make a purchase. Calculate this by dividing the number of customers who make a purchase by the total number of customers.

Example 3: Customer Acquisition CostThis measures the cost of acquiring a new customer. Calculate this by dividing the total cost of acquisition by the number of new customers.

Profit Centre Example 1: Gross Profit MarginThis measures the percentage of revenue that remains after deducting the cost of goods sold. It is calculated by subtracting the cost of goods sold from total revenue and dividing by total revenue.

Example 2: Operating Profit MarginThis measures the percentage of revenue that remains after deducting operating expenses. Calculate this by subtracting operating expenses from total revenue and dividing by total revenue.

Example 3: Operating Expenses to SalesThis measures the percentage of revenue spent on operating expenses. Calculate this by dividing operating expenses by total revenue.

Investment Centre Example 1: Return on Investment (ROI)This measures the profitability of your investment. Calculate this by dividing the profit of an investment by the cost of the investment.

Example 2: Cash Conversion CycleThis measures the time it takes to convert inventory into cash. Calculate it by adding the days of inventory outstanding and the days of sales outstanding, finally subtract the figure for payable days .

Example 3: Residual IncomeThis measures the profit earned above the required return on investment. Calculate this by subtracting the required return on investment from the actual profit

ConclusionResponsibility Center Key Performance Indicators are a vital part of your business tool box. Make sure sure your have KPIs for each Responsibility Centre. Furthermore, the I Hate Numbers podcast covers a range of must-know business topics to help you Plan It, Do it, Profit. For example. financial storytelling, and financial performance cash flow management, budgeting, forecasting, tax, accounts, and more! Furthermore, every episode provides actionable advice from me, Business Finance coach, accountant and educator who explains that stuff in an easy and no-nonsense way.

Are you a small business owner, social enterprise or organisation passionate about change?

Managing your cashflow is vital, but can be a lot of work, trust me. However, there’s software that makes keeping track of your cash flow and financial planning easier: Numbers Know How.

Additionally, it helps you stay organised so you can focus on what matters to you, the creative work and the impactful change. In short, take a step away from the chaos with fast setup & easy navigation. In truth, numbers just got real…for the better! Get organised & make sense of it all with Numbers Know How today!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Responsibility Accounting: A Comprehensive GuideResponsibility Accounting is a powerful management tool. It holds decision-makers accountable for financial outcomes. This article takes a further look in an easy to understand way. Let's dive into what responsibility accounting is and how to maximize its potential.

What is Responsibility Accounting?Responsibility accounting is a management approach. It involves assigning financial responsibility to managers. This system empowers them to make decisions within their area of control. It fosters efficiency, effectiveness, and accountability.

Key Considerations for Effective Responsibility AccountingMaximise the benefits of responsibility accounting with these crucial factors:

Firstly, Clear Objectives: Set specific, measurable, achievable, relevant, and time-bound (SMART) goals. This ensures each manager understands their role and expected outcomes.
Secondly, Defined Responsibility Centers: Establish clear responsibility centers. These include cost centres, revenue centres, profit centres, and investment centers. Clarity leads to better decision-making and accountability.
Thirdly, Performance Measurement: Implement a robust performance measurement system. Compare actual results with budgeted targets. This helps identify areas for improvement and rewards top performers.
Fourthly, Transparent Reporting: Create a culture of open communication. Share performance reports with all team members. This encourages collaboration and drives progress.
Fifthly, Regular Feedback: Provide managers with constructive feedback. Help them learn from mistakes and celebrate successes. This fosters a growth mindset.
Next, Employee Training: Invest in employee development. Equip managers with necessary skills and knowledge. This enhances their ability to make informed decisions.
Finally, Flexibility: Encourage adaptability. Allow managers to adjust plans as needed. This enables them to respond to changing business environments.

Unlock the Full Potential Understanding Responsibility accounting is a necessary part of your management toolbox. It promotes efficiency, effectiveness, and accountability. By implementing these key considerations, you can unlock the system's full potential. Start reaping the benefits of responsibility accounting today!

Conclusion and good to knowUnderstanding Responsibility Accounting helps business clarity, decision making and improving performance.

Furthermore, the I Hate Numbers podcast covers a range of must-know business topics to help you Plan It, Do it, Profit. For example. financial storytelling, and financial performance cash flow management, budgeting, forecasting, tax, accounts, and more! Every episode provides actionable advice from me, Business Finance coach, accountant and educator who explains that stuff in an easy and no-nonsense way.

Are you a small business owner, social enterprise or organisation passionate about change?

Managing your cashflow is vital, but can be a lot of work, trust me. However, there’s software that makes keeping track of your cash flow and financial planning easier: Numbers Know How.

It helps you stay organised so you can focus on what matters to you, the creative work and the impactful change. Take a step away from the chaos with fast setup & easy navigation – numbers just got real…for the better! Get organised & make sense of it all with Numbers Know How today!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

UK company directors are treated differently from other employees when it comes to National Insurance. This is because they are considered to be self-employed, even if they only work for one company. As a result, they have to pay National Insurance on their own behalf, rather than through their employer.

Types of National Insurance for DirectorsThere are two types of National Insurance that directors have to pay:

Class 1 primary: This is paid on all earnings over £11,908 per year. The rate is 12%.
Class 1 secondary: This is paid on all earnings over £9,568 per year. The rate is 13.8%.

Furthermore, directors can also choose to pay Class 3 National Insurance, which is a voluntary contribution. This can be useful if you want to build up your National Insurance record or qualify for certain benefits.

How to calculate Directors National InsuranceThere are two methods of calculating directors' National Insurance:

The annual earnings period: This is the standard method used for calculating National Insurance. Your earnings for the whole year are added up and then the National Insurance rates are applied.
The cumulative earnings period: This method is used if you want to pay National Insurance on your earnings as you go. You simply add up your earnings each pay period and then apply the National Insurance rates.

It's important to note that you can only use the cumulative earnings period method if you're a company director and you're not also an employee of the company.

If you're a company director, it's important to be aware of your National Insurance obligations. By understanding how National Insurance works, you can make sure that you're paying the right amount and that you're building up your National Insurance record.

Conclusion and good to knowAs a UK company director, you'll need to pay both employee's and employer's national insurance contributions. The rates and methods of calculating your national insurance contributions will depend on your specific circumstances, such as your earnings or share of the company's profits. Keep track of your national insurance obligations to ensure you're paying the correct amount and avoiding any penalties.

Growing a business takes hard work, dedication, and a willingness to invest in yourself and your team. Focus on cash and profit, streamline your operations, and be patient. With these tips, you’ll be well on your way to success.

The I Hate Numbers podcast covers a range of must-know business topics to help you Plan It, Do it, Profit. For example. financial storytelling, and financial performance cash flow management, budgeting, forecasting, tax, accounts, and more! Every episode provides actionable advice from me, Business Finance coach, accountant and educator who explains that stuff in an easy and no-nonsense way.

Are you a small business owner, social enterprise or organisation passionate about change?

Managing your cashflow is vital, but can be a lot of work, trust me. However, there’s software that makes keeping track of your cash flow and financial planning easier: Numbers Know How.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Business capacity is the maximum amount of work a business can handle within a given period of time. This measure helps businesses understand their limitations and plan accordingly.

For example, a bakery has a limited capacity for producing baked goods. This is based on the size of their kitchen, number of ovens, and staff available. If they get a large order for a wedding, great news, or is it? They may need to adjust their production schedule or turn down the order if they cannot meet the demand.

Similarly, a call center has a limited capacity for handling customer inquiries based on the number of available agents and the amount of time it takes to handle each call. If they receive a sudden influx of calls, they may need to hire additional staff or outsource some of the work to a third-party provider.

Understanding business capacity is important because it allows businesses to plan their operations effectively. By knowing their limitations, they can avoid overcommitting and under-delivering to customers. This measure can also help businesses identify opportunities for growth and expansion by identifying areas where they can increase their capacity.

In conclusion, business capacity is a crucial concept and measure for any business to understand. By knowing their limitations, businesses can make informed decisions about their operations and plan for growth and success.

ConclusionThe I Hate Numbers podcast covers a range of must-know business topics to help you Plan It, Do it, Profit. For example. financial storytelling, and financial performance cash flow management, budgeting, forecasting, tax, accounts, and more! Every episode provides actionable advice from me, Business Finance coach, accountant and educator who explains that stuff in an easy and no-nonsense way.

Are you a small business owner, social enterprise or organisation passionate about change?

Managing your cashflow is vital, but can be a lot of work, trust me. However, there’s software that makes keeping track of your cash flow and financial planning easier: Numbers Know How.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

How to avoid the dangers of rapid growth, my topic for this weeks I Hate Numbers podcast.

Growth is what all businesses think of. However, rapid growth and poorly managed expansion leads to challenges and headaches.

In today's fast-paced and competitive environment, sustainable growth is vital for long-term success. This weeks podcast delves into the pitfalls of rapid growth and offers you practical strategies to ensure that your business navigates the challenges effectively, enabling steady and enduring progress.

Growing your business fast can be detrimental if the right preparations and actions are not taken. Such symptoms of overgrowth include a decrease in sales growth, difficulties with cash flow, debt and gearing increases, mismanagement of working capital, lack of planning, and burnout for you and your team .

Avoid such issues by having a proper financial management in place. This means having an effective budgeting system in place so you avoid financial shocks and stresses. Proper cash flow management will also help to reduce the risk of money running low. Furthermore, it is important to make sure that your staff are not overworked by setting realistic deadlines and workloads. Finally, it is important to have a well-defined plan for growth. This takes into account how much time and resources you are willing to invest into scaling up your business

Conclusion and good to knowGrowing a business takes hard work, dedication, and a willingness to invest in yourself and your team. Focus on cash and profit, streamline your operations, and be patient. With these tips, you’ll be well on your way to success.

The I Hate Numbers podcast covers a range of must know business topics to help you Plan It, Do it, Profit. For example. financial storytelling, and financial performance cash flow management, budgeting, forecasting, tax, accounts, and more! Every episode provides actionable advice from me, Business Finance coach, accountant and educator who explains that stuff in an easy and no-nonsense way.

Are you a small business owner, social enterprise or organisation passionate about change?

Managing your cashflow is vital, but can be a lot of work, trust me. However, there’s software that makes keeping track of your cash flow and financial planning easier: Numbers Know How.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Welcome to the latest episode of "I Hate Numbers," where we explore the strategies and Tips for achieving business success. In this episode, we discuss the importance of self-belief, a positive mindset, surrounding yourself with positive, strong, independent people who may question and challenge what you're doing, embracing failure, setting yourself realistic goals, and being adaptable.

Self-belief is essential when it comes to achieving business success. You need to believe in yourself and your abilities, and trust that you have what it takes to succeed. Surround yourself with positive, supportive people who believe in you and your vision.

A positive mindset is also critical when it comes to achieving business success. Focus on the positive aspects of your business and your progress, and don't dwell on setbacks or failures. Embrace failure as an opportunity to learn and grow, and stay optimistic about the future.

Surrounding yourself with positive, strong, independent people who may question and challenge what you're doing is important when it comes to achieving business success. These people can provide valuable feedback and insights, and can help you stay focused on your goals.

Embracing failure is an inevitable part of the journey towards business success. Use failure as an opportunity to learn and grow, and don't let it discourage you. Instead, use failure as a motivator to keep pushing forward and to improve your business.

Setting yourself realistic goals is also important when it comes to achieving business success. Be honest with yourself about what you can achieve, and set goals that are challenging but attainable. Break your goals down into smaller, manageable steps, and celebrate your progress along the way.

Finally, being adaptable is essential when it comes to achieving business success. Keep an eye on trends and shifts in your industry, and be ready to adjust your business strategy accordingly. Stay agile, and be willing to experiment and try new things.

In conclusion, achieving business success requires a combination of self-belief, a positive mindset, strong relationships, embracing failure, setting realistic goals, and being adaptable. By following these tips and staying focused on your goals, you can turn your business dreams into reality. Remember that success is a journey, not a destination, and it takes time and effort to achieve. So stay motivated, stay focused, and keep pushing forward. Thanks for listening to this episode of "I Hate Numbers."

The I Hate Numbers podcast isn’t just about target setting, financial storytelling, and financial performance though. Other topics are covered, for example, cash flow management, budgeting, forecasting, tax, accounts, and more! Every episode provides actionable advice from me, Business Finance coach, accountant and educator who explains that stuff in an easy and no-nonsense way.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Is Achieving business growth on your agenda? Are you ready to take your business to the next level? Growing a business is no easy feat, but with hard work and dedication, you can make it happen. Here are some tips to help you succeed:

Hard work and applicationThere's no shortcut to success. If you want your business to grow, you need to put in the work. That means being dedicated to your business and putting in long hours. But don't forget to take breaks and recharge, too.

Focus on cash and profitCash is king when it comes to growing your business. You need to focus on generating revenue and keeping your costs under control. Profit is the ultimate goal, so make sure you're tracking your expenses and finding ways to increase your bottom line.

Take your business seriouslyIf you want others to take your business seriously, you need to take it seriously yourself. This means having a clear vision for your business, setting goals, and developing a plan to achieve them. Treat your business like a job, and you'll see the rewards.

Good systemsEfficiency is key to growing your business. Good systems and processes can help you streamline your operations and increase productivity. Look for ways to automate tasks, outsource non-essential work, and simplify your workflow.

Invest in your businessInvesting in your business can pay off in big ways. Whether it's upgrading your equipment, hiring new staff, or expanding your marketing efforts, don't be afraid to spend money to make money. Just make sure you're making smart investments that will pay off in the long run.

Staff and teamYour team can make or break your business. Achieving business growth means hiring the right people and providing them with the support they need to succeed. Treat your staff well, and they'll be more motivated to help you grow your business.

Be resilient and patientAchieving business growth takes time and effort. You'll face obstacles and setbacks along the way, but don't give up. Stay resilient and keep pushing forward. Remember, Rome wasn't built in a day.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Understanding the Role of National Insurance in Your UK State Pension is key to making informed decisions about your financial future. National Insurance is used to calculate your State Pension and affects how much you receive.

Getting the full State Pension means you must have paid or been credited with at least 10 years of National Insurance contributions. Furthermore, if you do not have the full 10 years, you may still be eligible for a reduced amount.

What is National Insurance?National Insurance is a tax that UK workers pay to contribute to the country's social security system. It is paid by employees through PAYE or paid directly if you are self-employed. The amount of National Insurance you pay is based on your earnings, and there are different rates depending on your income.

What is the State Pension?The State Pension is a payment that the UK government provides to people who have reached the age of retirement. Moreover, the amount of your State Pension depends on your National Insurance contributions. The more National Insurance you pay, the more you get in State Pension benefits. Worth noting that the current State Pension age is 66, but will increase to 68 by 2046.

How to Top Up Your National Insurance Contributions?Where there are gaps in your National Insurance record, you may be able to pay to fill them in. Do this by making voluntary National Insurance contributions. Given that, top up your National Insurance contributions to increase your State Pension benefits. Moreover, make voluntary contributions if you are employed, self-employed, or not working.

Gaps in your National Insurance recordGet a State Pension forecast which will tell you how much State Pension you may get. Apply for a National Insurance statement from HM Revenue and Customs to check if your record has gaps.

You tube channel – I Hate NumbersWhy not take advantage of my I Hate Numbers channel – with exclusive weekly video content to help you reach and exceed those all-important targets. Don’t forget to subscribe, so that you can join countless others who have achieved huge successes by following my tips and tutorials. Together, we’ll make the numbers work for your business!

And if you’re still feeling lost or don’t know where to start, I Hate Numbers and our team at Numbers Know How will help get your business through these trying times and into a bright future ahead.

So, what are you waiting for? Get in touch with us to help make your life easier and stress free. Contact us if you need help figuring out and sorting your numbers, creating your future financial story plans, your tax , payroll and other accounting and business matters

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Beating procrastination is a common theme in business. Procrastination is a common problem that affects many businesses, but it doesn't have to be a bad thing. In this week's podcast, I look at

Firstly, what procrastination is
Secondly why it happens
Thirdly, how to reduce it
Finally talk about the positive side of procrastination.

What Is Procrastination?Procrastination is the tendency to avoid or delay necessary tasks or decision-making. It often comes from fear of failure, lack of motivation or interest in the task, or simply too many distractions. Procrastination can also be caused by negative self-talk from believing you can’t do the task or won’t make good decisions with it. In business settings, procrastinating on tasks can lead to missed deadlines and decreased productivity.

Why Does It Happen?There are several reasons why people procrastinate. Common reasons include

fear of failure
lack of motivation and interest in the task at hand
perfectionism (striving for unrealistic goals)
anxiety about making decisions
believing that you don’t have enough time to complete tasks in a timely manner.

How To Reduce Procrastination And Increase Productivity In Your Business:There are several ways to reduce procrastination in your business and increase productivity so that tasks will get done on time. One strategy is breaking down large projects into smaller steps that are easier to manage and complete within a reasonable amount of time. Setting specific deadlines for yourself and others involved in the project can help as well. Reducing distractions such as emails and social media can also be helpful in avoiding procrastination. Finally, rewarding yourself with small incentives after each task can help motivate you to continue working on them until they are completed.

Why Procrastination Can Be Positive:Procrastinating has negative consequences such as missed deadlines or decreased productivity. However, it doesn’t always have to be viewed as a bad thing. Taking time out of your day to step away from work can give you a chance to reflect on what needs to be accomplished. Furthermore, you come up with creative solutions for problems you may encounter while completing tasks. Additionally, taking a break can give you a chance to clear your head. When you return back to work your mind is better focused than before giving you more energy when tackling long-term projects or difficult tasks. Lastly, having an accountability partner who checks up on your progress consistently can encourage you stay on track with your goals and tasks throughout the day. This stops you becoming distracted by other activities or projects instead of finishing what needs to be done first before starting something new.

Conclusion and good to knowOverall, Beating procrastination in your business is key for any successful business owner or entrepreneur. You gain valuable insights into how well your company is performing financially. As a measure of true financial success, it lags behind profit.

The I Hate Numbers podcast covers a range of topics to help serious business owners thrive, let alone survive. From financial storytelling to tax, and more! Every episode provides actionable advice from me, business finance coach, accountant and educator. Subscribe to keep in touch, contact me if you want my help for your business

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Sales turnover, or simply turnover is misunderstood, with differing opinions on its usefulness in measuring financial success. Turnover is more than a vanity metric, it provides valuable insight into the performance and health of a company.

When looking at business turnover, it’s important to understand

Firstly, what it is
Secondly, how it's measured
Thirdly, its strengths and limitations

Looking examining business turnover provides an overall snapshot of how your company performs financially. It’s an easy way to see sales figures across an extended period of time, allowing you to identify trends and potential areas of improvement. With this information at hand, you can better prioritize the strategies that will ensure the best return on investment for your business.

In addition, understanding your business turnover can also provide invaluable insights into customer behavior. By analyzing data over time, you can determine which products and services are most popular among customers, which may help inform decisions about future marketing campaigns or product releases. This level of understanding is essential for any successful business and can be achieved by closely monitoring your turnover rate.

Looking at sales turnover offers many advantages, there are some limitations as well. For example, it doesn’t take into account profits or losses from different transactions, and profit is more important than sales! Furthermore it is not an accurate financial reflection of your business situation .

Conclusion and good to knowOverall, understanding business turnover is key for any successful business owner or entrepreneur. You gain valuable insights into how well your company is performing financially. As a measure of true financial success, it lags behind profit.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

When should you investigate variances is a massive part of financial management. it's also this week's I Hate Numbers podcast episode.

If you're thinking, what's a variance, well that's the difference between where you expected to be financially (budget) and where you actually are. Time, money and your energy is limited so you need to know when it is worth investigating a variance. This is all part of a system called management by exception, react and correct when things differ from your expectations.

There are five factors for you take on board as to When should you investigate variances.

Firstly, how large is your variance? How material is it? For example, a £100 overspend may be significant to your business, a drop in the ocean to others.
Secondly, consider controllability. Can you control this, for example does it arise from external factors, are these fixed costs?
Thirdly, how accurate and realistic is your Financial Story Plan, Budget as some would call it. Has there been a conscious effort to accurately forecast resources required?
Fourthly, cost-benefit. How much time and money will need to be invested in investigating this variance compared with any potential savings resulting from identifying any underlying problems?
Finally, consider whether the variance is a one-off or is a pattern and more regular.

Conclusion and good to knowWhen should you investigate variances is the first step before you dive in to get your insights. Those insights are showing you how well your financial performance is doing against your financial forecasts. Knowing when to take a closer look, needs you to have an easy-to-use framework as part of your decision-making process.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Gaining Financial Controls for your business can be difficult and often rather daunting. Moreover, having the right approach and finance controls in place is essential to keep ahead of any financial issues that may arise.

This week’s podcast looks at PAWAD. This is a five-step approach on how to set up and use effective Financial Controls for your business. The benefits of having Financial Control are many,

Firstly, whether you are on track to reach your goals.
Secondly, you stay in control of your business.
Thirdly, Stress, anxiety and uncertainty is replaced by calm, clarity and focus
Fourthly, greater visibility about where your money is going.
Fifthly, what your money is being used for

Furthermore, a healthy bottom line!

What is PAWAD I hear you ask, great question, hear is a little taste,

P is for Plan
A is for Actual
W is for Why
A is for Action
D is for Do

Listen to find out more

Conclusion and good to knowOperating any kind of business without having effective and impactful Financial Controls for your Business leads to financial problems down the line. I don’t want that for you. So, whether you’re just getting started with developing good practices or already have basic controls set up, listen to get more insight.

The I Hate Numbers podcast isn’t just about Financial Controls, financial storytelling, and financial performance though. Other topics are covered, for example, cash flow management, budgeting, forecasting, tax, accounts, and more! Every episode provides actionable advice from me, Business Finance coach, accountant and educator who explains that stuff in an easy and no-nonsense way.

Grab your FREE cashflow guide Make your own Future Cash Story Plan with Numbers Know How. Get in touch with us to help make your life easier and stress-free. Contact us if you need help figuring out and sorting your numbers, creating your future financial story plans, your tax, payroll and other accounting and business matters.

Are you ready to have an easier and more rewarding relationship with your numbers? My book, I Hate Numbers helps you get there.

This book will show you how to have a rewarding, productive relationship with numbers and your business. Furthermore, my book will help with that battle between the ears, that all business owners experience.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

I HATE NUMBERS!: Learn to love them - and watch them grow!

View Details

Achieving your targets is this week's I Hate Numbers podcast. A target is a goal that has specific criteria for success. Furthermore, reaching it means you have got where you wanted to, it’s pat on the back time.

Targets are an integral part of achieving your goals and objectives. Furthermore, they help your business progress. Embrace the idea of targets, it is joyful,

Having a target gives you something tangible that you can strive towards, helping push the progress of your projects . As well as providing an end point, having a target also encourages ambition; by setting concrete goals, it motivates us to work harder towards reaching them.

Achieving your targets means breaking down each goal into smaller steps or milestones. This has so many upsides,

Firstly, planning, management and control becomes easier
Secondly, it reinforces the fact that success is made up of small wins (and losses!)
Thirdly, your stress and anxiety reduces, who wouldn't want that

Conclusion and good to knowThe I Hate Numbers podcast isn’t just about target setting, financial storytelling, and financial performance though. Other topics are covered, for example, cash flow management, budgeting, forecasting, tax, accounts, and more! Every episode provides actionable advice from me, Business Finance coach, accountant and educator who explains that stuff in an easy and no-nonsense way.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

As a business, you have to track and measure your performance in order to succeed. Developing Effective KPIs that work for your business (KPIs) is the way to go for all businesses. A KPI allows you determine goals, set objectives and evaluate progress over time throughout your business. KPIs may differ based on industry, but there are some fundamental metrics that apply across the board. In this week's I Hate Numbers podcast I discuss Effective KPIs that work for your business.

The key performance indicators discussed today should increase the understanding of effective KPIs. Having clarity on cash flow, gross margins, break-even, receivables collection period, inventory term, payables payment period, working capital cycle, customer lifetime value and conversion rates is important to the success of a business.

Having Effective KPIs that work for your business drives growth and efficiency. Knowing when target KPIs are being met as well as spotting potential problems early will ensure business owners are always ahead of the game. Therefore, every business owner should be familiar with these key indicators for increased success. If you would like to learn more about effective key performance indicators for your business make sure to subscribe to my I Hate Numbers podcast for regular advice and tips that are easy to understand and accessible to everyone from experts to beginners in business. Subscribe now!

Conclusion and good to knowThe I Hate Numbers podcast isn’t just about financial performance though. Other topics are covered, for example, cash flow management, budgeting, forecasting, tax, accounts, and more! Every episode provides actionable advice from me, Business Finance coach, accountant and educator who explains that stuff in an easy and no-nonsense way.

Are you a small business owner, social enterprise or organisation passionate about change? Managing your finances can be a lot of work, trust me. Finally, there’s software that makes keeping track of your cash flow and financial planning easier: Numbers Know How. It helps you stay organised so you can focus on what matters to you; the creative work and the impactful change. Take a step away from the chaos with fast setup & easy navigation – numbers just got real…for the better! Get organised & make sense of it all with Numbers Know How today!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Are you a business owner or manager looking for ways to measure the performance of your business? If so, then this video has all the answers you need! Watching it will teach you how to identify your business goals, choose the right metrics and collect and analyze data in order to accurately measure your business performance.

At its core, measuring performance is about making sure your business reaches its Northern Star, achieving your desired outcomes. To do this, you need to have a clear understanding of what your goals are and what success looks like. This means identifying both financial and non-financial goals such as increasing revenue, improving customer satisfaction, or gaining market share.

Once you have identified your goals, the next step is to select specific metrics that help measure progress towards them. These should be SMART goals, (Specific, Measurable, Achievable, Relevant and Time-bound). Example metrics include customer retention rate, churn rate or employee engagement scores.

Finally, collecting data on your chosen metrics, furthermore analyzing that data is a big deal when measuring performance.

This can involve tracking financial data such as sales figures or costs incurred over time
Conducting surveys in order to assess customer satisfaction levels
Analysing internal process data related to efficiency gains or productivity improvements.

So if you want tips on How business should measure performance effectively, don't miss out on this podcast. Listen to find out more

Conclusion and good to knowThe I Hate Numbers podcast isn’t just about financial performance though. Other topics are covered, for example cash flow management, budgeting, forecasting, tax, accounts, and more! Every episode provides actionable advice from me, Business Finance coach, accountant and educator who explains that stuff in an easy and no nonsense way.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Avoidable mistakes on your tax return is this weeks topic. It's tax season, and the stress of preparing your return can feel overwhelming. But don't worry - I Hate Numbers is here to help! On this week's podcast, I'm talking about Avoidable mistakes on your tax return, five of them to be exact.

The first mistake I'll be discussing is student loans. Many taxpayers are unaware that they may be liable for student loan deductions. It pays to do your research and see if you're eligible! Ignoring these potential deductions can cost you precious money in the long run.

Next, I'll dive into the impact of COVID on both employees and directors who work from home. Many taxpayers don't realize that they may be able to deduct expenses related to working from home. Don't let a well-deserved deduction slip through the cracks!

I'll also cover self-employed expenses and how those deductions can add up over time. Self-employed taxpayers have plenty of options for reducing their tax liability, but it's important not to overlook any possible deductions.

Another key area I'll discuss is the High-Income Child Benefit Charge. This applies to families with high income earners - if you fall into that category, make sure you know what applicable charges could affect your taxes this year!

Finally, I'll talk about Gift Aid payments and how those might factor into your return. It's crucial to understand how these payments will be taxed - otherwise you could be missing out on valuable savings opportunities!

Don't miss out on these essential insights - tune in for my I Hate Numbers podcast on five mistakes people make with their self-assessment tax returns! With my guidance, you can save yourself time, money, and stress this tax season.

Conclusion and good to knowThe I Hate Numbers podcast isn’t just about taxes though. Other topics are covered, for example cash flow management, budgeting, forecasting, debt management and more! Every episode provides actionable advice from experienced professionals who explains complicated concepts in an easy-to-understand way.

I understand that dealing with finances can feel overwhelming at times but don’t let that stop you from taking control of your finances! Tune into my I Hate Numbers podcast today where we provide vital information plus practical advice in a fun way!

Need help with this process, please don’t hesitate to contact me. I’d be happy to advise you on your taxes and how to minimise them.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Are you looking for some help with Tax and Business Financial Planning? It can be intimidating to figure out on your own, don't struggle alone. My I Hate Numbers podcast is here to make it easier for you.

When building a business financial plan, tax must be considered. Tax is an expense just like any other, so it’s essential for us to consider the amount, as well as all the various variables that come with it. Furthermore, not doing so could lead to major problems down the line if we ignore tax considerations.

Fortunately, this weeks I Hate Numbers podcast covers the approach you need to make when dealing with Tax and Business Financial Planning

It's vital that you consider tax as part of your business financial plan. You gain a lot to be gained by understanding the taxes involved and considering the timing and attitude to tax in your business. You can ensure that you're making sound decisions for the future of your company. If you need help with this process, please don't hesitate to contact me. I'd be happy to advise you on how to build a solid financial foundation for your business.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

There are Five key stages in your Business Financial Plan. Having a clear financial plan in place is essential for any small business, arts organisation, social enterprise, or SME. Creating one can seem like a daunting task. However, when broken down into the five key stages it becomes less of an overwhelm.

With my guidance, you'll ensure that all areas of your operations are considered and nothing important falls through the cracks.

Listen if you want to get ahead with your Business Financial Plan!

Conclusion and good to knowSo listen to discover the five key stages that you need to go through to produce your business financial plan. Success, however you define it, is what we all want. I guarantee if you don't have a financial plan in place then your will not progress as you want it to. Furthermore, you're going to be stuck where you currently are right now, maybe making some small incremental changes.

If you really want to propel your business forward and achieve what it is that YOU want to achieve, then absolutely 100% put a financial plan together following these steps. It will make all the difference in the world not just for yourself but also for your team around you as well.

Are you a small business owner, social enterprise or organisation passionate about change? Managing your finances can be a lot of work, trust me. Finally, there’s software that makes keeping track of your cash flow and financial planning easier: Numbers Know How. It helps you stay organised so you can focus on what matters to you; the creative work and the impactful change. Take a step away from the chaos with fast setup & easy navigation – numbers just got real…for the better! Get organized & make sense of it all with Numbers Know How today!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Are you running a small business, social enterprise or arts organisation but aren’t sure if budgeting really matters? Well, it absolutely does! In this weeks I Hate Numbers podcast I discuss the importance of budgeting and show you why it should be an integral part of your plan for success.

Budgeting is essential for success and there are multiple reasons why. It promotes smarter decision making, helps track progress plus so much more.

Fasten your seat belts SMEs - here comes 8 solid reasons why effective budgeting should be top of mind for any serious business!

It’s amazing how many small businesses, SMEs, and arts organisations – you know the ones, that are always just teetering on the edge of making it big or going bust. They either don’t bother with budgeting or do it all wrong. I get it: budgets can be complicated and a chore to set up… but there's actually an incredibly simple reason why budgeting is so important for any business (yes, even yours!). It doesn't have to be difficult; in fact, if done right budgets can propel your organisation into productivity overdrive! So why exactly should you budget? Listen to this podcast on The importance of Budgeting and I'll explain why.

Conclusion and good to knowThe importance of budgeting can't be stressed enough. It doesn't matter whether you're a small business, arts organisation, social enterprise or all of the above combined. Budgeting is essential for any successful venture. If you've been avoiding this task like the plague (trust me, I understand why), it's time to finally confront your financial fears and start setting budgets!

Approach the (not so) dreaded B word Budgeting with the right attitude.

Thanks for listening

Are you an SME, small business owner, individual artist or an organisation passionate about change? Managing your finances can be a lot of work, trust me. Finally there's software that makes keeping track of your cash flow and financial planning easier: Numbers Know How. It helps you stay organised so you can focus on what matters to you; the creative work and the impactful change. Take a step away from the chaos with fast setup & easy navigation - numbers just got real...for the better! Get organized & make sense of it all with Numbers Know How today!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

What should you charge for your services? It's a question that many small business owners, artists, and social enterprises grapple with.

Charging too much can mean you're shutting yourself off from potential clients, while charging too little can lead to you working for very little money. Is it based on how much experience you have, how long it will take you to do the job, or how big the project is?

How do you come up with a price that accurately reflects the time and value of your work. Moreover one that will not see you broke!

Whatever the answer, it is important to have an hourly rate in mind. You may not bill by the hour but having a floor and ceiling limit is a wonderful guide.

In this weeks I Hate Numbers podcast I look at how to calculate an hourly rate for your time.

Listen to find out more

Conclusion and good to knowThere is no one-size-fits-all answer to the question of how much you should charge for your time. However, by using the information provided in this podcast and in the FREE online pricing calculator, you can work out a fair rate for your services that will help power your business forward. Thanks for listening

Struggling with numbers and feeling like you can't win the battle between your ears?

I Hate Numbers is an easy, humorous but serious read about running a business. It also shows you how to have a financially rewarding relationship with your numbers. Furthermore, my book will help with that battle between the ears, that all business owners experience. If you feel like you could use some help in this area, buy my book and let me show you how to get on track for success.

Not only will you be able to understand your finances better, but you’ll also learn how to take the stress out of money management. Thanks for reading!

Click this ad right now and buy my book! You won't regret it!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Many businesses use cost based pricing, or cost plus pricing but what is it? How does it work, what are its advantages and disadvantages

When it comes to pricing your goods or services, there are a few popular strategies that business owners use. The most well-known is cost-based pricing, where you charge what it costs you to produce or provide the good or service.

In this weeks I Hate Numbers podcast I'll focus on cost plus pricing is and how it works. Furthermore , I will look at the pros and cons of using this strategy for your business.

Listen to find out more

Do you need to price your products or services for sale but don't know where to start? Have no fear, our free online pricing calculator is here! With just a few pieces of information, our calculator will help you come up with a fair price for your items. So why not give it a try today? You may be surprised at how easy it is!

Conclusion and good to knowDo you need to price your products or services for sale but don't know where to start? Have no fear, our free online pricing calculator is here! With just a few pieces of information, our calculator will help you come up with a fair price for your items. See what mark up and profits are. So why not give it a try today? You may be surprised at how easy it is!

Join my financial planning and story telling community at Numbers Know How If you want 1-2-1 support then I would be happy to help you create a sound financial plan for your company.

Are you ready to have an easier and more rewarding relationship with your numbers? My book, I Hate Numbers helps you get there.

Get in touch with us to help make your life easier and stress-free. Contact us if you need help figuring out and sorting your numbers, creating your future financial story plans, your tax, payroll and other...

View Details

It's no secret that I know that financial planning is wonderful. Successful businesses require effective financial planning. But did you know that there are several other benefits to financial planning as well? In this podcast I'll look at some of the key advantages of financial planning for your business.

Whether you're just starting out or you've been in business for a while, it's never too late to get started on sound financial planning!

The benefits of financial planning are vast, and they touch every aspect of your life. This includes

Firstly, clarity of purpose, decision making and focus, a clear path to success
Secondly, reducing your stress and anxiety, why wouldn't you want that ?
Thirdly, seeing where the risks and pitfalls. Furthermore, managing and swerving those risks
Lastly, avoiding a time consuming and expensive hobby, and making profits.

Being your own boss is a great feeling. But it's important to remember that, as with any other type of organisation, a business needs careful financial planning if it's going to be successful in the long term.

Listen to find out more

Conclusion and good to knowFrom reducing stress to making more money, financial planning is wonderful and essential for you and your business. Watch our video to learn more about how we can help you achieve your Northern Star. Are you ready to take the next step?So what are you waiting for? Listen to find out more.

Join my financial planning and story telling community at Numbers Know How If you want 1-2-1 support then I would be happy to help you create a sound financial plan for your company.

Are you ready to have an easier and more rewarding relationship with your numbers? My book, I Hate Numbers helps you get there.

This book is based on my 27 + years in business, helping thousands of businesses survive and prosper. Furthermore, it is an easy, humorous but serious read about running a business, having a financially rewarding relationship with your numbers, Furthermore, my book will help with that battle between the ears, that all business owners experience.

Getting your Finances in Order is key to a successful business. Find out more by checking out Numbers Know How

This podcast uses...

View Details

So, if you’re someone who hates numbers I have five reasons Why you should ignore your numbers.

Firstly, if having no clarity or focus in your business sounds appealing to you then by all means continue to avoid looking at your numbers.

Secondly, if making decisions on the fly without any real understanding of what is happening works for you then keep doing what you’re doing.

Thirdly, if experiencing stress and anxiety is how you like to roll then go ahead and stay blissfully ignorant of your numbers.

Fourthly, if feeling like you’re in control and knowing what is happening with your business puts too much pressure on you then don’t worry about it!

Lastly, if having a time consuming hobby that doesn’t make any profits is more up your alley than actually making money then ignore away.

.Although it may be tempting to ignore your numbers, there are many reasons why you should not. The most important reason is that by understanding and paying attention to your numbers, you put yourself in the driver’s seat of your business and can make better decisions based on data rather than guesswork. If this sounds like something you would prefer to avoid, then I suggest subscribing to my I Hate Numbers You Tube channel where I will continue providing helpful tips and information about all things related to numbers (and how to ignore them).

Good to know

Are you ready to have an easier and more rewarding relationship with your numbers? My book, I Hate Numbers helps you get there.

