I Hate Numbers: Simplifying Tax and Accounting

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, I will guide you through some of the main issues that you are likely to face. I'm going to discuss how to best prepare for them, knowing and dealing with those risks gives us a clear path to success.  Hi folks. My name is Mahmood. I am the podcast host of I hate numbers and my mission in life is to simplify the world of finance and numbers for business owners, help them make more time, help them save tax, make more profits and improve what goes on between their ears.Self-employment versus employmentThere are many benefits to going alone, there are also downsides.  Control, responsibility, destiny, and money are some of them.Wanting to explore the tax differences?  Check out or FREE online calculators.What are some of the other risks of working for yourself looked at in this podcast?Uncertainty, risk, and your money attitudeWorking capital, money fuel to run your business.Mistakes, and what Edison’s take on it isPricing your products and services correctlyTracking and understanding your money in and money outSales and marketing. It’s more than your website and a bunch of business cards.Check out or FREE online calculators.Moreover, do you want to know the answer to the question ‘What are the risks of self employment ?  This podcast tells you all you need to know, with tips, and adviceListen to find out more.Firstly, I love to help business owners connect with and understand their numbers.  Above all I want you to improve your attitude to money, make more profit, save tax and time.Help me share Number Love by telling your friends and family about the show.  Listen now and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! areLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

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 claim.  Lastly, how you make the claim and what that can be worth to you.Listen to find out more.If you work from home, or have staff working remotely for your company, then this podcast is for you!  The pandemic resulted in millions of people having to work from home.  Tax relief for working from here has been with us for several years, but for 20-21 and 21-22 the rules have relaxed.  One day working from home, can result in being able to claim £125.Listen to find out more.How to claim for working from homeCan you claim tax back for working at home? Short answer, yes.  Firstly, either claim tax relief based on a flat rate allowance’ or claim the extra costs you have actually incurred.  To do so you’ll need evidence such as receipts, bills, or contractsThis can be worth as much as £125 for a year.  You can claim for previous years, there is up to £500 on the table.  Follow the link to check if you can claimConclusionMoreover, do you want to know the answer to the question ‘Can you claim tax back for working at home?    This podcast tells you all you need to know, calculations, tips, and adviceListen to find out more.I love to help business owners connect with and understand their numbers, improve their attitude to money, make more profit, save tax and time.Help me share Number Love by telling your friends and family about the show.  Listen now and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! areLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

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 you have got to pay them.  Secondly, my friends Rishi and Boris will be helping me with numbers and dates.   Finally, I will look at the general framework of how the UK personal tax system works.Listen to find out more.Your Income and tax that is deducted Are you self-employed, a landlord who might have some rental income being a director, shareholder who has income by way of dividends?Be aware that some you make ends up in your pocket without has not had tax taken off when you earn it. There is more responsibility on your shoulders to make sure you have put enough by to cover your taxes.We are here for you! We will help you with all the little things like saving for your taxes and making sure they are taxed at source so there are no surprises come tax time.Tax calculatorsAre you looking for a way to calculate your taxes?You have come to the right place! We have online calculators that will do all the heavy lifting for you. All you need is some basic information about your income and deductions, and we will take care of the rest. It could not be easier.This tool can help make filing taxes less stressful by doing most of the work for you. If this sounds like something that would be helpful to you, go ahead and give it a try today!Click here now to use our free tax calculator!What nextMoreover, do you want to know more about payments on account?  This podcast tells you what you need to know about payments on account, calculations, tips, and adviceListen to find out more.Help me share Number Love by telling your friends and family about the show.  Listen now and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! areLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

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, evidence, and judgement.Click here for the full podcast now! You won't regret it! I'll answer your questions so you can make an informed decision about applying for the grant.Who can claim the fifth Self-Employment grant ?This fifth Self Employment Grant is for those affected by the coronavirus outbreak.  The grant will cover the period May 2021 to September 2021.No government announcements have been made for additional financial support for the self-employed beyond September 2021.In today’s podcast, I am going to be looking at how the fifth self-employed grant differs, compared to previous grants.  Furthermore I look at eligibility criteria, and evidence.  Lastly, I will be looking at how much the grant is worth, and possible HMRC follow up action.How is the claim made for the fifth Self-Employment grant ?Firstly, HMRC will make the initial assessments as to whether you are eligible to apply.  They should you to to confirm whether you can make the application.Initial eligibility, for example whether you are self-employed, level of your trading profits, and filing your tax return HMRC will know that.  No change compared to previous claims, check out those details.You don't need to provide any financial data because HMRC have that on file, you've got to make a declaration that you intend to continue to trade, you've got a reasonable belief that there's going to be a significant reduction in your trading profits because of reduced business activity.  The key thing is the link and connection between Coronavirus and your business between May and September 2021.But make sure you have the evidence to back that up. More of that in the podcast.What nextAbove all, do you want to know more about the fifth Self-Employment grant?  You can get it if you meet all these conditions.   This podcast will tell you what you need to know about eligibility, the pitfalls, examples and tips.  Your  claim is based on your reasonable judgement, evidence, and judgement.  What does this mean?Listen to find out more.Help me share Number Love by telling your friends and family about the show.  Listen now and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! areLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

