200 episodes

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.”

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

I Hate Numbers I Hate Numbers

    • Business

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.”

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

    Gift Aid and Charitable Giving: Understanding the Impact

    Gift Aid and Charitable Giving: Understanding the Impact

     
    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 Scheme
    Gift 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 Works
    When 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 Implications
    To 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...

    • 10 min
    Managing your tax: Tax Planning Overview

    Managing your tax: Tax Planning Overview

    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

    • 12 min
    Fiscal Drag and Tax in the UK

    Fiscal Drag and Tax in the UK

     
     
    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 Drag
    Fiscal 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

    • 9 min
    Paying your Tax Bill: What to do if you can't afford it

    Paying your Tax Bill: What to do if you can't afford it

    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

    • 10 min
    Sales Forecasting: How to approach it

    Sales Forecasting: How to approach it

    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

    • 8 min
    Costs and Operational Gearing: Unlocking Business Insight

    Costs and Operational Gearing: Unlocking Business Insight

    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

    • 10 min

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