Getting your Finances in Order is key to a successful business. Find out more by checking out Numbers Know How

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Explaining assets and liabilities is my mission in this weeks I Hate Numbers podcast, episode 140. It’s not recommended practice, certainly mine, to operate without considering its assets and liabilities. However, what do these terms actually mean? In this podcast I'll break down what constitutes a business asset and explain some of the most common liabilities businesses face. We'll also provide some tips on how to manage your company's finances effectively. So, if you're looking to get a better understanding of your business' financial standing, read on! When running a business, it's important to understand the difference between assets and liabilities. An asset is anything that adds value to your business, while a liability is anything that detracts from it. In this blog post, we'll take a closer look at what constitutes an asset and a liability and give you some tips on how to manage them effectively. SummarySome of the reasons for Explaining assets and liabilities is Firstly, looking at the financial health of your company Secondly making good decisions for your business Thirdly empowering business owners and management

If you're interested in learning more, be sure to https://www.ihatenumbers.co.uk/podcasts/ (subscribe to I Hate Numbers podcasts), where I go into much more detail on all things accounting and finance related. Thanks for listening! Good to knowAre you ready to have an easier and more rewarding relationship with your numbers? My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873/ref=sr_1_1?crid=1QOLXWPL3NGJB&keywords=i+hate+numbers&qid=1654869973&sprefix=i+hate+numbers%2Caps%2C59&sr=8-1 (I Hate Numbers) helps you get there. This book is based on my 27 + years in business, helping thousands of businesses survive and prosper. Furthermore, it is an easy, humorous but serious read about running a business, having a financially rewarding relationship with your numbers, Furthermore, my book will help with that battle between the ears, that all business owners experience. Get inhttps://www.ihatenumbers.co.uk/contact-us/ ( touch) with us to help make your life easier and stress-free. https://www.ihatenumbers.co.uk/contact-us/ (Contact us) if you need help figuring out andhttps://www.ihatenumbers.co.uk/your-money-mindset-in-your-business/ ( sorting your numbers), creating your future https://numbersknowhow.co.uk/ (financial story plans), your https://www.ihatenumbers.co.uk/free-online-business-calculators/ (tax), https://www.ihatenumbers.co.uk/business-services/bookkeeping-and-payroll/ (payroll) and other accounting and business matters. Getting your Finances in Order is key to a successful business. Find out more by checking out https://numbersknowhow.co.uk/ (Numbers Know How )

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Explaining gross profit is my mission this week. Gross profit is the amount of money you make after subtracting the cost of goods sold from your total revenue. This number tells you how much money is left over after you've covered the costs associated with making and selling your products or services. Check out last weeks https://www.ihatenumbers.co.uk/explaining-operating-profit/ (podcast) and http://ihatenumbers.co.uk/understanding-operating-profit/ (video) looked at Operating profit. This is the amount of money you earn after all expenses have been taken into account. It's what's left over after you've paid for everything your business needs, from labour and materials to rent and marketing. Many businesses want to ensure they are making a profit, but don't know where to start. This FREE https://www.ihatenumbers.co.uk/free-online-business-calculators/ (profit calculator) shows you exactly what your gross profit is right now. With this information, you can make informed decisions about where your business should go next. Use this calculator to find out if you're making a profit and how much money you could be making! Good to knowAre you ready to have an easier and more rewarding relationship with your numbers? My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873/ref=sr_1_1?crid=1QOLXWPL3NGJB&keywords=i+hate+numbers&qid=1654869973&sprefix=i+hate+numbers%2Caps%2C59&sr=8-1 (I Hate Numbers) helps you get there. This book is based on my 27 + years in business, helping thousands of businesses survive and prosper. It is an easy, humorous but serious read about running a business, having a financially rewarding relationship with your numbers, Furthermore, my book will help with that battle between the ears, that all business owners experience. Get inhttps://www.ihatenumbers.co.uk/contact-us/ ( touch) with us to help make your life easier and stress-free. https://www.ihatenumbers.co.uk/contact-us/ (Contact us) if you need help figuring out andhttps://www.ihatenumbers.co.uk/your-money-mindset-in-your-business/ ( sorting your numbers), creating your future https://numbersknowhow.co.uk/ (financial story plans), your https://www.ihatenumbers.co.uk/free-online-business-calculators/ (tax), https://www.ihatenumbers.co.uk/business-services/bookkeeping-and-payroll/ (payroll) and other accounting and business matters

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Explaining operating profit is this weeks I hate Numbers podcast. Operating profit is a performance measure that tells you how much money your business earned from its core operations. It's a figure that business often overlook when it comes to budgeting and long-term planning. But understanding your operating profit is essential if you want to make the most of your resources. This podcast breaks down some key points about operating profit and gives examples of how you can use this information for your business or organisation. So, what exactly is operating profit?Quite simply, it's a measure of all the revenue generated from a company's primary activities, minus all the associated costs. This includes things like the cost of raw materials, labour, factory overheads, and marketing expenses. Operating profit is therefore a more accurate measure of a company's profitability from its ongoing activities. And it's this figure that managers should focus on when making decisions about where to allocate resources. So, next time you're looking at your company's financial statements, take a closer look at the operating profit figure. It will give you a better idea of how your business is performing Good to knowAre you ready to have an easier and more rewarding relationship with your numbers? My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873/ref=sr_1_1?crid=1QOLXWPL3NGJB&keywords=i+hate+numbers&qid=1654869973&sprefix=i+hate+numbers%2Caps%2C59&sr=8-1 (I Hate Numbers) helps you get there. This book is based on my 27 + years in business, helping thousands of businesses survive and prosper. It is an easy, humorous but serious read about running a business, having a financially rewarding relationship with your numbers, Furthermore, my book will help with that battle between the ears, that all business owners experience. Get inhttps://www.ihatenumbers.co.uk/contact-us/ ( touch) with us to help make your life easier and stress-free. https://www.ihatenumbers.co.uk/contact-us/ (Contact us) if you need help figuring out andhttps://www.ihatenumbers.co.uk/your-money-mindset-in-your-business/ ( sorting your numbers), creating your future https://numbersknowhow.co.uk/ (financial story plans), your https://www.ihatenumbers.co.uk/free-online-business-calculators/ (tax), https://www.ihatenumbers.co.uk/business-services/bookkeeping-and-payroll/ (payroll) and other accounting and business matters

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Risk is a natural part of business life; using operational gearing measures one of those risks. Sorry to throw in a bit of jargon there at the start, my jargon buster ray gun is there at the ready. Have you ever wondered what operational gearing is? And how it can benefit your business? Maybe you have never heard of it. Wonder no more, I look at operational gearing in this week’s podcast. Firstly, I explain what operational gearing; secondly, how you measure it. Finally, how you can use this knowledge to make your business stronger, https://en.wikipedia.org/wiki/Francis_Bacon (with knowledge comes power). Operational gearing is the level of fixed costs in a company as a proportion of total costs. It is a measure of how much a company has to spend to keep the business running, regardless of how much revenue it generates. The higher the level of fixed costs, the higher the operational gearing. A high level of operational gearing can be risky for a company, because it means that a small decrease in revenue can result in a loss. However, it can also make a company more profitable because it can increase margins. Understanding operational gearing is important for business owners and managers because it can help them to make informed decisions about where to allocate resources and how much debt to take on. It can also help them to understand the risks and rewards associated with different levels of operational gearing. Good to knowIf your eyes are glazing at the thought of the number crunching, glaze not. Use our https://numbersknowhow.co.uk/calculators/ (FREE online calculator), I whipped up to help you determine your own company's operational gearing. https://numbersknowhow.co.uk/calculators/ (Give it a try)! Subscribe to my https://feeds.captivate.fm/ihatenumbers/ (I Hate Numbers podcast) where every week we discuss ways small businesses can survive and thrive, Are you ready to have an easier and more rewarding relationship with your numbers? My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873/ref=sr_1_1?crid=1QOLXWPL3NGJB&keywords=i+hate+numbers&qid=1654869973&sprefix=i+hate+numbers%2Caps%2C59&sr=8-1 (I Hate Numbers) helps you get there. This book is based on my 27 + years in business, helping thousands of businesses survive and prosper. It is an easy, humorous but serious read about running a business, having a financially rewarding relationship with your numbers, Furthermore, my book will help with that battle between the ears, that all business owners experience. Get inhttps://www.ihatenumbers.co.uk/contact-us/ ( touch) with us to help make your life easier and stress-free. https://www.ihatenumbers.co.uk/contact-us/ (Contact us) if you need help figuring out andhttps://www.ihatenumbers.co.uk/your-money-mindset-in-your-business/ ( sorting your numbers), creating your future https://numbersknowhow.co.uk/ (financial story plans), your https://www.ihatenumbers.co.uk/free-online-business-calculators/ (tax), https://www.ihatenumbers.co.uk/business-services/bookkeeping-and-payroll/ (payroll) and other accounting and business matters

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

If you want to stay afloat in your business, understand break even and how it can help. Every industry needs this key number for different reasons but regardless of what kind of company or size you are you should have a grasp on these fundamentals! Understanding and using break even and applying is neglected by many business owners. That's a shame, it's powerful and in helping you make profit, and better business decisions In this week's https://feeds.captivate.fm/ihatenumbers/ (podcast) I will Firstly, explain what break-even is Secondly, why it's so powerful, not only for your bank balance, but also for your mental well ConclusionSo, what is break-even? In very simple terms, it’s the point at which your total income equals your total costs. Once you hit this magical number, you no longer make a loss on every sale and start making profit! It’s an important marker to know for any business owner. It tells you when you reach profitability and how much money you need to bring in before you start making a profit. Break-even analysis can also help with forecasting future sales and budgeting. If that wasn’t reason enough to love it, break-even is like your personal financial advisor giving you the thumbs up or down on whether a new project or product is worth pursuing. You don’t have to be a maths genius to use it – I have a https://numbersknowhow.co.uk/break-even-calculator/ (free online calculator) that does all the hard work for you. Why not try out break even today and see how empowering it can be for your business decisions? Subscribe to my https://feeds.captivate.fm/ihatenumbers/ (I Hate Numbers podcast) where every week we discuss ways small businesses can survive and thrive, Are you ready to have an easier and more rewarding relationship with your numbers? My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873/ref=sr_1_1?crid=1QOLXWPL3NGJB&keywords=i+hate+numbers&qid=1654869973&sprefix=i+hate+numbers%2Caps%2C59&sr=8-1 (I Hate Numbers) helps you get there. This book will show you how to have a rewarding, productive relationship with numbers and your business. Furthermore, my book will help with that battle between the ears, that all business owners experience. Learn more and buy my book today! Get inhttps://www.ihatenumbers.co.uk/contact-us/ ( touch) with us to help make your life easier and stress-free. https://www.ihatenumbers.co.uk/contact-us/ (Contact us) if you need help figuring out andhttps://www.ihatenumbers.co.uk/your-money-mindset-in-your-business/ ( sorting your numbers), creating your future https://numbersknowhow.co.uk/ (financial story plans), your https://www.ihatenumbers.co.uk/free-online-business-calculators/ (tax), https://www.ihatenumbers.co.uk/business-services/bookkeeping-and-payroll/ (payroll) and other accounting and business matters

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

A recession is a difficult time for any business, so knowing How your business deals with a recession is a vital part of your toolkit, It may be that your customers may have less money to spend, you may have to let staff go, and your bottom line may be shrinking. But all is not lost, there are things you can do to help your business weather the storm. In this week's I Hate Numbers podcast I'll look at some ways to deal with a recession and keep your business afloat. Furthermore, your business can even prosper, listen to find out more. A recession can be a difficult time for businesses of all sizes. Knowing how to deal with a recession and keep your business afloat is essential for any entrepreneur or small business owner. In this blog post, we'll discuss some tips for weathering a recession and keeping your business moving forward. Thanks for reading! ConclusionSo hopefully these tips will show you How your business deals with a recession. If you have any questions, or want more information on how to apply these tips specifically to your business, please don’t hesitate to reach out. I love talking shop, so feel free to subscribe to my Hate Numbers podcast where every week we discuss ways small businesses can survive and thrive, regardless of the economy. And until next time, keep calm and carry on! And if you’re still feeling lost or don’t know where to start, our team at Numbers Know offers comprehensive financial planning services that will help get your business through these trying times and into a bright future ahead. So, what are you waiting for? Check out our website now and see how we can help get your business back on track! Are you ready to have an easier and more rewarding relationship with your numbers? My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873/ref=sr_1_1?crid=1QOLXWPL3NGJB&keywords=i+hate+numbers&qid=1654869973&sprefix=i+hate+numbers%2Caps%2C59&sr=8-1 (I Hate Numbers) helps you get there. This book will show you how to have a rewarding, productive relationship with numbers and your business. Furthermore, my book will help with that battle between the ears, that all business owners experience. Learn more and buy my book today! Get inhttps://www.ihatenumbers.co.uk/contact-us/ ( touch) with us to help make your life easier and stress-free. https://www.ihatenumbers.co.uk/contact-us/ (Contact us) if you need help figuring out andhttps://www.ihatenumbers.co.uk/your-money-mindset-in-your-business/ ( sorting your numbers), creating your future https://numbersknowhow.co.uk/ (financial story plans), your https://www.ihatenumbers.co.uk/free-online-business-calculators/ (tax), https://www.ihatenumbers.co.uk/business-services/bookkeeping-and-payroll/ (payroll) and other accounting and business matters

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Are you a business owner looking to make the switch to cash basis accounting? The transition can be daunting, but it's worth it if you want to make the most of your profits. In this podcast I'll take a look at how traditional accounting compares to cash basis accounting and show you how to calculate your tax profits under each system. Let's get started! The cash basis for tax seems like the right decision for a lot of small business owners. Moreover, it’s simple, straightforward, and easy to understand. You can use it without having to worry about all of the different rules and regulations that come with using other methods. However, there are some definite downsides to consider before you make your final decision. The most important thing is to weigh up the pros and cons carefully so that you can make an informed choice about which method is best for your business. I hope this podcast has helped clear up some of the confusion around calculating profit. If you have any questions, please don’t hesitate to get in touch. And don’t forget to subscribe so you never miss an episode! Using cash profits In order to make your business as successful as possible, it's important to know where you're at financially. One way to measure this is by you Calculating cash profits. This involves taking your revenue and subtracting your expenses. Furthermore, this gives you a clear picture of how much money is actually coming in and out of your company. While this can seem like a daunting task, it's a crucial step in making informed decisions about the future of your business. By understanding your cash profits, you can better assess where you need to make changes and cut costs. And with that knowledge in hand, you can focus on growing and expanding your business! Who is eligible to use the cash basis for tax and when it is not suitableThe cash basis for tax is a simplified way of accounting for your business income and expenses. It can be used by most businesses, but there are some cases where it is not suitable. I explore in this podcast post Firstly, who is eligible to use the cash basis for tax Secondly, when it is not appropriate.

Further details can be https://www.gov.uk/simpler-income-tax-cash-basis/who-can-use-cash-basis (found here) Calculating tax profits – Traditional accounting versus cash basisWhen it comes to calculating profits, there are two main methods, traditional or the cash basis. Each of these methods has its own benefits and drawbacks.. ConclusionAre you ready to have an easier and more rewarding relationship with your numbers? My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873/ref=sr_1_1?crid=1QOLXWPL3NGJB&keywords=i+hate+numbers&qid=1654869973&sprefix=i+hate+numbers%2Caps%2C59&sr=8-1 (I Hate Numbers) helps you get there. This book will show you how to have a rewarding, productive relationship with numbers and your business. Furthermore, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873/ref=sr_1_1?crid=OR5NZAIN0LY1&keywords=i+hate+numbers&qid=1663363203&sprefix=%2Caps%2C98&sr=8-1 (my book) will help with that battle between the ears, that all business owners experience. Grab your https://dashboard.mailerlite.com/forms/67556/64264647506659177/share (FREE cashflow guide) Make your own Future Cash Story Plan with https://numbersknowhow.co.uk/ (Numbers Know How). Get inhttps://www.ihatenumbers.co.uk/contact-us/ ( touch) with us to help make your life easier and stress-free. https://www.ihatenumbers.co.uk/contact-us/ (Contact us) if you need help figuring out andhttps://www.ihatenumbers.co.uk/your-money-mindset-in-your-business/ ( sorting your numbers), creating your future https://numbersknowhow.co.uk/ (financial story plans),...

View Details

Self-employed tax returns can be daunting, but they don't have to be! This weeks I Hate Numbers podcast takes you through how to fill in your self-employed tax return for the year 21-22. I'll explain everything you need to know, so you can be confident in completing your return. Plus, I've got some handy tips to help make the process as smooth as possible. Let's get started! Self-employed individuals have to file a self-employed tax return each year. This document is used to report your income and expenses so that the government can correctly assess how much tax you owe. Filling in your self-employed tax return can be confusing, but it's important to get it right. Using an accountantChoosing If you're a business owner, one of the most important decisions you'll make is https://www.ihatenumbers.co.uk/choosing-your-accountant/ (choosing an accountant). But with so many options available, how do you know which one is right for you? In this blog post, we'll outline some tips for choosing an accountant and share some of the benefits of working with one. So read on to learn more! Online CalculatorsAs a business owner, you’re constantly dealing with numbers. Whether you’re crunching the numbers on https://www.ihatenumbers.co.uk/resources/pricing-your-services-calculator/ (what to charge) or trying to figure out https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (how much tax to pay,) using a business calculator makes the process easier. Check out our https://www.ihatenumbers.co.uk/free-online-business-calculators/ (resource page) and take away some of the number heavy lifting. ConclusionIn this podcast episode, I have focused on the self-employed tax return. What are the responsibilities that come with being self-employed? How you go about preparing your tax return if you’re self-employed? And how can you make sure that you’re paying the right amount of tax? Dealing with the https://www.ihatenumbers.co.uk/the-fifth-self-employed-grant/ (self employed grant) and claiming https://www.gov.uk/simpler-income-tax-simplified-expenses (simplified expenses). I answer these questions and more, so be sure to stick around until the end. If you want to find out more about preparing your self-employed tax return, or if you need help filing your taxes this year, then contact us. Head over to our website and use our free online tax calculator. It’s quick, easy and best of all – it’s free! Thanks for listening. There you have it. Four key things that you need to know in order to prepare your personal tax return for 21/22. Check out one of out https://www.ihatenumbers.co.uk/self-assessment-tax-returns-2021-22/ (previous blog) on this topic, more words, and details. Are you ready to have an easier and more rewarding relationship with your numbers? My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873/ref=sr_1_1?crid=1QOLXWPL3NGJB&keywords=i+hate+numbers&qid=1654869973&sprefix=i+hate+numbers%2Caps%2C59&sr=8-1 (I Hate Numbers) helps you get there. This book will show you how to have a rewarding, productive relationship with numbers and your business. Furthermore, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873/ref=sr_1_1?crid=OR5NZAIN0LY1&keywords=i+hate+numbers&qid=1663363203&sprefix=%2Caps%2C98&sr=8-1 (my book) will help with that battle between the ears, that all business owners experience. Grab your https://dashboard.mailerlite.com/forms/67556/64264647506659177/share (FREE cashflow guide) Make your own Future Cash Story Plan with https://numbersknowhow.co.uk/ (Numbers Know How). Get inhttps://www.ihatenumbers.co.uk/contact-us/ ( touch) with us to help make your life easier and stress-free. https://www.ihatenumbers.co.uk/contact-us/ (Contact us) if you need help figuring out...

View Details

Why do you need to know How to complete your self-assessment return 21-22 ? Well, are you self-employed or run a small business? If so, you'll need to submit a tax return to HMRC for the financial year 21-22. This can seem daunting, but with careful preparation, it doesn't have to be difficult. In this blog post, we'll outline the steps you need to take to ensure your return is filed correctly and on time. We'll also cover some of the common deductions and allowances that may apply to you. So, whether you're a seasoned pro or preparing your first tax return, read on for our top tips! "A fine is a tax for doing something wrong. A tax is a fine for doing something right." - Anonymous How to prepare your How to complete your self-assessment return tax return 21-22 may not get the pulse racing. For some it may cause anxiety, apoplexy and poking eyes with sticks may come to mind. If you are you one of the 10.2 million + people that have to complete a self-assessment personal tax return it’s a necessary evil. Maybe evil is too strong a word, but that’s how it feel to many. If you've not yet submitted yours and want an estimate of what to pay then check out my https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (FREE online tax calculator ) Relax and sort your tax, Online CalculatorsAs a business owner, you're constantly dealing with numbers. Whether you're crunching the numbers on https://www.ihatenumbers.co.uk/resources/pricing-your-services-calculator/ (what to charge) or trying to figure out https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (how much tax to pay,) using a business calculator makes the process easier. Check out our https://www.ihatenumbers.co.uk/free-online-business-calculators/ (resource page) and take away some of the number heavy lifting. ConclusionThere you have it. Four key things that you need to know in order to prepare your personal tax return for 21/22. Check out one of out https://www.ihatenumbers.co.uk/self-assessment-tax-returns-2021-22/ (previous blog) on this topic, more words, and details. It’s important to bear in mind that these are just the basics and that you should always seek professional advice if you’re unsure about anything. You can find more information on our website, including a free online tax calculator which will help make the process a little bit easier. Are you ready to have an easier and more rewarding relationship with your numbers? My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873/ref=sr_1_1?crid=1QOLXWPL3NGJB&keywords=i+hate+numbers&qid=1654869973&sprefix=i+hate+numbers%2Caps%2C59&sr=8-1 (I Hate Numbers) helps you get there. This book will show you how to have a rewarding, productive relationship with numbers and your business. Furthermore, my book will help with that battle between the ears, that all business owners experience. Learn more and buy my book today! Get inhttps://www.ihatenumbers.co.uk/contact-us/ ( touch) with us to help make your life easier and stress-free. https://www.ihatenumbers.co.uk/contact-us/ (Contact us) if you need help figuring out andhttps://www.ihatenumbers.co.uk/your-money-mindset-in-your-business/ ( sorting your numbers), creating your future https://numbersknowhow.co.uk/ (financial story plans), your https://www.ihatenumbers.co.uk/free-online-business-calculators/ (tax) , https://www.ihatenumbers.co.uk/business-services/bookkeeping-and-payroll/ (payroll) and other accounting and business matters. Thanks for https://www.ihatenumbers.co.uk/podcasts/ (listening!)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Making business decisions in uncertain times can be difficult. There are a lot of things to consider and it can be hard to know what the right thing to do is. However, by taking a few things into account, you can make decisions that will help your business grow and thrive in any situation. Here are the A’s, the three tips for making smart business decisions during uncertain times. Firstly, Attitude, make sure it’s the right one Secondly, Assessment, understand and https://numbersknowhow.co.uk/ (plan) for what is going on Lastly, Action, inertia is not your friend

ConclusionMaking business decisions in uncertain times can be tough for business owners. It’s hard to know what the right thing to do is when you don’t have all of the information. That’s why we came up with three tips for making smart decisions during uncertain times. The first one is attitude, make sure it’s the right one. You need to be positive and believe in your ability to succeed even if things are looking a little bleak. Secondly, assessment, understand what is going on around you so that you can make informed decisions. And lastly, action, inertia is not your friend. Don’t wait too long to take action or else you might miss out on opportunities. To learn more about these tips and how they can help your business thrive during uncertain times listen to our latest episode of the Small Business Success podcast. Thanks for listening My gift to you, a free Numbers Know How https://numbersknowhow.co.uk/ (Cash Flow Guide). Check out my https://www.youtube.com/c/IHateNumbers/featured (I Hate Numbers YouTube) channel, https://ihatenumbers.captivate.fm/listen (Subscribe) to I Hate Numbers now so you don’t miss an episode. My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (I Hate Numbers) will change your relationship with numbers and https://www.ihatenumbers.co.uk/make-money-take-charge-of-your-numbers/ (money), in a good way. Check out what https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (people have said), https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873?asin=1913713873&revisionId=&format=4&depth=1 (buy the book) and make your own mind up, you won’t be disappointed.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

If you're a business owner, then you know that the cost of doing business is always on your mind. But what do you do when that cost suddenly skyrockets? Whether it's an increase in rent, wages, or material costs, a sudden spike can be disastrous for your bottom line. Here are a few tips to help you weather the storm. "Losing your head in a crisis is a good way to become the crisis." https://en.wikipedia.org/wiki/C._J._Redwine (C.J. Redwine) Not as much media time, comments through social media, or sympathy, but there is a real cost of business crisis - and not just a cost of living one. Expect an intensification of 'clench your buttocks', WTF, as the costs of doing business will continue to build and it will feel like a kick in the financial balls. Ouch and wince! There is no energy cap for businesses, and the eye-watering increases faced by individuals is eye gouging for businesses. In this https://www.ihatenumbers.co.uk/podcasts/ (podcast) I specifically look at how to reduce and manage your energy costs. For example, businesses that are not work from home ones (of which a gazillion exist, including mine) are facing up to a five fold increase in energy costs. Support is out there in how deal with https://energysavingtrust.org.uk/ (energy costs). However, that may feel like wearing a balaclava as someone hits you with a financial baseball bat. Dealing with a cost of business of crisishttps://feeds.captivate.fm/ihatenumbers/ (This episode) provides more protection than a balaclava. "When everything around you is crazy, it is ingenious to stay calm" - https://de.wikipedia.org/wiki/Mehmet_Murat_%C4%B0ldan (Mehmet Murat ildan) At the risk of understatement, a ton load of businesses are experiencing crappy times, a cost of business crisis - that order of toilet paper will need to be increased. Unfortunately, the rubbishy times are not unique to business, (https://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008 (Financial Crash 2008) anyone?) though the circumstances may be. What I do know is that the best way to deal with rubbish times, is Firstly, attitude and approach - panic is not your friend Secondly, assessment - don't rely on guesswork Thirdly, options, there are always options Fourthly, Financial-Cash flow Plan, you should be doing this anyway Lastly, Take action - inertia doesn't solve anything Conclusion So what does this all mean for business owners? We’re in the midst of a cost of living crisis and it’s impacting businesses in a big way. The good news is that there are things we can do to navigate our way through this very choppy and turbulent storm. In this podcast, I’ve outlined as best I could what a cost of business crisis is, how we should approach it and how we should deal with it. My gift to you, a free Numbers Know How https://numbersknowhow.co.uk/ (Cash Flow Guide). Check out my https://www.youtube.com/c/IHateNumbers/featured (I Hate Numbers YouTube) channel, https://ihatenumbers.captivate.fm/listen (Subscribe) to I Hate Numbers now so you don’t miss an episode. My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (I Hate Numbers) will change your relationship with numbers and https://www.ihatenumbers.co.uk/make-money-take-charge-of-your-numbers/ (money), in a good way. Check out what https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (people have said), https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873?asin=1913713873&revisionId=&format=4&depth=1 (buy the book) and make your own mind up, you won’t be disappointed.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Customer lifetime value and segmentation is this week's episode of the I Hate Numbers podcast. Last week I kicked off with https://www.ihatenumbers.co.uk/using-customer-lifetime-value/ (part one) I will be continuing from part one my exploration of customer lifetime value by looking at Firstly CLV and net CLV calculation Secondly, customer segmentation Thirdly, customer retention.

These topics are important for anyone looking to improve their business profits, deliver a positive customer experience, or simply improve their understanding of their customers. By segmenting customers according to their lifetime value, businesses can focus their attention on those customers who are most likely to generate long-term profits. Customer retention is essential for maintaining profitability, as it costs much less to retain a customer than it does to acquire a new one. By understanding these concepts, businesses can set themselves up for success in the long run. Customer lifetime value is a number that tells you how much profit a customer will bring your business over the course of their “lifetime” with you. To calculate this, you'll need to look at your customer's average order value, how often they purchase from you, and how long they stay with you as a customer. Customer segmentation is a way of dividing your customers into groups based on shared characteristics. This can be helpful in understanding which customers are most valuable to your business and how best to communicate with them. Take a look at https://www.youtube.com/watch?v=epYUPH1U3cM (this video) for a visual of segmentation, accreditation goes to https://www.hubspot.com/our-story (Hubspot) for the table. Customer retention is important because it costs much less to keep a current customer than it does to acquire a new one ConclusionSo in conclusion, Customer lifetime value and segmentation is an incredibly powerful number helping you focus on the right customers and increase profits. In order to set this power free though, you need to do a little bit of work up front segmenting your customers correctly and then track their CLV over time. It’s not rocket science, but it does require some effort. If you are willing to put in the work however, the rewards can be great. Are you ready to start harnessing the power of customer lifetime value? Then https://feeds.captivate.fm/ihatenumbers/ (listen) to find out more. Check out my https://www.youtube.com/c/IHateNumbers/featured (I Hate Numbers YouTube) channel, https://ihatenumbers.captivate.fm/listen (Subscribe) to I Hate Numbers now so you don’t miss an episode. My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (I Hate Numbers) will change your relationship with numbers and https://www.ihatenumbers.co.uk/make-money-take-charge-of-your-numbers/ (money), in a good way. Check out what https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (people have said), https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873?asin=1913713873&revisionId=&format=4&depth=1 (buy the book) and make your own mind up, you won’t be disappointed.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Numbers gives you business superpowers, you should be Using customer lifetime value as one of those numbers. In this podcast I will Firstly, break down what CLV is Secondly, how you can go about calculating it for your own business. Lastly, why it's important

So, whether you're just starting out or you've been in business for a while, listen to find out more! If you're in business, it's important to know how much each of your customers is worth. Knowing your customer lifetime value (CLV) can help you make more informed decisions about where to focus your marketing efforts, and how much to spend on acquiring new customers. ConclusionSo, there you have it! Using customer lifetime value in a nutshell. It’s an incredibly powerful number that can help your business in innumerable ways, so make sure to start calculating it today. In the next part of this series, I’ll take a deeper look at CLV, its power, use and what you need to do to use it. Listen if you want to increase your profits and get a better understanding of what else is possible when you wield this metric effectively. Are you excited? I know I am! If you can't wait for more, go ahead and listen to the rest of the podcast episode where we deep dive into all things CLV. You won't regret it! Check this link to learn more about https://www.ihatenumbers.co.uk/measuring-your-financial-performance/ (financial statements). I invite you to join my https://numbersknowhow.co.uk/product-tour/ (Numbers Know How) Financial Story Plan Community. I’d love to have you there! Check out my https://www.youtube.com/c/IHateNumbers/featured (I Hate Numbers YouTube) channel, https://ihatenumbers.captivate.fm/listen (Subscribe) to I Hate Numbers now so you don’t miss an episode. My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (I Hate Numbers) will change your relationship with numbers and https://www.ihatenumbers.co.uk/make-money-take-charge-of-your-numbers/ (money), in a good way. Check out what https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (people have said), https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873?asin=1913713873&revisionId=&format=4&depth=1 (buy the book) and make your own mind up, you won’t be disappointed.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

So, what is the impact of VAT registration on your business. That is what I am looking at in https://feeds.captivate.fm/ihatenumbers/ (podcast episode 127) of I Hate Numbers. There will be changes, and in the words of https://en.wikipedia.org/wiki/Charles_F._Kettering (Charles F. Kettering) “People are very open-minded about new things, as long as they're exactly like the old ones.” So, what changes when you become VAT registered? 🍨Mindset change - you’re now an unpaid tax collector, no salary or fringe benefits 🍨https://www.ihatenumbers.co.uk/vat-pricing/ (Pricing) conversations and decisions to be had, unless you want a declining bank balance and lost custom 🍨Profitability, not a dirty word, no profit, no business 🍨Processes and procedures will change, or rather they need to Overview of VATSweet and sour, ice cream and toothache, pleasure and pain is what it feels like for many businesses once they become VAT registered. https://www.ihatenumbers.co.uk/value-added-tax-and-your-business/ (VAT), and dealing with it feels like one of the biggest business brain squeezes and changes for business owners once they join the exclusive (?) club of 2.7 million VAT registered businesses. If you’re a VAT newbie, it can be daunting – It’s important to understand what changes you will face. Even seasoned members of the VAT club feel that they need that occasional lie down. ConclusionSo, if you’re feeling a bit of pain and pleasure when it comes to https://www.gov.uk/register-for-vat (VAT registration), don’t worry, you’re not alone. Millions of businesses go through the same thing. In this episode we chat about what you can do to make the process a little less daunting and help you get your head around VAT. We also answer some of your questions so be sure to listen in for more information. And remember, if you need any help with registering for VAT or anything else related to your business finances, our team is here to support you every step of the way. Check this link to learn more about https://www.ihatenumbers.co.uk/measuring-your-financial-performance/ (financial statements). I invite you to join my https://numbersknowhow.co.uk/product-tour/ (Numbers Know How) Financial Story Plan Community. I’d love to have you there! Check out my https://www.youtube.com/c/IHateNumbers/featured (I Hate Numbers YouTube) channel, https://ihatenumbers.captivate.fm/listen (Subscribe) to I Hate Numbers now so you don’t miss an episode. My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (I Hate Numbers) will change your relationship with numbers and https://www.ihatenumbers.co.uk/make-money-take-charge-of-your-numbers/ (money), in a good way. Check out what https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (people have said), https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873?asin=1913713873&revisionId=&format=4&depth=1 (buy the book) and make your own mind up, you won’t be disappointed.

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Why should you use ratios to make financial judgments? Well, are you curious how well your business is doing financially? Or maybe you're looking to acquire or invest in a business and want to know what to look for? Ratios are a great way to judge a company's financial performance. In this weeks podcast I'll go over the most common ratios and what they mean for your business. To be a successful business owner, you need to be able to judge your company's financial performance. One way to do this is by using ratios. Ratios can help you see whether your company is making money and growing or whether it's struggling. In this podcast I'll explain what ratios are and how to use them to assess your business' financial health. Check out thehttps://www.youtube.com/watch?v=k0rzTkimLuw ( I Hate Numbers You Tube channel) to see a worked example. use these example ratios as a guide. So, if you're interested in learning more about ratios and how they can help you gauge your company's financial well-being,https://www.ihatenumbers.co.uk/podcasts/ ( listen) to find out more! ConclusionIn order to make good financial decisions for your business you need to know how to use ratios to make financial judgments. Whether you’re the one in charge of making them or advising those who are- it’s important that you understand how to judge performance. Ratios are a popular and accessible way to do this, but there are many different ways to look at finances. No matter where you stand on the spectrum of financial know-how, I hope this video has helped introduce you to the basics of ratio analysis and shown you how informative and valuable it can be when used correctly. Check this link to learn more about https://www.ihatenumbers.co.uk/measuring-your-financial-performance/ (financial statements). I invite you to join my https://numbersknowhow.co.uk/product-tour/ (Numbers Know How) Financial Story Plan Community. I’d love to have you there! Check out my https://www.youtube.com/c/IHateNumbers/featured (I Hate Numbers YouTube) channel, https://ihatenumbers.captivate.fm/listen (Subscribe) to I Hate Numbers now so you don’t miss an episode. My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (I Hate Numbers) will change your relationship with numbers and https://www.ihatenumbers.co.uk/make-money-take-charge-of-your-numbers/ (money), in a good way. Check out what https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (people have said), https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873?asin=1913713873&revisionId=&format=4&depth=1 (buy the book) and make your own mind up, you won’t be disappointed. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook.)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

There's no doubt that Using financial ratios in business are one of the most important tools that business owners have in their toolkit. By using financial ratios, you can get a better understanding of how your business is performing, and make changes to improve your bottom line. But what are financial ratios, and how do you use them? Are you curious about what financial ratios are and how they're used in business? Wonder no more! In this podcast I will Firstly, look at what a ratio is Secondly, the source documents, where the information comes form Thirdly, the four areas traditionally examined Finally, limitations of Using financial ratios in business

I’ll explain why they're important. https://feeds.captivate.fm/ihatenumbers/ (Stay tuned) - your business savvy is about to get a major boost! In weeks I Hate Numbers podcast I'll break it all down for you! So listen on to learn more about financial ratios, and how to put them to work for your business. ConclusionFinancial ratios are important tools that business owners can use to make informed decisions about their businesses. In this podcast, I looked at financial ratios , what they are, where the information comes from, and the four areas traditionally examined. However, it's important to note that financial ratios should not be used in isolation and should be considered along with other sources of information. Check this link to learn more about https://www.ihatenumbers.co.uk/measuring-your-financial-performance/ (financial statements). I invite you to join my https://numbersknowhow.co.uk/product-tour/ (Numbers Know How) Financial Story Plan Community. I'd love to have you there! Check out my https://www.youtube.com/c/IHateNumbers/featured (I Hate Numbers YouTube) channel, https://ihatenumbers.captivate.fm/listen (Subscribe) to I Hate Numbers now so you don’t miss an episode. My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (I Hate Numbers) will change your relationship with numbers and https://www.ihatenumbers.co.uk/make-money-take-charge-of-your-numbers/ (money), in a good way. Check out what https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (people have said), https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873?asin=1913713873&revisionId=&format=4&depth=1 (buy the book) and make your own mind up, you won’t be disappointed. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook.)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

If you're a business owner, then Measuring your financial performance, keeping track of it is essential to your success. But do you know how to measure it? In this podcast, I'll explain two important metrics for measuring your business's financial performance. If you want to make sure your business is on track financially, keep reading! No one ever said that being in business was easy – it takes a lot of hard work and dedication to be successful. But one of the most important things you can do is measure your financial performance so you can stay on track and make sure your efforts are paying off. So listen to find out more for tips on how to measure your business's financial performance! ConclusionThe bottom line is, Measuring your financial performance is necessary if you want your business to survive and thrive. You need to know where you're at so you can make informed decisions about the future of your company. That's why I want to share this podcast with you. In it, I talk about how to do a financial review, two key numbers and what benefits you can expect from doing one. I also introduce my https://numbersknowhow.co.uk/product-tour/ (Numbers Know How) Financial Story Plan Community where business owners like you can come together to help each other grow and succeed financially. If this sounds like something you want to learn more about, join my https://numbersknowhow.co.uk/product-tour/ (Numbers Know How) Financial Story Plan Community, connect to my https://www.youtube.com/c/IHateNumbers/featured (I Hate Numbers YouTube) channel, I’d love to have you there! https://ihatenumbers.captivate.fm/listen (Subscribe) to I Hate Numbers now so you don’t miss an episode. My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (I Hate Numbers) will change your relationship with numbers and https://www.ihatenumbers.co.uk/make-money-take-charge-of-your-numbers/ (money), in a good way. Check out what https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (people have said), https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873?asin=1913713873&revisionId=&format=4&depth=1 (buy the book) and make your own mind up, you won’t be disappointed. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook.)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

If you're like most business owners, you think of being financially accountable as a necessary evil. It's something that you have to do, but it's not always fun or interesting. However, what if I told you that being financially accountable can actually be good for you? Believe it or not, there are a lot of benefits to being responsible with your money. So if you're looking for a reason to start tracking your finances,https://www.ihatenumbers.co.uk/podcasts/ ( listen) to find out more. You've heard the saying "time is money." Well, that's especially true for entrepreneurs and small business owners. The more efficiently you use your time, the more money you make. Money management is essential to your success. One way to improve your money management skills is to be more financially accountable. ConclusionSo, being financially accountable is a good thing. How do you go about being financially accountable? By having a https://www.ihatenumbers.co.uk/four-tips-to-using-your-financial-plan/ (financial story plan) and following it. What's your Northern star? What's the end goal that you are working towards? Once you know that, everything else falls into place. You can start to map out how much money you need, where it needs to come from, what resources you'll be using along the way and all of the other bits and pieces that go into making up a successful financial journey. If this sounds like something you want to learn more about, join my https://numbersknowhow.co.uk/product-tour/ (Numbers Know How) Financial Story Plan Community, connect to my https://www.youtube.com/c/IHateNumbers/featured (I Hate Numbers YouTube) channel, I'd love to have you there! https://ihatenumbers.captivate.fm/listen (Subscribe) to I Hate Numbers now so you don’t miss an episode. My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (I Hate Numbers) will change your relationship with numbers, in a good way. Check out what https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (people have said), https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873?asin=1913713873&revisionId=&format=4&depth=1 (buy the book) and make your own mind up, you won’t be disappointed. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook.)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Are you interested in achieving business success ? If so, read on ? Wonder no more! Today, I will discuss the three essential steps you need to take in order to achieve success. These three steps are summed up in the 3 As Firstly, Attitude Second, Approach, and Thirdly, Activity.