Social Enterprise and Community Interest Companies are a great way to do good and make money.They go together like a well fitted glove.  Social Enterprise means business that wishes to do social good, be entrepreneurial, and make money.  A Community Interest Company, or CICs for short is a great vehicle to run your social enterprise through.This week’s podcast looks at Social enterprise and Community Interest Companies, the what, why and when of CICsListen to find out more.Social Enterprise and the details of CICs Firstly, Social enterprise is about making a profit and doing good at the same time. It can be anything from running an ethical coffee shop, to providing clean water in developing countries.  Secondly, CICs are companies with features different to traditional companies. These features include the asset lock, community interest test, and halfway house between a charity and private company.Moreover, you can choose your own path with social enterprise.  You can start your own business, or work for someone else who shares your values. With CICs there's no need for compromise on either side of the equation - you get both financial security and social impact that will last long after you've left work behind!Social enterprises are businesses that generate profit and make a positive difference to society. They are not just small projects; they can be large scale like the Eden Project and Big Issue.CICs and CharitiesIf you're looking for a way to help your community, but don't know where to start, this podcast is for you.A CIC (Community Interest Company) is a different form of company set up by anyone with the intention of benefiting their local community. They are not charities and they do not have charitable status. This means that they will need to pay tax on any profits made from trading activities.However, if forming a charity is in your cross hairs then a CIC can be the first step on that path - Charities can be converted from CICs, and have CICs running in tandem with them.There are many benefits to setting up a CIC.  Theses include being able to offer shares and attract investment from individuals who want to support your work.  You can take advantage of government grants and funding schemes.  Above all you have more control over how you operate without the restrictions of charity over how you run your organisation, and make and use money..Listen to find out more.What nextWhat new types of business are you looking for?We're here to help you explore how these new types of business might work for your organisation or project. You may find it helpful if you're looking for ways to turn your idea into reality,  Contact me If you're already running an enterprise but would like some help on how best to do this. I'll be happy to see what we can do together!Help me share Number Love by telling your friends and family about the show.  Listen now and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! areLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

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.Tax and forms, tax and forms go hand in hand, just like chips and gravy, gin and tonic and pineapple and pizza. None more so do tax and forms go hand in hand when, as a non us tax resident, you are dealing with the us and earning money from there.In this week podcast, it is the turn of companies, partnerships, charities, and single member companies.  When and how to complete form W-8BEN-E is my this week podcast focus .What goes into form W-8BEN-E? I will walk you through form W-8BEN-E.  My podcast may not be the perfect format for showing what the forms look like.  I have got you covered, check out my you tube video video for a visual.  Moreover, I am going to take you on step by step by journey to explain the form, what it is about, and what goes into it.At 30 sections, the W-8BEN-E IS a weightier tome compared to the one that individuals and sole traders must complete.  Do not get overwhelmed though, not all thirty sections will apply to most of you, it’s a one size fits all form.Abbreviations and forms are natural bedfellows, it must be a word space thing!   Let’s face it, it would not be a form unless you had abbreviations.  Abbreviations are FATCA, NFFE and TIN.  Phrases keep the abbreviations company.  One such phrase, or term if you prefer is the ownership and based erosion test.  You need to know what this is to complete the form.Listen to find out more.Single member companiesThere are different tax and business structures in the US compared to the UK.  One example is the C corporation , which is the most common business structure.  The C corporation is taxed like UK limited companies.  The company pays tax on its profits. The individual shareholders directors will pay tax on the basis that dividends are withdrawn, or salaries paid to the owners.Moreover, single shareholder companies are not recognized as US C corporations, which are limited company as we know them in the UK.   If you are a single member company that wants to be taxed as C Corporation then you must complete a couple of extra forms, as well a form W-8BEN-E.Listen to find out more.What nextIn conclusion. If you do not complete the W-8BEN-E form correctly you will get a financial kick in your balls, 30% tax stopped at source.  Ouch! This podcast on When and how to complete form W-8BEN-E is useful stuff.Help me share Number Love by telling your friends and family about the show.  Listen now and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! areMy news section, FREE online calculators are there for you.Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

