I Hate Numbers: Simplifying Tax and Accounting

I Hate Numbers
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I Hate Numbers: Simplifying Tax and Accounting

For some, watching paint dry, or a poke in the eye is better than dealing with their business numbers. I get it, numbers can be scary, confusing, and boring, not what your business is meant to be about. But here’s the thing. If you’re serious about your business, you need to grab hold of your numbers, and connect with them. Falling in love with them may feel weird, but at least be on friendly terms with them if you want your business to survive and thrive. Numbers make you accountable, showing you the financial impact of your successes, a route map to success and highlighting those flip-ups. Above all, learning to love & use your numbers means you have a better chance of making money, what’s not to love. Fundamentally business is there to make money. You need to make money to survive and have impact. It’s about knowing how your future is going to pan out. As a business finance coach, financial story teller and tax advisor, I've helped thousands of businesses over the years. I love numbers, but I get it that not many businesses will do so. I want to share my love of numbers through my podcast, to make it accessible, to help you and your business power forward. My aim is to make this podcast listener friendly, jargon and BS free. In the words of W.E.B. Dubois “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.”

  1. 4 DAYS AGO

    Business Ownership: Facing the Lonely Road with Confidence

    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!

    5 min

  2. 23 FEB

    Financial Jargon: Breaking It Down for Business Success

    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!

    2 min

  3. 16 FEB

    VAT in the UK: How It Works and How to Stay Compliant

    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.

    13 min

  4. 9 FEB

    UK Business Taxes: Understanding Your Tax Obligations

    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.

    11 min

  5. 2 FEB

    Tax basics for self employed: What You Need to Know

    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 Considerations Self 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.

    13 min

  6. 26 JAN

    What to do if you can’t pay your tax bill?

    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.

    11 min

  7. 19 JAN

    Forecasting: How to Predict Your Cash Flow Like a Pro

    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.

    6 min

  8. 12 JAN

    Cashflow Management: Essential Strategies for Your Business

    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.

    6 min
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5
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About

For some, watching paint dry, or a poke in the eye is better than dealing with their business numbers. I get it, numbers can be scary, confusing, and boring, not what your business is meant to be about. But here’s the thing. If you’re serious about your business, you need to grab hold of your numbers, and connect with them. Falling in love with them may feel weird, but at least be on friendly terms with them if you want your business to survive and thrive. Numbers make you accountable, showing you the financial impact of your successes, a route map to success and highlighting those flip-ups. Above all, learning to love & use your numbers means you have a better chance of making money, what’s not to love. Fundamentally business is there to make money. You need to make money to survive and have impact. It’s about knowing how your future is going to pan out. As a business finance coach, financial story teller and tax advisor, I've helped thousands of businesses over the years. I love numbers, but I get it that not many businesses will do so. I want to share my love of numbers through my podcast, to make it accessible, to help you and your business power forward. My aim is to make this podcast listener friendly, jargon and BS free. In the words of W.E.B. Dubois “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.”

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