Let's explore each one in detail so that you can start using them today! Anyone who's ever started their own business knows that it can be a daunting task. You're responsible for every aspect of your company, from marketing and sales to finances and production. Running a business is not easy, being https://www.ihatenumbers.co.uk/why-kindness-is-good-for-your-business/ (decent and kind) to others in business and life is easy. However with hard work and a bit of know-how, you can make your business a success. And the best way to learn is to look at what works for others. By following these simple guidelines, you'll be on your way to making your company thrive. Let's get started! ConclusionSo what are the things that you need to do in order to increase your chances of achieving business success? There is no one-size-fits-all answer. However I can give you a few pieces of advice based on my own personal experience and the experiences of others. First and foremost, work hard. Luck is a dividend of sweat. The more you sweat, the luckier you get- https://en.wikipedia.org/wiki/Ray_Kroc (Ray Kroc) . Don't be afraid to ask for help or take advice from those who have been successful. Finally, stay positive and keep your head up – remember that failure is not final! I hope this podcast episode has helped clear some things up for you and given you a https://www.ihatenumbers.co.uk/three-ways-to-change-your-attitude-to-money/ (better understanding) of how to achieve your own success. https://ihatenumbers.captivate.fm/listen (Subscribe) now so you don’t miss an episode. For more business and finance, https://www.ihatenumbers.co.uk/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers). My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (I Hate Numbers) will change your relationship with numbers, in a good way. https://www.ihatenumbers.co.uk/i-hate-numbers-book/ (Click) to find our more. You can join our https://numbersknowhow.co.uk/ (Financial Planning Story Community) at Numbers Know How. Planning tools, knowledge learning and development and so much more we are adding. Click to discover more If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook.)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

If you're running a business, you need to need to factor in that Bookkeeping is Big Deal. Are you serious about your business and keeping on top of your finances? If your answer is yes, and I hope it is then keep track of your financial transactions. You may think it’s a daunting task, but it doesn’t have to be that way once you get the hang of it Why Bookkeeping is a Big DealLet’s look at some of the reasons why Firstly, It keeps you organized and in control of your finances; Secondly It helps you make informed decisions about your business. Thirdly It can protect you from mistakes and financial disaster. Furthermore, good bookkeeping practices can help improve your business' bottom line.

So, what are you waiting for? Listen to find out more. I want you to start keeping track of your books today! Your financial story Every story needs words. Every story needs a narrative. Your business story is no exception. Except the words to that story. Are your numbers. And what are those numbers come from? They come from the records that you keep what we might call bookkeeping. In this podcast episode, Like it or not, bookkeeping is important for your business. It's the process of recording and tracking financial transactions over time. This information can help you make sound business decisions assess your company's financial health plan for your future

If you want more information or would like to https://www.ihatenumbers.co.uk/podcasts/ (subscribe) so you never miss an episode, head ConclusionSo, if you're still with me and haven't hit the unsubscribe button yet, thank you! You are someone who understands that numbers don't have to be scary - in fact, they can tell an amazing story about your business. Moreover, I hope you can see Why Bookkeeping is a Big Deal. It's the way to capture those numbers and puts them into a format that makes sense. It's also one of the most important things you can do for your business because it reduces stress and anxiety. And finally, it's crucial to choose the right digital accounting system for your needs. Digital and Cloud Accounting is the way forward. Check out my FREE guide 'https://www.ihatenumbers.co.uk/resources/free-download-guides/online-cloud-accounting/ (Release the Power in You)' and find out more about the Why, the What, and the How of Digital and Cloud Accounting. I hope this podcast episode has helped clear some things up for you and given you a better understanding of bookkeeping. https://ihatenumbers.captivate.fm/listen (Subscribe) now so you don’t miss an episode. For more business and finance, https://www.ihatenumbers.co.uk/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers). My mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.ihatenumbers.co.uk/make-money-in-your-business/ (more profits), https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. There are lots of ways to do this, you’re spoilt for choice, My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (I Hate Numbers) will change your relationship with numbers, in a good way. https://www.ihatenumbers.co.uk/i-hate-numbers-book/ (Click) to find our more. You can join our https://numbersknowhow.co.uk/ (Financial Planning Story Community) at Numbers Know How. Planning tools, knowledge learning and development and so much more we are adding. Click to discover more Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it...

View Details

If you're like most people, at some point in your life you've felt like a fraud. Almost like you're not really qualified to do the job you're doing, or that someone is going to figure out you're a total fake and expose you for the fraud you are. This phenomenon is known as Imposter Syndrome, and it's estimated that 70% of people experience it at some point in their lives. In this episode of my I Hate Numbers podcast I'll explore Firstly, what Imposter Syndrome is Secondly why it happens Thirdly, looking at the five types of Impostor as identified by https://www.wict.org/bio/dr-valerie-young/ (Dr. Valerie Young) Lastly, Overcoming Impostor Syndrome – and it’s more than fixing you!

https://www.ihatenumbers.co.uk/podcasts/ (Listen) to find out more What is Imposter Syndromeis a phenomenon that affects many people and can cause feelings of self-doubt and insecurity. https://en.wikipedia.org/wiki/Sheryl_Sandberg (Sheryl Sandberg) expressed the feelings of millions ‘There are still days when I wake up feeling like a fraud, not sure I should be where I am.’ There are millions of people who experience imposter syndrome at some point in their lives. It is said to affect about 70 % of people at some point in their lives. Fame doesn’t make you immune, and high profile such as https://en.wikipedia.org/wiki/Michelle_Obama (Michelle Obama), https://en.wikipedia.org/wiki/Michelle_Pfeiffer (Michele Pfeiffer), https://en.wikipedia.org/wiki/Oprah_Winfrey (Oprah Winfrey), https://en.wikipedia.org/wiki/Tom_Hanks (Tom Hanks), https://en.wikipedia.org/wiki/Maya_Angelou (Maya Angelou), and https://www.linkedin.com/in/proactiveresolutions/?originalSubdomain=uk (Mahmood Reza) have all experienced Impostor Syndrome. We are in good company. So, if you’re feeling like a fraud and want to learn how to overcome imposter syndrome, watch to find out more Overcoming Impostor Syndrome in BusinessWhy is Overcoming Impostor Syndrome such a big deal in business? Well, as business owners, employers, and Entrepreneurs we want to get the best out of ourselves. That’s got to be a good thing. Suppressing all those talents, skills and capabilities is not good for workplace cultures, driving your business forward and your sustainability. Did I mention that you are leaving money on the table by not Overcoming Impostor Syndrome? ConclusionIn this weeks podcast I talk about what Impostor Syndrome is, the signs that you might be struggling with it, and how to start overcoming it. In short, if you feel like a fraud and constantly worry that people will find out you are not as smart or capable as they think you are, you might be experiencing Imposter Syndrome. The good news is that there are things you can do to start building your confidence and feel more like a legitimate member of your field. https://ihatenumbers.captivate.fm/listen (Subscribe) now so you don’t miss an episode. For more business and finance, https://www.ihatenumbers.co.uk/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers). Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.ihatenumbers.co.uk/make-money-in-your-business/ (more profits), https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (I Hate Numbers) will change your relationship with numbers, in a good way. https://www.ihatenumbers.co.uk/i-hate-numbers-book/ (Click) to find our more. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to...

View Details

Inexplicably completing forms SS-4 8832 are not at the forefront of people’s minds. Hear those words, and you may be looking for that drying paint. However, if you are a non-US resident company receiving income from the United States, then you need to Firstly pause Secondly, listen to episode 119 of my I Hate Numbers podcast Lastly, watch the drying paint later.

Your nonresident income is liable to have 30% held back if you don’t complete form W-8BEN-E. Check out episode https://www.ihatenumbers.co.uk/?s=w-8ben-e (podcast episode 68) for the audio, and my You Tube video if you want to see what goes in the form. It doesn’t stop there. If you are a business owner with just yourself as the only shareholder, then two more forms to add. What are those forms I hear you ask. Great question, Those forms are IRS forms https://www.irs.gov/forms-pubs/about-form-ss-4 (SS-4); and https://www.irs.gov/forms-pubs/about-form-8832 (8832)

The idea of https://www.ihatenumbers.co.uk/how-to-complete-forms-ss-4-and-8832/ (completing IRS Forms SS-4 and 8832) may make you feel like your head is going to explode. You're not alone! Completing these forms can be confusing, but it doesn't have to be. In this weeks episode, I'll walk you through the process step by step, and make it as simple as possible. Why we need forms W-BEN-E , SS-4 and 8832You can ignore these forms if you wish. That’s not such a good idea Not completing and submitting form https://www.ihatenumbers.co.uk/how-to-complete-the-w-8ben-e-form/ (W-8BEN-E) means your US client can and will have to withhold up to 30% of your US income. That's 30&% OF financial pain. Thanks, Uncle Sam! What about forms SS4 and 8832? Well not all tax jurisdictions are created equally. And the https://www.irs.gov/ (IRS) does not recognise single member companies as corporations. So, step forward those extra forms. ConclusionSo, there you have it. The process of reclassification for a single member shareholder company is made easier. However, it is important to remember the two steps involved. Applying for an EIN and then form 8832. Do you fancy seeing what the forms look like, and what goes into them? Then check out my https://www.youtube.com/watch?v=H6wIpo5Sn1M (You Tube video) , even better https://www.youtube.com/c/IHateNumbers (subscribe) to the channel. Don’t forget to download, subscribe and please leave a comment – that helps me write I love getting https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (feedback) from listeners – hearing from you helps me make my content even better. Thanks for tuning in! https://ihatenumbers.captivate.fm/listen (Subscribe) now so you don’t miss an episode. For more business and finance, https://www.ihatenumbers.co.uk/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers). Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.ihatenumbers.co.uk/make-money-in-your-business/ (more profits), https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (I Hate Numbers) will change your relationship with numbers, in a good way. https://www.ihatenumbers.co.uk/i-hate-numbers-book/ (Click) to find our more. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share...

View Details

Do you ever find yourself putting off important tasks, like Procrastinating when Financial Planning ? You're not alone. Procrastination can be a major obstacle to getting things done. But don't worry, there are ways to overcome it. In this blog post, we'll explore some tips for stopping procrastination when it comes to financial planning. So read on and get started! https://numbersknowhow.co.uk/ (Financial planning) is an important aspect of any business, but it can be tough to get started when you're feeling overwhelmed or procrastinating. Here are a few tips to help you get started and stay on track. If you're a business owner, it's important to have a financial plan in place. This will help you stay on track and make sure your business is doing well financially. There are a few things you need to include in your financial plan: your budget, your income and expenses, and your forecast. Having a financial plan will help you make informed decisions about your business' future. Check out our sister site https://numbersknowhow.co.uk/ (Numbers Know How) to get practical help and support . This will help you create a plan that works for your business. Don't wait - start planning for your business' financial future today! ConclusionSo, there you have it. Procrastination in a nutshell. Now that we understand what it is and why it happens, let’s look at some ways to stop procrastinating and get moving on our financial story plan. Just remember, the key is making that connection between your goal and your financial story plan. Once you do that, taking action becomes a lot easier. Are you ready to get started? Don't forget to subscribe to I Hate Numbers so you never miss another post and leave me a comment letting me know how you're planning on stopping procrastination in its tracks! Thanks for joining me this week as I explored one of the biggest challenges facing entrepreneurs today. How to reduce Procrastination ! Don’t forget to download, subscribe and please leave a comment – that helps me write I love getting https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (feedback) from listeners – hearing from you helps me make my content even better. Thanks for tuning in! https://ihatenumbers.captivate.fm/listen (Subscribe) now so you don’t miss an episode. For more business and finance, https://www.ihatenumbers.co.uk/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers). Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.ihatenumbers.co.uk/make-money-in-your-business/ (more profits), https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (I Hate Numbers) will change your relationship with numbers, in a good way. https://www.ihatenumbers.co.uk/i-hate-numbers-book/ (Click) to find our more. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/...

View Details

Are you one of those people who has a lot of good intentions but never seems to get around to doing anything? If so, you may be struggling with procrastination. Procrastination is the act of delaying or postponing something that needs to be done. It can be tempting to put things off, procrastination can actually have some pretty negative consequences. Firstly, decreased productivity Secondly, lower quality work Thirdly, stress and anxiety

So how can you overcome procrastination and start getting things done? Check out these tips! In this weeks I hate numbers. I am going to be talking about what procrastination is, how it manifests itself, the signs, the symptoms we can recognize, and more importantly, what we can do to improve procrastination so that it moves our business dial forward. Procrastination is a huge issue for many people because it keeps them from achieving their goals. It’s important to understand what procrastination is and how it affects us so that we can take steps to reduce its impact on our lives and businesses. Conclusion Thanks for joining me this week as I explored one of the biggest challenges facing entrepreneurs today. How to reduce Procrastination ! Don't forget to download, subscribe and please leave a comment - that helps me write I love getting https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (feedback) from listeners – hearing from you helps me make my content even better. Thanks for tuning in! https://ihatenumbers.captivate.fm/listen (Subscribe) now so you don’t miss an episode. For more business and finance, https://www.ihatenumbers.co.uk/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers). Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.ihatenumbers.co.uk/make-money-in-your-business/ (more profits), https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. My book, I Hate Numbers will change your relationship with numbers, in a good way. https://www.ihatenumbers.co.uk/i-hate-numbers-book/ (Click) to find our more. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook.)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Using the balance scorecard plays a major role in managing your business. You're a business owner, so you know that making money is important. But it's not the only thing that matters. You need to have a balanced perspective when looking at your business. That means looking at the numbers and dollar signs, but also customer and employee satisfaction, innovation , and more. When everything is in balance, it's easy to stay on track and make good decisions for your business. Check out my podcast episodes to learn more about how I can help you take a balanced view of your business! ConclusionUsing the balance scorecard is so important to have a balanced perspective when looking at your business. You can’t just look at the numbers and dollar signs- you also need to factor in other elements like customer satisfaction, employee morale, innovation potential, and more. Without this balance, it’s easy to get off track and make poor decisions that could hurt your business in the long run. I want to help you maintain a well-rounded view of your business so you. And if you have any thoughts or comments on today’s episode (or previous ones), please head over to Apple podcasts and leave us a review! We love hearing from our listeners, and we’ll be sure to stay in touch through our social media channels as well. Thanks for joining us today – until next time! I love getting https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (feedback) from listeners – hearing from you helps me make my content even better. Thanks for tuning in! https://ihatenumbers.captivate.fm/listen (Subscribe) now so you don’t miss an episode. For more business and finance, https://www.ihatenumbers.co.uk/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers). Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.ihatenumbers.co.uk/make-money-in-your-business/ (more profits), https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. My book, I Hate Numbers will change your relationship with numbers, in a good way. https://www.ihatenumbers.co.uk/i-hate-numbers-book/ (Click) to find our more. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook.)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Your mindset approach to money Do you approach money with a positive or negative mindset? If you don't have a clear answer, it's time to think about how your money mindset is impacting your finances. Having a positive money mindset leads to better financial decisions and improved financial health. Conversely, having a negative money mindset can lead to debt, financial stress, and other money woes. So, how do you change your money mindset for the better? Luckily, there are some simple steps that you can take to get started. Check out this blog post for more information on how to cultivate a positive money mindset and improve your finances! ConclusionSo, what have we learned? Well, your money mindset is vitally important. It influences how you save money, how you spend money, and your whole reaction to that here in the world of finances. We hope that this podcast has given you some tools to work on your own money mindset – both for the good and for the bad. And if you have any thoughts or comments on today's episode (or previous ones), please head over to Apple podcasts and leave us a review! We love hearing from our listeners, and we'll be sure to stay in touch through our social media channels as well. Thanks for joining us today – until next time! I love getting https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (feedback) from listeners – hearing from you helps me make my content even better. Thanks for tuning in! https://ihatenumbers.captivate.fm/listen (Subscribe) now so you don’t miss an episode. For more business and finance, https://www.ihatenumbers.co.uk/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers). Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.ihatenumbers.co.uk/make-money-in-your-business/ (more profits), https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. My book , I Hate Numbers will change your relationship with numbers, in a good way. https://www.ihatenumbers.co.uk/i-hate-numbers-book/ (Click) to find our more. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook.)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Using a Risk Register to manage risks is this week's I Hate Numbers podcast When it comes to risk management, most business owners and entrepreneurs think of insurance policies and legal contracts. While these are both important aspects of risk management, they're not the only ones. In fact, there are a number of other tools that can be used to help you identify and manage risks, both big and small. One such tool is a risk register. Let's look at what a risk register is and how you can use it in your business. Firstly, a reminder of what risk is Secondly, the benefits of a risk register Thirdly, how to build a risk register Fourthly, quantifying risk with examples Lastly, how to use a risk register

ConclusionSo there you have it! You now know what a risk register is, some of the benefits of using one, and how to build your own. We’ve also looked at ways to quantify risk, which will come in handy when making decisions about whether or not to take a particular risk. As with any tool, the key is to Using a Risk Register effectively is making sure it’s tailored to your specific needs. If you want more information on risk registers or other ways to manage risk, be sure to subscribe to my podcast and leave a review. I love getting https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (feedback) from listeners – hearing from you helps me make my content even better. Thanks for tuning in! https://ihatenumbers.captivate.fm/listen (Subscribe) now so you don’t miss an episode. For more business and finance, https://www.ihatenumbers.co.uk/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers). Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.ihatenumbers.co.uk/make-money-in-your-business/ (more profits), https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. My book , I Hate Numbers will change your relationship with numbers, in a good way. https://www.ihatenumbers.co.uk/i-hate-numbers-book/ (Click) to find our more. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook.)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Dealing with Business Risk is an inevitable part of our business lives Risk is a part of life. For entrepreneurs, self-employed professionals, and small business owners, risk is unavoidable and part of our business lives. Whether it's the risk of losing money on a new venture or the risk of not being able to meet customer demands. Furthermore, we face risks every day. Knowing how to deal with business risk is essential for success. In this blog post, we'll explore some tips for managing risk in your business. Stay tuned! Rate and Review on Apple Podcasts If you're a business owner, entrepreneur, or self-employed person, then you know that numbers are a big part of the game. But what if you hate numbers? What if you feel lost and intimidated by them? That's where my podcast comes in – I Hate Numbers. Join me as we explore everything from bookkeeping to budgeting to taxes. I'll make it all accessible and simple for you, so you can focus on what you're good at – running your business! And if you like the podcast, be sure to rate and review it on Apple Podcasts or your other favourite platform. Thanks for listening! I Hate Numbers – The BookMy book, https://www.ihatenumbers.co.uk/i-hate-numbers-book/ (I Hate Numbers) will change your life by changing your relationship with numbers. But that’s not all, the principles in this book can be applied to every area of your life for lasting change. If you’re ready to take control of your money mindset and attitude, then head over to Amazon and pick up a copy of my book. You won’t regret it! And if you want even more help and support on your business journey, make sure to subscribe to my podcast so you can keep in touch. I release new episodes every week packed full of tips, strategies and insights that will help you grow your business (and sanity!) exponentially. Until next time! ConclusionSo in this podcast in Dealing with Business Risk I talk about what risk is and why it matters so much to businesses, namely What risk is How to group and categorise risk The different actions available to us when it comes to mitigating that risk.

In the next episode, we'll be looking at specific examples of risks and how best to deal with them. If you're interested in finding out more, make sure you subscribe to my YouTube channel so you don't miss out! Thanks for listening! https://ihatenumbers.captivate.fm/listen (Subscribe) now so you don't miss an episode. For more business and finance, https://www.ihatenumbers.co.uk/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.ihatenumbers.co.uk/podcasts/ (I Hate Numbers) My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.ihatenumbers.co.uk/make-money-in-your-business/ (more profits), https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/...

View Details

When it comes to financial planning for your business, there are many things to consider. One important part of your overall plan is your financial story plan. This document lays out how you expect your business finances to grow and change over time. It can be a great resource for both you and your team. Listen to find out the four tips on how to create and use your financial story plan effectively. Rate and Review on Apple Podcasts If you’ve been following along, hopefully you’re now convinced of the importance of a money mindset and how it can benefit your personal finances, business profitability, and even tax savings. And if that’s the case, please do me a favor and leave me a rating and review on Aphttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (ple Podcasts). This is important not just for me but for other listeners who may be on the fence about whether or not my podcast is right for them. It also helps more people find my show so they can improve their own money mindset. So thank you in advance! And don’t forget to subscribe to my show so you never miss an episode. Conclusion If you want to achieve your financial goals and reduce the anxiety that comes with money, then you need a plan. The four steps we’ve outlined are essential for creating and following a plan that will help guide you to success. Make sure to subscribe so you don’t miss an episode – each one is packed with information that will help you improve your finances and live a less stressful life. https://ihatenumbers.captivate.fm/listen (Subscribe) now so you don't miss an episode. For more business and finance, https://www.ihatenumbers.co.uk/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.ihatenumbers.co.uk/podcasts/ (I Hate Numbers). Furthermore my book https://www.ihatenumbers.co.uk/i-hate-numbers-book/ (I Hate Numbers) will change your life, by changing your relationship with numbers. My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.ihatenumbers.co.uk/make-money-in-your-business/ (more profits), https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook.)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

It can be easy to put off creating your business financial story plan - after all, who has time for that? But don't underestimate the importance of this document. Your business financial plan is vital, serving as both your road map and your trusty friend. With it, you can keep track of your progress and adjust where necessary. Plus, you'll have a better understanding of your company's financial health and how to improve it. So don't wait - start writing your business financial story today! No one ever said that starting and running your own business would be easy, and it's certainly not. But if you're looking to make your business a success, one of the most important things you can do is create and stick to a well-written financial plan. That may seem like a daunting task, but don't worry – this podcast is here to help. In this podcast I'll explain Firstly, the benefits of creating your financial story Secondly, how to start with your business story, no numbers Thirdly, dealing with money in and money out Lastly, putting you story together

Whether you're just getting started or you've been struggling to stay on track, listen on for everything you need to know about putting together a winning business financial strategy. If you're like most business owners, you know that a well-written business financial plan is a vital part of your success. But what many people don't realise is that your business financial story is just as important. In fact, it can be the key to getting things done. So how do you make sure your story is effective? Here are a few tips to help you get started. ConclusionCreating and following your business financial story plan is critical for your business success. By taking the time to develop a financial story that outlines where you are, where you want to be, and how you're going to get there, you create a living document that will help guide your decision making now and into the future. https://ihatenumbers.captivate.fm/listen (Subscribe) now so you don't miss an episode. For more business and finance, https://www.ihatenumbers.co.uk/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.ihatenumbers.co.uk/podcasts/ (I Hate Numbers). There is even the book https://www.ihatenumbers.co.uk/i-hate-numbers-book/ (I Hate Numbers) that is must, but easy to read My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.ihatenumbers.co.uk/make-money-in-your-business/ (more profits), https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook.)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

How to do your personal budget is this week’s I Hate Numbers podcast topic Worried about your personal finances?How to do your personal budget is the answer! It will help you keep track of where your money is going and how to make the most of it. With a budget in place, you’ll have more control over your life and less anxiety about the future. You’ll know where you stand financially and be able to make better decisions about your money. Start budgeting today with our easy guide! If you're like many people, you may not have a firm grip on your personal budget. You may feel like you're constantly struggling to make ends meet, or that you can't seem to save any money. But it doesn't have to be this way! There are plenty of simple techniques and strategies that you can use to get your finances in order. In this podcast, I'll teach you how to do your personal budget. So whether you're looking to get out of debt or just want a little more financial stability, read on for tips and advice! When it comes to personal budgeting, there are several key benefits that can improve your overall finances and wellbeing. Firstly, ConclusionSo, if you're feeling lost and uncertain about your personal finances, don't worry, you're not alone. But there is help out there. And the first step is to understand that money isn't everything. It's just a tool. Once you have that mindset, then it's time to get serious about dealing with your debt and creating your personal budget that works for you. https://ihatenumbers.captivate.fm/listen (Subscribe) so you don't miss an episode where we'll be delving even deeper into these topics and giving you concrete steps on how to take control of your life and your money. For more business and finance, https://www.ihatenumbers.co.uk/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.ihatenumbers.co.uk/podcasts/ (I Hate Numbers). There is even the book https://www.amazon.co.uk/dp/1913713873 (I Hate Numbers) that is a must, but easy to read My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.ihatenumbers.co.uk/make-money-in-your-business/ (more profits), https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook.)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

How to change your approach to money builds on https://www.ihatenumbers.co.uk/changing-your-money-mindset-2/ (last weeks episode). You can, and should change your approach to money to supercharge your finances. If you find you don’t handle money well, don’t save money, or just don’t know how to budget, here are seven ways to change your money mindset. 1. Firstly, Acknowledge your fearsWe all have fears when it comes to money. Ignoring them doesn’t help anything though. Instead, you need to sit with them and get comfortable with them. When you recognize your fears, you can find ways to push through them. If you let fear run your life, you won’t make good financial decisions or any decisions because you’ll feel stuck in your tracks. Instead, acknowledge anything you’re afraid of with money and take baby steps to overcome the fears. 2. Secondly, Set goalsYou can’t achieve financial goals if you don’t set them. No matter what you think about money and how you handle it, set financial goals You can’t budget or save if you don’t know why you’re budgeting or saving. Write down your goals, both short-term and long-term. Make sure they are https://www.ihatenumbers.co.uk/setting-smart-targets/ (SMART goals) 3. Thirdly, surround yourself with like-minded peopleYou are who you surround yourself with so it’s important to spend time with people that have the same money goals as you. If you spend your time around people that complain about being broke and live a scarcity lifestyle, you’ll start doing the same. Instead, surround yourself with people that have the same beliefs about money that you do. They don’t have to be identical goals, but at least surround yourself with people that have a positive money mindset and aren’t negative in general so you don’t start acting negative too. 4. Fourthly, stop comparing yourselfIf you want to change your approach to money then don't compare yourself to others. The only person you should compare yourself to is you. Don’t try to compete with anyone else or keep up with the Joneses. Set your own financial goals and find ways to achieve them. You do what’s right for you and find ways to make your goals happen. But don’t let other people’s successes or failures change how you think about yourself. For example, if your neighbor buys a BMW, don’t let yourself feel less than because you drive a Toyota. You never know what type of debt your neighbor put himself in to buy that BMW. 5. Dream big and make it happenEven if retirement is 20+ years away, dream about it. What will you do in retirement? At what age do you want to retire? Do you want to work or be completely free? Even if you’re drowning in debt and don’t have any money in your emergency fund, believe that you’ll get there and make it happen. 6. Learn to be gratefulWe’re all programmed to focus on the negative things in our lives, but what about the positives? Moreover, look for the positives you’ll find them, just like if you look for the negatives, you’ll find them. Take, for example, your debt. You might look at it and think ‘I’m such a loser, I have $5,000 in credit card debt and I’ll never get out of it’ or you could look at it and say, ‘I’ve knocked my debt down from $7,000 to $5,000, if I keep going, I’ll be out of debt before I know it.’ 7. Know your whyYou can’t be financially successful if you don’t know your why. Think about the reasons you want to be financially successful. In your money mindset do you want to create a future for you and your family? Does debt make you feel stressed? Write down your why and keep it posted so you can see it. When things get tough, always go back to your why. ConclusionKnowing how to change your approach to money, your money mindset has a positive impact on...

View Details

Money is one of the most important things in our lives, but it's also one of the most misunderstood. We often think of money in terms of how much we have, and how we can get more of it. But what if we thought of money differently? What if we approached it as a tool to help us achieve our goals? In this podcast, I'll explore why Changing your money mindset can get you to start using money to your advantage. At its core, money is simply a tool. It's a way to exchange value and achieve goals. But too often, people view money as an end goal in and of itself. This can lead to all sorts of problems, including debt, stress, and even depression. If you want to be successful with your finances, it's important to change your money mindset and start viewing money as a means to an end. With the right attitude, you can use money to improve your life instead of letting it control you. So how do you go about changing your money mindset? It starts with understanding what money really is and realizing that you have the power to create your own financial destiny. Once you make this shift in thinking, you'll be on the If you want to change your financial situation, you need to change your mindset about money. Too often, we think of money as something that's scarce, when in reality it's plentiful if we manage it correctly. By changing your mindset, you can start making smarter decisions with your finances and begin to build wealth. Here are a few tips on how to change your money mindset and improve your financial future! ConclusionSo, what have we learned? Your mind has a lot to do with your personal finances. The way you think about money consciously and subconsciously has a big impact on how you deal with your personal finance. In next week's episode, we're going to talk about some ways to change your money mindset and start getting ahead financially. But for now, I want to hear from you. What did you think of this video? Did it open your eyes to something new? Leave me a comment below and let me know. And don't forget to subscribe so you don't miss an episode. I'll see you next week. Listen to this episode for more great tips on how to bring kindness into your business dealings and subscribe so you never miss an episode! For more business and finance, https://www.ihatenumbers.co.uk/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.ihatenumbers.co.uk/podcasts/ (I Hate Numbers). My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.ihatenumbers.co.uk/make-money-in-your-business/ (more profits), https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook.)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Do you care about your business? Being kind is good for business. It makes customers happy, it builds relationships, and it can even lead to more sales. You don’t have to be a saint to be kind – in fact, being genuine and authentic is the best way to go. When your kindness shines through in your interactions with others, they feel seen and heard. That’s what we all crave – connection. And when people feel connected to you and your business, they want to stick around for the long haul. https://ihatenumbers.captivate.fm/listen (Listen) to this podcast to see how kindness can help your business succeed! Do you want your business to be successful?Kindness is one of the most important aspects of a successful business. In fact, it's one of the most important aspects of any relationship. When kindness is missing, so too is trust, and without trust there can be no success. Being kind doesn't mean being weak or ineffective. It means that you're strong enough to put yourself in someone else's shoes and understand their perspective. It means that you're able to forgive and forget, and that you're always looking for ways to improve things for everyone involved. That's what makes a kind person a great leader. https://ihatenumbers.captivate.fm/listen (Listen) now to this podcast to see how kindness can help your business succeed! ConclusionSo, what have we learned? Kindness, Being kind is good for business. Moreover, it is essential in business and it can take many different forms. You don't need to be https://en.wikipedia.org/wiki/Mother_Teresa (Mother Teresa) or https://en.wikipedia.org/wiki/Mahatma_Gandhi (Gandhi) to show kindness in your professional life - something as simple as a smile or a thank you can make all the difference. And if you're ever feeling down about work, remember that being kind to others is one of the best ways to feel good yourself. Listen to this episode for more great tips on how to bring kindness into your business dealings and subscribe so you never miss an episode! For more business and finance, https://www.ihatenumbers.co.uk/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.ihatenumbers.co.uk/podcasts/ (I Hate Numbers). My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.ihatenumbers.co.uk/make-money-in-your-business/ (more profits), https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook.)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Handling money in your relationship is this week's I Hate Numbers podcast. Money is one of the biggest sources of tension in relationships. I can help you learn how to handle money in your relationship and stop the arguing. You will be able to work together as a team, have fewer arguments and be happier with your partner. https://ihatenumbers.captivate.fm/listen (Listen) to find out more. I'm going to share four tips with you. Firstly, be open about your money, monsters Secondly, have empathy for your partner's money mindset Thirdly, Make sure your financial goals align Lastly, Embrace the https://www.proactiveresolutions.com/budget-business/ (‘B’) word Moreover, don’t use judgmental or negative language. Words like reckless, irresponsible is maybe how you feel. However, these aren’t the words to encourage dialogue.

ConclusionBy understanding and applying these tips, you'll be on your way to having a more peaceful and harmonious relationship - regardless of how much (or little) money is involved. For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.proactiveresolutions.com/podcasts/ (I Hate Numbers). My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), https://www.proactiveresolutions.com/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast). Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook.)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Choosing your targets, the types and difficulty needs thought and consideration. Choosing your targets is the right way to achieve https://www.proactiveresolutions.com/how-to-be-successful-in-business/ (your success). Reaching your Northern star is your main aim, moreover having targets helps monitor your progress. You are not alone! Let me guide you along the path so we can both reach our goals together. It's a question many businesses face - what should our targets be? How tough should they be? Should we focus only on financial targets, or are there other areas we should be looking at? In this podcast I’'ll look at why financial targets might not be the best option for your business and explore some of the other options you have. If you're looking to set targets for your business, listen to find out more . You might just find something that works better for you than strict financial targets. ConclusionSo, what should your targets be? Should you focus exclusively on financial goals? There are a few things to consider when making this decision. Listen to the podcast to find out more about why financial goals might not be the best option for your business and explore other areas you could target. We discuss different types of targets and how tough they should be, so that you can make an informed decision for your business. Which type of target will work best for you? For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.proactiveresolutions.com/podcasts/ (I Hate Numbers). My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), https://www.proactiveresolutions.com/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business%E2%80%93Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Setting SMART targets is this weeks I Hate Numbers podcast. If your goal is vague, too distant and you lack commitment then this article might be for you. Setting SMART targets can help make that goal seem achievable. Those smart targets provide focus and act as a stepping stone towards those final goals. Smart stands for specific measurable, acceptable, relevant and time bound. You will feel more motivated when reaching those milestones along the way because they are clear steps in the right direction rather than just being told “you’re doing great!” or “keep going!” without any real idea of what needs to happen next. It's important to know where you're going if you want to get there quickly and easily with less stress along the way. So let's take a look at how you can achieve your goals using our SMART acronym. https://ihatenumbers.captivate.fm/listen (Listen) to find out more. ConclusionSetting SMART targets is the right to progress to https://www.proactiveresolutions.com/how-to-be-successful-in-business/ (your success). Getting to your Northern star is the holy grail. Moreover, having a route mop, a plan will guide your path. You don’t have to go through the journey alone though! Let me guide you along the path so we can both reach our goals together. For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.proactiveresolutions.com/podcasts/ (I Hate Numbers). My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), https://www.proactiveresolutions.com/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business%E2%80%93Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

How to be successful in business, what does that mean to you? When you hear people talking about being successful in business, Firstly, what image floats through your mind? Secondly, how does that make you feel? Thirdly, do you feel a sense of achievement failure?

Not quite sure. All of those and more do you feel you're achieving your success? Do you feel like an imposter? Are you progressing to where you should be? You're not alone. Most people feel this at some point in their business lives. Please don't worry. In this podcast, Firstly, I'm going to look at success. Secondly, what people think it looks like against the reality of what it actually is. Finally, I'm going to talk to you about how you achieve success and share some tips and examples along the way.

Do you feel like you're not achieving success in your business?https://en.wikipedia.org/wiki/Laozi (Lao Tzu), a life coach born over 2,500 years ago said 'The journey of a thousand miles begins with one step.' Success is about achieving what you have set out to to do. Not just getting to your own Northern Star but the steps along the way too! How to be successful in business is not a destination, it’s a journey. Your journey takes hard work, application, and lots of perseverance. But most importantly, it takes learning from your mistakes and continuously progressing forward. 💡 Stay focused on your https://www.proactiveresolutions.com/objectives-goals-for-your-business/ (goals) 💡 Don’t compare yourself to others 💡 Keep moving forward. Bumps in the road, and f*** ups happen, so don't beat yourself up over it. 💡 https://www.proactiveresolutions.com/manage-what-you-measure-in-business/ (Measure), those small steps Once you've learned what success actually is, you can start to work on achieving it in your own business. It won't be easy, but it will be worth it. I promise. https://ihatenumbers.captivate.fm/listen (Listen) to find out more ConclusionHow to be successful in business is what we all aim for. You don’t have to go through the journey alone though! Let me guide you along the path so we can both reach our goals together. For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.proactiveresolutions.com/podcasts/ (I Hate Numbers). My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), https://www.proactiveresolutions.com/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288)...

View Details

Product Grouping for Your Business is an incredibly powerful way to run your business. It gives you Firstly, great insights Secondly, lessens your financial and mental anxiety about the future Thirdly, allows you to gauge profitability with a great degree of accuracy.

In this weeks I Hate Numbers podcast I'm going to Firstly, outline the idea of what product groups are Secondly, give you examples of product groups Thirdly, how they can help your business Finally, show you how it all fits together.

ConclusionProduct Grouping for Your Business shows you where there's money being made in your business. You'll spend less time spent worrying about whether or not things are going right and more time actually working towards improving them! That sounds pretty good, doesn't it? Let's get started! Product grouping is a powerful way to run your business. The first type of product group that may come to mind is when you sell products in groups based on their price point or size. For example, if I sold ladies' shoes from 15-40 pounds. But there are other types too! For example, some companies will want an assortment of items within one category (like all lipstick shades) while others might have specific needs at certain points in time (say, seasonal clothing). For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.proactiveresolutions.com/podcasts/ (I Hate Numbers). My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), https://www.proactiveresolutions.com/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business%E2%80%93Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3) Pro Active ResolutionsThe Numbers Crew- Here to help you!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Wondering how to price your products or services so you can make a profit? You're not alone. Figuring out the right price is one of the biggest challenges business owners face. In this podcast I am going to tell the 2 key stages in pricing, don’t worry about the number crunching I have FREE online calc that steps in to help Firstly, focus on your 2 key financial outcomes Secondly, consider 5 key factors that will help you set a price that meets your business objectives https://ihatenumbers.captivate.fm/listen (Listen now) and learn how to price your products or services for success! You need to make sure you're covering your costs and making a profit. In this podcast, I'll explain the two main financial outcomes you need to meet, and share a FREE online pricing calculator to help get it right. Pricing can be tricky - but it's essential for making a profit in your business. Listen more so you can get it right every time. ConclusionKnowing how to price your products or services will make you money, now and in the future. Moreover, you will achieve two key financial objectives. For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.proactiveresolutions.com/podcasts/ (I Hate Numbers). My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), https://www.proactiveresolutions.com/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business%E2%80%93Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3) Pro Active Resolutions The Numbers Crew- Here to help you!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Five Money and Tax-Saving Tips is this weeks theme. Do you want to save money on your taxes? You're in luck! In this 100th episode, I'm going to share five tips that will help you do just that. Furthermore, these tips will help you earn more money in the future. So whether you're already paying too much or are looking for ways to get a refund, listen up! Who doesn't want to save money on their taxes? These tips are easy to follow and will make a big difference in how much money you keep in your pocket. So don't wait any longer, start following these tips today! Click here to https://ihatenumbers.captivate.fm/listen (Listen) to find out more and how to save money on your taxes. ConclusionThese five Money and Tax Saving Tips will save and earn you money now and in the future. Moreover there is the opportunity and possibility to relook at the past and get some tax back. Kerching! For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.proactiveresolutions.com/podcasts/ (I Hate Numbers). My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), https://www.proactiveresolutions.com/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business%E2%80%93Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3) Pro Active Resolutions The Numbers Crew- Here to help you!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Self Assessment tax returns are completed by millions of people every year. Find out why it's so important, what you need to include, and the costs and dates you need to know. Being informed about your taxes is the first step to making sure everything goes smoothly. You don't want any surprises when it comes time to file, do you? Click this link now and start listening to the podcast! It will answer all of your questions about preparing your tax return. Tax deadline extension!If you're one of the millions of people who have to do a tax return, you'll be glad to hear that HMRC has given us all an https://www.gov.uk/government/news/hmrc-gives-self-assessment-taxpayers-more-time-to-ease-covid-19-pressures (extra month) to get it done. That's right, you now have until 31.01.22 to file your return and pay any taxes due. Desire: So don't stress – take a deep breath and relax. We know doing your taxes can be daunting, but we're here to help make it as easy as possible for you. With our simple online tax filing system, you can get your return done in no time at all. And if you need any help along the way, our expert support team is always happy to answer your questions. Action: Click this ad to learn more about our online tax filing system! ConclusionPreparing Self Assessment tax returns is a need to know for the many millions of UK taxpayers. Moreover, understanding what goes into your tax return, what you can claim as self employed, dates and payments is important. Furthermore, what to do if you don’t have the money to pay your tax. For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.proactiveresolutions.com/podcasts/ (I Hate Numbers). My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), https://www.proactiveresolutions.com/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business%E2%80%93Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3) Pro Active Resolutions...