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 individual, sole trader, company or even a charity, not for profit then you must complete form W8.Firstly, there are two main variations of the form W8. Form W-8-BEN for individuals and sole traders, and W-8BEN-E is for companies, partnerships, charities, and corporations.This weeks’ I Hate Numbers podcast focus is on the W-8BEN form.What is the purpose of the W-8BEN form?Great question. The IRS form must be given to your US client or payer, otherwise they will deduct 30% withholding tax! Before payment is made to you, they must establish who you are, what your tax status is, and whether withholding tax applies to your situation.I will talk you through what goes into the W-8BEN form. You cannot complete a tax form without getting a headache over jargon. My mind also wanders to George Bernard Shaw who said that The United States and Great Britain are two countries separated by a common language.,I have you covered. I will translate the official speak, talk US-UK tax treaties and TINs. Fancy seeing what a completed form looks like, click the link to see a video visual.You need to complete the form to stop 30% tax withheld at source. You don't want this!!. Remember, you still must report this and account for it in the UK, but we're talking about preventing withholding tax being applied.What nextIn conclusion. If you do not complete the W-8BEN form you will have 30% tax stopped at source, which is not what you want. I hope you found this podcast useful. Help me share Number Love by telling your friends and family about the show. Listen now and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! areMy news section, FREE online calculators are there for you. Just click here now to get started!Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

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 your business. I'll also give you some tips on how to do it without getting overwhelmed!If you want a successful business, then this is one of the most important things that you need to be doing. It doesn't matter if you have a profit or not - if there isn't any money coming in, then there won't be any money going out either! Managing your cash flow will help keep everything running smoothly so that nothing falls through the cracks and puts stress on other aspects of your company. And don't worry - I've got lots of easy-to-follow advice for making sure that happens!Click here now and listen to my latest episode!Do you want to know more about how people feel about money?Money is a big deal. It's the lifeblood of your business and it can make or break you. You need to understand what cash flow means, why it matters, and how to manage your finances in order for them not to get out of control. I'm here with six steps that will help you do just that!There's an opportunity for you to win fifty pounds cash or amazon voucher by completing this quick two minute survey! All we need from you is two minutes of your time so we can better understand the problem and find solutions together. So click below now and complete the survey!Click and complete our short two minute survey!What nextYou’re looking for a way to manage your cashflow? I hope you get some value from this podcast on six steps to manage your cashflow. You are not on your own! Contact us to see where we can help. Our news section, FREE online calculators are there for you. Just click here now to get started!Listen now and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! areClick here for more business and finance, advice and tipsLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

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 make sure you have enough of both on hand.This podcast episode will show you what is the difference between cash and profits.  Next time someone asks if your company has any money in the bank, you will be able to answer with more confidence.Download our latest episode now by clicking here!Money mindset and financial goals.Do you want to know the two most important financial goals you must-have?Cash and profit.  Your money mindset, your attitude to money must be tuned in to understanding and managing cash and profit.  I need your help. I love hearing what you think about money. Take part in this quick two-minute survey, share your thoughts AND also get a chance to win £50! Wow!Share your thoughts on this quick 2-minute survey for a chance at winning £50!  You'll also find out how other people feel about their finances too so it's great for insight into the minds of others around the world.  Plus, we're always happy when we hear from others so please take part today :)Click here now for a chance at winning £50 with this short 2-minute survey!Are you looking for a new way to manage your business cashflow?The ABC Method is the best way to take control of your business cashflow. It’s simple, easy and effective. You can use it in any industry or size of company. And now there are even more ways to make it work for you - like our free webinar on 27-May-21 at 6 pm where Ill go over everything in detail!I want to show you how this method works so that you can start using it today. Register now and get access to our live webinar, slides, notes, and guide all provided for free when you register! This will not dilute the value but will give you an opportunity to see what this is all about before deciding if it's right for your needs.Click here now and sign up for our Live Webinar on 27-May-21 at 6 pm with slides, notes and a guide provided by us!What nextI hope you get some value from this podcast on How different is cash to profits? Above all, you are not on your own! Contact us to see how we can help? Our news section, FREE online calculators is there for you.  Just click here now to get started!Listen now and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast!Click here for more business and finance, news, advice and tips Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

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 vouchers. More of that later in the podcast.There are many reasons why you should send your tax return in early. You may be thinking, well, that is several months ahead, I have got nothing to worry about. I will just wait and deal with it as I normally do with the many millions of taxpayers and do that in the last month or so before tax return deadline comes in. I'm going to say at the outset. That is not a good approach.Listen to find out more.What information do you need for your tax return?An obstacle to starting your tax return is what do I need to get hold off? Let me share with you a resource that we share with our clients. It is available on the website, there's a link in the show notes about the information that you typically need for your personal tax return, going from what you need if you're self-employed, if you're renting property.What can you claim for your tax return?Calculating how much tax you oweFurthermore, if you want to have a decent estimate of what your tax is going to be then check my website calculators. There is a bunch of business and tax calculators waiting for you.  Covering PAYE, break even, company and personal tax, and a whole lot more.What is your money mindset?I am fascinated by people's attitudes to money. Moreover, I take a special interest in how it affects you in your business. I am carrying out a research project on people's attitudes behind money. I would love you to share a minute or two of your time to take part and answer the survey. Now, not only will you contribute to finding more about why we have these attitudes, what we can do to improve them, but £50 is up for grabs.What nextI hope you get some value from this podcast on Why should you get your tax return in early? Above all, you are not on your own! Contact us to see how we can help? Our news section, FREE online calculators is there for you. Just click here now to get started!Listen now and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast!Click here for more business and finance, news, advice and tipsLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

