I Hate Numbers: Simplifying Tax and Accounting

I Hate Numbers
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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. 4D AGO

    Handling Money in Relationships: Practical Steps for Reducing Conflict

    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 Relationships Money 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 Mindsets The 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 Conflict Healthy 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 Plan Financial 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 Relationship It’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 Help If 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 Thoughts Money 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 EpisodeBook a CallWatch on YouTubeI Hate Numbers Podcasta href="https://www.ihatenumbers.co.uk/i-hate-numbers-book/" rel="noopener noreferrer"...

    6 min

  2. NOV 30

    Identity Verification: What Businesses Must Know in 2025

    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 RequiredWhen onboarding new clientsIf risk levels change or suspicious activity appearsBefore offering regulated professional servicesWhen 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 & Address Proof isn't just a name written in an email — it must be documented. Typical verification includes: Passport or driving licenceRecent utility bill or council tax statementBank 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 Matters Not all clients have the same level of risk. Businesses should apply stronger verification when: Clients operate internationallyPayments vary unexpectedlyLarge or unusual transactions occurClients come from high-risk industries Good record-keeping protects you. Compliance is not just a legal obligation — it's a financial safeguard. Record Keeping Requirements Keep 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 Wrong If identity verification fails or is ignored, businesses risk: HMRC penaltiesFinancial loss from unpaid invoicesRegulatory investigationPermanent reputation damage Preventing risk is cheaper than fixing mistakes later. Episode Timecodes00:00:00— Why identity verification matters00:01:32— When checks are legally required00:03:18— What documents are acceptable00:05:02— Red flags & high-risk scenarios00:06:44— Compliance tips for business00:09:11— Final thoughts 🎧 Listen & Subscribe Stay in control of compliance and finance — follow the podcast and never miss an update. Listen on Apple Podcasts🔗 Additional LinksBook a CallYouTube ChannelI Hate Numbers Book

    6 min

  3. NOV 23

    E-Invoicing: Why It Matters for Your Business

    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 Matters E-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 Benefits We 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 Compliance There 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 Started Start 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 Avoid Partial 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 Thoughts E-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 & Subscribe Find more episodes on Apple Podcasts, and subscribe for...

    6 min

  4. NOV 16

    The Pre-Let Property Tax Trap: What Landlords Must Know

    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 Starts Your 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 Capital This is the core of the tax decision. Revenue expenses repair or maintain the property without improving it. Examples include: RepaintingRepairing dampReplacing damaged flooring with similar materialsFixing broken boilers like-for-like Capital expenses improve or upgrade the property. These include: ExtensionsLoft conversionsUpgrading to high-spec kitchens or bathroomsStructural alterations Revenue costs reduce your rental profits now. Capital costs only reduce capital gains tax in the future. Examples That Show the Difference If 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 Matters HMRC 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 Mistakes Landlords 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 Thoughts Understanding 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📘a...

    10 min

  5. NOV 9

    Fuel Perks or Tax Trap: The Truth About Company Car Benefits

    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” Fuel Many 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 Tax The 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 It In 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 Tax There 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 Compliance HMRC 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 Takeaway Fuel 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:a href="https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/" rel="noopener noreferrer"...

    9 min

  6. NOV 2

    Feeling Isolated in Business? You’re Not Alone

    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 Isolation Loneliness 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 Community Connection 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 Journey Being 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 Thoughts The 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:a href="https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/" rel="noopener noreferrer"...

    6 min

  7. OCT 26

    Should You Ever Work for Free?

    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 Sense There 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 Work Working 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 No We 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 Free If 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 Thoughts Working 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 Numbers Join 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...

    6 min

  8. OCT 19

    Community Interest Companies: What, Why, and When

    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 Charities Charities 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 Oversight Every 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 CIC Registering 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 CICs CICs 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 Avoid Running 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 Thoughts Community 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...

    9 min
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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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