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

    SMART Targets: Turn Creative Goals into Action

    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 For Artists and creatives feeling overwhelmed by big goalsBusiness owners struggling with focus or follow-throughAnyone who wants progress without pressureCreatives looking for clarity, structure, and confidence Main Topics & Discussion Why SMART Targets Matter Now Vague 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 For Specific SMART targets avoid vague language. We replace “might” and “possibly” with strong, affirmative statements like “I will.” Specific goals turn intention into commitment. Measurable If you cannot measure progress, you cannot manage it. Whether it’s minutes walked, emails checked, or pieces sold, numbers give clarity and accountability. Achievable Your targets must feel believable and realistic. If needed, involve a mentor, accountability partner, or supportive community to keep momentum going. Relevant Every target should connect to your bigger picture. Relevance ensures you’re working towards your own creative vision, not copying someone else’s path. Time-Bound Deadlines create focus. A target without a timeframe is just a wish. Time-bound goals encourage action and consistency. Why SMART Targets Beat Traditional Goals Goals 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 Challenge Write 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 Timecodes [00:00:00] – Why creative goals feel overwhelming[00:01:00] – What SMART targets really mean[00:02:00] – Specific and measurable examples[00:03:00] – Achievable and accountability[00:04:00] – Why targets are kinder than goals[00:05:00] – Weekly creative challenge & wrap-up Links Mentioned in This Episode I Hate Numbers PodcastI Hate Numbers YouTube Channel Host & Show Info Host: 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 h2 style="color:...

    5 min

  2. FEB 1

    Claiming Tax Relief Online: What Every Employee Needs to Know

    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 officesWorkers paying for professional costs themselvesAnyone unsure whether they can claim tax reliefEmployees 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 Travel You 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 Subscriptions If 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 Home If 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 Equipment Costs 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 Works Tax 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 Online HMRC’s online expense claim form is now available again and can be used if: Your total claim is £2,500 or less per tax yearYou 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.UK What Evidence Do You Need? HMRC expects evidence to support your claim, so good record-keeping is essential. Receipts or bank statements for subscriptions and equipmentMileage logs showing dates, distances, and reasons for travelEmployment 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 commutingClaiming everyday clothingNot keeping...

    8 min

  3. JAN 25

    Community Interest Companies: Understanding Your Tax Position

    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 CICs CICs 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 Trap VAT 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 PAYE Once 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 Risk CICs 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 Guarantee CICs 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 Treatment Grants 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 Tips Keep Clear Records Accurate records from day one reduce risk and stress. Cloud accounting provides visibility and control. Plan for Tax Bills If a surplus arises, setting aside funds early avoids last-minute pressure. Tax is a sign of success, not failure. Understand Your Obligations Corporation tax, VAT, PAYE, Companies House...

    11 min

  4. JAN 18

    Social Enterprises in the UK: Purpose, Profit, and Structure

    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 FeaturesA clear community purpose must be demonstrated at registrationAn asset lock protects profits and assets for community useCan be limited by guarantee or by sharesMay 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...

    10 min

  5. JAN 11

    Community Interest Companies (CICs): When and Why This Model Makes Sense

    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 a href="https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/" rel="noopener noreferrer"...

    10 min

  6. JAN 4

    Bad Business Habits That Hold You Back

    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.

    8 min

  7. 12/28/2025

    The Power of Procrastination: When Delaying Can Actually Help You

    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.

    6 min

  8. 12/21/2025

    The Power of Attitude in Business Success

    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 Timecodes[00:00:00] Introduction to business attitude and mindset[00:01:33] Why mindset matters more than you think[00:04:05] Fixed mindset vs growth mindset[00:06:50] Attitude and business behaviour[00:09:15] Practical steps to improve mindset[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 LinksI Hate Numbers YouTube Channelspan class="ql-ui"

    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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