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 talk about money, we plan what we are going to do when we get more of it.But truth is though, how often do you look at money in your business? And by looking at it, I do not mean just staring at a wad of banknotes, but how closely did you look at the numbers in your business?In this podcast episode, I am going to share with you three tips of how you can change your attitude to money in your business. The KPR approach, more on that laterWhy you need to change your attitude towards money in your business?You may be thinking, why do I need to change my money attitude, my money mindset. Well, you need to change your attitude to money if you want to survive and thrive. If you are not happy with the way things are going in your business, it is time to re-look at how you do things.It is time to develop and adopt a new attitude towards money. And what that means is, you are taking more control and getting closer to your numbers.Whatever your business shape or size, type or form you need to move it forward.How to change your attitude towards money in your business?In this podcast episode, I am going to share with you three tips of how you can change your attitude to money in your business. The KPR approachK is for Key, focus on two key numbers.P is for Plan, what that looks like in financial terms.Re, is for record keeping, as heads Digital Accounting is the way to go.Listen to find out moreI need your help There are an incredible and fascinating range of views and reactions that people have to Money, what they are, and the reasons for them are many. I don't pretend to know all the answers and that’s why I need your help.It's not just curiosity for curiosity’s sake, but I strongly believe that knowing what lies behind our attitudes helps us in business and in life.I need a couple of minutes of your time to complete a quick survey. I have There is also the chance No spamming from me, or creepy sales calls. There is also a £50 incentive-prize-bribe up for grabs. To take part, and to find out more select the survey link.What nextI hope you get some value from this podcast on Three ways to change your attitude to money You are not on your own! Contact us to see how we can help ? Our news section, FREE online calculators is there for you. Just click here now to get started!Listen now and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast!Click here for more business and finance, news, advice and tipsLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

In this weeks podcast episode, I'm going to share with you seven tips that will help you increase the profits in your business. The first thing is absolutely critical and that's having a good positive relationship with profit.Are you looking for ways to increase the profits in your business?You need to know what makes money and how much of it there is before anything else can happen. Once you have a clear understanding of where your company stands financially, then we can talk about what needs to be done next. And if it sounds like something worth doing, I'll show you how to do it! Let me know if any of these tips sound interesting or helpful for increasing the profitability in your business!Listen here now and find out more about my 7 Tips To Increase Profits In Your Business!Why profit is more important than salesProfit is the value of what you sell less than the cost of doing that. It’s not about how much your product costs, it’s about how much profit you make after all expenses are accounted for. You need to know this if you want to be successful in business.If you don't know where your profits come from, then there's no way for them to grow and expand into new areas of your business or life. This article will help teach you seven ways that can increase profits in any business!Listen and learn these seven tips now!What nextDo you have a business that needs help with numbers?You're in the right place! Moreover we are experts at helping businesses make sense of their financials. Whether it's figuring out how to spend your marketing budget or understanding your cash flow, we've got you covered. Our goal is to give you the confidence and clarity needed to make smart decisions about your company's finances.The best part is that this podcast is 100% free for all ! So what are you waiting for? Get started today by clicking this link and filling out our short form so we can get back to work on making sure your business succeeds financially!You do not have to worry about making these decisions alone! Contact us to see how we can help ? Our news section, FREE online calculators is there for you. Just click here now to get started!Listen now and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast!Click here for more business and finance, news, advice and tipsLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

