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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

09:04

Bad Business Habits: 4 Habits you need to overcome

I Hate Numbers: Simplifying Tax and Accounting ·

2024/11/17

In this episode, we explore Bad Business Habits that can slowly but surely undermine growth and profitability. Surprisingly, many business owners develop unproductive habits without fully realising their long-term effects. Accordingly, addressing these bad business habits is essential for building a sustainable and thriving enterprise, no matter the industry.The Pricing Trap: Harmful DiscountsFirstly, one of the most common bad business habits is underpricing products or services to attract more

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07:10

Dormant Accounts: Essential Compliance Tips for...

I Hate Numbers: Simplifying Tax and Accounting ·

2024/11/10

Dormant accounts play a significant role in business compliance, especially for company directors. When a company is dormant, it’s essential to understand both the Companies House and HMRC perspectives. Although both consider dormancy differently, each perspective brings specific obligations. Accordingly, directors must navigate these to avoid fines and ensure accurate filings.Companies House and Dormancy RequirementsCompanies House defines a company as dormant if it has no significant transactions

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09:32

Shareholders and Directors: Who Does What?

I Hate Numbers: Simplifying Tax and Accounting ·

2024/11/03

Shareholders and directors each have unique roles and responsibilities within a company, yet people often confuse the two. As we discuss this in the episode, we aim to clarify these distinctions for UK companies. However, these principles apply broadly to companies outside the UK as well.Defining Shareholders and DirectorsFirstly, shareholders are the actual owners of the company, holding shares that signify their ownership stake. They may be individuals or entities, and their liability typically

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07:10

Responsibilities of a Director

I Hate Numbers: Simplifying Tax and Accounting ·

2024/10/27

Responsibilities of a Director in a limited company carry both exciting opportunities and substantial responsibilities. Whether we are leading a small business or a larger organisation, being a director means understanding our role fully. Directors in the UK, regardless of sector, must prioritise compliance and the company’s success.Acting Within PowersFirstly, directors must act within the powers defined in the company’s constitution, specifically in the articles of association. These articles

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11:48

Transfering to Cloud Accounting

I Hate Numbers: Simplifying Tax and Accounting ·

2024/10/20

Transferring to cloud accounting is a game changer for businesses today. It undoubtedly streamlines financial operations while providing real-time data and insights. Consequently, businesses can manage their finances more efficiently, ensuring smoother cash flow and more accurate reporting. Additionally, with cloud accounting, teams can access their financial information anytime, anywhere, allowing for more flexibility and collaboration.Why Transfer to Cloud Accounting?Firstly, moving away from

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08:51

Cloud Accounting Myths: Debunking Common Misconceptions

I Hate Numbers: Simplifying Tax and Accounting ·

2024/10/13

Cloud accounting myths often deter businesses from embracing this efficient financial solution. We understand that hesitation can stem from misconceptions surrounding cloud accounting. However, we are here to clarify these myths and demonstrate how cloud accounting can significantly benefit businesses of all sizes.Myth 1: Only Large Businesses Can Use Cloud AccountingMany believe that cloud accounting is exclusively for large corporations. This misconception couldn't be further from the truth. Cloud

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09:19

Cloud Accounting: Embracing the Future of Financial...

I Hate Numbers: Simplifying Tax and Accounting ·

2024/10/06

Cloud accounting is undeniably transforming the way businesses manage their finances. Whether you're running a small business or a large enterprise, this technology offers a smarter, more efficient way to stay on top of your financials. Accordingly, in this week's episode of the I Hate Numbers podcast, we explore the essential benefits of adopting cloud accounting.The Costs of Cloud AccountingTypically, cloud accounting operates on a subscription basis, making it more accessible and manageable for

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14:10

Self-Belief in Business: Avoiding Arrogance and...

I Hate Numbers: Simplifying Tax and Accounting ·

2024/09/29

Self-belief is crucial when it comes to succeeding in business. Undeniably, it can shape how we approach opportunities and challenges alike. Without confidence, even the best plans might falter because hesitation tends to slow progress. Thus, building and maintaining self-belief becomes essential for achieving long-term goals.The Role of Self-Belief in Business GrowthWe know that self-belief directly impacts decision-making. Additionally, when we believe in our own abilities, we are more likely to

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09:33

Economies of Scale: An Introduction

I Hate Numbers: Simplifying Tax and Accounting ·

2024/09/22

Economies of Scale are crucial for businesses seeking efficient growth. This week's episode explains how this concept applies across industries, especially in small businesses and the creative arts. When businesses grow, unit costs generally decrease, leading to more profit when managed well. Additionally, economies of scale provide businesses with the opportunity to optimise resources, which is vital for sustainable success.The Core of Economies of ScaleEconomies of Scale mean that when businesses

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11:49

Operating Profit Margin: A comprehensive guide

I Hate Numbers: Simplifying Tax and Accounting ·

2024/09/15

In this episode, we explore the Operating Profit Margin and its significance for your business. The Operating Profit Margin is a crucial metric that shows how much profit your business generates from its core operations after covering costs such as operating expenses and the cost of goods sold. Knowing how to calculate and interpret this margin is essential for any business owner.How to Calculate Operating Profit MarginFirstly, calculating the Operating Profit Margin involves dividing the operating