View Details

Are you a carer and want to know How to claim Carers Allowance? What is Carer’s allowanceThis is money given to people who look after someone with substantial caring needs. It’s not means tested, so it doesn’t matter how much you earn or own. Furthermore, if you spend 35 hours or more each week looking after someone, then you could be eligible for this benefit. In the UK there are around 6 million carers and over 1 million of those are under 16 years old. That's why I'm here to help! Carer’s allowance can give your life back on track by giving you financial support and helping ease some of the pressure that comes with caring responsibilities. I want to make sure that everyone gets what they deserve from their hard work as a carer - which is why I’ve recorded this podcast just for YOU! Claiming Carer's Allowance This is straightforward and you could get £67.60 a week if you care for someone at least 35 hours a week and they get https://www.gov.uk/carers-allowance/eligibility (certain benefits). Moreover, you do not have to be related to, or live with, the person you care for. You do not get paid extra if you care for more than one person. If someone else also cares for the same person as you, only one of you can claim Carer’s Allowance. ConclusionHow to claim Carers Allowance is a need to know if you are one of the many millions with caring responsibilities. Moreover, How to claim Carers Allowance, is there to help provide financial support for the many millions of carers. For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.proactiveresolutions.com/podcasts/ (I Hate Numbers). My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), https://www.proactiveresolutions.com/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business%E2%80%93Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3) Pro Active Resolutions The Numbers Crew- Here to help you!

This podcast...

View Details

Explaining the CIS scheme is this weeks I Hate Numbers podcast. Read more to see what is covered Firstly, what the CIS scheme covers Secondly, what a https://www.gov.uk/what-you-must-do-as-a-cis-contractor/how-to-register (contractor) or https://www.gov.uk/what-you-must-do-as-a-cis-contractor/verify-subcontractors (subcontractor) is Thirdly, requirements are in terms of reporting, in terms of registration, Fourthly, https://www.proactiveresolutions.com/the-construction-industry-scheme-cis/ (how tax should be correctly dealt with) under the CIS scheme

The UK Construction Industry Scheme (CIS) is a big and vibrant sector. Currently there are over 3.1 million people who work in that sector. And that represents 9% of the UK working population. The Construction Industry Scheme (CIS) was introduced in 1971 to combat serious https://www.proactiveresolutions.com/tax-avoidance-and-tax-evasion/ (tax evasion) in the industry. Moreover, The CIS scheme has rules as to how contractors should make payments to sub-contractors. ConclusionKnowing and Explaining the CIS scheme is a need to know. Moreover, if you are a contractor, subcontractor, you need to know what goes on to avoid problems. For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.proactiveresolutions.com/podcasts/ (I Hate Numbers). My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), https://www.proactiveresolutions.com/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business%E2%80%93Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3) Pro Active Resolutions The Numbers Crew- Here to help you!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Success is all about BREATHING. I don't mean what your lungs do but the nine magic ingredients represented by the mnemonic BREATHING. Are you a business owner? Do you want to be successful in your business? If so, then this episode is for you. In this episode I'm going to talk about the nine magic ingredients represented by the mnemonic BREATHING. As a business owner, if blended correctly leads to Business Success. This podcast will help you understand what BREATHING means and how it can lead to success in your business. You'll learn that there are nine elements of Business Success which when blended create a powerful force that can propel your company forward towards its goals and objectives. These nine elements are represented by the mnemonic BREATHING You'll learn how these ingredients work together and why they are important for your success as a business owner. And if you're not already doing them, then I'll show you exactly how easy it is to start using them right away so that you can have more success with your own business. Let's get started! When these ingredients are combined, they make up an amazing recipe for success! So https://ihatenumbers.captivate.fm/listen (Listen) to find out more as we discuss each one of these components in detail on today's show! https://ihatenumbers.captivate.fm/listen (Listen) to find out more. ConclusionIn this episode, I'm going to talk about the nine ingredients that lead to success. These are things that every entrepreneur needs and wants. You can listen on your commute home from work or while doing dishes after dinner. It's short enough so it won't take up too much time of your day but long enough so there's plenty of value packed into each episode. And finally - action! The last ingredient is taking action because without taking action none of the other eight ingredients matter very much at all...so let's get started with BREATHING! Click here to find out more and subscribe on iTunes! For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.proactiveresolutions.com/podcasts/ (I Hate Numbers). My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), https://www.proactiveresolutions.com/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast...

View Details

Understanding tax evasion and avoidance, is an essential piece of knowledge! Even if just to avoid prison food.. Do you Understand tax evasion and tax avoidance. Moreover, do you know the difference between tax evasion and avoidance? Firstly In this podcast, I outline the difference between tax evasion and avoidance Secondly, I'll also discuss which one is naughty, and should be definitely avoided. Thirdly, which one should be encouraged Finally we will look at some examples of each in action.

So let's get https://ihatenumbers.captivate.fm/listen (started)! What is tax evasion ?Tax evasion occurs when a taxpayer deliberately fails to declare income or gains on their return. Moreover it could be where false information is submitted in order to reduce their liability for taxation. What is tax avoidance?Tax avoidance is legal. It means individuals or businesses pay less taxes than they would have paid if they had not taken those steps. The lines between tax avoidance (perfectly legal) and tax evasion (not legal) seem to have become blurred. In the words of Denis Healey, "The difference between tax avoidance and tax evasion is the thickness of a prison wall" There are many ways of avoiding taxes. However most methods fall into two main categories Firstly, legal methods such as deductions and exemptions from taxable income Secondly, illegal methods such as hiding money offshore so no one knows how much you actually earn through your business activities. ConclusionFor many years tax evasion and tax avoidance has been the subject of considerable public concern. Furthermore, there is no statutory definition of what tax avoidance consists of. If you find yourself at the wrong end, there is always a solution. For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.proactiveresolutions.com/podcasts/ (I Hate Numbers). My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), https://www.proactiveresolutions.com/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business%E2%80%93Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/)...

View Details

Using a Limited Liability Partnership is this https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (weeks podcast) theme. Are you looking to set up a Limited Liability Partnership? A limited liability partnership (LLP) has many of the features of a normal partnership and a company. In this podcast I will explain how set up an LLP, what an LLP is what the advantages and drawbacks are

An LLP has the organizational flexibility of a partnership is taxed as a partnership, but in all other respects, it's very similar to private company. If you're considering setting up your own business or expanding your existing one then listen to this podcast first! It could save you time and money by knowing exactly what's involved in setting up an LLP before committing yourself. You'll learn everything from why people choose LLPs over companies. This information may be invaluable. The best part is that it won't cost you anything at all! So, sit back relax and listen while I talk to you about LLPs and remember - knowledge really is power when it comes down to making decisions like these! Listen to find out more. ConclusionKnowing how you want to set up your business and https://www.gov.uk/guidance/set-up-and-run-a-limited-liability-partnership-llp (LLP) is a need to know. Understanding Limited Liability Partnerships are an increasingly popular business model. For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers), listen to our weekly podcast https://www.proactiveresolutions.com/podcasts/ (I Hate Numbers). My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), https://www.proactiveresolutions.com/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business%E2%80%93Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3) Pro Active Resolutions The Numbers Crew- Here to help you!

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Making your business partnership work can be one of the greatest pleasures of having your own business. With that in mind, if you’re planning to start a business venture with a friend, family member or associate as your business partner read on. Don’t assume that everything will be hunky-dory from day one. After all, business partnerships go through rough patches too, just like marriages. So make sure you take certain steps to ensure yours doesn’t end in heartache and regrets. How to make business partnership's workTake the following steps and your business partnership should work from day one: Share similar valuesCheck beforehand that you and your business partner share the same vision, dream, goals, etc. A potential conflict where your partner does not share the same goals, core values and work ethic, for example, can spell disaster. A pre-existing success track record always helpsPlay it safe Choose a partner with whom you’ve had a past success track record and a generally positive business experience. Now, this doesn’t mean that choosing the right partner means having worked before is compulsory or you have to have a share with them in running a business in the past. It simply means that both of you have a track record of going through similar business experiences successfully. This will help relate to each other’s strengths, weaknesses or, say, limits. Plus, it’s best to look for a partner who can handle conflicts like you can, who has achieved similar goals and survived through rough patches, just like you. Explain and define each partner’s role within the partnershipThis helps to eliminate any potential disagreements, resentments, reservations or conflicts down the line. In fact, by clearing defining each partner’s responsibilities, scope, duties, etc. customers and employees can also benefit. Remember knowing who is responsible for overseeing which aspect of the business is very important. Choose the appropriate business structureA business partnership may be forged as a limited liability, limited or general one. However you may also organise it as a C corporation or S corporation partnership. Each one brings a distinct set of advantages and disadvantages, so talk to your business or financial advisor to determine the right one. Go with a partner who has a complementary skill setHaving a partner with complementary skills to yours means you can effectively double your strength as a team. For instance, if you’re a generally shy and somewhat introverted tech person looking to start an online business, it would be preferential to choose a partner who has good people, marketing and sales skills. Be honest with each otherDon't sweep matters under the rug! you’re both going to hurt the partnership more than anything else. Talk things out openly but respectfully, sharing your opinions openly and honestly, and ironing out disagreements when they occur. Put everything in writingEven if your partner happens to be your closest mate from high school, you need to draft the appropriate legal documents and put everything in writing. This is a no brainer! These legal documents should have everything from the business structure and capital contribution to the business. Also, how decisions will be taken and how disputes will be resolved. Or, for example, what happens if one of the partner suddenly decides to ditch the business and move on. Consult a legal or financial advisor and put everything in there that could possibly go wrong. This way you’ll know exactly how to deal with it, if it ever comes to that. ConclusionSome of the above points can certainly be tough to discuss with your partner, especially when you just can’t wait to get the business going. However, you need to lay the foundation for a strong, fruitful and lasting business relationship. If you don't you may have to later deal with the heartache of a failed business partnership. For more business and finance,...

View Details

Successful employee handbook is what helps reduce your business heartache. Problems within a business can occur because there is a lack of clarity on some subjects. Mainly, the issues which arise are around the expectations of the business. The employees and the owner may not have the same set of ethics either, or there could just be a communication barrier. If you are having any heartache due to employee relations and do not have an employee handbook for your business, it's a good idea to get one put into place and quickly. What is an employee handbook?They are a guide to your business. It is a way in which you can clearly establish the overall business mission and goals. Within your business’s employee handbook, you will define what makes your business great and then relate the various areas of your businesses operations to the employee to ensure that everything runs smoothly. Handbooks should lie out the procedures of your day-to-day and long-term procedures needed. You should also have a statement of ethics so that there are no issues between employee to employee or employee to management personnel. Apart from establishing the guide to your business, the handbook acts as a structure to the overall success of your business. In turn this can help alleviate stress and heartache in your business. First, your policies and values are given to the potential employee. They give a clear and direct approach to behaviour which will and not be accepted . Second, the business’s handbook also tells the employee of the culture of your business. By this, it means the overall feel and function of the business. Every personality is distinct. Therefore, you must account for there being potential candidates for a job whose work environment needs differ. Why are they useful?There are several benefits from writing your Successful employee handbook. However, there are three areas which are key. These are education, establishment, and explanations. Education Education is for the employee. This part of the manual shows the person the policies, the values, the expectations, the attendance policies, scheduling, and such. It is critical that employees know what is expected of them. But, you cannot just give them a quick lecture and expect the information to stick. Employees need to have a means of double-checking. An employee handbook is a good way in which you can ensure compliance across the board. Word of mouth could become distorted or misinterpreted. Only through having a written manual can you your intentions are clarified. Establishment This highlights the behavioural and non-negotiable areas of the business. While there are some areas which can be negotiated (such as pay) there are others which are not. Behaviours which are common to businesses, such as a non-harassment section, should be placed within the establishment section of the handbook. Explanations These ensure you are following all laws mandated. They should be just as the name states, explanations of all the laws and other mandates. These laws should be quoted. If there are any areas which may seem unclear, the employee handbook is helpful as it provides the clarity needed for then to maintain the laws and mandates. You could put a copy of these laws, procedures, and stipulations in the handbook. Now that you know what an employee handbook is and why it is needed for a business. The next step is creating one. But where do you start? Here are a few tips to get you on your way. Tips for creating your handbookCreating your successful employee handbook does not have to be a daunting task. There are a few tips which can be followed which will help you in making the best guide for your business. Work slowly on your handbook – avoid rushing writing it as you get lots of issues by doing this. Take the time to know your overall business goals and how you intend to meet them. Look for loopholes – A loophole in your employee handbook is an area where you need to define or

View Details

How to change from a sole trader into a company is this week’s podcast. What are the two most popular business structures in the UK and beyond? They are the sole trader or limited company. Likewise, a limited company in the United States and elsewhere is referred to as a corporation. There are things to take of when you make that change from a sole trader into a company. Furthermore they can be condensed into four key areas, namely Firstly, Mindset shift Secondly, Battle of the forms Thirdly, Communication Further, Tax

https://ihatenumbers.captivate.fm/listen (Listen) to find out more ConclusionIf you have questions after listening to this podcast, don't hesitate to reach out! We're here for you every step of the way. Running a business can be overwhelming. Understanding how to change from a sole trader to a company can make you reach for the medicine cabinet! Let us be your medicine cabinet and relive that stress and anxiety. In short, your first step is to https://ihatenumbers.captivate.fm/listen (Listen) to this short podcast on I Hate Numbers. Put yourself more in control over your business. Listen to find out more. Furthermore, it doesn’t matter what size, shape or form your business is. Understand how to make that transition as smoothly and painlessly as possible. My podcast will help https://ihatenumbers.captivate.fm/listen (Listen) to find out more, tap into https://www.gov.uk/stop-being-self-employed (more details at HMRC). Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), https://www.proactiveresolutions.com/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business%E2%80%93Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Are you a business owner then this podcast Furlough Ends - Business Wrap Up is for you! You'll learn What housekeeping exercises are needed How to deal with overclaims The entries to be made in your tax return, self-employed or CT form.

It's all jargon free so that anyone can understand it. What is FurloughingThis is effectively employee hibernation. The Corona Virus Job Retention Scheme was the money to support it. https://ihatenumbers.captivate.fm/listen (Click here) to find out more information Furlough Ends - Business Wrap Up ConclusionIf you have any questions or concerns after listening to this podcast, please don't hesitate to reach out! We're here for you every step of the way. Let us help make sure that you wrap things properly. If you want a visual of the entries in your tax return then watch https://www.youtube.com/watch?v=VVsH7mqgkYg&t=15s (this video) Above all, you need to reflect on Furlough Ends - Business Wrap Up. This is a must know if you have claimed the Furlough Grant. You need to put yourself more in control over your business. Listen to find out more. Furthermore, it doesn’t matter what size, shape or form your business is. You need to understand how to wrap up and prepare now the scheme has finished. My podcast will help. https://ihatenumbers.captivate.fm/listen (Listen) to find out more, tap into more details at HMRC. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), save tax and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business%E2%80%93Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcastsfeed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Business Growth and Overtrading is one of the biggest problems facing businesses today, Furthermore it impacts startups to established businesses. It's easy enough to avoid if you know what signs look like but many companies simply don't have the time or expertise needed to spot them before they become an issue. Are you looking for a way to grow your business? If you're reading this, then it's likely that growth is part of your landscape. A word of caution, you want to do this as quickly and efficiently as possible. You don't want to be caught out by overtrading or having too much https://www.proactiveresolutions.com/why-working-capital-is-important-for-your-business/ (stock on hand) because of poor planning. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen here) for more information on how Business Growth & Overtrading can help manage growth effectively within your company! ConclusionAbove all, Business Growth and Overtrading is a must know if rapid growth affects your business. You need to put yourself more in control over your business. Listen to find out more. Furthermore, it doesn’t matter what size, shape or form your business is. You need to understand how holiday pay works… My podcast will help. https://ihatenumbers.captivate.fm/listen (Listen) to find out more, tap into more details at HMRC. Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), save tax and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (YouTube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins https://www.stitcher.com/podcast/proactiveresolutionss-podcast https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Are you looking at a way of Calculating holiday entitlement and pay? Calculating holiday entitlement can be complicated, but it doesn’t have to be. In this week’s I Hate Numbers podcast I am going to look at how to calculate leave entitlements, the leave period and how to work out your holiday pay.

It is important that you understand these things, so you stay on the right side of the law. Furthermore, not paying holiday pay is https://www.citizensadvice.org.uk/work/rights-at-work/holidays-and-holiday-pay1/taking-your-paid-holiday/ (illegal) and unethical. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) now! You will learn what you need about Calculating holiday entitlement and pay with my easy-to-understand podcast. So, tune into my weekly podcast today and make sure all your calculations done correctly. Click here right now and https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to this week’s episode of I Hate Numbers! https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more ConclusionAbove all, Calculating holiday entitlement and pay puts is a must know if you employ worker. If you’re planning to take on workers, then this is also for you. Put yourself more in control over your business. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen )to find out more. Furthermore, it doesn’t matter what size, shape or form your business is. You need to understand how holiday pay works… My podcast will help. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more, tap into more details at https://www.gov.uk/holiday-entitlement-rights/holiday-pay-the-basics (HMRC). Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), save tax and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (You Tube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Understanding your financial statements is connecting to your business story. Your financial statements are your business stories, the words those stories are made up of numbers. Figuring out what they mean can be a daunting task for any business owner. Understanding your story helps you see how your business is performing financially. Above all this gives you clarity and insight into your past, present, and future. Financial statements are the documents that show how much money your business has made or lost, and whether it’s growing. They also give you an idea of where to focus your efforts in order to grow. If you don’t understand them, they can be confusing and overwhelming. But I think once you listen to this podcast, they won’t seem so scary anymore! After listening, you'll have a basic understanding of what these financial documents are all about, and what they mean for your business. You'll feel more confident when talking with accountants or other professionals who work with numbers. Furthermore, knowledge is power! So why not take control of something as important as your finances? It could make a huge difference in how successful (or unsuccessful) your business becomes down the road. https://ihatenumbers.captivate.fm/listen (Click here) to subscribe to my podcast series today. ConclusionAbove all, Understanding your financial statements gives you more control over your business, then https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen )to find out more. Businesses, start-up to established, private to social enterprise need to understand what their numbers are saying. This podcast will help. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. My mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), save tax and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (You Tube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

How to price using Target CostingHow to price using Target Costing is this week’s podcast theme. Do you want to reduce your costs by 25% to 30%? If so, then target costing is the right choice for you. Above all How to price using Target Costing can help you cut costs without sacrificing quality. The focus of Target Costing is reducing waste from the start of production. Don't wait until products are made. Moreover, this means that every step of the process is designed with cost-cutting in mind. You gain better prices and margins for your business. https://ihatenumbers.captivate.fm/listen (Listen now) to find out more about how Target Costing works! Traditional costing is the most used method for pricing goods and services. The two methods share things in common but also have differences. You choose the method most appropriate for your target customers and product mix. Target costing has been around for many decades, much longer than cost-plus costing. Target costing was developed by Toyota Motor Corporation to reduce costs while increasing quality of its products. It’s now widely used throughout many industries from automotive to consumer electronics. ConclusionMoreover, if interested in dealing with pricing, controlling costs this is explained here for you. You learn how it affects you, avoid confusion and overwhelm. Many businesses, start-up to established find themselves in the same situation. Wanting to know about How to price using Target Costing, more particularly taking steps to avoid it. This podcast will help. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. My mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), save tax and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (You Tube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Resource Analysis, and how to carry one out is this weeks topic. Let me show you how to do a resource analysis for your business? Firstly, Resource Analysis is the process of identifying and evaluating all the resources that are available to achieve an objective. Secondly, Resources include anything that can help or hinder your organisation meeting its objectives. For instance, resources include people, equipment, time, and money. The strategic capability of your business is determined by having adequate and suitable resources and competences. For competencies, think capabilities. Furthermore, resources and competencies are needed so your business can survive and prosper. Above all Resource Analysis helps your business bridge the gap. This is the gap between having valuable resources and using them constructively and efficiently. Most importantly a resource analysis helps you understand what resources are important for your business’ success. Moreover, it will give you insight into which areas need improvement or further investment. Furthermore, managers can see if they have sufficient resources before making any major decisions or investments in new projects. You might even find out that there are some things that don’t really matter anymore! This can be illustrated by the following table [table id=37 /] https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. ConclusionMoreover, if interested in dealing with Resource Analysis for your business then https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. This is all explained is here for you. In addition, you will learn how to categorise resources, and limitations in this approach. This podcast will help. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. Above all, my mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), save tax and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers. I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (You Tube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Undercapitalization and https://www.proactiveresolutions.com/how-to-diagnose-business-failure/ (business failure) go hand in hand, like Peaches and Cream, Gin and Tonic, Pineapple and Pizza. Undercapitalization is the main reason why many businesses, from start-up to established become financial failures and perish. In this week’s podcast I'm going to talk to you about what undercapitalization means, what causes it why it's such a problem Tips to help you avoid that happening in your own business.

Welcome to another weekly podcast on I hate numbers. The podcast to help improve your financial understanding in business. Above all it's there to help improve your money mindset, make more money, save tax and time. Meaning of Undercapitalization You may have heard about the term "undercapitalization" and how it leads to business failure. If you're not sure what this means, don't worry, I’ll answer that question and more in this podcast. What is undercapitalization? It's when your business doesn't have enough money to cover its expenses or grow as quickly as it needs to. Furthermore, why does this happen? Sometimes people think that they need less money than they do for a given project or task Listen to find out more ConclusionMoreover, if interested in dealing with Undercapitalization and business failure, this is all explained is here for you. You will learn how it affects you, avoid confusion and overwhelm. Many businesses, start-up to established find themselves in the same situation. Wanting to know about Undercapitalization, more particularly taking steps to avoid it. This podcast will help. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. My mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), save tax and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (You Tube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Claiming back VAT on cars, do you want to get VAT back on your a car purchase? If you buy a car for business purposes, then the VAT is recoverable. But if HMRC thinks that it's not being used exclusively for business purposes, they will block your claim. In this week’s I hate numbers podcast, I am going to explain what exactly is meant by “exclusive use” and how you can prove that your car meets these requirements. The rules around exclusive use of cars are very complicated and there are lots of grey areas where HMRC could challenge your claims. So in this podcast episode, I'm going to give you some tips on how to make sure that when buying a new or second hand vehicle for work purposes, you don't fall foul of the taxman! What is the VAT definition of a car?That may sound a bizarre question, but if a vehicle is not a car, it will normally be a commercial vehicle or a van. If it's a commercial vehicle or Van https://www.proactiveresolutions.com/what-are-your-vat-responsibilties/ (reclaiming VAT) is easier. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more ConclusionMoreover, if interested in Claiming back VAT on cars , this is all explained is here for you. You will learn how it affects you, avoid confusion and overwhelm. Many businesses find themselves in the same situation, wanting to know about VAT, more particularly claiming it back. This podcast will help. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. My mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), save tax and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (You Tube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), Links https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

National Insurance easily explained is to help self employed, employees and employer understand National insurance. In this weeks podcast I'm going to be talking about national insurance, NI for short. Specifically what it is why you pay how much you pay the planned increase in NI for April 2022.

The government has announced a hike in NI to fund social care. Fear not that's covered later in this week's podcast. National Insurance is a tax that helps pay for a https://www.gov.uk/national-insurance/what-national-insurance-is-for (variety of things). For example, the NHS, social care and other public services. Moreover, It's also used to help fund state benefits such as Jobseeker's Allowance and Employment Support Allowance. NI is confusing because it has a number of parts. I am going to explain this in simple language. You can understand what they are, why you pay them and how much they cost. https://www.proactiveresolutions.com/national-insurance-explained-video/ (Check the link) to find out more about how much you pay https://ihatenumbers.captivate.fm/listen (Listen now) to find out more! ConclusionMoreover, if you want to understand National Insurance, National Insurance easily explained is here for you. You will learn how it affects you, avoid confusion and overwhelm. Many businesses, employers and employees find themselves in the same situation, wanting to know about NI. National Insurance easily explained will help. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. My mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), save tax and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. . https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (You Tube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

What are your VAT responsibilities when your business becomes https://www.proactiveresolutions.com/what-is-vat/ (VAT registered)? Do you know what they are when your business becomes VAT registered? You take on responsibilities as an unpaid tax collector working for HMRC. If you do not comply with these responsibilities, then it's likely you will be relegated to HMRC's naughty step. Above all fines and penalties are likely to follow. We don't want that !. In this week's podcast, we'll cover basics of your VAT duties so you stay out of trouble! https://ihatenumbers.captivate.fm/listen (Listen now) to find out more Are you confused about VAT?In this week's I hate numbers podcast, I am going to talk about The different types of VAT supplies, for supplies think turnover I will discuss the conditions that need to be met to claim back any VAT Reverse charging, and I do not mean collect calls Finally, I will cover how to complete a VAT return and when it should be submitted.

If you want a simple explanation of all things related to UK Value Added Tax (VAT), or business and finance then you are spoilt for choice! I have my weekly https://www.proactiveresolutions.com/podcasts/ (podcast), videos and https://www.proactiveresolutions.com/news/ (blogs). ConclusionMoreover, if you want to understand your VAT responsibilities, avoid confusion and overwhelm , I am here to help. In fact, many businesses find themselves in the same situation, wanting to know what their VAT responsibilities are, and how to avoid getting into VAT hot water!. This podcast on An Introduction to what VAT is will help. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. My mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), save tax and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. . https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast) . Connect with me on https://www.instagram.com/mahmood_ihatenumbers/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (You Tube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

An Introduction to what VAT is, that is my topic in this weeks I Hate Numbers podcast. In this series of podcasts, I am going to look at what VAT is and how it affects your business. Are you a business owner and want to know more about VAT? What is it, how does it affect your business, and what's the system like? If so, then this podcast will be perfect for you. In this first part we'll look at what VAT is, why businesses need to pay it and how they do that. https://ihatenumbers.captivate.fm/listen (Listen now) to find out more. So in let's start with what is VAT? Well, value added tax or to give it its correct name is a form of consumption tax which means that it's paid when goods and services are bought and sold rather than when they are produced like income tax for example. It was introduced in 1973 as part of a move towards taxing expenditure rather than income but has been around in various forms since 1932 under different names such as purchase tax or turnover tax depending on where you lived at the time. Roles and responsibilities of VAT registered businessesDo you have a business? Are you registered for VAT? If so, then you are part of the millions of unpaid tax collectors employed by the government in the UK and around the world. You join them as soon as your turnover reaches the https://www.gov.uk/vat-registration/when-to-register (registration limit), currently £85,000 over the last 12 months. VAT is collected on behalf of HMRC by businesses that are registered for VAT. In general it does not affect your https://www.proactiveresolutions.com/what-is-profit-in-business/ (profitability) but there may be some exceptions to this rule depending on what type of business you run and how much turnover you have. ConclusionMoreover, if you worried, confused, or need help with understanding VAT, you’re not alone. In fact, many businesses find themselves in the same situation. This podcast on An Introduction to what VAT is will help. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. My mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), save tax and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. . https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! are If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast), connect with me on https://www.instagram.com/mahmoodnumbersrockstar/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (You Tube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D (https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vaWhhdGVudW1iZXJzLw%3D%3D)

This podcast uses the

View Details

Do you struggle with your mental health and money? You’re not alone. Millions of people are struggling with their mental health and money, but it doesn’t have to be that way. There is a solution! You’re not alone. Millions of people are struggling with their mental health and money, but it doesn’t have to be that way. There is a solution! It’s not an uncommon feeling to feel overwhelmed by debt, anxiety, depression, and the stress of everyday life. Things become much when you take control of your finances and start taking care of yourself. And while there are many reasons for this anxiety, one thing is certain – financial stress has a direct impact on your mental health and well-being. This week’s podcast shines a light, shares tips, and advice. In this podcast I am going to share four tips to help you with Your mental health and money . Moreover, this will improve your sense of well being and improve your attitude to money. First Tip : Your own behaviours and attitudes. Second Tip : B is for https://www.proactiveresolutions.com/resources/free-download-guides/budgeting/ (budgeting), what some people dread but it will help restore calm, certainty and control into your life Third Tip: Buying when you are not 10% and shiny bauble syndrome Fourth Tip: Your Physical and mental health.

ConclusionMoreover, if you ever find yourself worrying about money you’re not alone. In fact, it’s estimated that many adults worry about their finances at least some of the time. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. My mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), save tax and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. . https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! are If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast), connect with me on https://www.instagram.com/mahmoodnumbersrockstar/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (You Tube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

How you Build your cash flow with a spreadsheetI'm going to show you how you build your own cash flow forecast by tapping into the most powerful resource in your financial toolbox, the spreadsheet. In this week’s episode of I Hate Numbers I'm going to look at your initial steps, the first thing you should do I'm then going to be looking at the principles or spreadsheet building general considerations the business Lego bricks approach

https://www.proactiveresolutions.com/making-your-cashflow-forecast/ (Cash) is the commodity that keeps your business going, your business lines burning. Spreadsheets are not the preserve of the accountants, the finance people or at least it shouldn't be. The principles in this podcast will apply whether you use https://en.wikipedia.org/wiki/Microsoft_Excel (Microsoft Excel), https://en.wikipedia.org/wiki/Google_Sheets (Google Sheets), or any other package. Using spreadsheets to tell your business and cash storySpreadsheets are a powerful tool in your business toolbox. They take the heavy lifting out of number crunching and are a practical help in the world of finance and numbers. Above all we need to think about the look and feel of our spreadsheet. You don't need to be an IT or math’s genius to build a good workable spreadsheet, but take care with its look, design, and use. My I Hate Numbers Food Palace business will be used to show you how you build your cash flow forecast with a spreadsheet. The business prepares and delivers delicious food to corporate clients. And your business may not be a food business, but that's okay. Because the knowledge and approach is very transferable. Check out my https://www.youtube.com/watch?v=MhR9Y71CqMg&t=376s (video) to see a visual demonstration. Think about what you want your spreadsheet to show you. Above all I want to see the financial outcome of my planned activity for the next 12 months? What does that mean in terms of Cash contribution The cash left over after paying for your overheads and cash commitments How much money I left in your bank at the end of each month? Will you be clenching your buttocks or relaxing as the cash depletes or piles up

Putting information into your spreadsheetWhen you build your cash forecast do not edit as you go along. Do not stop yourself and say I can't afford to do that. The key thing is, is to get the story, get the numbers in the spreadsheet, see what the spreadsheet is telling us. Your cash flow spreadsheet reflects your wish list, aspirations, and how you see your business unfolding. It's the story of what you're trying to do with your company. You have the option and power to change it. Your numbers are telling a story about what you want for yourself and for your company - don't let them tell a different one ! https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. ConclusionAbove all, how you build your cash flow forecast with a spreadsheet is good to know. It keeps you closer to your business numbers, and a key business tool, the spreadsheet! This week’s podcast tells you this, plus calculations, tips, and advice. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. My mission is to inform, inspire and educate you to get closer to your numbers. You can make https://www.proactiveresolutions.com/make-money-in-your-business/ (more profits), save tax and time, improve your well-being and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. . https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! are If you found this podcast useful then share this episode on social, leave a review...

View Details

Making your cashflow forecast is the most important financial and business task you can do in your business. Running a business is hard. But there’s one thing that will always derail your dreams, scupper your business, and have it collapsing around you - running out of cash. Above all, whatever the size, shape, or type of your business, you must have a forecast. This week my I Hate Numbers podcast helps you build yours so that you can make sure that never happens again! I'll show you that by Making your cashflow forecast you'll be able to see exactly where your money is coming from and going to at any given time – which means no more surprises when it comes time for payroll or rent! And if something does go wrong? No worries! You've got this now. https://ihatenumbers.captivate.fm/listen (Listen now) to find out more Do you want to know how to forecast your cashflow?Making a cashflow forecast is the process of predicting what will happen with your company’s finances. It involves translating your business story into activity and then turning that activity into a financial plan. You need a plan so that when https://www.proactiveresolutions.com/five-tips-on-on-how-to-manage-your-cashflow/ (challenges) come up, you are prepared and ready to face them head on. A good way to start this journey is by making a cash flow forecast today! All you need is your business story and then you can start. The steps you need to go through to make that forecast a reality. are your business story translating that business story, into what that means in terms of activity and getting out your business Lego bricks. to turn that activity into your financials. If you want a visual representation folks, then check out this https://www.youtube.com/watch?v=Oz1sE8ITJ2I&t=348s (video) on my https://www.youtube.com/c/IHateNumbers/videos (I Hate Numbers You Tube channel),. ConclusionAbove all, you need to know that Making your cashflow forecast is the key to your financial liberation, wellbeing and control. This week’s podcast tells you this, plus calculations, tips, and advice. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. My mission is to inform, inspire and educate you to get closer to your numbers. You can make more profits, save tax and time, improve your wellbeing and your money mindset. Help me to help you and others by subscribing and sharing this episode in your network. . https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! are If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast), connect with me on https://www.instagram.com/mahmoodnumbersrockstar/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (You Tube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Cash is your financial priority, which is this weeks I Hate Numbers podcast. In previous weekshttps://www.proactiveresolutions.com/what-is-turnover-in-business/ ( turnover )and https://www.proactiveresolutions.com/what-are-your-business-profits/ (profits) have been in the spotlight, this time Cash is taking centre stage. In this podcast I'm going to look at What cash is Why Cash is your financial priority Tips for managing your cash

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. Why Cash is your number one financial priorityProfitable businesses have become basket cases because they run out of cash. Profit is important, that always must be a financial goal, part of your thinking and action. Moreover, cash is what keeps the lights on, the wheels of your business turning. It’s like the fuel that drives a car, no fuel, no movement. Listen to find out more How to make your cash flows better To keep a ready supply of cash to pay your bills, your suppliers and yourself adopt good practices. Those include Manage the credit you give Update your books Pay your bills Do a cash flow forecast

A cash plan, a forecast is not a strait jacket, it is critical to realize your life and your business aspirations and goals. If you can’t think beyond today, then you have a problem. Planning is liberating, empowering and life affirming ConclusionAbove all, you need to know that Cash is your financial priority. This week’s podcast tells you this, plus calculations, tips, and advice. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. My mission is to help you get better acquainted with your best friend in business, your numbers- improving your money mindset and wellbeing, making profit, save tax and time. Help me share Number Love by telling your friends and family about the show. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! are If you found this podcast useful then share this episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast), connect with me on https://www.instagram.com/mahmoodnumbersrockstar/ (Instagram), https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (You Tube), https://twitter.com/mahmood_reza (Twitter), https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Last week I talked about turnover, this week it’s What are your business profits? Most people see profit as the difference between money in and money out. When people say money, they mean notes and coins, what's in their bank account. That sounds nice, and easy to calculate. However, we are talking about the world of numbers and business here! Welcome to another weekly episode of I Hate Numbers. My mission is to inform, inspire and educate you to get closer to your numbers. This is a must do if you want to make money from your business and are not run it as a hobby. Profit is not measured in terms of money in and money out. When you calculate https://www.proactiveresolutions.com/seven-tips-to-increase-your-profits/ (profit) it’s a completely different ball game. What about accounting terms do you need to know?In this podcast I am going to look at four jargon words. Don’t worry, I will convert that jargon to normal speech! The four key terms I’ll be de-jargoning, all necessary to understand What are your business profits. Turnover Cost of sales Expenses Incurred

How you calculate profit in your business Profit is about measuring your economic activity and converting that into numbers. For an accurate calculation of profit, we apply the principle of number dating. This is a key accounting rule known as the ‘matching principle’ In this podcast will talk about the two main profits in your business, gross profit, and net profit. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. ConclusionAbove all, you need to know what your business profit is. This week’s podcast tells you what you need to know, calculations, tips, and advice. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. I love to help business owners connect with and understand their numbers, improve their attitude to money, make more profit, save tax and time. Help me share Number Love by telling your friends and family about the show. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! are If you found this podcast useful then share episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast), connect with me on https://www.instagram.com/mahmoodnumbersrockstar/ (Instagram) , https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (You Tube), https://twitter.com/mahmood_reza (Twitter) , https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

What is turnover in business?Turnover is a popular term used in business. It’s the official terminology used in company accounts, the tax returns of self-employed & partnerships, and is common usage in the business world. In this week’s episode of I Hate Numbers , I will explain (1) what turnover is; (2) explain how it's calculated; (3) why it's important for your business; and (4) turnover should be monitored to make sure you're profitable. You want to know more about turnover so that you can keep track of your https://www.proactiveresolutions.com/what-is-profit-2/ (profits)! This video will teach you everything you need to know about calculating turnover as well as why they are important for your company. So, sit back, relax, and enjoy learning all about turnovers with me today! https://ihatenumbers.captivate.fm/listen (Listen now) to find out more. Welcome to another weekly episode of I Hate Numbers, the show that aims to educate-inspire-inform you with jargon free info-tools-tips about your best Business Friend, your numbers. Please hit the Subscribe button, feedback, share the podcast with those who will need it. What does turnover in business tell youTurnover tells us how well our business is doing financially so it’s important to know what it means! If turnover goes up then this usually means more money coming into our business but if turnover goes down then this usually means less money coming into our business which could mean trouble ahead for some businesses! So make sure to keep track of turnover numbers so that you can see where we're going financially! Keep track of turnovers by using accounting software like https://www.proactiveresolutions.com/resources/free-download-guides/online-cloud-accounting/ (Xero Accounting Software) ! They'll help us stay on top of things without having to do any calculations yourself, Turnover is one measure of your financial performance. Your turnover in business has some importance, but it should not be your main financial priority. This sounds bonkers, https://ihatenumbers.captivate.fm/listen (Listen now) to find out more. Watch out for next week's podcast. I will dive deeper into profit, what it is and why it's so important. If you found this podcast useful then share episode on social, leave a review on Apple podcast, connect with me on …. ConclusionMoreover, you need to know what turnover in business is. This podcast tells you all you need to know, calculations, tips, and advice https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. I love to help business owners connect with and understand their numbers, improve their attitude to money, make more profit, save tax and time. Help me share Number Love by telling your friends and family about the show. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! are If you found this podcast useful then share episode on social, leave a review on https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Apple podcast), connect with me on https://www.instagram.com/mahmoodnumbersrockstar/ (Instagram) , https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (You Tube), https://twitter.com/mahmood_reza (Twitter) , https://www.linkedin.com/in/proactiveresolutions/ (LinkedIn) and https://www.facebook.com/proactiveresolutions (Facebook), Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast...

View Details

What are the risks of self employment? Great question. Risks and life go naturally together. It's as natural as ham and pineapple pizza gin and tonics and cheese pickle sandwiches. That's no different when you enter the world of business and you start working for yourself and become, self-employed think of those risks as part of your route to self-employment. In this podcast I will guide you through some of the main issues that you are likely to face. I'm going to discuss how to best prepare for them, knowing and dealing with those risks gives us a clear path to success. Hi folks. My name is https://www.proactiveresolutions.com/about-us/mahmood/ (Mahmood). I am the podcast host of I hate numbers and my mission in life is to simplify the world of finance and numbers for business owners, help them make more time, help them save tax, make more profits and improve what goes on between their ears. Self-employment versus employmentThere are many benefits to going alone, there are also downsides. Control, responsibility, destiny, and money are some of them. Wanting to explore the tax differences? Check out or https://www.proactiveresolutions.com/free-online-business-calculators/ (FREE online calculators). What are some of the other risks of working for yourself looked at in this podcast? Uncertainty, risk, and your money attitude https://www.proactiveresolutions.com/?s=working+capital (Working capital,) money fuel to run your business. Mistakes, and what https://en.wikipedia.org/wiki/Thomas_Edison (Edison’s) take on it is Pricing your products and services correctly Tracking and understanding your money in and money out Sales and marketing. It’s more than your website and a bunch of business cards.

