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PODCAST

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

business management

All Episodes

07:34

Financial Accountability: Why It Matters in Business

I Hate Numbers: Simplifying Tax and Accounting ·

2025/04/06

Financial accountability is more than tracking money—it is the compass that keeps our business heading toward the right destination. Evidently, without clear direction, we risk getting lost in daily chaos. However, when we embrace responsibility for our numbers, we take control of our journey.Planning With PurposeFirstly, running a business without financial accountability is like setting off on a road trip without a map. Secondly, although we may eventually arrive somewhere, it likely won’t be

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06:23

Jargon: Why Understanding Financial Terms Matters

I Hate Numbers: Simplifying Tax and Accounting ·

2025/03/30

Why Financial Jargon Feels Like a Foreign LanguageJargon can make financial discussions feel like navigating an unfamiliar country without knowing the language. Additionally, many business owners struggle with terms like equity, liquidity, and ROI, which can lead to confusion and uncertainty. However, understanding the basics helps us take control of our business finances. Likewise, learning key financial phrases makes decision-making easier and reduces frustration.The Risks of Not Understanding

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06:26

Passion: Why It’s Not Enough to Succeed in Business

I Hate Numbers: Simplifying Tax and Accounting ·

2025/03/23

Passion vs. PracticalityPassion may spark a business idea, but it is never enough to guarantee success. Many believe that following their passion automatically leads to profit. However, without planning, effort, and strategy, businesses struggle to survive. Therefore, we must approach business with a mindset that values numbers, structure, and sustainable action.Why Planning MattersCertainly, passion can inspire a great vision, but it does not replace the need for careful planning. Likewise, running

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09:56

Hiring: The Cost and Benefits

I Hate Numbers: Simplifying Tax and Accounting ·

2025/03/16

Hiring staff is a significant decision for any business. We know that it comes with both opportunities and challenges. In this episode, we will break down the costs and benefits of hiring employees versus freelancers. Additionally, we will explore why making the right choices can have a major impact on your business’s growth.Why Should You Consider Hiring?Firstly, when you are growing your business, it becomes increasingly difficult to manage everything alone. We’ve all faced the limitations of

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09:40

PAYE: How It Started and Why It Matters

I Hate Numbers: Simplifying Tax and Accounting ·

2025/03/09

PAYE (Pay As You Earn) is a cornerstone of the UK tax system. Whether you’re an employer or an employee, understanding how it works is crucial. Since its introduction in 1944, it has simplified tax collection by taking income tax, National Insurance, and other deductions directly from wages. The system continues to play a vital role today, and we’re here to explore how PAYE impacts businesses and employees, and why it’s essential to get it right.The History of PAYEThe government introduced PAYE

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05:09

Business Ownership: Facing the Lonely Road with...

I Hate Numbers: Simplifying Tax and Accounting ·

2025/03/02

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

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02:24

Financial Jargon: Breaking It Down for Business Success

I Hate Numbers: Simplifying Tax and Accounting ·

2025/02/23

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

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13:04

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

I Hate Numbers: Simplifying Tax and Accounting ·

2025/02/16

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

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11:20

UK Business Taxes: Understanding Your Tax Obligations

I Hate Numbers: Simplifying Tax and Accounting ·

2025/02/09

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

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13:12

Tax basics for self employed: What You Need to Know

I Hate Numbers: Simplifying Tax and Accounting ·

2025/02/02

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 ConsiderationsSelf Assessment and DeadlinesSelf-employed individuals must

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11:00

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

I Hate Numbers: Simplifying Tax and Accounting ·

2025/01/26

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

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06:14

Forecasting: How to Predict Your Cash Flow Like a Pro

I Hate Numbers: Simplifying Tax and Accounting ·

2025/01/19

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

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05:50

Cashflow Management: Essential Strategies for Your...

I Hate Numbers: Simplifying Tax and Accounting ·

2025/01/12

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

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06:11

Billing Mistakes: Tips to Avoid Payment Delays

I Hate Numbers: Simplifying Tax and Accounting ·

2025/01/05

Billing mistakes can severely harm your cash flow and lead to unnecessary stress for your business. Because of poor billing practices, many small business owners find themselves struggling to keep their financial health intact. Consequently, addressing these issues early can make a significant difference in maintaining smooth operations.Irregular Invoicing PracticesFirstly, failing to invoice regularly creates cash flow unpredictability. For instance, when invoices are sent sporadically, it becomes

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05:20

Dividend Paperwork and Documentation

I Hate Numbers: Simplifying Tax and Accounting ·

2024/12/29

Dividend paperwork and documentation are crucial for ensuring compliance with legal regulations. Certainly, adhering to the Companies Act is non-negotiable for limited companies, regardless of size or shareholder structure. Proper records not only safeguard you during audits but also provide clarity for future financial decisions. Accordingly, maintaining accurate records is a wise discipline that helps avoid unnecessary complications.Essential Documents for DividendsThere are two primary documents

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09:12

Dividends and the Director’s Loan Account

I Hate Numbers: Simplifying Tax and Accounting ·

2024/12/22

Dividends and the Director’s Loan Account are essential topics for any business owner who operates through a limited company. Firstly, dividends represent payments made to shareholders from a company's post-tax profits. Unlike wages, dividends do not attract National Insurance contributions. Consequently, they are a tax-efficient way to reward shareholders. However, dividends can only be issued if the company has sufficient profits and positive reserves. Proper documentation, such as board meeting

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08:58

VAT Reverse Charging in the UK

I Hate Numbers: Simplifying Tax and Accounting ·

2024/12/15

VAT reverse charging fundamentally shifts the responsibility of VAT accounting from the seller to the buyer. Unlike traditional VAT transactions where sellers collect and pay VAT to HMRC, the buyer handles the VAT declaration instead. Consequently, this mechanism prevents VAT fraud by eliminating the risk of sellers disappearing with VAT payments owed to HMRC. Furthermore, it ensures compliance and streamlines transactions for certain sectors.Why Does VAT Reverse Charging Exist?Reverse charging

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12:01

Tax Treatment for Limited Companies

I Hate Numbers: Simplifying Tax and Accounting ·

2024/12/08

Tax treatment for limited companies plays a significant role in financial planning and compliance. Additionally, understanding the tax rules can help businesses optimise their finances while meeting their obligations. Basically, limited companies have unique responsibilities and opportunities compared to other business structures.Corporation Tax and RatesFirstly, limited companies are subject to corporation tax on their profits. Unlike sole traders, who pay income tax, this tax applies directly to

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10:13

Tax treatment for Sole Traders Explained

I Hate Numbers: Simplifying Tax and Accounting ·

2024/12/01

Understanding the tax treatment for sole traders in the United Kingdom is crucial for managing your business finances effectively. Sole traders, unlike limited companies, operate without legal separation between personal and business finances. This structure may be simpler, but it comes with unique tax obligations.What It Means to Be a Sole TraderAs a sole trader, you take home all the profits after taxes, but you are also personally responsible for any business debts. For instance, Alex, a

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09:00

Sole Trader or Limited Company: Decide What’s Best

I Hate Numbers: Simplifying Tax and Accounting ·

2024/11/24

Sole Trader or Limited Company—this is one of the most significant decisions you'll face as a business owner. Each option has its own advantages and challenges. However, understanding how these choices impact your business can save you from costly mistakes.The Sole Trader AdvantageA sole trader business is straightforward to set up. Because you and your business are legally the same entity, getting started is simple and affordable. Additionally, sole traders enjoy fewer reporting obligations and

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106 results

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