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 whether borrowing is right for your business. You will also learn how to avoid common pitfalls and mistakes that many businesses fall into when they borrow money for their company.I want to help you succeed with your business by making sure it's financially stable from day one! So, let's get started on our first topic - planning! To start off, we will talk about what makes a good plan and why it's important to have one before taking out any loans.Your cash flow forecast is key to any business decisionFirstly, you should not undertake any borrowing decision, until you have looked at your business future. Planning is key, borrowing a British Army phrase, Proper Planning and Preparation Prevents Piss Poor Performance.Above all you need a plan that has the three key ingredients your business purpose, end goal, and your route map to get there. Convert your story to your financial plan, your future cash flow story. Then decide whether you should borrow money, or not! As a heads up, I have got a FREE cashflow workshop webinar coming up in May, click to find out more.Listen to find out more.Your attitude, your money mindset matters.What is your attitude towards debt and your attitude to managing money? Debt has a bad press. Borrowing money, the right way, and with the right money mindset will boost your business growth.Those memories of those early days when I started my own business over 26 years ago and I borrowed money are still fresh in my mind.I was not the businessperson then that I am now and I was running my start up from my back bedroom. More money out than coming in. My head was still hurting making that transition from an employee to working for myself. Cash was needed to keep my dream and ambitions alive.Borrowing money, on top of using my own savings, and working ‘part time’ fueled my business survival, and growth, but not without the financial and emotional costs.Listen to find out more.Borrowing money and riskThirdly, let’s talk about risk. More importantly, your risk appetite and managing your risk when you borrow money.  When you take on debt you take on a commitment, more fixed costs. This will affect your business risk, your operational gearing, what a wonderful term?Thinking about your attitude to debt. Is it one that's the attitude of others? Have you had bad experiences before with debt? You are cautious about having that happening in your own business?What is the cost of the loan?You need to look at the cost of the debt, the investment you will be making. The interest rate charged is the lenders profit. The type and length of the loan, your own credit history, the purpose of the loan, the lenders assessment of the risk they are taking feed into the interest rate. For larger and riskier loans, a lender will ask for your management accounts. Make sure your financial house is in order and your financial records are up to date, Digital Accounting is what you need.Check out the loan terms, the interest rate, your monthly commitments. Use my FREE online loan calculator.Listen to find out more.ConclusionThe question, When should your business borrow money? It’s all about P.A.R.CPlanning, make sure you have one.Attitude, what is yours? Is it one that should be addressed?Risk, understanding and managing it.Cost of the loan.If you do not want your business to go backwards, then you must plan for growth. Borrowing money is a positive way to make your growth happen.I would love it if you could share this podcast and Number love with your network and help me with my mission of getting your business closer to your numbers, make profit, save tax, and time and strengthen your money mindset.Numbers are your best friend in business, they won’t lie to you, they provide focus and clarity, lessen your money anxiety.You do not have to worry about making these decisions alone! Contact us to see how we can help you figure out the question “When should your business borrow money? Our news section, FREE online calculators is there for you. Just click here now to get started!Listen now and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast!Click here for more business and finance, news, advice and tips. Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://t

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 off early could save you money in the long run. But if the interest rate is low or even zero, there may not be much of an advantage to paying off your loan early. There is also the risk of having mor fixed costs to deal with and gearing levels go up.List to find out more and check out your gearing with our calculator.When you owe money, there are two types of risk involved – the risk of not being able to repay and the risk of interest rates going up. If you think either one could happen, then it might be better to wait until your loan matures before paying it off.Your Money Mindset and profitabilityThe second factor is personal attitude and mindset about money. Some people feel that they should always pay their loans back as soon as possible. Moreover, others believe that they should only repay when they can afford to do so. Sacrificing other important goals like saving for retirement or investing in a new home purchase is not on the agenda.aThe second factor is personal attitude or mindset about money in general. Do you feel like you need every penny you can get their hands on right now, and will do anything for more cash flow - even if that means taking on more debt! You may be the type of person that wants to pay down your loans as soon as possible. Maybe you do not want any extra monthly payments coming out of your account.Perhaps you are very conservative with how much debt you take on and only borrow what you absolutely need. It may be that you choose to keep some loans outstanding longer than others just so you can make sure everything else stays afloat financially. Making those monthly payments without having too many other obligations piling up at once.The third factor has more to do with how paying off debt will affect your profitability going forward. How much time and effort will go into managing those payments each month instead of focusing on growing the company.What about action?Finally, we come down to action, Should you pay off your business debt ? must not hurting you financially?Prepare a cash flow forecast and see what happens if you decide to pay off your debts You need to manage your cash.Cash flow is the lifeblood of any business, and it's important that you stay on top of yours. If you don't know where your money is coming from or going to, how can you make sure if paying off debt is a good move and everything runs smoothly?That's why we created this FREE guide for entrepreneurs and businesses like yourself. It will help you understand what a cash flow forecast is and how it works so that you can better plan for success in your business. Check out our upcoming webinar-session on taking control of your cash.You do not have to worry about making these decisions alone! Contact us to see how we can help you take Control of your Cashflow. Arrange an initial chat to talk options Our news section, FREE online calculators is there for you. Just click here now to get started!Listen now and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast!Click here for more business and finance, news, advice and tipsLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

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 you more money.My FREE online tax calculator will show you the total tax to pay for both business types, give you options and help you plan. Subscribe now!You'll learn about all your options in this podcast episode of I Hate Numbers. My FREE online tax calculator is ready and waiting for you.Sole Trader vs Limited Company Tax CalculatorYou can't decide 'What saves you the most tax?' without looking at the numbers. Moreover, how it works and how much you pay, and which is better. When it comes to crunching the numbers, I have just the thing for you! FREE online calculator.The best way to find out if a limited company or sole trader is right for your business is by using my free online calculator tool. It will help you work out what's best for your needs based on your circumstances.Click here now to get started. My free online sole trader versus limited company tax calculator shows the tax you will pay, personally and business wise. You can see your take home pay from both options. Use the sliders to see the impact of changing profits, salaries, and dividendsYou do not have to worry about making this decision alone! Contact us to see how we can help How to decide which type of stricture is best for you. Arrange an initial chat to talk options Our news section, FREE online calculators is there for you. Just click here now to get started!Listen now and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast!Click here for more business and finance, news, advice and tipsLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