Check out or FREE online calculators. Moreover, do you want to know the answer to the question ‘What are the https://www.proactiveresolutions.com/personal-lifestyle-risks-of-self-employment/ (risks of self employment) ? This podcast tells you all you need to know, with tips, and advice https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. Firstly, I love to help business owners connect with and understand their numbers. Above all I want you to improve your attitude to money, make more profit, save tax and time. Help me share Number Love by telling your friends and family about the show. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! are Links https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Can you claim tax back for working at home? Have you had to work from home because of COVID? Would you like to know how you can claim tax relief and get extra cash into your pockets? Well, carry on listening to this this week I Hate Numbers podcast episode to find out how. Firstly, I will let you know how the tax relief works. Secondly, how you can check if you are eligible to make the claim. Lastly, how you make the claim and what that can be worth to you. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. If you work from home, or have staff working remotely for your company, then this podcast is for you! The pandemic resulted in millions of people having to work from home. Tax relief for working from here has been with us for several years, but for 20-21 and 21-22 the rules have relaxed. One day working from home, can result in being able to claim £125. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. How to claim for working from homeCan you claim tax back for https://www.proactiveresolutions.com/working-from-home-new-experiences/ (working at home)? Short answer, yes. Firstly, either claim tax relief based on a flat rate allowance’ or claim the extra costs you have actually incurred. To do so you’ll need evidence such as receipts, bills, or contracts This can be worth as much as £125 for a year. You can claim for previous years, there is up to £500 on the table. Follow the link to https://www.gov.uk/tax-relief-for-employees/working-at-home (check if you can claim) ConclusionMoreover, do you want to know the answer to the question ‘Can you claim tax back for working at home? This podcast tells you all you need to know, calculations, tips, and advice https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. I love to help business owners connect with and understand their numbers, improve their attitude to money, make more profit, save tax and time. Help me share Number Love by telling your friends and family about the show. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! are Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

If you submit a UK tax return and you owe more than a thousand pounds, then be aware of payments on account. Payments on account are a topic that is not properly talked about or understood, but it can catch out taxpayers. In this episode I am going to dive deep into payments on account. Firstly, I will look at what Payments on account are, how they are calculated, how to reduce them and when you have got to pay them. Secondly, my friends Rishi and Boris will be helping me with numbers and dates. Finally, I will look at the general framework of how the UK personal tax system works. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. Your Income and tax that is deducted Are you self-employed, a landlord who might have some rental income being a director, shareholder who has income by way of dividends? Be aware that some you make ends up in your pocket without has https://www.litrg.org.uk/tax-guides/tax-basics/how-my-tax-collected#:~:text=You%20receive%20UK%20dividends%20gross%20%E2%80%93%20no%20tax%20is%20deducted%20at%20source.&text=This%20is%20the%20amount%20you,include%20in%20your%20tax%20calculation. (not had tax taken) off when you earn it. There is more responsibility on your shoulders to make sure you have put enough by to cover your taxes. We are here for you! We will help you with all the little things like https://www.proactiveresolutions.com/how-to-budget-for-your-tax-bill/ (saving for your taxes) and making sure they are taxed at source so there are no surprises come tax time. Tax calculatorsAre you looking for a way to calculate your taxes? You have come to the right place! We have https://www.proactiveresolutions.com/free-online-business-calculators/ (online calculators) that will do all the heavy lifting for you. All you need is some basic information about your income and deductions, and we will take care of the rest. It could not be easier. This tool can help make filing taxes less stressful by doing most of the work for you. If this sounds like something that would be helpful to you, go ahead and give it a try today! Click here now to use our https://www.proactiveresolutions.com/free-online-business-calculators/ (free tax calculator)! What nextMoreover, do you want to know more about payments on account? This podcast tells you what you need to know about payments on account, calculations, tips, and advice https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. Help me share Number Love by telling your friends and family about the show. https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! are Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Self-employed and want to know more about the fifth Self-Employment grant? Most importantly, the fifth Self-Employment grant differs from previous grants. There’s an extra turnover test to see how much you can claim. This podcast looks at this, grant eligibility, what you must do. In addition, I will share examples and tips. Above all, your claim is based on your reasonable judgement, evidence, and judgement. Click here for the full podcast now! You won't regret it! I'll answer your questions so you can make an informed decision about applying for the grant. Who can claim the fifth Self-Employment grant ?This fifth Self Employment Grant is for those affected by the coronavirus outbreak. The grant will cover the period May 2021 to September 2021. No government announcements have been made for additional financial support for the self-employed beyond September 2021. In today’s podcast, I am going to be looking at how the fifth self-employed grant differs, compared to previous grants. Furthermore I look at eligibility criteria, and evidence. Lastly, I will be looking at how much the grant is worth, and possible HMRC follow up action. How is the claim made for the fifth Self-Employment grant ?Firstly, https://www.gov.uk/government/publications/self-employment-income-support-scheme-fifth-grant (HMRC) will make the initial assessments as to whether you are eligible to apply. They should you to to confirm whether you can make the application. https://www.proactiveresolutions.com/conditions-for-the-third-self-employed-grant/ (Initial eligibility), for example whether you are self-employed, level of your trading profits, and filing your tax return HMRC will know that. No change compared to previous claims, check out those details. You don't need to provide any financial data because HMRC have that on file, you've got to make a declaration that you intend to continue to trade, you've got a reasonable belief that there's going to be a significant reduction in your trading profits because of reduced business activity. The key thing is the link and connection between Coronavirus and your business between May and September 2021. But make sure you have the evidence to back that up. More of that in the podcast. What nextAbove all, do you want to know more about the fifth Self-Employment grant? You can get it if you meet all these conditions. This podcast will tell you what you need to know about eligibility, the pitfalls, examples and tips. Your claim is based on your reasonable judgement, evidence, and judgement. What does this mean? https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more. Help me share Number Love by telling your friends and family about the show. https://ihatenumbers.captivate.fm/listen (Listen now) and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! are Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Social Enterprise and Community Interest Companies are a great way to do good and make money. They go together like a well fitted glove. Social Enterprise means business that wishes to do social good, be entrepreneurial, and make money. A Community Interest Company, or CICs for short is a great vehicle to run your social enterprise through. This week’s podcast looks at Social enterprise and Community Interest Companies, the what, why and when of CICs https://ihatenumbers.captivate.fm/listen (Listen to find out more.) Social Enterprise and the details of CICs Firstly, https://www.proactiveresolutions.com/kick-start-your-social-enterprise/ (Social enterprise) is about making a profit and doing good at the same time. It can be anything from running an ethical coffee shop, to providing clean water in developing countries. Secondly, CICs are companies with features different to traditional companies. These features include the asset lock, community interest test, and halfway house between a charity and private company. Moreover, you can choose your own path with social enterprise. You can start your own business, or work for someone else who shares your values. With CICs there's no need for compromise on either side of the equation - you get both financial security and social impact that will last long after you've left work behind! Social enterprises are businesses that generate profit and make a positive difference to society. They are not just small projects; they can be large scale like the https://www.edenproject.com/ (Eden Project) and https://www.bigissue.com/ (Big Issue). CICs and CharitiesIf you're looking for a way to help your community, but don't know where to start, this podcast is for you. A CIC (Community Interest Company) is a different form of company set up by anyone with the intention of benefiting their local community. They are not charities and they do not have charitable status. This means that they will need to pay tax on any profits made from trading activities. However, if forming a charity is in your cross hairs then a CIC can be the first step on that path - Charities can be converted from CICs, and have CICs running in tandem with them. There are many benefits to setting up a CIC. Theses include being able to offer shares and attract investment from individuals who want to support your work. You can take advantage of government grants and funding schemes. Above all you have more control over how you operate without the restrictions of charity over how you run your organisation, and make and use money.. https://ihatenumbers.captivate.fm/listen (Listen to find out more.) What nextWhat new types of business are you looking for? We're here to help you explore how these new types of business might work for your organisation or project. You may find it helpful if you're looking for ways to turn your idea into reality, https://www.proactiveresolutions.com/contact-us/ (Contact me) If you're already running an enterprise but would like some help on how best to do this. I'll be happy to see what we can do together! Help me share Number Love by telling your friends and family about the show. https://ihatenumbers.captivate.fm/listen (Listen now) and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! are Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/...

View Details

When and how to complete form W-8BEN-E is a must for non-US tax resident entities earning money in the US. This week’s I Hate Numbers podcast follows on from last week. Last week I dealt with individuals and sole traders earning money from the US, who have income from the U S. This week in I Hate Numbers, it is the turn of companies, partnerships, charities, and single member companies. Tax and forms, tax and forms go hand in hand, just like chips and gravy, gin and tonic and pineapple and pizza. None more so do tax and forms go hand in hand when, as a non us tax resident, you are dealing with the us and earning money from there. In this week podcast, it is the turn of companies, partnerships, charities, and single member companies. When and how to complete form W-8BEN-E is my this week podcast focus . What goes into form W-8BEN-E? I will walk you through form W-8BEN-E. My podcast may not be the perfect format for showing what the forms look like. I have got you covered, check out my https://www.youtube.com/watch?v=IwAkeWPq2QM&t=20s (you tube video) video for a visual. Moreover, I am going to take you on step by step by journey to explain the form, what it is about, and what goes into it. At 30 sections, the W-8BEN-E IS a weightier tome compared to the one that individuals and sole traders must complete. Do not get overwhelmed though, not all thirty sections will apply to most of you, it’s a one size fits all form. Abbreviations and forms are natural bedfellows, it must be a word space thing! Let’s face it, it would not be a form unless you had abbreviations. Abbreviations are FATCA, NFFE and TIN. Phrases keep the abbreviations company. One such phrase, or term if you prefer is the ownership and based erosion test. You need to know what this is to complete the form. https://ihatenumbers.captivate.fm/listen (Listen to find out more). Single member companiesThere are different tax and business structures in the US compared to the UK. One example is the https://www.investopedia.com/terms/c/c-corporation.asp (C corporation) , which is the most common business structure. The C corporation is taxed like https://www.proactiveresolutions.com/choosing-your-business-structure-to-save-tax/ (UK limited companies). The company pays tax on its profits. The individual shareholders directors will pay tax on the basis that dividends are withdrawn, or salaries paid to the owners. Moreover, single shareholder companies are not recognized as US C corporations, which are https://www.proactiveresolutions.com/choosing-your-business-structure-to-save-tax/ (limited company) as we know them in the UK. If you are a single member company that wants to be taxed as C Corporation then you must complete a couple of extra forms, as well a form W-8BEN-E. https://ihatenumbers.captivate.fm/listen (Listen to find out more.) What nextIn conclusion. If you do not complete the W-8BEN-E form correctly you will get a financial kick in your balls, 30% tax stopped at source. Ouch! This podcast on When and how to complete form W-8BEN-E is useful stuff. Help me share Number Love by telling your friends and family about the show. https://ihatenumbers.captivate.fm/listen (Listen now) and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! are My https://www.proactiveresolutions.com/news/ (news) section, https://www.proactiveresolutions.com/free-online-business-calculators/ (FREE online calculators) are there for you. Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins)...

View Details

Where you are not a US citizen and have money from the US is Why you need to complete form W8. This money could be from your clients, pension income, royalties, dividends, capital gains – you get the picture. Who must complete the W8 form?Most importantly, it applies to anyone who is not a U S citizen who does not have a permanent establishment in the U S. For example, if you are an individual,https://www.proactiveresolutions.com/?s=sole+trader+and+limited ( sole trader, company) or even a https://www.proactiveresolutions.com/not-for-profits/ (charity, not for profit) then you must complete form W8. Firstly, there are two main variations of the form W8. Form W-8-BEN for individuals and sole traders, and W-8BEN-E is for companies, partnerships, charities, and corporations. This weeks’ I Hate Numbers podcast focus is on the W-8BEN form. What is the purpose of the W-8BEN form?Great question. The https://www.irs.gov/pub/irs-pdf/fw8ben.pdf (IRS form) must be given to your US client or payer, otherwise they will deduct 30% withholding tax! Before payment is made to you, they must establish who you are, what your tax status is, and whether withholding tax applies to your situation. I will talk you through what goes into the W-8BEN form. You cannot complete a tax form without getting a headache over jargon. My mind also wanders to https://en.wikipedia.org/wiki/George_Bernard_Shaw (George Bernard Shaw) who said that The United States and Great Britain are two countries separated by a common language., I have you covered. I will translate the official speak, talk US-UK tax treaties and TINs. Fancy seeing what a completed form looks like, click https://www.youtube.com/watch?v=uxskewZsF2Y&t=10s (the link) to see a video visual. You need to complete the form to stop 30% tax withheld at source. You don't want this!!. Remember, you still must report this and account for it in the UK, but we're talking about preventing withholding tax being applied. What nextIn conclusion. If you do not complete the W-8BEN form you will have 30% tax stopped at source, which is not what you want. I hope you found this podcast useful. Help me share Number Love by telling your friends and family about the show. https://ihatenumbers.captivate.fm/listen (Listen now) and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! are My https://www.proactiveresolutions.com/news/ (news) section, https://www.proactiveresolutions.com/free-online-business-calculators/ (FREE online calculators) are there for you. Just click here now to get started! Links https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Do you want to know the Six steps to managing your cashflow ? Cash is the lifeblood of any company. It's what pays for salaries, inventory, and everything else that keeps a business running smoothly Do you know how to manage your cashflow? This week on the I Hate Numbers podcast, we're going to talk about six steps to managing your cashflow. You'll learn what it means and why it's important for your business. I'll also give you some tips on how to do it without getting overwhelmed! If you want a successful business, then this is one of the most important things that you need to be doing. It doesn't matter if you have a https://www.proactiveresolutions.com/how-different-is-cash-to-profits/ (profit) or not - if there isn't any money coming in, then there won't be any money going out either! Managing your cash flow will help keep everything running smoothly so that nothing falls through the cracks and puts stress on other aspects of your company. And don't worry - I've got lots of easy-to-follow advice for making sure that happens! https://ihatenumbers.captivate.fm/listen (Click here now) and listen to my latest episode! Do you want to know more about how people feel about money?Money is a big deal. It's the lifeblood of your business and it can make or break you. You need to understand what cash flow means, why it matters, and how to manage your finances in order for them not to get out of control. I'm here with six steps that will help you do just that! There's an opportunity for you to win fifty pounds cash or https://www.amazon.co.uk/ (amazon voucher) by completing this quick https://www.proactiveresolutions.com/what-is-your-attitude-to-money/ (two minute survey)! All we need from you is two minutes of your time so we can better understand the problem and find solutions together. So click below now and https://www.proactiveresolutions.com/what-is-your-attitude-to-money/ (complete the survey)! Click and complete our short two minute survey! What nextYou’re looking for a way to manage your cashflow? I hope you get some value from this podcast on six steps to manage your cashflow. You are not on your own! https://www.proactiveresolutions.com/contact-us/ (Contact us) to see where we can help. Our https://www.proactiveresolutions.com/news/ (news) section, https://www.proactiveresolutions.com/free-online-business-calculators/ (FREE online calculators) are there for you. Just click here now to get started! https://ihatenumbers.captivate.fm/listen (Listen now) and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! are Click here for more business and finance, advice and tips Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

You may be thinking, "I'm a business owner. I don't need to worry about How different is cash to profits? " But it is important to understand the difference because they are not always interchangeable. Cash is what pays your bills, while profit is how much money you have leftover after paying those bills. If you want to grow your company or just stay afloat, understanding this distinction can help make sure you have enough of both on hand. This podcast episode will show you what is the difference between cash and profits. Next time someone asks if your company has any money in the bank, you will be able to answer with more confidence. Download our latest episode now by clicking here! Money mindset and financial goals.Do you want to know the two most important financial goals you must-have? Cash and profit. Your money mindset, your attitude to money must be tuned in to understanding and managing cash and profit. I need your help. I love hearing what you think about money. Take part in this quick https://www.proactiveresolutions.com/what-is-your-attitude-to-money/ (two-minute survey), share your thoughts AND also get a chance to win £50! Wow! Share your thoughts on this https://www.proactiveresolutions.com/what-is-your-attitude-to-money/ (quick 2-minute survey) for a chance at winning £50! You'll also find out how other people feel about their finances too so it's great for insight into the minds of others around the world. Plus, we're always happy when we hear from others so please take part today :) Click here now for a chance at winning £50 with this short https://www.proactiveresolutions.com/what-is-your-attitude-to-money/ (2-minute survey)! Are you looking for a new way to manage your business cashflow?The ABC Method is the best way to take control of your business cashflow. It’s simple, easy and effective. You can use it in any industry or size of company. And now there are even more ways to make it work for you - like our https://www.proactiveresolutions.com/how-to-take-control-of-your-cash-flow/ (free webinar) on 27-May-21 at 6 pm where Ill go over everything in detail! I want to show you how this method works so that you can start using it today. https://www.proactiveresolutions.com/how-to-take-control-of-your-cash-flow/ (Register now) and get access to our live webinar, slides, notes, and guide all provided for free when you register! This will not dilute the value but will give you an opportunity to see what this is all about before deciding if it's right for your needs. Click here now and sign up for our https://www.proactiveresolutions.com/how-to-take-control-of-your-cash-flow/ (Live Webinar) on 27-May-21 at 6 pm with slides, notes and a guide provided by us! What nextI hope you get some value from this podcast on How different is cash to profits? Above all, you are not on your own! https://www.proactiveresolutions.com/contact-us/ (Contact us) to see how we can help? Our news section, https://www.proactiveresolutions.com/calculators/ (FREE) online calculators is there for you. Just https://www.proactiveresolutions.com/calculators/ (click) here now to get started! Listen now and https://www.proactiveresolutions.com/c1zn (Subscribe) to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! Click here for more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips Links https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast)...

View Details

Why should you get your tax return in early?This week I Hate Numbers podcast is about Why you should get your tax return in early? Firstly, I am going to share with you the reasons as to why it is beneficial for you to send your tax return in earlier than the deadline. Secondly, I am going to share some tools and resources. Furthermore, a chance to win 50 pounds either in cash or Amazon vouchers. More of that later in the podcast. There are many reasons why you should send your tax return in early. You may be thinking, well, that is several months ahead, I have got nothing to worry about. I will just wait and deal with it as I normally do with the many millions of taxpayers and do that in the last month or so before tax return deadline comes in. I'm going to say at the outset. That is not a good approach. Listen to find out more. What information do you need for your tax return?An obstacle to starting your tax return is what do I need to get hold off? Let me share with you a resource that we share with our clients. It is available on the website, there's a link in the show notes about the information that you typically need for your personal tax return, going from what you need if you're self-employed, if you're renting property. What can you claim for your tax return? Calculating how much tax you oweFurthermore, if you want to have a decent estimate of what your tax is going to be then check my https://www.proactiveresolutions.com/free-online-business-calculators/ (website calculators). There is a bunch of business and tax calculators waiting for you. Covering PAYE, break even, company and personal tax, and a whole lot more. What is your money mindset?I am fascinated by people's attitudes to money. Moreover, I take a special interest in how it affects you in your business. I am carrying out a research project on people's attitudes behind money. I would love you to share a minute or two of your time to take part and answer the survey. Now, not only will you contribute to finding more about why we have these attitudes, what we can do to improve them, but £50 is up for grabs. What nextI hope you get some value from this podcast on Why should you get your tax return in early? Above all, you are not on your own! https://www.proactiveresolutions.com/contact-us/ (Contact us) to see how we can help? Our news section, https://www.proactiveresolutions.com/calculators/ (FREE) online calculators is there for you. Just https://www.proactiveresolutions.com/calculators/ (click) here now to get started! Listen now and https://www.proactiveresolutions.com/c1zn (Subscribe) to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! Click here for more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Let me share Three ways to change your attitude to money. Moreover, in this podcast I will look at way you should change your attitude. This week I Hate Numbers is not the just about how you make that change, in addition it’s about why you need to change. Money is power, freedom, a cushion, the root of all evil, the sum of blessings. All of us in business we think about money, we talk about money, we plan what we are going to do when we get more of it. But truth is though, how often do you look at money in your business? And by looking at it, I do not mean just staring at a wad of banknotes, but how closely did you look at the numbers in your business? In this podcast episode, I am going to share with you three tips of how you can change your attitude to money in your business. The KPR approach, more on that later Why you need to change your attitude towards money in your business?You may be thinking, why do I need to change my money attitude, my money mindset. Well, you need to change your attitude to money if you want to survive and thrive. If you are not happy with the way things are going in your business, it is time to re-look at how you do things. It is time to develop and adopt a new attitude towards money. And what that means is, you are taking more control and getting closer to your numbers. Whatever your business shape or size, type or form you need to move it forward. How to change your attitude towards money in your business?In this podcast episode, I am going to share with you three tips of how you can change your attitude to money in your business. The KPR approach K is for Key, focus on two key numbers. P is for Plan, what that looks like in financial terms. Re, is for record keeping, as heads https://www.proactiveresolutions.com/resources/free-download-guides/online-cloud-accounting/ (Digital Accounting) is the way to go.

https://www.proactiveresolutions.com/c1zn (Listen) to find out more I need your help There are an incredible and fascinating range of views and reactions that people have to Money, what they are, and the reasons for them are many. I don't pretend to know all the answers and that’s why I need your help. It's not just curiosity for curiosity’s sake, but I strongly believe that knowing what lies behind our attitudes helps us in business and in life. I need a couple of minutes of your time to complete a quick survey. I have There is also the chance No spamming from me, or creepy sales calls. There is also a £50 incentive-prize-bribe up for grabs. To take part, and to find out more select the survey link. What next I hope you get some value from this podcast on Three ways to change your attitude to money You are not on your own! https://www.proactiveresolutions.com/contact-us/ (Contact us) to see how we can help ? Our news section, https://www.proactiveresolutions.com/calculators/ (FREE) online calculators is there for you. Just https://www.proactiveresolutions.com/calculators/ (click) here now to get started! Listen now and https://www.proactiveresolutions.com/c1zn (Subscribe) to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! Click here for more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/)

This...

View Details

In this weeks podcast episode, I'm going to share with you seven tips that will help you increase the profits in your business. The first thing is absolutely critical and that's having a good positive relationship with profit. Are you looking for ways to increase the profits in your business?You need to know what makes money and how much of it there is before anything else can happen. Once you have a clear understanding of where your company stands financially, then we can talk about what needs to be done next. And if it sounds like something worth doing, I'll show you how to do it! Let me know if any of these tips sound interesting or helpful for increasing the profitability in your business! Listen here now and find out more about my 7 Tips To Increase Profits In Your Business! Why profit is more important than salesProfit is the value of what you sell less than the cost of doing that. It’s not about how much your product costs, it’s about how much profit you make after all expenses are accounted for. You need to know this if you want to be successful in business. If you don't know where your profits come from, then there's no way for them to grow and expand into new areas of your business or life. This article will help teach you seven ways that can increase profits in any business! Listen and learn these seven tips now! What nextDo you have a business that needs help with numbers? You're in the right place! Moreover we are experts at helping businesses make sense of their financials. Whether it's figuring out how to spend your marketing budget or understanding your cash flow, we've got you covered. Our goal is to give you the confidence and clarity needed to make smart decisions about your company's finances. The best part is that this podcast is 100% free for all ! So what are you waiting for? Get started today by clicking this link and filling out our short form so we can get back to work on making sure your business succeeds financially! You do not have to worry about making these decisions alone! https://www.proactiveresolutions.com/contact-us/ (Contact us) to see how we can help ? Our news section, https://www.proactiveresolutions.com/calculators/ (FREE) online calculators is there for you. Just https://www.proactiveresolutions.com/calculators/ (click) here now to get started! Listen now and https://www.proactiveresolutions.com/c1zn (Subscribe) to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! Click here for more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips Links https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

When should your business borrow money? And yes, there will be times when it's good for your business to borrow. There will be times when it should be avoided. Planning, attitude, risk, and cost. These are the four things you need to consider when borrowing money for your business. This weeks episode of I Hate Numbers will cover these topics in detail so that you can make a sound decision about whether borrowing is right for your business. You will also learn how to avoid common pitfalls and mistakes that many businesses fall into when they borrow money for their company. I want to help you succeed with your business by making sure it's financially stable from day one! So, let's get started on our first topic - planning! To start off, we will talk about what makes a good plan and why it's important to have one before taking out any loans. Your cash flow forecast is key to any business decisionFirstly, you should not undertake any borrowing decision, until you have looked at your business future. Planning is key, borrowing a https://en.wikipedia.org/wiki/PPPPPP (British Army phrase), Proper Planning and Preparation Prevents Piss Poor Performance. Above all you need a plan that has the three key ingredients your business purpose, end goal, and your route map to get there. Convert your story to your financial plan, your future cash flow story. Then decide whether you should borrow money, or not! As a heads up, I have got a https://www.proactiveresolutions.com/how-to-take-control-of-your-cash-flow/ (FREE cashflow workshop) webinar coming up in May, click to find out more. https://www.proactiveresolutions.com/c1zn (Listen) to find out more. Your attitude, your money mindset matters.What is your attitude towards debt and your https://www.proactiveresolutions.com/your-attitude-in-your-business/ (attitude) to managing money? Debt has a bad press. Borrowing money, the right way, and with the right money mindset will boost your business growth. Those memories of those early days when I started my own business over 26 years ago and I borrowed money are still fresh in my mind. I was not the businessperson then that I am now and I was running my start up from my back bedroom. More money out than coming in. My head was still hurting making that transition from an employee to working for myself. Cash was needed to keep my dream and ambitions alive. Borrowing money, on top of using my own savings, and working ‘part time’ fueled my business survival, and growth, but not without the financial and emotional costs. https://www.proactiveresolutions.com/c1zn (Listen) to find out more. Borrowing money and riskThirdly, let’s talk about risk. More importantly, your risk appetite and managing your risk when you borrow money. When you take on debt you take on a commitment, more fixed costs. This will affect your business risk, your operational gearing, what a wonderful term? Thinking about your attitude to debt. Is it one that's the attitude of others? Have you had bad experiences before with debt? You are cautious about having that happening in your own business? What is the cost of the loan?You need to look at the cost of the debt, the investment you will be making. The interest rate charged is the lenders profit. The type and length of the https://www.proactiveresolutions.com/should-you-pay-off-your-bounce-back-loan/ (loan), your own credit history, the purpose of the loan, the lenders assessment of the risk they are taking feed into the interest rate. For larger and riskier loans, a lender will ask for your management accounts. Make sure your financial house is in order and your financial records are up to date, https://www.proactiveresolutions.com/resources/free-download-guides/online-cloud-accounting/ (Digital Accounting) is what you need. Check out the loan terms, the interest rate, your monthly commitments. Use my...

View Details

You might be wondering, Should you pay off your business debt early. I have a few thoughts on when to https://www.proactiveresolutions.com/should-you-pay-off-your-bounce-back-loan/ (pay off debt), but first let us talk about the four factors that come into play. There are four factors I want to share with you in this weekly episode of I Hate Numbers. How does risk affect your loan decision ?The first factor is risk. If the interest rate on your loan is high, then paying it off early could save you money in the long run. But if the interest rate is low or even zero, there may not be much of an advantage to paying off your loan early. There is also the risk of having mor fixed costs to deal with and gearing levels go up. List to find out more and check out your gearing with our calculator. When you owe money, there are two types of risk involved – the risk of not being able to repay and the risk of interest rates going up. If you think either one could happen, then it might be better to wait until your loan matures before paying it off. Your Money Mindset and profitabilityThe second factor is personal attitude and mindset about money. Some people feel that they should always pay their loans back as soon as possible. Moreover, others believe that they should only repay when they can afford to do so. Sacrificing other important goals like saving for retirement or investing in a new home purchase is not on the agenda.a The second factor is personal attitude or https://www.proactiveresolutions.com/your-money-mindset-in-your-business/ (mindset about money) in general. Do you feel like you need every penny you can get their hands on right now, and will do anything for more cash flow - even if that means taking on more debt! You may be the type of person that wants to pay down your loans as soon as possible. Maybe you do not want any extra monthly payments coming out of your account. Perhaps you are very conservative with how much debt you take on and only borrow what you absolutely need. It may be that you choose to keep some loans outstanding longer than others just so you can make sure everything else stays afloat financially. Making those monthly payments without having too many other obligations piling up at once. The third factor has more to do with how paying off debt will affect your profitability going forward. How much time and effort will go into managing those payments each month instead of focusing on growing the company. What about action?Finally, we come down to action, Should you pay off your business debt ? must not hurting you financially? Prepare a cash flow forecast and see what happens if you decide to pay off your debts You need to manage your cash. https://www.proactiveresolutions.com/cash-flow/ (Cash flow) is the lifeblood of any business, and it's important that you stay on top of yours. If you don't know where your money is coming from or going to, how can you make sure if paying off debt is a good move and everything runs smoothly? That's why we created this https://www.proactiveresolutions.com/resources/free-download-guides/managing-cashflow/ (FREE guide) for entrepreneurs and businesses like yourself. It will help you understand what a cash flow forecast is and how it works so that you can better plan for success in your business. Check out our upcoming https://www.proactiveresolutions.com/how-to-take-control-of-your-cash-flow/ (webinar-session) on taking control of your cash. You do not have to worry about making these decisions alone! https://www.proactiveresolutions.com/contact-us/ (Contact us) to see how we can help you take Control of your Cashflow. Arrange an initial chat to talk options Our news section, https://www.proactiveresolutions.com/calculators/ (FREE) online calculators is there for you. Just https://www.proactiveresolutions.com/calculators/ (click) here now to get started! Listen now...

View Details

There are many different business structures available, but What saves you the most tax?. https://www.gov.uk/set-up-sole-trader (Sole traders), https://www.gov.uk/set-up-business-partnership (partnerships), https://www.gov.uk/set-up-limited-company (limited companies) and more. Which one is best for your situation? In this episode of I Hate Numbers I'm going to look at What saves you the most tax? I will look at the difference between the different taxes for https://www.proactiveresolutions.com/how-to-decide-which-type-of-company-is-right-for-you/ (sole traders and companies,) paying yourself, which structure makes you more money. Myhttps://www.proactiveresolutions.com/calculators/ ( FREE online tax calculator) will show you the total tax to pay for both business types, give you options and help you plan. https://www.proactiveresolutions.com/c1zn (Subscribe) now! You'll learn about all your options in this podcast episode of I Hate Numbers. My https://www.proactiveresolutions.com/calculators/ (FREE online tax calculator) is ready and waiting for you. Sole Trader vs Limited Company Tax CalculatorYou can't decide 'What saves you the most tax?' without looking at the numbers. Moreover, how it works and how much you pay, and which is better. When it comes to crunching the numbers, I have just the thing for you! https://www.proactiveresolutions.com/calculators/ (FREE online calculator.) The best way to find out if a limited company or sole trader is right for your business is by using my free online calculator tool. It will help you work out what's best for your needs based on your circumstances. https://www.proactiveresolutions.com/calculators/ (Click here) now to get started. My free online sole trader versus limited company tax calculator shows the tax you will pay, personally and business wise. You can see your take home pay from both options. Use the sliders to see the impact of changing profits, https://www.proactiveresolutions.com/resources/tax-advice/paye-national-insurance/ (salaries), and https://www.proactiveresolutions.com/how-to-pay-yourself-salary-dividends-benefits/ (dividends) You do not have to worry about making this decision alone! https://www.proactiveresolutions.com/contact-us/ (Contact us) to see how we can help How to decide which type of stricture is best for you. Arrange an initial chat to talk options Our news section, https://www.proactiveresolutions.com/calculators/ (FREE) online calculators is there for you. Just https://www.proactiveresolutions.com/calculators/ (click) here now to get started! Listen now and https://www.proactiveresolutions.com/c1zn (Subscribe) to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! Click here for more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers (https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Do you want to start your own business? Don’t know How to decide which type of company is right for you? There are two types of companies that you can choose from when starting a business. Sole traders and limited companies. Both have their pros and cons. Understand your needs before making any decisions about which type of company is right for you. This week’s weekly I Hate Numbers podcast makes the decision process easier. I outline the differences between sole traders and limited companies in an easy-to-understand way. I also includes some helpful tips on how to decide if one or both types of businesses would be best for your situation. https://ihatenumbers.captivate.fm/listen (Listen) to find out more! Sole trader versus limited companySole traders are just that - they trade on their own. They have no legal protection for themselves or their assets in case of bankruptcy. Limited companies offer this protection by giving owners limited liability, but it also comes with more admin and duties for directors. It's important to understand what your needs are before making any decisions about which type of company is right for you. This week’s podcast of I Hate Numbers will help make things clearer. Moreover you can find out if sole trading or becoming a limited company is best for your business. You will be able to see the pros and cons of each option, as well as seeing what’s what needs to be done when setting up either one. https://ihatenumbers.captivate.fm/listen (Listen) to find out more! What about your business risk and responsibilities?For many smaller businesses being a sole trader offers a few financial advantages, but it also brings an increased level of risk. Becoming a https://www.proactiveresolutions.com/limited-company-vs-sole-trader/ (limited company) can protect owners from these risks by giving them limited liability, but more https://www.gov.uk/browse/business/limited-company (admin and duties) for the directors. The difference between these two structures has to do with how they see you as an individual and your business. With a limited company, you don’t have liability for any debts or losses but if you are a sole trader then the law sees you and your business as the same so in this case, if there's any debt or loss then it will be seen as your personal responsibility. If this sounds like something that you are looking at then I highly recommend you subscribe to find out more. I also have some great resources on our site to help make sure everything goes smoothly when setting up either of these options. So, take some time today to explore all the information I've put together just for you! https://ihatenumbers.captivate.fm/listen (Listen) to find out more! What nextYou do not have to worry about making this decision alone! https://www.proactiveresolutions.com/contact-us/ (Contact us) to see how we can help How to decide which type of company is right for you? Our news section, https://www.proactiveresolutions.com/calculators/ (FREE) online calculators is there for you. Just https://www.proactiveresolutions.com/calculators/ (click) here now to get started! Listen now and https://www.proactiveresolutions.com/c1zn (Subscribe) to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! Click here for more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips Links https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers (https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins)...

View Details

What pricing strategy is right for your business is one of the most important questions and decisions you will face. Setting the right price for your product is an important part of running a successful business. It's not just about how much to charge, but also what type of price to use. Your choice will depend on your objectives and purpose. There are many different types of prices that companies use in their businesses - each with its own strengths and weaknesses. What price is right?Understanding what influences pricing, and how to set prices that are profitable can be difficult. But it is not impossible! https://www.proactiveresolutions.com/c1zn (Listen) to the podcast to get the information you need to make sure you get it right. I know that ignorance in this area can be a very expensive mistake, so I want to help you avoid making any costly mistakes. How do I know if myhttps://www.proactiveresolutions.com/how-much-you-should-charge-for-your-services/ ( prices) are too high or too low? -What factors influence my pricing models? What should I consider when setting prices? How do I calculate profit margins? When should I raise or lower my prices? Do discounts always mean higher profits? And much more... The wrong pricing strategy can be a very expensive mistake! Ignorance in this area can put severe limits on your business and disrupt your https://www.proactiveresolutions.com/cash-flow-or-fail/ (cashflow.) It's crucial to know and understand your market, https://www.proactiveresolutions.com/resources/free-download-guides/online-cloud-accounting/ (costs), and customers to set an appropriate price. The https://hbr.org/1992/09/managing-price-gaining-profit#:~:text=For%20a%20company%20with%20average,increases%20operating%20profit%20by%2011.1%25. (Harvard Business Review) showed that a 1% improvement in price could improve profits by 11.1%. Wow! There are many factors to consider when creating your pricing strategy, and you should be flexible and adaptable as the market changes and demand fluctuates. What pricing strategy should you choose for your business is not a formula, but numbers help ? Don't price to please, price to match your performance, experience and worth.” https://www.google.com/search?q=wikipedia+Don%27t+price+to+please,+price+to+match+your+performance,+experience+and+worth.%E2%80%9D+Ned+Bryan+Abakah&rlz=1C1GIVA_enGB935GB935&sxsrf=ALeKk02IzUxb68KVY8FcyL0MOiB5xCYJmQ:1616833512385&tbm=isch&source=iu&ictx=1&fir=c21XXmkE3WaRUM%252CLaZbZL-KnGxUJM%252C_&vet=1&usg=AI4_-kS6k0-dLXhBEY7LlmpCGcn5sZwEZQ&sa=X&ved=2ahUKEwjgm6qZhtDvAhWSnVwKHXj_D_kQ9QF6BAgPEAE#imgrc=c21XXmkE3WaRUM (Ned Bryan Abakah) What nextYou do not have to worry about making this decision alone! https://www.proactiveresolutions.com/contact-us/ (Contact us) to see how we can help. Our FREE online calculator will help you determine which pricing strategy is right for your business. Just https://www.proactiveresolutions.com/calculators/ (click) here now to get started! Listen now and https://www.proactiveresolutions.com/c1zn (Subscribe) to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! Click here for more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers (https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast)...

View Details

Are you a self-employed individual, a freelancer or employer? Have you ever wondered what your tax and status situation is with your company? If so, this podcast is for you. Whether you are classed as https://www.proactiveresolutions.com/tax-your-self-employed-business/ (self-employed) or a worker has a major bearing on tax. Most importantly it affects how you are paid, and your obligations pertaining to paying taxes. The two main ways that you will earn money in your life. Either as worker/employee or running your own business. You run your business as a sole trader or as limited company or mix and match them. https://www.proactiveresolutions.com/tax-and-your-self-employed-business/ (Check) out https://www.proactiveresolutions.com/your-business-structure/ (previous) podcast episodes. My focus for episode 56 of I Hate Numbers is personal service companies, and your status, and tax. Where your business provides services, for example training, accounting, consulting, IT then you have a personal service company. If you sell products, then you do not have a personal service company. https://www.proactiveresolutions.com/c1zn (Listen) to find out more! Why your status situation with your company is important.Firstly, why is it relevant. I don’t mean are you cool, an upright citizen. More importantly, status is about whether you provide your client services as a worker or self-employed. Is this a contract of service or a contract for services? Above all, remember, this is a three-way relationship, nothing dirty mind you. You do the work; your company invoices your client, and your client pays your company. The gig economy, high profile cases like https://www.bbc.co.uk/news/business-56123668 (Uber) have been about worker or self-employed status. Uber ended up at the Supreme court, it did not go Uber’s way, and Uber drivers were classified where they had been previously considered to be self-employed. One consequence is more tax money to the government, and less for Uber. Your status decides your rights responsibilities, and more crucially, how much tax the government will collect and who calculates and pays it. https://www.proactiveresolutions.com/resources/creative-sector/the-status-test/ (Status tests) have been here for an age. Calling yourself self-employed not going to cut the mustard. In other words, if a contract for services, then your invoice is paid gross. In addition you have got greater opportunities for saving tax and tax planning. https://www.proactiveresolutions.com/c1zn (Listen) to find out more! What does self-employed mean.In normal everyday language it means working for yourself, being your own boss. However, we are not talking about normal folks, we are talking government and tax. There is no statutory definition of self-employment. Over the years case law has given us https://www.accaglobal.com/my/en/technical-activities/technical-resources-search/2011/august/badges-of-trade.html (badges of trade). By badges, I am not talking about what you may get at school. Listen to find out more. What it is IR35 all about IR 35 deals with how tax applies if your company falls within its definition. What would the relationship between you and your client be if your company wasn’t there, worker or self-employed?. IR35 deals with personal service companies, it has been with us in the UK since April 2000, other countries have similar. The major change in IR35 is that there is no change in IR35. It’ a question of who makes that judgement call on your status. Public sector bodies have been making this decision since 2017. From the 1st of April 21 medium to large private companies now make that call, if your client is small you make that assessment. If you want a more detailed look at IR35 then check our https://www.youtube.com/watch?v=NVC4WjvFlAM&t=113s (video),...

