The UK Tax and Accounting Podcast from I Hate Numbers:

What are your VAT responsibilities when your business becomes VAT registered ?  Do you know what they are when your business becomes VAT registered? You take on responsibilities as an unpaid tax collector working for HMRC. If you do not comply with these responsibilities, then it's likely you will be relegated to HMRC's naughty step.  Above all fines and penalties are likely to follow.&n...

About this episode VAT can feel confusing, awkward, and intimidating for many business owners. However, once we understand the basic principles, the system starts to make more sense. In this episode, we explain how Value Added Tax works, how it affects businesses, and why VAT-registered businesses become part of the tax collection system. We also look at output VAT, input VAT, VAT returns, HMRC re...

Do you struggle with your mental health and money? You’re not alone. Millions of people are struggling with their mental health and money, but it doesn’t have to be that way. There is a solution! You’re not alone. Millions of people are struggling with their mental health and money, but it doesn’t have to be that way. There is a solution! It’s not an uncommon feeling to feel overwhelmed by debt, a...

About this episode Cash keeps the lights on in business. Profit matters, but if cash runs out, the business can quickly feel under pressure. A cash flow forecast helps us see what money may come in, what money may go out, and what could be left in the bank each month. In this episode, we explain how to build your cash flow with a spreadsheet. We look at the first steps, spreadsheet building princi...

Making your cash flow forecast is the most important financial and business task you can do in your business. Running a business is hard. But there’s one thing that will always derail your dreams, scupper your business, and have it collapsing around you - running out of cash. Above all, whatever the size, shape, or type of your business, you must have a forecast. This week my I Hate Numbers podcas...

Cash is your financial priority, which is this weeks I Hate Numbers podcast.  In previous weeks turnover and profits have been in the spotlight, this time Cash is taking centre stage. In this podcast I'm going to look at What cash is Why Cash is your financial priority Tips for managing your cash Listen  to find out more. Why Cash is your number one financial priority Profitable business...

Last week I talked about turnover, this week it’s What are your business profits? Most people see profit as the difference between money in and money out. When people say money, they mean notes and coins, what's in their bank account.  That sounds nice, and easy to calculate. However, we are talking about the world of numbers and business here! Welcome to another weekly episode of I Hate Numb...

What is turnover in business? Turnover is a popular term used in business.  It’s the official terminology used in company accounts, the tax returns of self-employed & partnerships, and is common usage in the business world.  In this week’s episode of I Hate Numbers , I will explain (1) what turnover is; (2) explain how it's calculated; (3) why it's important for your business; and (4...

What are the risks of self-employment? Great question.  Risks and life go naturally together. It's as natural as ham and pineapple pizza gin and tonics and cheese pickle sandwiches.  That's no different when you enter the world of business and you start working for yourself and become, self-employed think of those risks as part of your route to self-employment. In this podcast,...

Can you claim tax back for working at home?  Have you had to work from home because of COVID? Would you like to know how you can claim tax relief and get extra cash into your pockets? Well, carry on listening to this this week I Hate Numbers podcast episode to find out how. Firstly, I will let you know how the tax relief works.  Secondly, how you can check if you are eligible to make the...

If you submit a UK tax return and you owe more than a thousand pounds, then be aware of payments on account. Payments on account are a topic that is not properly talked about or understood, but it can catch out taxpayers.  In this episode I am going to dive deep into payments on account. Firstly, I will look at what Payments on account are, how they are calculated, how to reduce them and when...

Self-employed and want to know more about the fifth Self-Employment grant? Most importantly, the fifth Self-Employment grant differs from previous grants. There’s an extra turnover test to see how much you can claim. This podcast looks at this, grant eligibility, what you must do. In addition, I will share examples and tips. Above all, your claim is based on your reasonable judgement, evidenc...

About this episode In this episode, we explain what a Community Interest Company is and how CICs can support social enterprises that want to make money while creating positive community impact. A CIC can be a useful structure for people who want to run a business with a clear social purpose, without becoming a charity straight away. We also look at the key features of Community Interest Companies,...

When and how to complete form W-8BEN-E is a must for non-US tax resident entities earning money in the US.  This week’s I Hate Numbers podcast follows on from last week. Last week I dealt with individuals and sole traders earning money from the US, who have income from the U S.  This week in I Hate Numbers, it is the turn of companies, partnerships, charities, and single member companies...

Where you are not a US citizen and have money from the US is Why you need to complete form W8. This money could be from your clients, pension income, royalties, dividends, capital gains – you get the picture. Who must complete the W8 form? Most importantly, it applies to anyone who is not a U S citizen who does not have a permanent establishment in the U S. For example, if you are an individu...

Do you want to know the Six steps to managing your cashflow ? Cash is the lifeblood of any company. It's what pays for salaries, inventory, and everything else that keeps a business running smoothly Do you know how to manage your cashflow? This week on the I Hate Numbers podcast, we're going to talk about six steps to managing your cashflow. You'll learn what it means and why it's important for yo...

You may be thinking, "I'm a business owner. I don't need to worry about How different is cash to profits? " But it is important to understand the difference because they are not always interchangeable. Cash is what pays your bills, while profit is how much money you have leftover after paying those bills. If you want to grow your company or just stay afloat, understanding this distinction can help...

Why should you get your tax return in early? This week I Hate Numbers podcast is about Why you should get your tax return in early? Firstly, I am going to share with you the reasons as to why it is beneficial for you to send your tax return in earlier than the deadline. Secondly, I am going to share some tools and resources. Furthermore, a chance to win 50 pounds either in cash or Amazon vouc...

Let me share Three ways to change your attitude to money. Moreover, in this podcast I will look at way you should change your attitude. This week I Hate Numbers is not the just about how you make that change, in addition it’s about why you need to change. Money is power, freedom, a cushion, the root of all evil, the sum of blessings.  All of us in business we think about money, we t...

About this episode Sales can feel exciting, but sales alone do not keep a business healthy. Profit is what remains after costs, time, effort and resources are taken into account. If we want a stronger business, we need to understand what makes profit and what quietly drains it away. In this episode, we share seven tips to increase your profits. We look at profit mindset, why profit matters more th...

When should your business borrow money? And yes, there will be times when it's good for your business to borrow. There will be times when it should be avoided. Planning, attitude, risk, and cost. These are the four things you need to consider when borrowing money for your business. This weeks episode of I Hate Numbers will cover these topics in detail so that you can make a sound decision about wh...

You might be wondering, Should you pay off your business debt early. I have a few thoughts on when to pay off debt , but first let us talk about the four factors that come into play. There are four factors I want to share with you in this weekly episode of I Hate Numbers. How does risk affect your loan decision ? The first factor is risk. If the interest rate on your loan is high, then paying it o...

There are many different business structures available, but What saves you the most tax?. Sole traders , partnerships , limited companies and more. Which one is best for your situation? In this episode of I Hate Numbers I'm going to look at What saves you the most tax? I will look at the difference between the different taxes for sole traders and companies, paying yourself, which structure makes y...

Do you want to start your own business? Don’t know How to decide which type of company is right for you? There are two types of companies that you can choose from when starting a business. Sole traders and limited companies. Both have their pros and cons. Understand your needs before making any decisions about which type of company is right for you. This week’s weekly I Hate Numbers podc...

What pricing strategy is right for your business is one of the most important questions and decisions you will face. Setting the right price for your product is an important part of running a successful business. It's not just about how much to charge, but also what type of price to use. Your choice will depend on your objectives and purpose. There are many different types of prices that companies...