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 podcast makes the decision process easier. I outline the differences between sole traders and limited companies in an easy-to-understand way. I also includes some helpful tips on how to decide if one or both types of businesses would be best for your situation.Listen to find out more!Sole trader versus limited companySole traders are just that - they trade on their own. They have no legal protection for themselves or their assets in case of bankruptcy. Limited companies offer this protection by giving owners limited liability, but it also comes with more admin and duties for directors.It's important to understand what your needs are before making any decisions about which type of company is right for you.This week’s podcast of I Hate Numbers will help make things clearer. Moreover you can find out if sole trading or becoming a limited company is best for your business. You will be able to see the pros and cons of each option, as well as seeing what’s what needs to be done when setting up either one.Listen to find out more!What about your business risk and responsibilities?For many smaller businesses being a sole trader offers a few financial advantages, but it also brings an increased level of risk.Becoming a limited company can protect owners from these risks by giving them limited liability, but more admin and duties for the directors.The difference between these two structures has to do with how they see you as an individual and your business. With a limited company, you don’t have liability for any debts or losses but if you are a sole trader then the law sees you and your business as the same so in this case, if there's any debt or loss then it will be seen as your personal responsibility.If this sounds like something that you are looking at then I highly recommend you subscribe to find out more. I also have some great resources on our site to help make sure everything goes smoothly when setting up either of these options. So, take some time today to explore all the information I've put together just for you!Listen to find out more!What nextYou do not have to worry about making this decision alone! Contact us to see how we can help How to decide which type of company is right for you? Our news section, FREE online calculators is there for you. Just click here now to get started!Listen now and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast!Click here for more business and finance, news, advice and tipsLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

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 use in their businesses - each with its own strengths and weaknesses.What price is right?Understanding what influences pricing, and how to set prices that are profitable can be difficult. But it is not impossible! Listen to the podcast to get the information you need to make sure you get it right. I know that ignorance in this area can be a very expensive mistake, so I want to help you avoid making any costly mistakes.How do I know if my prices are too high or too low? -What factors influence my pricing models? What should I consider when setting prices? How do I calculate profit margins? When should I raise or lower my prices? Do discounts always mean higher profits? And much more...The wrong pricing strategy can be a very expensive mistake! Ignorance in this area can put severe limits on your business and disrupt your cashflow.It's crucial to know and understand your market, costs, and customers to set an appropriate price. The Harvard Business Review showed that a 1% improvement in price could improve profits by 11.1%. Wow!There are many factors to consider when creating your pricing strategy, and you should be flexible and adaptable as the market changes and demand fluctuates.What pricing strategy should you choose for your business is not a formula, but numbers help ? Don't price to please, price to match your performance, experience and worth.” Ned Bryan AbakahWhat nextYou do not have to worry about making this decision alone! Contact us to see how we can help. Our FREE online calculator will help you determine which pricing strategy is right for your business. Just click here now to get started!Listen now and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast!Click here for more business and finance, news, advice and tipsLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

Are you a self-employed individual, a freelancer or employer? Have you ever wondered what your tax and status situation is with your company? If so, this podcast is for you.Whether you are classed as self-employed or a worker has a major bearing on tax. Most importantly it affects how you are paid, and your obligations pertaining to paying taxes.The two main ways that you will earn money in your life. Either as worker/employee or running your own business. You run your business as a sole trader or as limited company or mix and match them. Check out previous podcast episodes.My focus for episode 56 of I Hate Numbers is personal service companies, and your status, and tax. Where your business provides services, for example training, accounting, consulting, IT then you have a personal service company. If you sell products, then you do not have a personal service company.Listen to find out more!Why your status situation with your company is important.Firstly, why is it relevant. I don’t mean are you cool, an upright citizen. More importantly, status is about whether you provide your client services as a worker or self-employed. Is this a contract of service or a contract for services?Above all, remember, this is a three-way relationship, nothing dirty mind you. You do the work; your company invoices your client, and your client pays your company.The gig economy, high profile cases like Uber have been about worker or self-employed status. Uber ended up at the Supreme court, it did not go Uber’s way, and Uber drivers were classified where they had been previously considered to be self-employed. One consequence is more tax money to the government, and less for Uber.Your status decides your rights responsibilities, and more crucially, how much tax the government will collect and who calculates and pays it. Status tests have been here for an age.   Calling yourself self-employed not going to cut the mustard.In other words, if a contract for services, then your invoice is paid gross. In addition you have got greater opportunities for saving tax and tax planning.Listen to find out more!What does self-employed mean.In normal everyday language it means working for yourself, being your own boss. However, we are not talking about normal folks, we are talking government and tax. There is no statutory definition of self-employment. Over the years case law has given us badges of trade. By badges, I am not talking about what you may get at school.Listen to find out more.What it is IR35 all about IR 35 deals with how tax applies if your company falls within its definition. What would the relationship between you and your client be if your company wasn’t there, worker or self-employed?.IR35 deals with personal service companies, it has been with us in the UK since April 2000, other countries have similar.The major change in IR35 is that there is no change in IR35. It’ a question of who makes that judgement call on your status. Public sector bodies have been making this decision since 2017. From the 1st of April 21 medium to large private companies now make that call, if your client is small you make that assessment.  If you want a more detailed look at IR35 then check our video, subscribe so you don't miss an episode.Listen to find out more!.What nextYour tax and status situation with your company impacts heavily on how much your earn and the tax you pay. Check your status using HMRC CEST tool. Moreover, treat with caution, there are flaws. Use our FREE online business and tax calculators to help make better business decisions.Subscribe so you do not miss an episode of I Hate Numbers.. For more business and finance, news, advice and tipsLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/  