View Details

How the 2021 Budget affects your business. Whether you are self-employed or running a company, there is something in here that will help answer your questions. https://ihatenumbers.captivate.fm/listen (Listen) to find out more! https://en.wikipedia.org/wiki/Rishi_Sunak (Rishi Sunak), the https://www.gov.uk/government/ministers/chancellor-of-the-exchequer#:~:text=Rishi%20Sunak%20was%20appointed%20Chancellor,2018%20to%2024%20July%202019. (Chancellor) has spoken and presented his 2021 Budget. I know it can be hard to understand what this means for your business, so we have put together a quick guide on what you need to know about the budget and how it will affect you. This week on I Hate Numbers, I’m looking at his Budget and the Self-Employed Grant and what it means for your business. I'll also be talking about the Furlough Scheme and changes to that, as well as new Kickstart Grants. I will cover tax rates and allowances for companies, self-employed people, and the Super Investment Scheme too - so there will be something in this episode of I Hate Numbers for everyone! Let me help you understand How the 2021 Budget affects your business now and going forward. Listen to this jargon-free podcast to understand the budget headlines! What is the backstory to the 2021 Budget?Firstly, it was no shock to know that COVID-19 would feature prominently. Secondly some eye watering numbers. Those numbers in billions for the Self-Employed Grants, Furlough, Universal Credit, and other Grants. Lastly, the state of the UK economy now and in the future. Above all , does it matter? Absolutely! You and your business need to understand the landscape, when you plan, and move forward. https://www.proactiveresolutions.com/resources/free-download-guides/managing-cashflow/ (Cash flow) is vital to keep your wheels turning. The 2021 Budget includes a lot of changes to taxes, and financial support programs, that will affect your business. https://ihatenumbers.captivate.fm/listen (Listen) to find out more! What are the 2021 Budget highlights? Income tax rates have not changed, certainly not at this stage. Corporation tax rates set to rise in the future, but not for all companies. Tax allowances are effectively frozen for the next few years. This means tax rises for you over the next few years. Super Investment allowances introduced for capital investment. It is only for companies, and not on everything you buy for your business. Self Employed Grant. Details on the fourth, the same rules as https://www.proactiveresolutions.com/conditions-for-the-third-self-employed-grant/ (Grant number Three). We got an overview of the fifth and final grant . My prediction for the changes turned out to be correct. An extra 600,000 people now become eligible to claim the Self-Employed Grant. Thanks for listening Rishi. https://www.proactiveresolutions.com/job-support-scheme-and-planning/ (Furlough Grants). Changes announced for May 2021 onward. These changes affect how much you claim, who you can claim for and how much it will cost your business.

It was tough gig for https://en.wikipedia.org/wiki/Rishi_Sunak (Rishi) and whether he deserves rotten tomatoes or a well done is a debate for another day - between me and you, rotten tomatoes seems to be the common reaction. In the words of https://en.wikipedia.org/wiki/Laura_Kuenssberg (Laura Kuenssberg) "Business will, in time, pay billions more. More than a million people will have to start paying income tax, and a million extra will pay at a higher level" https://www.proactiveresolutions.com/c1zn (Subscribe) so you do not miss an episode of I Hate Numbers. Use our https://www.proactiveresolutions.com/calculators/ (FREE online) business and tax calculators to help make better business decisions. For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips Links...

View Details

How you calculate your pricing ratesHow you calculate your pricing rates is vital for your business. Why should that be so? Firstly, it helps you achieve your goals. Secondly, it sends a message to your clients about you and your business. Above all, your pricing is there to make you https://www.proactiveresolutions.com/make-money-take-charge-of-your-numbers/ (profit). Moreover, it goes towards building you a sustainable, giving you time, choice, and freedom. The podcast is part of my mission to help you get closer to your numbers, to appreciate the power of what those numbers can do. Improve your money mindset, help you make more profits, save taxes, and help you have the business you want and deserve. https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Pricing products and servicesPricing products and services share some things in common. For example, purpose, numbers, and psychology. There are also big differences. This episode is about services, a future podcast will talk about pricing your products. Still some great takeaways in this episode, whatever your sell. https://ihatenumbers.captivate.fm/listen (Listen) to find out more. How to choose the right price.You pricing will be between the https://en.wikipedia.org/wiki/Price_ceiling (ceiling) and the https://en.wikipedia.org/wiki/Price_floor#:~:text=A%20price%20floor%20is%20a,in%20order%20to%20be%20effective. (floor). The ceiling is the most represents the maximum price that your customer will pay based. When it comes to the floor, that is the minimum you charge customers. Your business purpose and goals, numbers, and psychology all play their part in How you calculate what to charge for your services. One size doesn’t fit all and you will have a range of prices to suit you and your customers – if you don’t, you should do. https://ihatenumbers.captivate.fm/listen (Listen) to find out more. Your numbers are important.Firstly, let us look at some key numbers you need to get hold of How much time do you have available? Your time spent on marketing, accounts and admin needs to be considered. How many weeks will you be working? Lastly, don’t forget your costs and how much profit do you want to make? Listen to find out more. Pricing CalculatorUse our https://www.proactiveresolutions.com/resources/pricing-your-services-calculator/ (FREE) and easy to use online calculator to see How you calculate your pricing rates . Let our calculator take on the heavy lifting of the number crunching. Our beautiful calculator shows you quickly what rates you should charge. It shows you a floor price, and one with your target profit in mind. Type in your numbers to our calculator. See what the numbers say for your pricing. Use the sliders to see the effect of changing time and money! We have got you covered with other calculators. For example, https://www.proactiveresolutions.com/resources/your-profit-and-discount-calculator/ (profit margin), https://www.proactiveresolutions.com/resources/your-pricing-and-discounting-calculator/ (discounting) and https://www.proactiveresolutions.com/resources/break-even-calculator/ (break even.) https://www.proactiveresolutions.com/c1zn (Subscribe) so you do not miss an episode of I Hate Numbers. For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips In This EpisodeAppreciating that pricing is multi-dimensional. Being aware that you need to know what your purpose and goals are. Understanding how your capacity and availability affect what you charge. Learning about the part that costs and profit play in pricing decisions Tips to share and jargon free talk Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive.

Links...

View Details

Your gross profit and business decisionsThere are so many needed, powerful and insightful business decisions you need to make. You can’t do that unless you know some key financial numbers. Gross profit is one of them. What sort of decisions, let’s list a few https://www.proactiveresolutions.com/what-is-break-even-to-your-business/ (Break even.) How much you need to sell to cover costs, meet your financial targets, your safety cushion. How much you should charge your customers? Pricing your products and services. In addition, pricing and gross profit go hand in hand. Outsourcing decisions. Should you or shouldn’t you. Cost versus benefits, the numbers side needs, you guessed it…. Controlling and managing costs. Better margins come from increasing your selling price, reducing waste, improving processes, better buying. https://www.proactiveresolutions.com/cash-flow-is-a-big-deal/ (Cash flows). Stronger gross profits equals stronger cash flows

Listen to find out more You manage what your measure.Let’s get serious. If you don’t go digital, embrace cloud accounting then running your business just became a whole lot harder. If you’re serious about your business, and don’t see it as a hobby then go cloud. The tedium, cost, and inefficiency of alternatives is too painful to think about. FREE online calculatorsMost of us want to sell more, make more profit, who wouldn't ? Knowing what your costs, https://www.investopedia.com/ask/answers/102714/whats-difference-between-profit-margin-and-markup.asp#:~:text=Key%20Takeaways-,Profit%20margin%20and%20markup%20are%20separate%20accounting%20terms%20that%20use,a%20product%20minus%20its%20cost. (mark) ups and https://www.investopedia.com/ask/answers/031815/what-formula-calculating-profit-margins.asp (margins) are, and need to be is one way. Our https://www.proactiveresolutions.com/resources/your-profit-and-discount-calculator/ (FREE profit calculator) shows you what gross profit you are making now. What gross profit you could make if you altered selling price and costs. We have other FREE profit and https://www.proactiveresolutions.com/resources/your-pricing-and-discounting-calculator/ (business) calculators for you to use. Type in your numbers and see what the numbers show for your business. Conclusion Why Gross Profit is a big deal for your Business for all the reasons listed above. Ignore it at your peril. The podcast is part of my mission to help you get closer to your numbers, to appreciate the power of what those numbers can do. Improve your money mindset, help you make more profits, save taxes, and help you have the business you want and deserve. Get inhttps://www.proactiveresolutions.com/contact-us/ ( touch) with us to see how we can help you with your accounting and business needs. https://www.proactiveresolutions.com/c1zn (Subscribe) so you do not miss an episode of I Hate Numbers. For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips In This Episode Appreciating that your business health needs a financial barometer Being aware that pricing strategies, what to charge is tied in with your gross profit Understanding how to calculate gross profit Learning about key business information and decisions Tips to improve your margin. Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive.

View Details

Why Working Capital is Important for Your Business is episode 52 of I Hate Numbers podcast. The podcast is part of my mission to help you get closer to your numbers, to appreciate the power of what those numbers can do. Improve your money mindset, help you make more profits, save taxes, and help you have the business you want and deserve. Firstly, let me tell you what is in his week’s episode. What working capital is Explain how you calculate it Why Working Capital is Important for Your Business Tips to improve and manage your working capital.

Why Working Capital is ImportantNo business in the world has ever made more money with poorer management – https://en.wikipedia.org/wiki/Bill_Terry (Bill Terry) Imagine your business as a car. Your car could be a beautiful piece of engineering. However, unless you have fuel to power your car it is a useless vehicle. Your working capital is the fuel equivalent in your business, it powers your business, and keeps it business going. It is your short-term funds that pays your bills, pay yourself, buy more stuff, service loans. You get the picture. https://www.proactiveresolutions.com/c1zn (Listen) to find out more. What is working capitalFirstly, your business will have items of short-term value, current assets. Your current assets will be products you have not yet sold, or projects or services not completed. In addition, you will have unpaid customer accounts. Lastly you will (hopefully) have money in your bank account. Those items are called inventories, receivables, and cash. In old money, that’s stock, debtors, and cash. Furthermore, you will have current liabilities, such as unpaid supplier bills (payables) and short-term loans. In old money that’s creditors. [table id=32 /] Your business should have more current assets than current liabilities. Above all, you need to minimise your money tied up in your current assets, maximise the credit terms given by your suppliers. Be careful that you maintain good relationships with your suppliers and pay your bills on time. Also make sure you can manage and track this with good https://www.proactiveresolutions.com/resources/free-download-guides/online-cloud-accounting/ (accounting systems). If you have topics you want explored in future episodes, then https://www.proactiveresolutions.com/podcasts/ (let me know). The show is there to help you improve your money mindset, make money, survive, and thrive and give you the business you want. Get inhttps://www.proactiveresolutions.com/contact-us/ ( touch) with us to see how we can help you with your accounting and business needs. https://www.proactiveresolutions.com/c1zn (Subscribe) so you do not miss an episode of I Hate Numbers. For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips In This EpisodeAppreciating that your business needs sufficient working capital. Being aware that your money is tied up in your customers and inventories. Understanding that product and service businesses have inventories (stock) Tips to improve your working capital. Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive.

View Details

How to Diagnose Business Failure is episode 51 of I Hate Numbers podcast. The podcast is part of a wider mission. It's to help your business improve your money mindset, get closer to your numbers, make profit, survive, and thrive. Firstly, in last week’s episode we looked at one way of looking at business failure. Secondly, the words poor and leadership were common factors. Why diagnosing Business Failure is important Running your own business is https://www.proactiveresolutions.com/self-employment-is-a-risky-business/ (risky). Above all spotting and assessing business failure gives us insight, strength and purpose. Certainly you get to understand your own strengths and weaknesses, and those of others. We can use this approach looking at our own business, as well as other peoples. Listen to find out more. How to develop a business framework. Numbers are not everything. Your numbers help paint a story but can’t paint your complete story. We dive into performance management and look at the Argenti framework. Thehttps://www.accaglobal.com/us/en/student/exam-support-resources/professional-exams-study-resources/p5/technical-articles/business-failure.html ( Argenti) approach looks at Defects leading to Mistakes leading to Symptoms of Failure

Defects are about management weaknesses and accounting deficiencies. Your mistakes are typically Over trading Gearing Big projects

Listen to find out more Most importantly, How to diagnose Business Failure helps you figure out your solution. In this episode we see that growing is not always good. As a bonus check our free online https://www.proactiveresolutions.com/break-even-calculator/ (break even calculator). If you have topics you want explored in future episodes, then https://www.proactiveresolutions.com/podcasts/ (let me know). To sum up, the show is there to help you improve your money mindset, make money, survive, and thrive. Get inhttps://www.proactiveresolutions.com/contact-us/ ( touch) with us to see how we can help you with your accounting and business needs. Subscribe so you do not miss an episode of https://www.proactiveresolutions.com/c1zn (I Hate Numbers). For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips Listen to find out more In This Episode Appreciating that diagnosing Business Failure helps you fix it Being aware of the practical application of the Argenti framework Understanding what mistakes, defects and symptoms of failure are Seeing that growth isn’t always positive Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Why Your Business May Fail is episode 50 of I Hate Numbers podcast. The podcast is part of my mission to help your business improve your money mindset, get closer to your numbers, make profit, survive, and thrive. Firstly, the motivation behind the choice of topic. My business birthday of 26 years, birthdays are a period of reflection. Secondly, I have made bad mistakes over the years, not always taken on board the advice that I share. What are the four main reasons behind business failure?In the words of https://en.wikipedia.org/wiki/Winston_Churchill (Winston Churchill) “Success is not final; failure is not fatal: it is the courage to continue that counts.” I look at four areas as to Why Your Business May Fail, being poor with them is a common theme. For example, mindset and money invested and spent in the right way will all be relevant. In this podcast I showcase some examples. Listen to find out more. Why knowing what causes business failure is important to know.Firstly, when your start your business Failure is not your objective. Secondly, knowing Why Your Business May Fail, such as https://www.proactiveresolutions.com/cash-flow-or-fail/ (cash flows) helps us prevent it. In conclusion the solutions are easier to figure out once you know the causes. If you have topics you want explored in future episodes, then https://www.proactiveresolutions.com/podcasts/ (let me know). The show is there to help you improve your money mindset, make money, survive, and thrive and give you the business you want. Get inhttps://www.proactiveresolutions.com/contact-us/ ( touch) with us to see how we can help you with your accounting and business needs. Subscribe so you don't miss an episode of https://www.proactiveresolutions.com/c1zn (I Hate Numbers). For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips In This Episode Appreciating that Business Failure happens Being aware that understanding is half the battle to getting solutions Understanding the common reasons why your business may not succeed. Examples of what factors contribute to business failure Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

What is your Profit for Tax is this week’s I Hate Numbers podcast theme. Last week we looked at how you should budget for your tax bill. Firstly, your money in your bank account is not the same as your tax profit. Secondly, your accounting profit is not the same as your tax profit. However, they are both important numbers. It may sound confusing. Listen to find out more. How the tax authorities look at your businessIn the words of https://en.wikipedia.org/wiki/Mark_Twain (Mark Twain) "I shall never use profanity except in discussing house rent and taxes." Firstly, when you look at how your business is performing, then https://www.proactiveresolutions.com/profit-is-more-important-than-sales/ (profit) is still a key financial measure. Secondly, you consider what you are doing to generate and earn those profits. For example, money invested and spent on training, equipment looking after your customers and suppliers will all be relevant. The tax authorities in the UK look at things differently. They are not entirely interested in how your business is performing. It’s tax they want to collect, and they have a different rule book to go by. In this podcast I showcase some examples. Listen to find out more. Why your tax profit is important to knowTax is an expense, and it is one you need to plan for an be aware of. How you calculate it is what we looked at last week. In conclusion the numbers are easier to get your head around, once you know the reasoning. Let me tell you, there is reasoning, Want a quick and easy way to know how much to pay? Use our https://www.messenger.com/t/200383703331382/?ref=TAX&messaging_source=source%3Apages%3Amessage_shortlink (free tax calculator), designed for the self-employed and companies? Get inhttps://www.proactiveresolutions.com/contact-us/ ( touch) with us to see how we can help you with your accounting and business needs. Press subscribe so you don't miss an episode of https://www.proactiveresolutions.com/c1zn (I Hate Numbers). For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips. In This Episode Appreciating What is your Profit for Tax Being aware of how your accounting profit is calculated. Understanding why your profit for tax is different to your business profit Examples of how different costs are dealt with in the accounts and for tax Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

How you should Budget for your Tax Bill is this week’s podcast theme. If you are self-employed, a freelancer, run your own business then you have responsibility for your own taxes. You do not have an employer who takes care of that for you. When you are self-employed you must keep records, work out your tax profit, complete a tax return and then pay over the tax that is due. It sounds exhausting and stressful. Listen to find out more. How good record keeping helps you keep on top.Firstly, you need to know what you are spending and what you are selling. Secondly, if you want to know much tax you will pay, you need to know how much profit you are making. To do that, you need a good record-keeping system. There is one real option these days, and that’s Cloud Accounting. Knowledge is power, and that power is unleashed when you embrace the world of https://www.proactiveresolutions.com/cloud-online-accounting/ (Cloud Accounting.) Click https://www.proactiveresolutions.com/resources/free-download-guides/online-cloud-accounting/ (here) to get our free guide. In the words of https://en.wikipedia.org/wiki/Dee_Hock (Dee Hock) “Making good judgments when one has complete data, facts, and knowledge is not leadership - it's bookkeeping.” Your gut feeling for making decisions is important, but gut feeling alone is bonkers. Facts and good information are what drives effective decision making. To have good information you need excellent record-keeping systems. Listen to find out more. How to calculate how much tax to payThe amount of tax you pay is based on so many variables. These include how much profit you make, allowances, reliefs, other income you may have, your personal circumstances. You get the picture. In this podcast, I share with you tips on how to do this quickly and easily. Listen to learn more. Want to learn more and want a quick and easy way to know how much to pay? Use our https://m.me/proactiveresolutions?ref=TAX (free tax calculator), designed for the self-employed and companies? Get inhttps://www.proactiveresolutions.com/contact-us/ ( touch) with us to see how we can help you with your accounting and business needs. Press subscribe so you don't miss an episode of https://www.proactiveresolutions.com/c1zn (I Hate Numbers). For more business and finance, https://www.proactiveresolutions.com/news/ (news), advice and tips. In This Episode Understanding How you should Budget for your Tax Bill Get some great tips to figure out how much tax to save. Appreciating what part your mindset plays in budgeting for your tax. Being aware of what your tax bill is based on. The importance of keeping good records. Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

How Information and Communication helps Build your Business Resilience is this weeks theme. Last week’ we looked at what Business Resilience was, and how your leadership plays a big part. Listen to find out more How Information helps Build your Business ResilienceFirstly, we looked at the three parts of business resilience. Leadership information and communication. Further to that, and in addition we talk about information and communication in this episode of I Hate Numbers. To clarify, you as business owners are leaders in your own business. Your gut feeling for making decisions is important, however, gut feeling alone is bonkers. Above all facts and good information drives effective decision making. Good information needs https://www.proactiveresolutions.com/xero-business-information-system/ (excellent record-keeping systems). You also need to that ability to understand, use and apply that information. Listen to find out more Why Communication helps Build your Business ResilienceIn addition, your communication is the last part of your Business Resilience. How you communicate with your https://www.investopedia.com/terms/s/stakeholder.asp#:~:text=A%20stakeholder%20is%20a%20party,employees%2C%20customers%2C%20and%20suppliers. (stakeholders), what to say, and how to say it is key. What is good communication and why is it a key part of Business Resilience. Certainly, these questions and more are dealt with in this podcast episode. Listen to learn more In conclusion, we have seen what makes up your Business Resilience. To sum up, it's your leadership, information and communication. In short, it is not too late to learn and develop this for your business. Want to learn more? Check out our https://www.proactiveresolutions.com/business-growth-club/ (Business Growth Club) to move your business forward. In This EpisodeUnderstanding the importance of Information for your Business Resilience Appreciating what good information is, and how to get it Being aware that effective communication is vital for your business What does good communication look like in your Business? Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

How to Build your Business Resilience - Part One. That is the theme of episode 46 of https://www.proactiveresolutions.com/c1zn (I Hate Numbers). Certainly, a lot of people talk about Business Resilience. Firstly, we need to understand what Business Resilience is. Secondly, we need to know how we can improve our own Business Resilience. Most importantly, you can improve this, and it is a practical way to deal with what faces you in a changing business landscape. Listen to find out more Business Resilience and your Leadership Firstly, there are three parts to Business Resilience. Leadership information and communication. In this episode, I am going to be focusing on leadership. That is, you as a business owner, leading your business. You need to be a good leader of your own business. Great is excellent, good is a great start point. Leadership means being able to review a situation objectively. , and not getting deflected by. Great leadership means taking lessons from what is going on, learning and being prepared for the next time. This is the ultimate, an ideal time to learn. Now, unless you ask yourself this question as a leader, are you developing the right culture, the right environment in your business where you can learn, take lessons, prepare and equip yourself ready for the next situation. Action beats inaction. For example, in this episode we look at gazelles and lions. Most importantly you need to be gazelle or a lion, in your business. Above all, take the opportunity to strengthen your leadership, to drive your business forward. Above all, it does not matter whether you are a multinational or https://en.wikipedia.org/wiki/Small_and_medium-sized_enterprises (SME) business. You are the leader; you are the one who drives the business forward. Listen to learn more ConclusionCheck out our https://www.proactiveresolutions.com/business-growth-club/ (Business Growth Club) to move your business forward. We will show you How to Build your Business Resilience and grow your business. How to Build your Business Resilience - Part One deals with Leadership. Next week’s podcast we look at information and communication as vital parts of Business Resilience. In This Episode Understanding what Business Resilience means in your business Appreciating the importance of your leadership as a business owner Being aware that you need to take action as a leader Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

What is Your Money Mindset in your Business? That’s the theme of episode 45 of https://www.proactiveresolutions.com/c1zn (I Hate Numbers). Certainly, a lot of people talk about why Money Mindset Is important. Firstly, we need to understand your current attitude to Money. Secondly, we need to know the reasons why. Most importantly, there are many reasons, but you can’t fix a problem unless you know what’s causing it. Listen to find out more Numbers and moneyNumbers are your best friend in business. Above all, they do not lie to you and are the words to your business story. For me, loving Numbers and a positive Money Mindset is easier than for others. Even established businesses of many years have challenges towards Money. But that’s not the point, and the I Hate Numbers https://www.proactiveresolutions.com/c1zn (podcast) is not aimed at me. Your money mindset is vital for your business to survive and thrive. A strong, positive money mindset helps give you the lifestyle that you want. It helps you deliver value to your customers, strengthen and improve your business direction. What can a change in Money Mindset do?Well ask yourself these basic questions Is your time important to you and your family? Does reducing the anxiety about your business future matter to you? Would you like to know what profits you are making now? Is making https://www.proactiveresolutions.com/more-money/ (Money) in your business important to you? Does the idea of knowing what your future https://www.proactiveresolutions.com/cash-flow-or-fail/ (bank balance) will look like sound good?

In conclusion, don't be like the rabbit that's stuck in the headlights. Get to grips with, and strengthen your money mindset. In This Episode Understanding what Money Mindset means in your business Appreciating the reasons why many business owners have negative Money Mindsets Tips to improve your Money Mindset The importance to your business of embracing a Money Mindset Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

What is VAT reverse charging and how does it work? That's the theme of episode 44 of I Hate Numbers. With the UK leaving the EU on 1st January 2021 your business needs to know. Brexit also brings a number of other changes to VAT, we've covered this in previous https://www.proactiveresolutions.com/c1zn (podcasts), and a more detailed https://www.proactiveresolutions.com/vat-in-a-post-brexit-world/ (blog). In this episode, I'm going to look at VAT reverse charging and An overview of what it is How it applies to Goods The treatment of Services When your business is selling What happens when you are the buyer? Compliance and following the law

What is VAT reverse charging We know it's here to stay, and if anything, it is becoming more widely used. Governments like it because it reduces the level of VAT fraud and evasion. Where your business applies reverse charging, the responsibility shifts to your customer. It’s like making a reverse charge (collect) phone call. The bill payer picks up the tab. Your business still has a part to play, verification, evidence and compliance don’t vanish. With VAT reverse charging it is your customer who is responsible for paying VAT in the country they belong and will be easier to chase than an overseas supplier. VAT reverse charging only applies to services that would be zero-rated, reduced rated or standard rated. Where your business is a buyer, then you can be within VAT reverse charging, even if you are not VAT registered. Listen to find out more about What is VAT reverse charging and how does it work? What software and technology solutions exist for VAT compliance?There are many software and technology-based solutions being developed. One example is https://quaderno.io/?via=mahmood58 (Quaderno), which can handle those responsibilities behind the scenes. Their service is full tax compliance and deals with the reverse-charge mechanism. Where your business sells e-books, online training, digital products then you also need to be aware of not breaking EU VAT law from 1st January 2021. This applies whether you only sell one item, and you are not VAT registered. Check out our https://vimeo.com/ondemand/euvatdigitalsales (Live Recorded Webinar) to find out more Now, make yourself comfortable, sit back and https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (listen). Most importantly, https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (subscribe) so you do not miss an episode. In This Episode Understanding what VAT Reverse Charging is Appreciating how it applies to goods and services What happens when your business is the buyer and seller The role of software and system solutions Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

This weeks podcast episode of I hate Numbers looks at How to develop Trust in Business. Without trust, you have nothing. With it, you can do great things. Trust, a firm belief in the reliability, truth or ability of someone or something. BOGOFBuy One Get One Free is a pricing strategy. I am applying that to this week’s episode, you get two themes wrapped up in one podcast. Trust and https://www.proactiveresolutions.com/getting-paid-on-time-3/ (Credit Control), they have more in common than we think. Do you need to trust anyone?Trust is an integral part of our business lives. Your Business does not operate in a vacuum and must invest in TRUST. Your business cannot operate without TRUST. Whether that's trust in yourself, your suppliers, your customers, or those that you look to work with. TRUST which requires a leap of faith as opposed to blind faith. Blind faith (or stupidity) is like a non-swimmer jumping into the deep end of a swimming pool and hoping that somehow, they would be ok Trusting without checkingYou shouldn’t trust someone at face value, just as much as you wouldn’t to give credit without some checking. You need some validation and/or evidence of that person ability. In the words of Ronald Reagan, “Trust, but verify”. Listen to find out more Extend your trustExtend your trust as your confidence in your business relationship increases. It’s the same with credit control, when your customer conducts their account correctly, you improve your terms of business. Listen to find out more Keep an eye on thingsWith TRUST, if you feel someone is not behaving as expected then your need to deal with it. Avoidance, just, like in credit control helps no one With TRUST, with all the best will in the world things don't always work out. You need to act, show some teeth. Kindness does mean softness. When customers don’t pay on time and are taking advantage you need to act. Listen to find out more Systems mixed with the humanSystems and systematisation plays a major role in TRUST and getting paid on time. You need to blend in the human, commercial and business judgment. Listen to find out more What NextHow to develop Trust in Business is not just one factor. Now, make yourself comfortable, sit back and https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (listen). Most importantly, https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (subscribe) so you do not miss an episode. In This Episode Understanding the importance of TRUST in business Appreciating what TRUST and credit control have in common How to develop TRUST in business The role of systems, procedures and people in TRUST Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Brexit will affect the UK business landscape. In this week's podcast, I am going to take a look at Your Business and VAT after Brexit. Last week’s podcast episode of I Hate Numbers looked at Brexit and Your Business. In this week’s episode, VAT takes centre stage. Firstly let’s consider that from a VAT point of view countries outside of the UK will be the Rest of the World. The 27 remaining countries in the EU will see us as a third country. What will happen to VAT after Brexit?VAT was introduced into the UK when the UK joined the EU on 01-January-1973. In theory the UK could abolish https://www.proactiveresolutions.com/value-added-tax-and-your-business/ (VAT) after Brexit, but this won’t happen. Too much money is raised. Most importantly, the government has indicated it will continue to have a VAT system in the UK. VAT is here to stay. The changes and treatment on Your Business and VAT after Brexit will be determined by two main considerations Firstly, if your business sells goods, services, or a combination Secondly, what type of customers will you have in the EU, businesses (B2B), or consumers (B2C), or a combination. Listen to find out more Goods and ServicesAs a result of the UK leaving the EU there is a difference in treatment between goods flowing between the UK and the EU. That is to say, those movements will be described as imports and exports. Listen to find out more about Vat, duties, customs declarations, forms and procedures https://www.gov.uk/guidance/check-when-you-can-account-for-import-vat-on-your-vat-return (VAT postponement scheme) Storing inventory https://www.gov.uk/online-and-distance-selling-for-businesses (Distance Selling Rules) Exports Services

VAT treatment on selling your servicesFirstly, to figure out what will happen with Your Business and VAT after Brexit we must understand the place of supply rules. As a result, this lets us know whether VAT is due Whether it's our business or customer who pays for and deals with the VAT, in terms of accounting and payment Fundamentally nothing changes in principle post Brexit. I also talk about the reverse charge procedure. Under the reverse charge procedure, your customer has the responsibility to account for VAT on your sales.

Above all, listen to find more VAT and Brexit and selling digital productsOn 1st January 2020 if you sell any digital products into the EU Business to Consumer, then VAT is charged at the rate due in that EU country, VAT registration and payment follow. For instance, if I sell digital downloads of https://www.proactiveresolutions.com/c1zn (I Hate Numbers) and someone in France bought a copy, I would need to charge them French VAT. Two options Option OneRegister with each country and comply with each country’s local VAT rules and timings for administering and paying VAT. Option twoVAT MOSS MOSS makes your life easier, who wouldn’t want that? On the other hand, you can choose from one of the 27 EU to register in and pay your VAT. What NextMost importantly Your Business and VAT after Brexit will be different but not radically different to what we have now. If you sell digital products and want to find out more about how EU VAT will affect your business, what to do, take out the stress then https://us02web.zoom.us/webinar/register/WN_y-x56346RSu0Pr7xsE14JQ (register) for our webinar. Making digital sales means you need to up your game when it comes to using the right systems and software. Life is hard enough without obsessing over tax rules at home and abroad. An easy to use, intuitive helping hand can be found with https://quaderno.io/?via=mahmood58 (Quaderno). It calculates sales tax, VAT, and GST (Gross Sales Tax) for you. https://quaderno.io/?via=mahmood58 (Quaderno), good not just for the EU and VAT, but for dealing with VAT and sales taxes throughout the rest of the world, Now, make...

View Details

At the end of December 2020 the UK enters a brave new world, it seems appropriate to see How Brexit affects your Business We have lots of questions about Business and Brexit, some answers we know, some answers we don't. In this weeks podcast we share some answers, advice and tips. What is Brexit?Firstly, https://en.wikipedia.org/wiki/Brexit (Brexit) is a fusion of the words “British” and “exit”, referring to the U.K.'s decision to leave the https://www.investopedia.com/terms/e/europeanunion.asp (European Union) (EU). The U.K. is now in a transition period to negotiate a new relationship with the EU. The UK has no say in EU policy, but will still need to abide by EU rules. There will be new rules from January 1st. 2021. This podcast is about How https://www.bbc.co.uk/news/uk-politics-32810887 (Brexit) affects your Business. IntroductionUp until 11 pm on the 31st December 2020 we are still part of the EU. Though the European union has already removed us as member on their https://europa.eu/european-union/about-eu/countries_en (website) From the 1st January 2021 we will be known as a third country, all countries outside of the UK will be known as the Rest of the World. General Data Protection Regulation (GDPR)The GDPR (General Data Protection Regulation)is about the rules relating to how we collect and process personal data. The https://www.gov.uk/data-protection (Data Protection Act 2018) is the UKs implementation of GDPR. Listen to find out what happens from 1st January 2021 ? What steps can you take. Apart from our podcast, check out The https://ico.org.uk/for-organisations/data-protection-at-the-end-of-the-transition-period/ (ICO), Information Commissioner’s Office. Listen to learn more EU settlement scheme Your business may have EU/EEA/Swiss nationals living in the UK by 31 December 2020. What happens if you wish to keep them on? Listen to learn more From the 1st January 2021 the UK will become a separate customs territory from the EU. This means that all imports, and exports of goods to and from the EU will become subject to customs procedures. This will refer to EU goods imported into the UK and UK goods exported to the EU. Any “deal” will affect the duty rate on eligible goods. Your import and export declarations will still need to be made. Customs controlsFrom 1 January 2021 customs controls will apply: If your business imports or exports outside of the UK you will have to complete UK and EU customs declarations. Work out the relevant customs duties

Should you do this yourself, or use a third party like a https://www.gov.uk/guidance/freight-forwarding-moving-goods (freight forwarder) . What’s the business case, is DIY better than using an agency. Listen to find out more For example, if you DIY you will need to get access to HMRC systems and invest in software. After 31 December 2020, the UK will be a third country, any goods sent to Europe will be classified as exports, any goods coming in from Europe will be classified as imports. Prior to the 31 December 2020 those movement of goods would have been seen as EU would be intra-EU acquisition. Economic Operators Registration and Identification number (EORI)Listen to find out what an EORI is, why you need one and how you get hold of one – spoiler alert, if you are importing then you need one. Any economic operator established in the customs territory of the Union needs, for customs purposes, an EORI number Any economic operator established in the customs territory of the Union needs, for customs purposes, an EORI number. UK trade tariffs from 1 January 2021Whatever the outcome of the trade talks there will be duties to pay. Your business will be using The UK Global Tariff rates. Listen to find out this affects your business, how to apply it and paying it. Do you need pay on import, can it be delayed, listen to find out more

View Details

The Conditions for the Third Self-Employed Grant have toughened. The virtual claim doors open from 30-Nov-20. The impact of COVID 19 on your business and your trading profits is key. Unfortunately, the guidance is not expressed in terms of awful, crap, rubbish or fine. In this podcast, I share with you what HMRC mean by reduced demand & trading conditions. Crap, average or fine feels like better words. There's a new language that's been introduced. Consequently, we look at coronavirus affecting demand causing a significant drop in your trading profits. DatesFirstly, the grant looks at your applies self-employed business between the 1st of November and the 29th of January 2021. Secondly, the portal opens for making claims. On the 30th of November 2020. And you've got until the 29th of January 2021. When should you claim? As soon as, or is best to wait? Listen to find out more Heads up, doing a https://www.proactiveresolutions.com/resources/free-download-guides/managing-cashflow/ (cash flow) is important, link to previous podcasts and resources to help Eligibility conditionsSome haven't changed for the Third Self Employed Grant. For example Being self-employed in 2018-19 Traded in the tax years 2018-19 and 2019-20 Profit levels Basically, meeting the conditions for the first two grants

Listen to find out more Terms and language Some key terms and key adjectives HMRC have introduced honest belief, significant reduction, in your trading profits, due to coronavirus. And by demand, we can take that to be the level of sales - the number of customers that you have. So, coronavirus has got to be linked to less trade coming through the door, whether that's virtually or otherwise. What is meant by self-employed HMRC expectation for your behaviour and attitudes when making your claims. Intend to continue to trade, and 'Reasonably believe' Significant reduction in your trading profits due to Coronavirus. Honest assessment Self-employed – it’s not what we mean in normal conversation

ExamplesI'll share some practical examples and dig deeper to explain and see what is meant by all this official speak. Lots shared in this podcast episode of the exiting and changed eligibility conditions. For instance self-employed, demand, honest belief, significant reduction, trading profits. Also, I share tips on evidence to support your claim – just in case HMRC ever come knocking! What does this mean, listen to find out more? What NextIn short, the third self-employed grant has tougher conditions. Above all don’t be put by applying because you think you may not be eligible. If you’re eligible, make the claim, that will be a vital bit of https://www.proactiveresolutions.com/managing-your-cashflow-during-lockdown/ (cash.) Make yourself comfortable. Sit back and https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (listen) Even better https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (subscribe) so you do not miss an episode. In This EpisodeUnderstanding the key conditions when making a claim for the Self Employed Grant Appreciating the language and keywords used in the https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme (Self Employed Grant) conditions Hearing examples and explanations Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

View Details

Charity Mergers - The Three StagesThis weeks episode is about Three Steps to Successful Charity Mergers. https://www.gov.uk/guidance/how-to-merge-charities (Charity Mergers )are the coming together of two separate charities to form one . Mergers can produce several benefits for but they also have several challenges as well. Stage One: Business CaseFirstly, your Business Case, your reasons for wanting to merge. For example, economies of scale, pooling of talents, greater reach. There are benefits, as well as challenges. Most importantly, consider if the merger in the best interest of your charity and beneficiaries. Listen to find out more Stage Two: Due diligence.Secondly, https://www.investopedia.com/terms/d/duediligence.asp#:~:text=Due%20diligence%20is%20an%20investigation,proposed%20transaction%20with%20another%20party. (due diligence), mentioned in https://www.proactiveresolutions.com/five-things-when-selling-your-business/ (last weeks) podcast. Above all consider the risks and liabilities you are about to take on. At the outset, protect yourself, and not restrict your conversations with your charity partner. https://en.wikipedia.org/wiki/Non-disclosure_agreement#:~:text=It%20is%20a%20contract%20through,protects%20non%2Dpublic%20business%20information. (NDAs) (Non Disclosure Agreements) are a must. Moreover, it's not just legal and financial matters that you look at. Above all the merging of charity cultures can be the thing that strengthens the merger. However, good and bad cultures mixing is not good for anyone. Listen to find out more Stage Three: Change management.You will have many charity stakeholders. They will be anxious and have concerns about the prosed merger . Above all, get them on side, make a smooth transition to a brave new world. Most importantly, communicate, understand, and involve people in the change. As a result you will have a more successful merger. Listen to find out more What NextIn short, mergers are marriages. As https://en.wikipedia.org/wiki/Socrates (Socrates) said “By all means marry; if you get a good wife, you’ll become happy; if you get a bad one, you’ll become a philosopher.” In conclusion, Three Steps to Successful Charity Mergers will make for a happier marriage. Make yourself comfortable. Sit back and https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (listen) Even better https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (subscribe) so you do not miss an episode. In This Episode Understanding the importance of a merger business case Appreciating the importance of due diligence and what it is Why Change Management plays an important role in Charity mergers Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Five things to consider when selling your business is this week’s podcast episode. Selling your business is a major life event and has a lot in common with selling your home. There is an emotional attachment to your business that you built up. Like our homes it has memories and will influence us when we choose our buyer. In last week's episode we talked about whether you are selling assets or shares, your business valuation and tax. Now the five things that we need to take on board. MotivationFirstly, be clear in your own mind about the reason if you are selling. Getting the right price is as much psychology and negotiation. Are you concerned with what the buyer will do with the business? Once they take it over. Does it matter to you? Listen to find out more Serious buyers and time wasters Secondly, dealing with possible buyers. Just like when you put your home on the market. Lots people are just interested in having a nose round, time wasters who do not have the money. How to deal with that when you are selling your business is good thing to know. Listen to find out more Protecting yourself.Your buyer will wish to look at the inside workings of your business. They will wish to know about your customer base. They will wish to know about your finances. Make sure that you protect yourself and your business. Listen to find out more Due diligenceNo serious buyer will wish to buy your business without carrying out due diligence. https://www.investopedia.com/terms/d/duediligence.asp#:~:text=Due%20diligence%20is%20an%20investigation,proposed%20transaction%20with%20another%20party. (Due diligence) is about requires an examination of financial records before entering into a proposed transaction with another party What does this involve? Weill it includes getting your https://www.proactiveresolutions.com/cloud-accounting-xero/ (finances) up to date ranges, paperwork in order, operational and customer information. Listen to find out more DistractionsDo not ignore your business while you are trying to sell it. It is easy to get distracted and lose focus. Selling your business can be an energy-sapping process. You want to make sure that the business and your team are still going strong. Listen to find out more What NextFive things when selling your business, make yourself comfortable. Sit back and https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (listen) Even better https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (subscribe) so you do not miss an episode. In This EpisodeUnderstanding thew importance of seller and buyer motivation Know how to spot serious buyers and weed out time wasters Why it is important to protect yourself when selling your business What is due diligence and being prepared for it Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Today's podcast is about A need to know about selling your business. For many of us selling our business at some point in the future could be us cashing in our pension scheme. It may be a way that we can set up while we're at the top, move on for other different challenges in our life. In this podcast we are going to look at What we are sellingThe choices between selling the assets in your business or the shares Figuring out how much your business is worth. Goodwill. What exactly is that? And does badwill exist? spoiler alert, it does! Options to sell

Options when you sell your business.You either sell the shares that you own in that business Sell the underlying trade of the business or the assets. How do you choose which one? Well there are several things to consider, not just tax and how much money you get. Listen to find out more Valuation and GoodwillHow do you come up with a number, a value for your https://www.proactiveresolutions.com/resources/resources-startup-growth/target-your-unique-selling-point/ (business)? https://en.wikipedia.org/wiki/Goodwill (Goodwill) plays a big part. Goodwill is what you are buying - Badwill also exists The money you want, and what you get may not be the same. One thing you need to do is to come up with a value. Psychology also plays a part. Listen to find out more Planning points and due diligenceLet’s talk about both buyer and seller You can’t get away from tax, tax planners step forward. Due diligence, being careful and grown is about reducing the risk of things going wrong. Make sure that you're not picking up a hot potato, and you're very conscious of what you're buying into. Listen to find out more Seek helpMake sure that when you're selling, your business you seek professional help, I don’t mean the medical kind! Professional people, like accountants and lawyers need to play their part. They will help you come up with the right numbers, and make sure you get the protection you need. This podcast is A need to know about Selling your Business In This EpisodeUnderstanding the options available when you sell your business Appreciate the reasons a buyer wants to buy What Goodwill is Learn more about the things to consider when selling your business Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

This week's episode of, I hate numbers is talking about Buying your car through your business. Check out last week's https://www.proactiveresolutions.com/saving-tax-with-company-benefits/ (episode) where we talked about saving tax with company benefits. tax-free and trivial benefits What is a company car?This is a car bought by your company, you use it for business and personal use. By the way, driving between home and work is normally considered personal use. Working out the Benefit ValueThere are three key numbers that we consider when looking at Buying your car through your business How the car is powered The list price of that vehicle CO2 emissions of that car.