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10:31

Inheritance Tax Exemptions and Reliefs

I Hate Numbers: Simplifying Tax and Accounting ·

2024/09/08

In this episode of the I Hate Numbers podcast, we explore "Inheritance Tax Exemptions and Reliefs." We'll explain the key elements that affect inheritance tax, including thresholds, gifts, and the importance of keeping records.What is Inheritance Tax?Inheritance tax began in 1986, replacing capital transfer tax. This tax applies to the transfer of capital value when an individual dies, certain lifetime gifts when the donor passes away within seven years, and some gifts taxed immediately. However,

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09:22

Inheritance Tax: Basic Strategies for Your Estate

I Hate Numbers: Simplifying Tax and Accounting ·

2024/09/01

We often consider inheritance tax one of life's unavoidable topics. Accordingly, we need to understand how it works and learn some basic strategies to minimise its impact. In this episode of the "I Hate Numbers" podcast, we explain what IHT is, how it applies, and share simple tips on planning effectively to avoid paying it.What is Inheritance Tax?Inheritance tax in the UK is a tax on the estate of someone who has passed away. It includes the property, money, and possessions left behind. When the

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11:58

Holistic Tax Planning: A Smarter Way to Manage Your...

I Hate Numbers: Simplifying Tax and Accounting ·

2024/08/25

Holistic tax planning is more than just a buzzword; it is a crucial strategy for anyone serious about managing their finances effectively. We believe that, to truly optimise your tax strategy, you must consider the entire tax landscape rather than focusing on isolated elements. In this week's episode of the "I Hate Numbers" podcast, we explore why taking a holistic approach to tax planning is essential and how it can benefit your overall financial health.The Importance of a Holistic ApproachWhen it

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11:54

Maximising Your Personal Allowance

I Hate Numbers: Simplifying Tax and Accounting ·

2024/08/18

Imagine your income as a delicious cake. Who wouldn’t want a bigger slice, right? Maximising Your Personal Allowance is all about ensuring you keep as much of that cake as possible, even when the tax office is eyeing a big bite. Today, we’ll explain what personal allowances are and how to make sure you’re enjoying the biggest slice of your income cake.What is Personal Allowance?First off, Maximising Your Personal Allowance starts with understanding it. In the UK, your personal allowance is £12,570

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08:10

Save As You Go - The Smart Approach to Tax

I Hate Numbers: Simplifying Tax and Accounting ·

2024/08/11

Managing taxes is one of the many responsibilities of running a business. From personal self-assessment taxes to corporation taxes, the process can be daunting. However, by saving for taxes as you go, we can avoid the last-minute scramble and the stress of finding funds to pay our tax bill.Why Save as You Go?Firstly, consistent saving helps us avoid the panic of year-end tax payments. Rather than scrambling to gather large sums at the last minute, we can steadily put aside money, ensuring peace of

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07:22

Stress and Anxiety: Strategies for Small Business Owners

I Hate Numbers: Simplifying Tax and Accounting ·

2024/08/04

Stress and anxiety are part of the human condition. However, undue stress and anxiety are detrimental. As small business owners, we cope with numerous responsibilities. Besides delivering our products and services, we manage marketing, sales, accounting, and customer service. It's no wonder that many business owners feel stressed and anxious.In this week's "I Hate Numbers" podcast, we discuss four strategies for coping with stress and anxiety, maintaining productivity, generating profits, and

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08:13

Due Diligence: Strategies for Effective Collaboration

I Hate Numbers: Simplifying Tax and Accounting ·

2024/07/28

Have you ever entered a business collaboration or bought a service only to find out it was a mistake? We've been there, and it's likely because of a lack of due diligence. This week, on the I Hate Numbers podcast, we explore why it is crucial, how to conduct it, and its benefits for your finances and well-being.Importance of Due DiligenceIn today's fast-paced world, we often make decisions based on surface-level information. Due diligence requires us to verify and validate details before proceeding

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08:05

Kindness in Business: Embracing Empathy for Maximum...

I Hate Numbers: Simplifying Tax and Accounting ·

2024/07/21

When you think about kindness, do you believe it applies in business, or do you assume you need to be ruthless, wear sharp suits, and tread over anyone in your way? Or do you think otherwise? In this week's I Hate Numbers podcast, we explore the place of kindness in business and whether it truly belongs there.The Essence of KindnessSpoiler alert: kindness does have a place in business. But what exactly is kindness? Why is kindness not a weakness but a superpower? And how can we practice kindness in

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09:35

Tax Efficiency : A Comprehensive Guide for Employers

I Hate Numbers: Simplifying Tax and Accounting ·

2024/07/14

IntroductionTax efficiency and tax planning are crucial for all businesses, whether private or non-profit. Additionally, one key area offering significant opportunities is benefit planning. Specifically, benefit planning allows you to remunerate your staff, including yourself as a business owner, in the most tax-efficient way.The Importance of Benefits in KindWhy Benefits in Kind Are UsefulFirstly, benefits in kind provide a tax-efficient way to reward employees. Whether you run a private company, a

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11:09

Benefits in Kind - Your Tax Strategy Upgrade!

I Hate Numbers: Simplifying Tax and Accounting ·

2024/07/07

At "I Hate Numbers," we emphasize the critical role of tax planning for business owners and employers alike. Managing taxes efficiently isn't just a legal obligation—it's a strategic imperative. Today, we delve into a powerful yet often overlooked strategy: benefits in kind.What are Benefits in Kind?Benefits in kind are non-cash perks provided to employees, such as company cars, medical insurance, and even housing. These perks hold a monetary value but aren't part of the standard salary package. The

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