How the 2021 Budget affects your business.Whether you are self-employed or running a company, there is something in here that will help answer your questions.Listen to find out more!Rishi Sunak, the Chancellor has spoken and presented his 2021 Budget.I know it can be hard to understand what this means for your business, so we have put together a quick guide on what you need to know about the budget and how it will affect you.This week on I Hate Numbers, I’m looking at his Budget and the Self-Employed Grant and what it means for your business. I'll also be talking about the Furlough Scheme and changes to that, as well as new Kickstart Grants.I will cover tax rates and allowances for companies, self-employed people, and the Super Investment Scheme too - so there will be something in this episode of I Hate Numbers for everyone!Let me help you understand How the 2021 Budget affects your business now and going forward. Listen to this jargon-free podcast to understand the budget headlines!What is the backstory to the 2021 Budget?Firstly, it was no shock to know that COVID-19 would feature prominently. Secondly some eye watering numbers. Those numbers in billions for the Self-Employed Grants, Furlough, Universal Credit, and other Grants. Lastly, the state of the UK economy now and in the future.Above all , does it matter? Absolutely! You and your business need to understand the landscape, when you plan, and move forward. Cash flow is vital to keep your wheels turning.The 2021 Budget includes a lot of changes to taxes, and financial support programs, that will affect your business.Listen to find out more!What are the 2021 Budget highlights? Income tax rates have not changed, certainly not at this stage.Corporation tax rates set to rise in the future, but not for all companies.Tax allowances are effectively frozen for the next few years. This means tax rises for you over the next few years.Super Investment allowances introduced for capital investment. It is only for companies, and not on everything you buy for your business.Self Employed Grant. Details on the fourth, the same rules as Grant number Three. We got an overview of the fifth and final grant . My prediction for the changes turned out to be correct. An extra 600,000 people now become eligible to claim the Self-Employed Grant. Thanks for listening Rishi.Furlough Grants. Changes announced for May 2021 onward. These changes affect how much you claim, who you can claim for and how much it will cost your business.It was tough gig for Rishi and whether he deserves rotten tomatoes or a well done is a debate for another day - between me and you, rotten tomatoes seems to be the common reaction.In the words of Laura Kuenssberg "Business will, in time, pay billions more. More than a million people will have to start paying income tax, and a million extra will pay at a higher level"Subscribe so you do not miss an episode of I Hate Numbers. Use our FREE online business and tax calculators to help make better business decisions. For more business and finance, news, advice and tipsLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

How you calculate your pricing ratesHow you calculate your pricing rates is vital for your business. Why should that be so? Firstly, it helps you achieve your goals. Secondly, it sends a message to your clients about you and your business. Above all, your pricing is there to make you profit. Moreover, it goes towards building you a sustainable, giving you time, choice, and freedom.The podcast is part of my mission to help you get closer to your numbers, to appreciate the power of what those numbers can do. Improve your money mindset, help you make more profits, save taxes, and help you have the business you want and deserve.Listen to find out more.Pricing products and servicesPricing products and services share some things in common. For example, purpose, numbers, and psychology. There are also big differences. This episode is about services, a future podcast will talk about pricing your products. Still some great takeaways in this episode, whatever your sell.Listen to find out more.How to choose the right price.You pricing will be between the ceiling and the floor. The ceiling is the most represents the maximum price that your customer will pay based. When it comes to the floor, that is the minimum you charge customers.Your business purpose and goals, numbers, and psychology all play their part in How you calculate what to charge for your services. One size doesn’t fit all and you will have a range of prices to suit you and your customers – if you don’t, you should do.Listen to find out more.Your numbers are important.Firstly, let us look at some key numbers you need to get hold ofHow much time do you have available? Your time spent on marketing, accounts and admin needs to be considered. How many weeks will you be working? Lastly, don’t forget your costs and how much profit do you want to make?Listen to find out more.Pricing CalculatorUse our FREE and easy to use online calculator to see How you calculate your pricing rates . Let our calculator take on the heavy lifting of the number crunching. Our beautiful calculator shows you quickly what rates you should charge. It shows you a floor price, and one with your target profit in mind.Type in your numbers to our calculator. See what the numbers say for your pricing.Use the sliders to see the effect of changing time and money! We have got you covered with other calculators. For example, profit margin, discounting and break even.Subscribe so you do not miss an episode of I Hate Numbers. For more business and finance, news, advice and tipsIn This EpisodeAppreciating that pricing is multi-dimensional.Being aware that you need to know what your purpose and goals are.Understanding how your capacity and availability affect what you charge.Learning about the part that costs and profit play in pricing decisionsTips to share and jargon free talkDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thrive.Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