Listen to find out more CO2 emissions and taxThe lower, the https://www.gov.uk/co2-and-vehicle-tax-tools (CO2) emissions of the car, then the lower, the resulting tax charge will be. An electric vehicle has no emissions, that means a tax-free benefit. Now when it comes to https://en.wikipedia.org/wiki/Hybrid_vehicle (hybrid) cars, these also have a favourable tax treatment. Listen to find out more Contributing towards the carThere could be a number of reasons for this. It could be that you decide to go through it, another vehicle, which your employer can't afford. And you may be that employer if it's your company. The advantage of making a capital contribution is tax savings for both you and the company. Listen to find out more An alternativeIt may not be to not bother buying the car and for you as the individual to purchase the car in your personal capacity. If you do that, then you have the option of charging your business, charging the company, 45 Pence per mile for each business model that you travel. Once you go over the 10,000 miles, then you can charge 25p. That can be claimed tax-free it counts as a deduction for the company. And, therefore it may be worthwhile to consider that option as well. Listen to find out more ConclusionIn conclusion, providing a company car, especially an https://en.wikipedia.org/wiki/Electric_car (electric) or hybrid car can save a lot of tax, personally and for your business. It can even be cheaper than having higher salary. Your business needs to grow, serve and https://www.proactiveresolutions.com/make-money-in-your-business/ (make money). Buying your car through your business can be a great pay you and your staff efficiently. https://www.proactiveresolutions.com/contact-us/ (Contact) us to talk about this or other ways where we can help your business. NumbersWhat would a I Hate Numbers podcast be like without some Numbers ! [table id=17 /][table id=14 /]What NextMake yourself comfortable. Sit back and https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (listen.) Even better https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (subscribe) so you do not miss an episode. In This EpisodeUnderstanding how we work out the benefit value of accompany car Appreciate why buying an electric or hybrid car is good for your pocket, as well as the environment Why you might be better off buying your own car Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

View Details

Today's topic is focused on one underused legitimate way of Saving tax with company benefits. Pay yourself and save personal and company tax. And yes, it's important as a business owner, you need to pay yourself. The conventional route to pay yourself is a blend of https://www.proactiveresolutions.com/how-to-pay-yourself-salary-dividends-benefits/ (salary and dividends). In this episode I'm going to be looking at a legitimate area of tax planning that tends to be underused. The mission of the show is for you to get better acquainted with your numbers like your numbers more so you can improve your money mindset, make money, save time, and enjoy doing what you're doing. You as a business owner will want to serve your customers well. You want to make money in your business, and you want to pay as little tax, legally, as you can. Paying yourself with benefitshttps://www.proactiveresolutions.com/tax-free-benefits-for-you-and-your-employees/ (Tax-free benefits), yes, there are still some. Most https://www.gov.uk/employer-reporting-expenses-benefits (employee benefits) have an extra tax cost to your company and the employee. However, there are still tax-free benefits. What’s not to like When we talk employees, this can include yourself Listen to find out more Business structureIf you run your business as a sole trader as a self-employed individual, then benefits don’t apply to you as the owner, it will apply to people you employ. Your company is a separate legal entity from you as the owner. Your company pays tax on profits, tax on salaries, and your employees pay tax on earnings. Earnings include benefits. This may be an influencing factor for you deciding whether you should run your business as a limited company. Check out previous podcast episodes on your https://www.proactiveresolutions.com/your-business-structure/ (business structure) and tax in your shttps://www.proactiveresolutions.com/tax-and-your-self-employed-business/ (elf-employed business). Tax free and trivial benefitsFirstly. If a cost is 100 per cent business, it’s normally a tax saving. There are things your business can pay for that aren’t business related but have a personal use. The good news is that some benefits can be provided tax free. Done correctly, you can give gifts to you and your team and no tax to pay! Please welcome trivial benefits. Listen to learn more Tax on taxable benefitsTax free and trivial benefits have no tax consequence, for either your business or your employee. Your employee can include you Many benefits, such as company cars, and medical insurance means that tax is due by you and your employee. However, it can still work out cheaper for your business to provide those benefits. Listen to learn more ConclusionIn conclusion, providing benefits is a great way to pay you ad your staff, save tax, and all perfectly legally. Saving tax with company benefits for your business and staff is a positive move. Paying yourself via benefits route as well as cash is good tax planning Your business needs to grow, serve and https://www.proactiveresolutions.com/make-money-in-your-business/ (make money). How to pay you and your staff efficiently plays a vital part in you taking decisions, and what is right for your business. https://www.proactiveresolutions.com/contact-us/ (Contact) us to find out more. What NextMake yourself comfortable. Sit back and https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (listen.) Even better https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (subscribe) so you do not miss an episode. In This EpisodeUnderstanding what benefits are Appreciate what the tax free and trivial benefits are Decision making and dealing with a benefit strategy Developing your own Numbers confidence and decisions Take more...

View Details

If your business employs staff then COVID-19 has added more pressure, the https://www.proactiveresolutions.com/the-new-job-support-scheme/ (Job Support Scheme) and Planning is vital. You want to look after your employees and their welfare, but also the payment of those employees and the cash flow situation, that that creates when income has been impacted negativity. This week’s episode of I Hate Numbers looks at the new Job Support Scheme, https://www.proactiveresolutions.com/?s=furlough (Furlough) scheme mark 2. There are six things I'm going to cover in this podcast. Overview of the new job support scheme Conditions to make a claim Job retention bonus Rules Numbers Cash flow and decision making

Listen to learn more Job Support Scheme OverviewThe job support scheme starts on the first of November, and it's initially set to run up until the end of April 2021. It will be divided into two phases, the first three months, and then three months into the scheme the government then will overview how its progressing, any changes to the scheme it will announce in due course. There are two schemes, in common with the current furlough scheme is to provide payments to employers who retain employees do not make them redundant. ConditionsUnder scheme one, your employee must do a minimum level of work. If, however, your business has been forced to shut down because of local lockdown restrictions imposed, then the requirement of your employee to work a minimum level of time is waived. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to learn more Cash flow timingIf you have to contribute towards your employees pay then you pay before you claim. That’s important to remember when it comes to cash flow planning. There’s some cash flow pain. You've loss of income, money being paid, hours may not be there to justify bringing them in. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to learn more Job Retention BonusThe https://www.gov.uk/guidance/check-if-you-can-claim-the-job-retention-bonus-from-15-february-2021 (Job Retention Bonus) may soften the blow. There is a £1,000 one-off taxable payment to you (the employer), for each eligible employee that you furloughed and kept continuously employed until 31 January 2021. You’ll be able to claim the bonus between 15 February 2021 and 31 March 2021. You do not have to pay this money to your employee. ComplianceThere will be rules and regulations, critical that you maintain adequate records to backup and verify your claim. Employment law is not ignored. Your staff have to agree to a reduction in their wages and hours. HMRC will be focusing efforts on those that have taken advantage of the scheme or claimed incorrectly. Expect assertive action over the next few months. Decision timeThere is a very choppy business landscape ahead, if you do have a staff team and you wish to retain that talent, then there's tough decision making that lies ahead. When faced with any tough decisions, you must always, always do a cash flow plan, a cash flow story. Cash flowIt may be that your business can weather the storm and knowing what the cost will be to you as a business for retaining the staff, under the job support scheme is a vital input into that cash flow story. Do not panic, your https://www.proactiveresolutions.com/keep-business-cash-flowing/ (cashflow story) may reveal that you can weather and survive the storm that lies ahead. Stay sanguine, positive and centred. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more ConclusionIn conclusion, Job Support Scheme and Planning go hand in hand. Don't forget the Job Retention Bonus. Include this into your future cash flow forecasts. Consider the steps you need to take to keep your business dial moving forwards....

View Details

Welcome to episode 33 of I hate numbers. Today's episode why you need your business plan. In fact, every business needs a business plan. In this episode I'm going to talk about why your business needs a business plan and what should actually go into it your business plan. This episode of, I hate numbers is part of my continuing mission to strengthen your money mindset, make you less scared of your numbers. So ultimately you can make more money or profit in your business, have more time, sustain your businesses and thrive. Why you need a business planYou may be thinking that it's a complete waste of time. There is certainty in your mind that you know what you’re. You don't want to be spending time and energy writing things into a document that's going to be out of date at the moment it’s written. Put those thoughts to one side. Yourhttps://www.proactiveresolutions.com/your-business-plan-5-points-get-it-right/ ( business) plan is written predominantly for you. No plan equals no success. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more The five key components that go into your business plan.Firstly. In the beginning figure out what your version of success looks like, your Business goals. Business goals have substance, and must be at least measurable, realistic, and achievable. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more Your business objectivesThese are the steps, the journey, the actions, and the tactics that you need to do to get to your business goals. Like your business goals, they must have substance, and must be at least measurable, realistic, and achievable. Listen to find out more Where your business is nowYour route to success needs you to understand where you are now. Understand where your business is currently. And understanding who your customers are, what the customer journey actually involves, which customers are the most profitable to you. https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more Milestones and measuresManage what you measure. The progress of your journey requires you to set milestones and measures. Then you can monitor your progress and make judgements https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more Your Business NumbersLastly, the numbers. Translate your plan onto financial forecasts. Look at your plan through the prism of cash flow and profit. Cash flow makes it happen; profit is the prize. Check out episode 30 of I hate numbers podcast episode "https://www.proactiveresolutions.com/cash-flow-is-a-big-deal/ (Cashflow is a big deal)". https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (Listen) to find out more ConclusionIn conclusion,Why you need your business plan is clearer. in your plan, include your business destination, and the steps you must take to achieve your business goals. How are you going to get that, that detailed plan, your milestones and your measures, and lastly, the numbers. What does that actually look like in terms of profitability? What does that actually look like in terms of cash flow. Your business needs to grow, serve and https://www.proactiveresolutions.com/make-money-in-your-business/ (make money). Your business plan mindset plays a vital part in you taking yourhttps://www.proactiveresolutions.com/business-owners-take-your-business-seriously/ ( business seriously) and for growth. https://www.proactiveresolutions.com/contact-us/ (Contact) us to find out more. What NextMake yourself comfortable. Sit back and listen. Even better https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (subscribe) so you do not miss an episode. In This Episode Understanding why your business needs a plan What five elements...

View Details

Your attitude in your business, your attitude to your business is everything. Attitude is the theme of this week's I Hate Numbers podcast. In this week's podcast I look at what attitude is, and why it's such a big deal in your business. Business or hobbyFirstly, what’s a business? Business is where you have an activity where making money, making profit is part of the deal. An official https://en.wikipedia.org/wiki/Business (definition) of a business is the activity of making one’s living or making money by producing or buying and selling products. A https://en.wikipedia.org/wiki/Hobby (hobby) , on the other hand is a regular activity done for enjoyment, typically during one’s leisure time, not professionally and not for pay. https://www.proactiveresolutions.com/make-money-in-your-business/ (Making money), profit and cash in the bank has to feature and your numbers, your best friend in business, that won’t lie to you plays a massive part.Listen to find out more What is attitudeWhen we hear the word attitude, images of anger, happiness sadness appear. Whether we take things seriously of whether we take them lightly. Your attitude, mindset if you prefer is about your thoughts about the world. It’s about your behaviour, your assumptions. You attitude is about how you apply those in your business is actually key to how your business grows, develops, sustains, and prospers. Your approach to your business , whether you take it seriously or not is important. It will determine whether your business survives, will shape how you deal with those circumstances that you may feel are outside of your control. It shapes how you deal with people that may not be the most comfortable to deal with. You can't control what happens in the future, but you can control and influence how you react to them. Furthermore. one size does not fit all. By the same token one approach doesn’t suit all situations Listen to find out more Your Business GrowthThis is not an option. Your definition of growth may vary, but absolutely you've got to see growth as a continuum. If you do not grow your business, then you will end up going backwards in your business. Customers will leave you. Nobody keeps customers for life. Costs will change competition, intensifies regulations and legislation changes all the time. So change is a constant part of our business lives. So looking to grow your business to develop your business is an absolute necessity, not, it would be nice to have. ConclusionIn conclusion, your business is there to serve your customers well, for you to enjoy what you're doing, to give you the time to spend with your family, provide yourself with a decent living. But fundamentally is that also to make money. Your mindset and attitude absolutely vital for you taking your business seriously and for growth. https://www.proactiveresolutions.com/contact-us/ (Contact) us to find out more. What NextMake yourself comfortable. Sit back and listen. Even better https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (subscribe) so you do not miss an episode. In This EpisodeUnderstanding what the difference the difference between your business and a hobby The part that your attitude plays in your business success Why your business needs to grow Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

View Details

Collecting money from your customers is a big deal? Getting paid on time is a big deal. Because cash guarantees your survival week after week. No cash, no business. The lights will not be on, the door will not be open. This week’s episode of I Hate Numbers is all about getting paid on time. I look at Why getting paid on time is a big deal Three things you do to help getting paid on time Practical tips to share

Getting paid on timeCash ultimately comes from your customers. They give you money for your products and services. Your business has financial commitments. Make sure your staff, suppliers, lenders, and YOU get paid. But, get paid with https://www.proactiveresolutions.com/cash-flow-is-a-big-deal/ (cash) , not buttons and promises. To clarify, if you don’t have access to cash, then your business won’t have a long shelf life and you’re screwed! In other words, your cash should come from your customers. Three things you needIn addition there are 3 essentials things you need to help get paid on time, summarised as CULTURE TECHNOLOGY and ACTION, CTA for short. CULTUREFirstly, culture equals mindset & attitude. Know how to deal with money. In other words, your mindset dial should be set to having grown up business conversations. Grown up doesn't mean being nasty, it means being comfortable talking about money. Giving credit is always a risk. The risk is you don't get paid ! You must have the right attitude to manage that risk. But your business is just that, a business. It’s not a hobby, it’s there to make you money (profit) so you can continue to do what you do, make a difference, serve your customers and give yourself a decent personal and family life. Most importantly, listen to find out more. TECHNOLOGY Certainly, https://www.proactiveresolutions.com/resources/free-download-guides/online-cloud-accounting/ (technology) is a good friend to you in terms of processes and systems. For example, technology helps you issue customer quotes, invoices. Above all technology monitors what you are owed, reminds you when payments are late, and helps collect your cash. In addition, technology is pretty cool for issuing agreements, terms, and conditions. To sum up, technology helps with the whole customer journey from stranger to getting paid. Most importantly, listen to find out more. ACTION Thirdly, systems and processes are pointless unless you follow them and take action. For example, what do you do if the client doesn't pay you on time? Action always wins over inertia. On the other hand, hiding under your duvet or putting your hands to your ears and going la la la is a playground activity. Definitely not suitable for your business. Most importantly, listen to find out more. ConclusionIn conclusion, Collecting money from your customers has to be done, and on time. Certainly if you want your business to still be around, get to grips with getting paid on time. Take control and improve your customer collection process. https://www.proactiveresolutions.com/contact-us/ (Contact) us to find out more. What NextMake yourself comfortable. Sit back and listen. Even better https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (subscribe) so you do not miss an episode. In This EpisodeUnderstanding why getting paid on time is vital for your business The part that culture plays in getting paid on time Why technology can be a good friend to you in getting customers to pay you Action speaks louder than words and inertia Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

View Details

Cash Flow is a big deal. Everybody wants their business to survive. Everybody wants their business to grow prosperously. Cash Flow is vital for your business. Without it, your business is on a one way trip to disaster. In this weeks podcast episode of 'I Hate Numbers' I want to stress the importance of cash flowhttps://www.proactiveresolutions.com/keep-business-cash-flowing/ (,) discuss what it is and how you successfully manage it in your business. The https://www.proactiveresolutions.com/knowing-your-costs-make-you-money/ (costs) of your business need to be met and you need cash for that. Staff must be paid; overheads covered, loans paid, and your need to pay yourself. Those bills and commitments need to be settled in cash, not promises. Cash is importantCash is necessary in any business of any size. If you fail to get adequate cash flow then your business will inevitably fail. A lot of businesses can survive periods of low profit, even losses!. To do that you need access to cash. Strangely enough, profits and cash aren't the same thing, profitable businesses can fail, loss-making businesses can survive. Strange but true Cash Flow is the most important aspect of your business. And if you don’t have the right Cash Flow and know how to manage it then your business is done for. Finished. Forecast for the year and amend as you proceed and if you can’t do that then do what you can. Cash forecastCash Flow is a big deal, and we need to own it, and manage it. You need to create a cash forecast for your business. Look ahead, and think about what your business activity, your business story looks like. Once you’ve got an idea of that then forecast the months ahead based on that future as best you can. Three things for your consideration. Firstly, produce a cash forecast then a cash budget, a cash report for your business is finding out the details. Forecasts and projections will detail your story and should be done typically for 3-6 months but preferably 12. Your cash future is based on asking three key questions What is the future activity that impacts on money in or money out When does that cash event occur, in which month or week How often does that cash event occur

Don't even bother with numbers at this stage. When you figure what your future may look like then translate that activity into a financial number. Once you have a cash story then the power and magic happens. In a forever changing world when anything can happen at any given moment you should always plan for contingencies. You never know what's next and one day your business will thank you for it. In This EpisodeUnderstanding why Cash Flow is a big deal Creating your future Cash Story How to put together and manage your future Cash Story Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

Conclusionhttps://www.proactiveresolutions.com/cash-flow-or-fail/ (Cash Flow) is a big deal. Take control and produce and manage your future Cash Flow story. https://www.proactiveresolutions.com/contact-us/ (Contact) us to find out more. What NextGrab a coffee. Make yourself comfortable. Sit back and listen. I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode. Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers (https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast...

View Details

Social Enterprises are pretty important businesses. There are over 100,000 social enterprises contributing £60 billion to the economy and employing two million people. In this weeks episode of ‘I Hate Numbers’ we look deeper into the what, how and form of a social enterprise. What is a social enterprise?Firstly, let's look at a working definition of a https://www.investopedia.com/terms/s/social-enterprise.asp (social enterprise.) A clear social and or environmental mission. It has a way to generate most of their income through trade. An ethos of reinvesting most of that profit back into business.

Don’t confuse a social enterprise with a charity as a charity is not necessarily a social enterprise and a social enterprise is not a charity. Primary purposeThe primary purpose of a social enterprise is making profits as part of its social mission and purpose. Those profits can be made by selling products or services. Social Enterprises are BusinessSince social enterprises are fundamentally businesses. It is critical and important that business disciplines are applied to how those social enterprises are run. How they grow. How they sustain themselves. Legal form and structure

We've talked about https://www.proactiveresolutions.com/your-business-structure/ (legal structures) before so it's worth checking out our previous podcasts. If you're contemplating setting up a social enterprise, then the key question at the very start is the different form or the legal structure that you should adopt. There are choices, the most popular being Community Interest Company (CIC) Sole trader Co-operative Company limited by guarantee

Community Interest Company

First introduced in 2005 due to a growing interest to offer support to social enterprises. It is owned by the local community and operated to benefit those people who reside in that community. Within the CIC world, there are two forms. Private company, limited by shares Limited by guarantee with members

There's three key questions to answer. These look at your motivation and purpose for behind why you want that CIC. What your CIC will be doing Dealing with surpluses Who will your CIC to help and how?

Differences between social enterprise and a charityA social enterprise isn't always a charity, and vice versa. The main differences are to do with Corporation tax Rate relief Donations Purposes

Listen in to find out more Conclusion

Social Enterprises are businesses. They play an important part in the business and community landscape. https://www.proactiveresolutions.com/contact-us/ (Contact) us to find out more. What Next

Grab a coffee. Make yourself comfortable. Sit back and listen. I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode.

In This Episode

Understanding what a social enterprise is Choosing your legal structure for your social enterprise Why a social enterprise is not necessarily a charity Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

View Details

How to choose your accountant is this week’s episode of I Hate Numbers. Not all accountants are created equally. Just like in any walk of life, any profession, some are more effective than others. In this podcast I'm going to share some tips with you as to how you go about making what will be a very important selection for your business, and it's going to be important because the right accountant can have a big impact on your ability to grow and move your business dial forwards. PreparationFirstly, do your homework before you start speaking to an accountant. Check out last week's https://www.proactiveresolutions.com/what-do-accountants-do/ (episode) where the topic was what do accountants do? Choosing your accountant is the same as finding good effective supplier for your business. It needs to be for purpose. Deciding

What are your current and future business needs? Are you looking for someone to do the traditional compliance work, prepare your accounts and tax return once a year? Do you want more of an ongoing relationship? What is it you feel that you need for your business, now in all of these questions, you may not necessarily know what the answer is, but have some form of idea of what you think you need here and now, and what you believe that you will need for your business going forward. Location

Do you feel that you need a local service provider, somebody who's located where you live, or does that not matter? On a personal note my clients are based locally, nationally and Internationally. Technology helps makes the world a smaller place. Regular communication and the ability to access client support may be more important to you. Qualifications

Not all accountants are the same. Lots of people describe themselves as accountants but have zero level of experience. Lots of people have experience but no qualifications. Qualified doesn't mean competent and competent doesn't necessarily mean qualified. The ideal combination is got professional exams under their belt and real-world experience to back it up. Recommendations

Seek recommendations from those in your network. Check out reviews on people's websites, which ones catch your eye and what are they saying? How old are they? How recent are they? Which ones look appealing? Short list

Once you've got a short list of say five or six to begin with, then carry on with your research. Look at the firms in your short list, check out their websites, check out their social media presences. Look at the company, the staff, the range of services they offer. Make a short list of no more than two to three accountants that you can have a conversation with. The conversation should be a dialogue, not a monologue. Meeting time

Have some form of agenda that you want to cover in your meeting. As with any future supply arrangement, then don’t be wary or afraid, or nervous in asking questions. They can be technical, ask about working styles, skills, experiences, meeting times and costs!! People buy from people

Do you like accountants who are more formal, who are very jargon laden? This could be your bag, or it may not be for you. The interaction with that individual and their team. Who did you get to speak to? Do you feel relaxed when you speak to them? Are you someone who likes robust, straightforward advice, or, perhaps a bit softer? Conclusion

How to choose your accountant is one of the more important business decisions you will make. Prepare, shortlist, have a conversation and then decide helps you make that decision easier. https://www.proactiveresolutions.com/contact-us/ (Contact) us to find out more What Next

Grab a coffee, make yourself comfortable, sit back and listen. I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode. In This EpisodeUnderstanding the approach to choosing an...

View Details

In this weeks episode of “I hate numbers” my topic is ‘What do accountants do’? Five headline things that accountants do, spoiler alert, money features amongst that. Making moneyhttps://www.proactiveresolutions.com/more-money/ (Making money) is a big business goal, if you want to move from hobby business to something more. When we talk money, we mean cash in the bank and making profit. You need a strong and vibrant number story if you want your business to prosper and to continue. Saving moneyA good accountant saves you money. You see where the money goes, choose the right business structure and deal with VAT. Business growthThirdly, accountants help you https://www.proactiveresolutions.com/captivate-podcast/the-mcp-approach-to-business-growth/ (grow) your business. If you don't grow then your business is going backwards. A good accountant helps you make good business decisions. You will make objective choices that are good for your business. TaxesYou can’t escape death or taxes. A good accountant helps you reduce your tax bill, and can navigate the tax rules and regulations. Work life balanceYour accountant can help you achieve a good https://www.proactiveresolutions.com/recipe-for-a-happy-work-life/ (work life balance). And if you're not spending time doing whatever you don't like or are particularly good at, and all of us have got those things that we're not good at, you can balance your time better. What Next

Understanding what accountants do Knowing the impact an accountant can make on your business Finding out accountants help you make money, grow and deal with taxes Accountants helping you get that work life sorted Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288) https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers (https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers) https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins) https://www.stitcher.com/podcast/proactiveresolutionss-podcast (https://www.stitcher.com/podcast/proactiveresolutionss-podcast) https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/ (https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/) Get in https://eur04.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.proactiveresolutions.com%2Fcontact-us%2F&data=02%7C01%7C%7C06e4447758a0422bd03808d81eb18ad3%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637293095332490942&sdata=5iI2gZCp1UshseS%2FIGxZc7FWKhc0ZrgRsyKqjHaSiRg%3D&reserved=0 (touch) with us to find out more about some money making tips. For more business and finance , https://eur04.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.proactiveresolutions.com%2Fnews%2F&data=02%7C01%7C%7C06e4447758a0422bd03808d81eb18ad3%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637293095332490942&sdata=Bdll9gWJMmBK38BPmOxRwDMyaBBQyQt6FTzAifQTVnc%3D&reserved=0 (news), advice and tips, don’t forget to watch our weekly broadcasts, subscribe to the weekly podcast https://eur04.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.proactiveresolutions.com%2Fpodcasts%2F&data=02%7C01%7C%7C06e4447758a0422bd03808d81eb18ad3%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637293095332500938&sdata=n9B4eGKAhNGPQ5B0JHeoXiyhZvDolvh%2B9RZHXRVJ5sU%3D&reserved=0 (I Hate Numbers). Pro Active Resolutions The Numbers Crew – Here to help you!

This podcast uses...

View Details

Dividends is this week’s topic of I Hate Numbers. In this podcast I am going to chat to you about the whys and what of dividends, plus the correct and legal way to pay yourself with dividends Paying yourselfIf you are your own boss, there are two main business structures that you can have. You can either be a sole trader or a company. In both cases you need to https://www.proactiveresolutions.com/how-to-pay-yourself-salary-dividends-benefits/ (pay) yourself, but no dividends if you are a sole trader. Listen to find out more. Dividends are your company profits that you are paying yourself. Tax, or reducing tax plays a big part behind why owners pay themselves dividends. Company tax, personal tax and national insurance are all part of that balancing act in deciding how much you should take. Add to this your personal tax situation, from basic rate taxpayer and beyond. You’ve a heady cocktail of thought processes going around. Your dividend will be part of your personal income, with tax rates being as low as 7.5% to a 38.1%, it’s all about tax status. Tax is not the only thing to consider. Control plays a part in how much dividend you pay. If you’re the director, you decide when you pay your dividend. This could be a big deal when you’re looking to keep your personal income and tax bill to a modest level. Procedure, there are rulesOne thing often forgotten by company owners is that are https://www.legislation.gov.uk/ukpga/2006/46/contents (rules) governing how companies are run. It may seem like jobs worth talk, but there’d a sound reason to have these rules. Running your business through a company protects you. If things get messy your personal assets are protected. Any responsibility for company debt normally is your company's shoulders, not yours. Illegal Dividend

Above all, follow the required due legal process in paying yourself a dividend, otherwise it's illegal. You will not go to prison, it will be a civil offense. As a result, an illegal dividend will be classified as a director's loan, and that's a whole different rabbit hole. Rules

Firstly, prepare accounts showing that profit is being made. Profit is after all all your business expenses, including company tax. Have a board meeting, it could be at your kitchen table, but have a meeting. Pass a resolution as to what will be paid, and keep a record. Prepare a dividend voucher – we’re not talking Amazon voucher by the way

What Next

Grab a coffee, make yourself comfortable, sit back and listen. I love doing this podcast and sharing my love of Numbers with you. Check out the https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (link) to subscribe and do not miss an episode, https://www.proactiveresolutions.com/contact-us/ (contact) me for help with Number love in your business . In This EpisodeUnderstand what dividends are Appreciate why you pay yourself dividends How the dividend rules and regulations apply to you paying dividends Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the

View Details

In this week’s episode of ‘l Hate Numbers’ I am looking at Personal tax returns. More specifically the personal tax returns you need to complete in the United Kingdom. BackgroundEvery year the tax office, shorthand https://www.gov.uk/government/organisations/hm-revenue-customs (HMRC) want individual taxpayers to tell them what's been going. The principle is called https://www.proactiveresolutions.com/self-assessment-personal-tax-returns/ (self-assessment), where you tell HMRC what your income and gains, and calculate the tax owing or to be repaid. As a heads up, HMRC accepting your tax return doesn’t mean they agree with it. Tax Years

In the United Kingdom the tax year for individuals is between the 6th of April and the following 5th of April, and we've got the Catholic church and Julius Caesar to blame for that. Find out why, listen What goes into your tax return?

Your tax return will include details of your income. Typically, salaries, income from property, self-employment income and pensions. It will also include details of capital transactions. So, if you’ve sold an investment property or the family antiques. Dates

One date to understand is the income tax year. This doesn’t run on calendar years, but between 6th April and the following 5th April. Julius Caesar and the Catholic church are part of the reason, listen to find out more Deadlines, payment dates, and getting an interest free loan via PAYE make an appearance in this episode. Who needs to complete a personal tax return? There are an estimated 12 million personal tax returns that need to be completed for 2019-20, that’s an estimated 30% of the UK adult population. Listen to the podcast to see if you’re one of the 30% Paying the tax

You’ve finished your tax return, and instead of a refund you see that you have money to pay. When should you do if you don’t have it? I share my tips, spoiler alert, it involves ostriches and duvets. Well, folks, that's a wrap. I hope you got some value from this podcast. I'd love it. If you could https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (subscribe), tell your friends, your associates, your colleagues, about what a wonderful show this says until next week, have a great week. What Next

Grab a coffee, make yourself comfortable, sit back and listen. I love doing this podcast and sharing my love of Numbers with you. https://www.proactiveresolutions.com/contact-us/ (Contact) us if you want to find out more. In This EpisodeUnderstanding who must complete a personal tax return Knowing what goes into a personal tax return Finding out the key dates in the tax return calendar What to do if you haven’t got the money to pay your tax bill Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

There is a lot to be said for Artists and Businesses working together Today's topic is about artists and businesses working together. Let me share three tips about how to get the best out of that working relationship Artists working with business doesn't seem like a particularly good match. However, artists and businesses have a lot more in common, more than you may expect. As a point of order, by businesses I’m talking private commercial companies. Listen in to find out more Inspiration for this podcastMy inspiration for this podcast is being involved as a sponsor and a judge for the https://www.nationalartsfundraisingschool.com/emcees/ (Emcees) awards. I see it firsthand, the positive relationships that are built for businesses in terms of branding. Business get closer to their customers in terms of wider engagement. Artists actually help solve problems. Tip number oneFirstly, banish preconceptions, on both sides. Go into this with an open mind, but don’t leave your brains behind. Don’t abandon due diligence and your business brain. Tip number twoSecondly, set objectives from the outset . So both parties know when they're winning. When you set objectives and goals you know, where you want to get to. Artists and private commercial businesses need to clearly define the aims and outcomes, the expectations of working together. Having that https://www.proactiveresolutions.com/arts-and-business-planning/ (clarity), having clear expectations from the beginning will enable you to keep track toward your success. Tip number threeThirdly, monitor. Monitor what you're doing. Monitor for success, for both parties. Once you define the nature of your relationship, your objectives and goals, make sure that you measure progress. It’s great for accountability, measuring progress so you actually know you're going on the right path. And in most things in business relationships, it's about solving somebody's problem, about solving somebody's pain. What NextGrab a coffee, make yourself comfortable, sit back and listen. Click the link if you want to find out more, or https://www.proactiveresolutions.com/contact-us/ (contact) us to see where we can help . I love doing this podcast and sharing my love of Numbers with you. Check out the https://www.proactiveresolutions.com/news/ (link) to https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (subscribe) and do not miss an episode. In This EpisodeUnderstanding why preconceptions aren’t good for your business Knowing the benefits of setting objectives and goals Why monitoring your success is a positive thing for your working partnership Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

What has Planning your Arts Event got to do with business? Well, arts and businesses share a lot in common. There are differences, but also common ground between artists and private businesses. nevertheless. Artists are full of creativity and energy, delivering inspiring work for their audiences This is no different for your business, except you may use the term customers, and not audiences In this week’s podcast episode of ‘l Hate Numbers’ I share 4 tips into how arts businesses plan their events. Lots of parallels and takeaways for your business. PlanningPlanning in the arts is crucial, lessons to learn from the world of business and vice versa. Success in the arts and the business world is down to planning. Planning in the arts is like planning for any type of business. What's the first thing you've got to do? You have got to ✅Set yourself a goal ✅Get your house in order ✅Figure out where you're going and how you are going to get there. Create the event storyWhen planning an arts event, get the story straight. Think about the type and shape of the event. What do you want your audience to experience? No numbers at this stage, just the story says from the here to the eventual event happening. Resources

Make a shopping list of what you need to plan, rehearse, and deliver your event. Include artists, venue, marketing assets, people, skills. Think of the event in stages, the beginning, the middle and the end. Work backwards from the actual event. There are several weeks, several months’ worth of activity, energy and enthusiasm going into making it happen. Cash and finances

Let us get down to the actual money side of things. One key and critical document is cash flow. Produce this as quickly and as early as you can. What does that require in terms of money going out in cash terms? Not just the amounts, but when it happens, timing s everything Revisit and read your cash story. What does it show? Now is your time to make some powerful decisions with your powerful insights. Remember, at this stage, you're not reducing their ambition. You are not modifying your story yet. You are waiting to see what the cash flow story looks like. Collaboration

Artist or otherwise, you cannot do it on your own. Collaborate, delegate, outsource. Find the experts in the field that will help you deliver an excellent event. And typically plan, think about the execution, but do not lose the passion and the actual event itself. That's what is driving you forward. What Next

Grab a coffee, make yourself comfortable, sit back and listen to this episode on Planning your Arts Event. I love doing this podcast and sharing my love of Numbers with you. Check out the https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (link) to subscribe and do not miss an episode, https://www.proactiveresolutions.com/contact-us/ (contact) me for help with Number love in your business. In This Episode Learn what we can apply from Planning your Arts Event Appreciate the benefit of creating an event story How the events story helps write the financial story Collaboration and co-operation Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

View Details

Working together with others on your business is good for your well being, growth and bottom line. Don't forget that making money separates a hobby from a business. In this week’s episode of ‘l Hate Numbers’ I share four reasons why you should work with others. This episode was inspired from building and launching our Business Growth Club. I used the word our, because it’s me and my friend and colleague https://bigbangpartnership.co.uk/meet-jo/ (Dr Joe North) who went from idea to launch on this. TLAF sums this up. TLAF, love a mnemonic, don't you, stands for ✅Team ✅Learning ✅Accountability ✅Frequency TeamMany businesses work on their Business Growth in isolation. You staff team, whatever their motivation and talent will not be invested in your business as you are. To be fair, you should not expect them to, it’s not their business, they do not have the financial equity or ownership. Work with others who have a similar mindset to yourself. Communication, collaboration, bouncing around ideas are great ways to learn and grow. Learning If you think that you know everything in business, that there's nothing more to learn, then you are wrong. Everybody has experiences to share. Everybody can learn from the successes and mistakes of others. And this all helps us and helps you in your own business development, AccountabilityHaving the right people in your support network gives you a group of accountability coaches and friends. Once you've committed to https://www.proactiveresolutions.com/having-a-successful-business/ (something), you've told somebody you're going to do it, you’re under a bit of pressure, you're committed, but it's powerful to have a bunch of people who are in a similar situation to yourself, making you accountable. They will encourage you., keep you on https://www.proactiveresolutions.com/kpis-key-performance-indicators/ (track,) and ask you questions. It may sound like being in school where you are expected to hand in your homework. But it's all there done in terms of making you move your business, going forward. Accountability also makes you more responsible. Frequency Having a regular catch up with your group reminds of what your commitments are. You are reminded of what your tasks are, what you must do. This frequency of meeting up is a great opportunity to reflect on where your progress is taking you. How you are doing against the objectives you’ve set yourself. Make small adjustments if you need to. Business owners work in isolation. Working together on your business includes catching up with your peers. Check out how others are doing, checking your progress and their progress. Once a week, typically is enough to keep you on track. It is not overwhelming. It's not over time consuming and therefore your time commitment is not stretched. What NextGrab a coffee, make yourself comfortable, sit back and listen. Click the link if you want to find out more about Our https://www.subscribepage.com/s2c0o0 (Business Growth Club) I love doing this podcast and sharing my love of Numbers with you. Check out the https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (link) to subscribe and do not miss an episode, https://www.proactiveresolutions.com/contact-us/ (contact) me for help with Number love in your business . In This Episode Understanding why working with others is good for your business Knowing the benefits of continual learning Why accountability is a positive thing for you and your business Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

View Details

You may be thinking, Do KPIs mater? Absolutely, they are a big deal. If you are in business, you need to understand what is going on. This week's episode is about measuring your https://www.proactiveresolutions.com/measuring-performance-in-business/ (performance), making judgements, and getting opinions. From the cradle to the grave we make judgements, we express opinions, we tell people what we think, we act, we behave from the cradle to the grave. That does not stop when you run your business, does it matter what people say? Does it matter what their opinions are, how they behave, what their actions are. Should we care? Absolutely yes you should care. If you're in your business, whatever that business is, whatever shape or size your business is, to survive, thrive, and prosper, then it's absolutely critical that you get a https://www.proactiveresolutions.com/budgeting-setting-targets/ (gauge) that you measure all those interactions with your suppliers, your employees, and more particularly your customers. Why KPIs matterWell, they matter for several reasons. They are a framework to measure your businesses performance You become more accountable The truth is revealed about how your business performance KPIs help give you actionable ways to achieve your business goals Making judgments, adjustments and staying on track.

What KPIs?It is said that you cannot manage what you cannot measure. You measure what is important for your business. Do not use measures for somebody else's business, but important for you. Remember that every business is different, with a different shape and goal. Consider what is important for your business to succeed. Typically, this could be gross margins by product or overall, https://www.proactiveresolutions.com/free-resources/ (cash flows), and efficiencies. However, do not just measure financial stuff. Take a balanced approach in your business and look at the entire ecosystem. Customer and employee satisfaction are critical. Customer feedback and staff retention are 2 useful KPIs. Pick four to six KPIs that matter help you reach your Northern star, your end goals. How to use KPIsThe managing is just as important as the measuring. If you don’t do anything with the data, there’s no point having it. Once you have the information, you can act on it. Having the information enables you to drill down and learn more. Ask questions of the numbers, and decide based on it. There are lots of https://kpi.org/KPI-Basics (different types) of https://www.klipfolio.com/resources/kpi-examples (software) out there to help you manage KPIs, but you might do just as well with a spreadsheet or your own Google dashboard. Whatever kind of business you have – service, manufacturing, sales, solopreneur – KPIs matter. What NextGrab a coffee, make yourself comfortable, sit back and listen. If you want to join out business growth club then click the https://www.subscribepage.com/s2c0o0 (link) to find out more. I love doing this podcast and sharing my love of Numbers with you. Check out the https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (link) to subscribe and do not miss an episode. Help me spread that Number Love by downloading it, listening, and acting! In This Episode Understanding what Key Performance Indicators, KPIs are Knowing what KPIs to use for your business Looking at how to use KPIs Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

View Details

Building Your Business Growth Road Map is highly recommended in any business situation. This could for business growth, pivoting, or sustainability. William Hurley said this about ideas. Ideas are cheap, It is building them into https://www.proactiveresolutions.com/what-is-profit/ (profitable) companies that is hard ideas. I like insects. Many are born, but few live to maturity. In this week’s episode of ‘l Hate Numbers’ I talk about the why, the what and the how of building your own business growth map. Why a Business Growth Road Map?Your business road map, a plan under any other name is invaluable and gives you Accountability Plans minimise risk They give you direction Focus becomes a watchword Easier to achieve your objectives

Don’t delude yourself into thinking that what’s in your head is good enough, not having a road map means that you're forever chasing your tail. What is in Your Business Road Map?Your business road map converts your ideas into something more meaningful. The purpose is to get you to your end destination, the destination that you choose. How do to build and use Your Business Road Map?Brain dumps are the start part of the process. Imagine tipping out the ideas and thoughts in your brain, however chaotic, however unstructured. That is the start of the process, you can use that brain dump to generate content. Your business road map includes several elements. Your mission, your reasons for being End destination, your Northern Star where you want to end up Measures to monitor your progress Customers: Doing a 360-degree audit of your client base Your They can't be, and shouldn’t be avoided The vital ingredient to make your road map come to life and be achievable

You need perseverance and tenacity. There is going to be time just when it's going to be quite lonely. It doesn't feel to be working. And there's going to be times of elation. It is not easy achieving https://www.proactiveresolutions.com/three-tips-for-your-business-growth/ (business growth). It's like turning up at the gym and hoping those abs will just appear. What NextGrab a coffee, make yourself comfortable, sit back and listen. If you want to join out business growth club then click the https://www.subscribepage.com/s2c0o0 (link) to find out more. I love doing this podcast and sharing my love of Numbers with you. Check out the https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (link) to subscribe and do not miss an episode. Help me spread that Number Love by downloading it, listening, and acting! In This Episode Understanding why you need a Business Growth Road Map Knowing what your Business Growth Road Map contains How to build your Business Growth Road Map Looking at Numbers and Leadership Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

View Details

VAT or Value Added Tax is this week topic of I Hate Numbers. In the UK alone VAT https://obr.uk/forecasts-in-depth/tax-by-tax-spend-by-spend/vat/#:~:text=In%20our%20latest%20forecast%2C%20we,per%20cent%20of%20national%20income. (raises) £136.6 billion. This is approximately £4,800 for each household, 17% of the total UK tax take. The https://en.wikipedia.org/wiki/Value-added_tax#:~:text=As%20of%202018%2C%20166%20of,a%20sales%20tax%20system%20instead. (majority) of countries have VAT or sales taxes, so VAT is a big deal. In this episode we are going to look at what VAT actually is. What's the role of a business that's involved in VAT? How does VAT affect your prices? We may even volunteer to be VAT registered and be involved in the system. Value Added TaxVAT is a tax that's charged on taxable supplies of goods and services, by a taxable person, during the course of a https://www.proactiveresolutions.com/limited-company-vs-sole-trader/ (business). Forget the language of sales and purchases, it's all about supplies! Taxable supplyThe episode looks at what a supply is and describes the three types of supply: Exempt supplies Outside of the scope of VAT. Taxable supply

Taxable supplies and then broken down even further into two subheadings. Zero-rated supplies.These are taxable, but the rate is zero! Typically children's clothing, newspapers, most food and medicine. Standard rated supplyThis is the catch all category. Anything that is not exempt, outside of the scope of VAT, or Zero-rated is a Standard rated supply. The headline UK rate is 20% Taxable person. A taxable person is a business that is required to be registered for VAT. So, what do the legislators mean by "required to be registered"? There are two forms of registration. Compulsory registration.Based on values of supplies. That is the right type of supply. Once you are registered for VAT, your role is effectively an unpaid tax collector and administrator. You have a responsibility, not by choice, but one that's imposed on you. Charge VAT correctly, keep the relevant records and collect the VAT from your customers.. If you do not follow the rules, then you will be fined, get penalties and at worst you can be prosecuted. Voluntary RegistrationIt sounds crazy. Why would a business wish to volunteer ti be an unpaid tax collector and administration. Get it wrong and you could be fined, pay penalties and interest.. Have a listen to the episode to find out more about voluntary VAT registration. TakeawaySo in summary VAT quite a scary tax. You are the tax collector, the administrator, and if you are selling largely B to C, then VAT will represent a price hike for your customer. But also, VAT represents an improvement in your profit trajectory in your https://www.proactiveresolutions.com/self-employment-is-a-risky-business/ (business) direction. So look at that as a positive. Take action!Value Added Tax impacts you business and you. Listen to this podcast episode, learn about more about how Value Added tax affects your business. Grab a drink, make yourself comfortable, sit back and listen. I love doing this podcast and sharing my love of Numbers with you. Check out the links below to subscribe and do not miss an episode. Help me spread that Number Love by https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (downloading) it, listening, commenting, and acting! Get in https://www.proactiveresolutions.com/contact-us/ (touch) with us to find out more about VAT. For more business and finance , https://www.proactiveresolutions.com/news/ (news), advice and tips, don’t forget to watch our weekly broadcasts, listen to our weekly podcast https://www.proactiveresolutions.com/podcasts/ (I Hate Numbers). Pro Active Resolutions The Numbers Crew – Here to help you!

This...

View Details

Freedom is something that everyone looks forward to when self-employed. More time for yourself, live life on your own terms. However, just like the https://www.proactiveresolutions.com/risks-of-self-employment/ (business and financia)l risks, there are personal and lifestyle risks associated with self-employment. Now do bear with us here, we aren’t talking about risk to put people off self-employment. We just want you to be aware of the risks so that you can manage them and take advantage of what lies ahead. So let's get into it! We will be covering three main topics in this episode Personal and Emotional risk Lifestyle implications Practical suggestion to manage time and risk

One of these suggestions involves you being the key employee in your business. Sounds a bit odd, but have a listen and find out more Personal & Emotional RisksThere are many when self-employed. These include InstabilityThere is no such thing as a job for life when you are employed. Your employer may not want to see you go, but you may wish to move on. When you are self-employed you appreciate that no customer is forever. Keep in mind that theres no certainty here. So always be on the lookout to create resources and business opportunities in case things start to dry up! Personal developmentMake sure that you plan for that career and personal development and make sure that you're on top of your game in your business. PassionFeeling passionate about your business is a good thing but is not the most important. Just because you love something does not necessarily mean that it should be converted into a business. Instead, research your business idea, check its viability and make sure there's a sufficient number of people out there that have got a problem that you are looking to solve. Feeling passionate is important, but passion doesn't pay the bills. WorkloadI myself am victim to this. This can mean putting off tasks that you don't enjoy, and we're talking about tasks that are absolutely critical for your business. This can sink a business faster than anything else! If it's a task such as getting a quote out to a client, picking up that phone, updating your accounts and records to get them off to the https://www.proactiveresolutions.com/tax-and-your-self-employed-business/ (tax) authorities. You must make sure that you prioritise and know that you can't afford to waste time on unimportant tasks while those critical ones pile up. Obviously, all tasks need to be done, but prioritisation helps. If you haven't got the time, think about investing some, energy and money in bringing on somebody on board to help you out. LifestyleLooking back over my 25 plus years of being self-employed, one thing that I can say is that lifestyle is severely impacted both in positive and negative terms. From here on out your lifestyle will not be that of an employee. Your working hours are going to be slightly different. When I say slightly I mean a lot more. Most of us starting out won't have an office space to go to. We'd typically start in a spare room in our house. As for myself, I started my business in my back bedroom. In the early stages of your business, big office space are not a critical need. Eventually, when things pick up, you can move out of that back bedroom, as I did myself. Though I must say, homeworking does bring its own challenges and risks as well as some potential rewards. Pyjama working certainly does have its attractions! Practical tipsSome tips I can share with you on lifestyle. Consider having two computer log-ins on your PC or laptop, One is for your business and one for social. Consider applying the same have to your mobile numbers, and remember to turn that phone off. it's a lesson that I am slowly learning myself. You might not necessarily do a nine to five, but give yourself a start and end time every day. Schedule breaks, arrange network meetings at breaks or at lunch....

View Details

Being your own boss has a good ring to it, but there are Risks of self-employment. Making that transition to being self-employed is what millions dream about. It's filled with excitement, nerves, and a whole host of other emotions. I still remember clearly making that transition over 25 years ago. It was good decision for me, not without its mistakes, successes, highs, and lows. In this episode of I Hate Numbers I am going to run through 10 financial and business risks you are likely to face on your self-employment journey. Buckle up! Risks of Self-EmploymentIf you have an idea of your business future, a plan, and the challenges and actions then you have choices. You can figure what you need to do to minimise risk and maximise opportunities. Avoiding bankruptcy becomes a lot easier! Here is a flavour of some of those business risks, more are covered in the podcast. Business structure.Number one is the structure that you choose for your business. Main choices come down to sole trader vs. limited company. We've dived deeper into this in our last podcasts Have a listen and get up to speed. Saving and hustling.Who knows what lies ahead ? Certainly, the current pandemic has shown how life can be turned upside down . Cash flow is what keeps you going and enables you to survive and thrive . Put money aside for those times when things are slow, don’t stop marketing, hustling, and selling. Taking care of yourself.In the early days of your business money is not going to be plentiful. When you become self-employed, you don't have the benefit of holiday entitlement, sick pay, or pension schemes. You must take care of all that, you are solely responsible for earning your living. No work, no money, at least in the early stages of your self-employment. Insurance may help. At some point when you might be slowing down or when you want to change direction in your life, you need to have funds built up to sustain yourself. Pensions, savings, whatever your choice, think and act now. A personal survival budget, with your business budget are recommended. Working Capital.Working capital is the money that you need for the day to day business operation and activities. Imagine your business as a beautiful car. The car won't get you anywhere without fuel into the tank to make it run, to make it operate. Your working capital is the fuel that will keep your business going so that you reach your destination. Poor working capital means your business will be running hand to mouth, and on the edge of stopping! Even if you run a business from home with a simple laptop at your kitchen table, you need to make sure you've got money to pay those ongoing bills. Take action!Here are just some of the risks involved with your self-employment start-up, and ongoing. Have a listen to the rest of this podcast episode to learn about more challenges that lay ahead. Grab a drink, make yourself comfortable, sit back and listen. I love doing this podcast and sharing my love of Numbers with you. Check out the links below to subscribe and do not miss an episode. Help me spread that Number Love by downloading it, listening, commenting, and acting! Coming up!Next week I'm going to be looking at the personal and lifestyle risks that you have when you're your own boss. Stay tuned! In This Episode

Preparing yourself for self-employment. Understanding the risks involved with going out on your own. Managing your personal and business finances. Understanding what you need to sustain your business.

Linkshttps://eur04.safelinks.protection.outlook.com/?url=https%3A%2F%2Fpodcasts.apple.com%2Fpodcast%2Fproactiveresolutionss-podcast%2Fid1500471288&data=02%7C01%7C%7C2ed0f114f566495ac5d308d815ae691f%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637283186116135289&sdata=n07df6flciw3Q91GjDimqqIWiREDHUg8lP%2B6%2BdsrtIk%3D&reserved=0...

View Details

How do you see your business future, optimistically, pessimistically, or is the jury out? Whatever your outlook, you cannot afford to stand and be swept away by inaction. In this episode of ‘I Hate Numbers’ I talk about looking at your business future in terms of growth and using the MCP approach to driving forward and growing your business. To be fair MCP is also needed if you want your business to stand still. What is MCP?MCP is not some new medication or drug, MCP is shorthand for Mindset Capacity Performance

As words they mean nothing, or different things to different people. Let me give you a flavour of each, the podcast delves deeper Mindset: It affects how we tackle anything, and spoiler alert, we need a combo Capacity: Capability is another way to describe this, and no one business has it all.

Performance: Be less dog, do not chase your tail. Check & manage your progress Set your Northern StarYou need to set your own Northern Star for your business. Your Northern Star represents your business destination, your business goals.

MCP is nothing unless you know what your Northern Star is. MCP is there to help you reach that destination point.

Good to Know

It is largely in your hands as to how your business and financial story unfolds. This doesn’t mean that prosperity is guaranteed, though that would be wonderful if I could guarantee that. However, not taking MCP on board gives you that edge, that extra opportunity. Do not over stress if your business growth does not go in a straight line. All of us in business make mistakes, if you have not then you are extremely fortunate or telling lies. What Next

Grab a coffee, make yourself comfortable, sit back and listen. I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode. Help me spread that Number Love by downloading it, listening, and acting!

In This EpisodeUnderstanding the MCP approach for your business growth Knowing that progress depends on a destination point and setting milestones Appreciating that MCP is not just a checklist and it’s perfectly natural that flip ups will, and do occur Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

If you are self-employed, you are basically your own boss. This was the topic of my podcast last week. Check it out if it you haven’t had a chance to listen to it, or need a refresher In this episode of ‘I Hate Numbers’ I talk about tax and your self-employed business. I dive deeper in this week’s podcast and look at the difference and add some numbers. Sole trader vs limited companies There are approximately 3.5 million sole traders and 1.9 million limited companies in the UK alone. It seems right to look at these two ways to ruin your self-employed business, partnerships get a look in. Tax and Choice of Business Structure “Death, taxes and childbirth! There's never any convenient time for any of them.” - Margaret Mitchell, Gone with the Wind. You should not ignore tax when deciding which business structure. Tax is factor in your decision making. Good to KnowDifferent business structures mean different tax consequences. The heavy lifting of reading the tax rules, how it works, how much and impact has bene done for you. Being aware of how you are taxed, helps you plan for it, minimise it (legally of course) and not get caught out

What Next Grab a coffee, make yourself comfortable, sit back and listen.

I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode. Help me spread that Number Love by downloading it, listening, and acting!

In This Episode Understanding how the different taxes work Knowing the various taxes for sole trader’s and companies How you decide what is your best business structure for tax purposes Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

When setting up a business one of the first considerations you will have to make is what business structure you should choose. The common options are whether to operate as a limited company, a sole trader, partnership, or a charity! In this episode of ‘I Hate Numbers’ I talk about the options available for choosing your business structure (also known as business form), and how to decide. Mini spoiler alert if you are your own boss then you are self-employed! Why business structure is importantOnce a decision is made your actions will have consequences in a number of areas, including Your financial records and accounts Personal liability Taxes Raising money Tax planning Management structure and decision making

Options, money, and taxesIn most things in life and in business there are always options. That is no different when it comes to deciding on your business structure. Many end up with a business structure by default, without thinking what is best for their business now, and for the future. This episode lays down the foundations (excuse the play on words) for Options Features Decisions Money and taxes

Good to KnowYour business structure can change and evolve over time. You can even have differing types to suit how your business empire is made up, and where you are in your business cycle. In my next podcast I get down and dirty with money and taxes. Different business structures = different tax consequences What NextGrab a coffee, make yourself comfortable, sit back and listen. I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode. Help me spread that Number Love by downloading it, listening, and acting! In This EpisodeUnderstanding the differing types of business structure Knowing what each type of business structure has as its strengths How to decide what is suitable for your business Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Your Future Business Story, shorthand budget, translates and converts your business story and action plan into financial terms. Check out my previous podcast which talks about why your business plan is a smart way to map out your future story. In this episode of ‘I Hate Numbers’ I am going to be talking about developing, producing and using your budget to help turn your business dream into a closer reality Why you need a Budget Your budget is your 12-month footprint, that normally connects with your three to five-year business plan. Budgets create accountability and targets. Clear targets motivate people to high performance levels. The numbers in your business are used to create a budget, a plan, an aspiration. Budgets are your stories of tomorrow. They show choices, aims and objectives. Targets are typically shown in terms of money, i.e. income, costs, and profits. Targets play their part in motivation and performance. Building Your Budget In this podcast I talk about starting with your business story and then using number Lego bricks to build the numbers you need to know. Actions have consequences, and in the world of business, business have consequences for your numbers. Sales and costs, profit and cash all come money in and money are affected by our actions. Listen to find out more Monitoring and Making Judgements “Your numbers are there to measure how well your business journey is going. Use your numbers to translate your business story into financial outcomes. If income is more than expected, and/or costs less expected then this is over performance. If income is less than expected, and/or costs more than expected then this is under performance. A cliched phrase is what ‘gets measured gets done’. While we are talking clichés let us throw in another, ‘manage what your measure’. When you start measuring and managing using numbers, performance improves. Do not use any old measures, use ones that are controllable, relevant and meaningful to your business. Good to Know Numbers can be used to set targets. If you have targets you can control and improve. Be careful though, if targets are too tight and difficult then getting the best from your team will not happen. Looser, or easier targets, which have little motivational effect, will usually be achieved. What Next Grab a coffee, make yourself comfortable, sit back and listen. I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode. Help me spread that Number Love by downloading it, listening, and taking action! In This Episode Understanding the importance of your business story to create your budget Knowing how to assemble the key parts of your budget, using number Lego The vital role that your budget plays in delivering your business vision Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

Links https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins https://www.stitcher.com/podcast/proactiveresolutionss-podcast https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

“If you fail to plan, you are planning to fail” - Benjamin Franklin. That saying applies perfectly to business planning, or as I like to see it, planning your business journey. In this episode of ‘I Hate Numbers’ I am going to be talking about Planning your Business Journey, how to turn your business dream into a closer reality Why you need a business plan Your business plan is a smart way to map out your future story. Lots of businesses do not bother writing one, then again lots of businesses do not survive and thrive. If you fancy running a business and making money, then have a listen. If you would rather have a time-consuming hobby and chase your tail, then read no more. You hear business plan, and think it is only needed when you are after funding. You hear business plan and think a waste of your time and energy. You hear business plan and think what I need one for, I know what I am doing. If that is what you think or been told, think again, Content A good business plan makes sense of your jumbled-up thinking. A good business plan helps you focus, chucks that outdated thinking onto the rotting veg pile. A good business plan focuses the mind, brings clarity to where you want to take your business and helps you make money. We need to consider the main building blocks to our business story, to our business planning. We need a coherent and consistent story. The main chapters, the main building blocks include ✅ Business Summary & Purpose ✅ Business goals and objectives ✅ Markets and competitors ✅ Sales and marketing ✅ Operations (not the medical kind) ✅ Your Numbers ✅ Risks ✅ Monitoring and accountability Numbers “A Business Plan with no numbers & detail is like going to a restaurant that doesn’t serve food, it’s pointless”, Your numbers for your business plan reflect the story to be told. Numbers come second, get your story straight, overlay the numbers, edit, review, and publish. Your business plan is there to help make you money, not run a hobby. If you want to make money, you need to spend, understand risk, control, and bring that money in. Good to Know “Everyone has a plan 'till they get punched in the mouth.” Mike Tyson. Your business plan is not cast in stone, you need to react and adapt to changing circumstances. You need to grab opportunities that come your way, ones that you had not envisaged. However, keep a focus, and do not be distracted by shiny business baubles. Put in that sweat to get that equity. What Next Grab a coffee, make yourself comfortable, sit back and listen. I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and don’t miss an episode. Help me spread that Number Love by downloading it, listening, and taking action in your business. In This Episode Understanding the reasons why your business planning is about story telling Knowing the key parts of business planning and how they fit together The vital role that your numbers play in your business planning Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

“There is no such thing as luck. Luck is when opportunity meets preparation. Ice T “ In this podcast I talk about the steps required to migrate to Cloud Accounting. Last week’s episode talked about how Cloud Accounting connects you more easily to your numbers, navigating your business present & future with ease. Your mobile phone can double up as part of your Cloud tool kit, it also is useful for making calls! The 3 stages to Cloud Migration, Onboarding if you want, are covered, these stages are Stage 1: Preparation This involves ✅Agreeing on the applications to plug into ✅The people in your business to involve ✅The training and support required ✅What products, services and/or projects to track ✅The date to go ahead ✅The Cloud version that suits the business Stage 2: Transferring This is where the heavy lifting part is carried out. It is the transferring & setting up what your business wants and needs, and covers ✅Existing financial info ✅Customer & supplier records ✅Bank accounts ✅Meaningful account headings ✅Information Display Dashboard ✅Sales invoices and quote templates Stage 3: Go Live All is ready for your new Numbers world to go live. Once that is done it's all about moving forward In This Episode Knowing the stages involved in Cloud Migration, i.e. getting ready for Cloud Action The part that your mobile phone plays in running your Cloud Systems Using your Cloud Accounting system to help your business keep the cash wheels moving Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Recording and Capturing your Numbers is a must do if you want to take your Business seriously. Last week’s podcast looked at the how bookkeeping gives life to your financial and business activities – and helps you make money. In this episode of ‘I Hate Numbers’ I am going to look at the options for keeping your financial records, the pros and cons, my thoughts and suggestion. Your Numbers Are Your Best Business Friend Watching paint dry, taking a cold sales call, or a poke in the eye with a sharp stick seems more enjoyable than dealing with, and recording your numbers. Numbers make you accountable, showing you the impact of your successes and fu** ups. To Above all, learning to love & use your numbers means you a better chance of making money, what is not to love Numbers have feelings & are the misunderstood actors that give life to your business script. Manual v Digital Systems Recording and Accessing your Numbers comes down to basic choices. You can either go manual, which to me is spreadsheets (electronic pen and paper) or tap into the Cloud. Each has their pros and cons, make your decision not on how big your business is, but where you want your business to go. Cloud Systems In the Business Number world Cloud Accounting is the new kid on the block. Born into the NetSuite family back in 1998, its only friends were large & rich business types. Smaller businesses just pressed their noses against the Cloud Window & looked enviously in. Face forward to 2010 and then accounting on the move came about. Your business no longer must be chained to your desk to record financial data, & gain insight into your business story. A decade later and the cosy club of Cloud Accounting has opened its doors, and adolescent businesses rub shoulders with businesses that are older and bigger. Good to Know When you have mastered numbers, you will in fact no longer be reading numbers, any more than you read words when reading books. You will be reading meanings.” W.E.B. Dubois. What Next Grab a coffee, make yourself comfortable, sit back and listen. I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and don’t miss an episode. Help me spread that Number Love by sharing it this podcast and others with your network. In This Episode Knowing the options for how to keep financial records The pros and cons of Manual v Digital Systems Understanding the power of Numbers Developing your own Numbers confidence and decisions Take more control of your numbers to help make you money, survive and thrive

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Welcome to today’s episode of I Hate Numbers where Bookkeeping is the topic. Travel back to Ancient Mesopotamia, Babylon, Assyria & Sumeria and you will see they have got their bookkeeping & accounting sorted. Documents from ancient Mesopotamia show lists of expenditures, & goods received & traded. Nearly 7,000 years later how records are kept has changed, however the reasons for doing so remain the same. Why Keep records We take videos and pictures to capture moments that we will treasure for life. We do that so we never forget. Your business may process 100s of transactions daily. With all that going you cannot keep reliable mental notes. You need to make a record of your business financial events. Bookkeeping is one business task that you cannot fully escape. Your financial transactions show what you spend, what you earn, the ins & outs of your bank accounts – note them, somehow. Information for all over needs to be recorded. Our paper receipts, e-mail receipts (damned you Amazon), and the ones keeping the office draw company Benefits of bookkeeping “In business, people with expertise, experience and evidence will make more profitable decisions than people with instinct, intuition and imagination.” Amit Kalantri . An effective bookkeeping systems brings immense satisfaction, power, knowledge. Business decisions should be based on more than instinct. Instinct is useful, evidence is stronger. In addition, you need to be aware of your profits or losses. Bookkeeping gives life to your financial and business activities. Conclusion When you have your business engine ready, a decent bookkeeping system then your life can feel liberated. The power of this insight and knowledge is numbers gold If you do not capture the moments from your transactions, then you have no number business story to tell. Financial records are words to our story. Those words show us how much money we are making, where the money is going, helps us figure out what our financial future holds. What Next Grab a coffee, make yourself comfortable, sit back and listen. Start thinking about the many financial transactions that carry out in your business. We want to make calm out of chaos. I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode. Help me spread that Number Love by sharing it this podcast and others with your network. In This Episode Why keep financial records Capturing the words to your business story Developing your own Numbers confidence and decisions Take more control of your numbers to help make money

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Welcome to today’s episode of I Hate Numbers where we talk about Break Even. Making profits is what your business should aim to do. The financial milestone before that is for you to break even. Knowing your break even gives you better business insights, greater accountability and helps you make more profit in your business. What is Break Even Your business breaks even when your sales covers all your costs, neither a profit nor a loss is made. However, you can look at break-even for your whole business, or for your individual products and services. Listen in to learn more. Calculating your business break even Figuring out and looking at your costs is the first step. You need to understand costs in terms of how they react and behave according to your business activity. In this podcast we revisit Fixed and Variable costs. We talk lemonade selling to illustrate break even, listen to find out more. Conclusion However, that is not all, break-even analysis can also show you how much profit or loss you can make at different sales levels. Break-even is your powerful business management tool. What Next Grab a coffee, make yourself comfortable, sit back and listen. Start thinking about the costs that stay static and those that change in your business. Think about your own business break-even. I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode. Help me spread that Number Love by sharing it this podcast and others with your network. In This Episode Why knowing your break-even is such a big deal ? How to calculate your break even Developing your own Numbers confidence and decisions Take more control of your numbers to help make money

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Knowing Your Costs Make You Money Welcome to today’s episode of I Hate Numbers. Knowing your costs makes you money, a statement of the obvious perhaps. The thing with statements of the obvious is we sometimes forget the business basics. In this episode of ‘I Hate Numbers’ I am going to take a real cool way to look at your costs and for you to get great insights into your business. I don’t mean whether they're naughty, or nice, but how they react according to what your business does. Why you should know what your costs are Having a great product, customer focus, working hard, marketing, are all important. Knowing your costs helps you with a lot more, including Calculating your profit, current and future What prices to charge Your break-even Putting together your budget Controlling what you spend Which customers lose you money

Cost Behaviour and Business Activity Cost behaviour is all about how your costs react and change. We need to factor in business activity to complete the picture. Some of your costs stay the same, whatever your business does; some of costs change, based on what your business does. Listen to find out more. Conclusion When you understand your costs more, you’ll inject oomph into your money making. The power of this insight and knowledge is numbers gold What Next Grab a coffee, make yourself comfortable, sit back and listen. Start looking at your costs and see if you can match make them to your business activity. I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and don’t miss an episode. Help me spread that Number Love by sharing it this podcast and others with your network. In This Episode Knowing your costs makes you money Why understanding your costs is a big deal Understanding what costs behaviour means Developing your own Numbers confidence and decisions Take more control of your numbers to help make money

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Introduction Welcome to another weekly episode of ‘I Hate Numbers’. The podcast that wants you to get acquainted with your best Business Friend. The friend that won’t lie to you, the friend that you need in times of turbulence, times of calm and times of prosperity. That friend is your numbers. Where profit is, loss is hidden nearby, Japanese Proverb. In this week’s podcast I look at profit, and then go one step further and talk Gross profit and Net Profit. Importance of Profit Your business journey map should have profit as a destination point. If your destination is set for sales alone, then change your route or abandon your journey, it’ll end in tears otherwise. Cash is pretty important as well, sales though, well it’s like ‘all fur coat and no knickers’ Gross Profit and Net Profit In the world of numbers Gross doesn’t mean unpleasant or disgusting - though making a rubbish gross profit is. In this podcast I talk about Gross Profit and the relationship it has with Net Profit. When you set your numbers dial to profit, refine the calibration and mark it in terms of Gross and Net Profit. Gross Profit and Net Profit, understand them and keep an eye on them if you want your business to carry on, survive and thrive. If you don't do this then you are missing a trick, and your business can suffer and lose money Revenue is Vanity, Profit is Sanity, Cash is Reality “Don’t waste all your energy and focus on sales alone, shift your thinking to think about your profits” Mahmood Reza Who doesn’t love making a sale? I certainly do. It’s like a legal dopamine rush, that elation and feeling of happiness. Be very aware though. If you are not making profits, then that feeling of happiness can quickly make you feel like you want to pull the head off a teddy bear, or punch Bambi. If that trend continues then all those dreams of yours will stay unrealised, unfulfilled and in the distant horizon. What Next Think profit, more than sales if you want to make your business to survive and thrive. A virtual high five from me for listening. Subscribe to the podcast so you don’t miss an episode. Pro Active ResolutionsThe Numbers Crew – Spreading Number Loving Care! Links https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins https://www.stitcher.com/podcast/proactiveresolutionss-podcast https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Cash FlowWelcome to today’s episode of I Hate Numbers. When you are in the eye of a financial storm what’s the one major thing that’s going to get your business through it. That one thing, that protection, that comfort blanket, that financial lifeboat? Well let me tell you, that one thing is cash, not profits. Today we’re going to have a look at cash, how to build your own cash story, and connect to your best business friend that won’t lie to you, your Numbers! Looking at your cash futureNone of us have time machines, or crystal balls that are 100% accurate, if you do then drop me a line, I’d love to hear more. However, not even taking even a peek into your business future may be understandable, but it’s not sensible. Looking ahead, certainly in number terms is always going to be a challenge. Figuring out the cash coming in, the cash going out and what you’re left with is what you need to do. If you don’t do that, then however awesome your business is, it won’t survive and thrive. What we know, what we think we know, what we don’t know Build your future cash story is based on

What we know

What we think we know

What we don’t know

Once you look at things in that way, it all becomes easier

Using your cash forecastWhen you have built your cash forecast, take a step back and check out what it’s saying. Once your see what your Numbers, your best business friend is saying then you can make beautiful and meaningful business decisions. If some months (or weeks) look tough, then you have options; if things look positive, you have options.

You know only too well that running your business means that there are times we must put those big girl/boy pants on. Your cashflow forecast, will help you decide when that time is to wear those pants.

What NextGrab a coffee, keep something stronger to later. Start looking at your cash future and help navigate your business through choppy waters, and not just when it’s calm and warm.

I love doing this podcast and sharing my love of Numbers with you. I’d love it if you could help me spread that Number love and share with others.

In This Episode Why cash is important for business continuity, and growth

How cash forecasting puts you in the driving seat of your Business

The approach to building your own cash story

Developing your own Numbers confidence and decisions

Take more control of your numbers to help make money

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

The Language of Accounting Welcome to today’s episode of I Hate Numbers. Today we’re going to have a peek at some of the language that Accounts, and Finance people use. It can be an alien language if you are a stranger in the Number’s world. I am learning the ropes of podcasting, and enjoying the experience and sharing the world of Numbers with you Buzzwords and Jargon Buzzwords and Jargon are useful shortcut words. Let’s be honest, all businesses have them. However, if we don’t understand the buzzwords, we may miss a trick, become disconnected from the power of numbers, and would rather watch paint dry. Let me share something with you, once you get to decipher the language, a whole new world of possibility opens. Financial Statements In our business, a whole bunch of things are going on which have a financial impact. Things are bought and sold, money comes into the bank, money leaves the bank, we buy things we don’t want to sell, we borrow money to make it happen. Through the magic of Numbers filing, all this is put into categories and labelled. Once we have organized and labelled our Numbers then we can produce Financial Statements. So, what, you might be thinking? I can see that, but there is a point. Personal Connection I’ll walk through examples of things we engage in in our daily lives and then connect them into the world of business. I’ll talk you through a story that looks at how much we are worth in financial terms and connect that to your business. Balance Sheet What are these? Why do they matter, and what jargon and buzzwords are used to build this inhabit this statement? The balance sheets is a mix of your business assets and business debt. If you not sure what these are, it doesn’t matter I’ll take you through this. I’ll even a few more buzzwords in, my Numbers language translator was switched on In This Episode What’s a Balance Sheet and Why does it matter The link between your wealth and your Business Balance Sheet Buzzwords converted into normal speak Build your Numbers confidence Realise you know more than you think Take more control of your numbers to help make money

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Learn how to help your business survive and thrive by understanding your numbers. I really hate not getting paid on time without good reason. This episode is about what we can do to get people paid on time. Why is paying on time important? If you don’t pay on time, you are going to have people knocking on your door. The cash generation part of your business is your customers. Policies Don’t get sidetracked. Make sure you do your due diligence on the customer. If you can do a background check, do it. Make sure your customer knows what your business terms are. It’s important to communicate that clearly. 30 percent of business don’t communicate their terms from the start. Make sure you establish those guidelines from the very beginning. Also make sure you portray to the client that you take your credit terms seriously. Tracking If you give a customer an invoice, you need to keep an eye on it. What is your follow up strategy? Have a system in your business that records, when, who and how much. At the end of the week, make sure you are looking at all your outstanding customers. There is an inverse relationship of how many clients you have and who still owes you money. Bigger doesn’t necessarily mean better. If they are not paying on time, really consider how that is impacting your business. Being Consistent Don’t differentiate thinking I like this person and I don’t like this person. Have a consistent system that you apply across the board. A business is a business. The longer you wait to be paid, the more likely it is you won’t get paid. In This Episode Keeping cash flowing Maintaining a positive relationship and getting paid Policies Tracking Consistency Tips and tricks

Links https://www.proactiveresolutions.com/ https://www.linkedin.com/in/proactiveresolutions/ https://www.instagram.com/mahmoodnumbersrockstar/ https://twitter.com/mahmood_reza https://www.facebook.com/proactiveresolutions/

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Learn how to help your business survive and thrive by understanding your numbers. The one thing you really need to keep an eye on is money in the bank. Why is cash so important? Cash is important because if you have no cash in the pipeline and no access to cash, then you won’t be able to pay your suppliers or staff and you won’t be able to invest. Things will ultimately come to a halt. It doesn’t matter how big your business. The one thing that determines survival over anything else, is that cash item. For any business, you need people to supply goods and services to you. Where does that money come from? The main source of cash should be money that you draw or money that you borrow. There is a risk there involved to invest for profit later. You may have items you don’t actually need any more that you wish to sell. The core of cash should come from your customers. Customers are the one’s that are paying your bills. Get more acquainted with looking at your company’s bank accounts. Look at the items going in and out of that bank account. Then you can determine what is necessary. Remember when you look at your bank balance, there may be times that things look very healthy. When looking at that money, how much of it is actually yours? Learn more about cash being the lifeblood of your business, not being scared of what’s going on with cash and how to be more aware of your numbers during this episode. In This Episode What’s been important to me in my business? Cash in your business Connecting closely with your numbers The future prosperity of your business Generating future business Understanding payments and commitments

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

View Details

Welcome to episode number one of ‘I Hate Numbers’. My podcast is for business owners, arts and social enterprises who want to improve their money mindset, make more profit, save time and tax. This is a jargon and BS free podcast, with you the listener in mind. About MeI’m one of nine kids. I knew I wanted to do something to be more in control of my life and myself. My first paid career was in teaching. When you’re a teacher, people think you can’t do anything impactful. Then I got a job in industry and got immersed in the business world. 26 years ago I made my second pivot and I started my own business in my bedroom. I’ve worked internationally and in a number of different sectors since then. I have a good client base here across those sectors. No matter who you are, you can’t get away from those numbers. It doesn’t matter how big your business is, numbers are important. Why should you listen to ‘I Hate Numbers’Numbers are your best friend in business. Your numbers will not lie to you. They will be there for you in the good times, as well as the bad. Getting closer to your numbers relieves anxiety, improves your wellbeing, gives you power and control over your business future. Do not lose sight of the fact that your business, private, social enterprise, or charities must make profit. If making profit is not one of your objectives, you will not survive and have sustainable impact. I Hate Numbers is your friend and companion to help you with your business past, present and future In This EpisodeHow numbers impact you How to have a better business Why people hate numbers Tedious aspect of numbers Giving energy back into your life

Linkshttps://www.proactiveresolutions.com/ (https://www.proactiveresolutions.com/) https://www.linkedin.com/in/proactiveresolutions/ (https://www.linkedin.com/in/proactiveresolutions/) https://www.instagram.com/mahmoodnumbersrockstar/ (https://www.instagram.com/mahmoodnumbersrockstar/) https://twitter.com/mahmood_reza (https://twitter.com/mahmood_reza) https://www.facebook.com/proactiveresolutions/ (https://www.facebook.com/proactiveresolutions/)

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

I Hate Numbers: Recent Episodes

Pro Active Resolutions