Your gross profit and business decisionsThere are so many needed, powerful and insightful business decisions you need to make. You can’t do that unless you know some key financial numbers. Gross profit is one of them.What sort of decisions, let’s list a fewBreak even. How much you need to sell to cover costs, meet your financial targets, your safety cushion.How much you should charge your customers? Pricing your products and services. In addition, pricing and gross profit go hand in hand.Outsourcing decisions. Should you or shouldn’t you. Cost versus benefits, the numbers side needs, you guessed it….Controlling and managing costs. Better margins come from increasing your selling price, reducing waste, improving processes, better buying.Cash flows. Stronger gross profits equals stronger cash flowsListen to find out moreYou manage what your measure.Let’s get serious. If you don’t go digital, embrace cloud accounting then running your business just became a whole lot harder.If you’re serious about your business, and don’t see it as a hobby then go cloud. The tedium, cost, and inefficiency of alternatives is too painful to think about.FREE online calculatorsMost of us want to sell more, make more profit, who wouldn't ?Knowing what your costs, mark ups and margins are, and need to be is one way.Our FREE profit calculator shows you what gross profit you are making now. What gross profit you could make if you altered selling price and costs.We have other FREE profit and business calculators for you to use. Type in your numbers and see what the numbers show for your business.ConclusionWhy Gross Profit is a big deal for your Business for all the reasons listed above. Ignore it at your peril.The podcast is part of my mission to help you get closer to your numbers, to appreciate the power of what those numbers can do. Improve your money mindset, help you make more profits, save taxes, and help you have the business you want and deserve. Get in touch with us to see how we can help you with your accounting and business needs.Subscribe so you do not miss an episode of I Hate Numbers. For more business and finance, news, advice and tips In This EpisodeAppreciating that your business health needs a financial barometerBeing aware that pricing strategies, what to charge is tied in with your gross profitUnderstanding how to calculate gross profitLearning about key business information and decisionsTips to improve your margin.Developing your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thrive.Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

Why Working Capital is Important for Your Business is episode 52 of I Hate Numbers podcast.The podcast is part of my mission to help you get closer to your numbers, to appreciate the power of what those numbers can do. Improve your money mindset, help you make more profits, save taxes, and help you have the business you want and deserve.Firstly, let me tell you what is in his week’s episode.What working capital isExplain how you calculate itWhy Working Capital is Important for Your BusinessTips to improve and manage your working capital.Why Working Capital is ImportantNo business in the world has ever made more money with poorer management – Bill TerryImagine your business as a car. Your car could be a beautiful piece of engineering. However, unless you have fuel to power your car it is a useless vehicle.Your working capital is the fuel equivalent in your business, it powers your business, and keeps it business going. It is your short-term funds that pays your bills, pay yourself, buy more stuff, service loans. You get the picture.Listen to find out more.What is working capitalFirstly, your business will have items of short-term value, current assets. Your current assets will be products you have not yet sold, or projects or services not completed. In addition, you will have unpaid customer accounts. Lastly you will (hopefully) have money in your bank account.Those items are called inventories, receivables, and cash. In old money, that’s stock, debtors, and cash.Furthermore, you will have current liabilities, such as unpaid supplier bills (payables) and short-term loans. In old money that’s creditors.[table id=32 /]Your business should have more current assets than current liabilities. Above all, you need to minimise your money tied up in your current assets, maximise the credit terms given by your suppliers. Be careful that you maintain good relationships with your suppliers and pay your bills on time. Also make sure you can manage and track this with good accounting systems.If you have topics you want explored in future episodes, then let me know. The show is there to help you improve your money mindset, make money, survive, and thrive and give you the business you want. Get in touch with us to see how we can help you with your accounting and business needs. Subscribe so you do not miss an episode of I Hate Numbers. For more business and finance, news, advice and tipsIn This EpisodeAppreciating that your business needs sufficient working capital.Being aware that your money is tied up in your customers and inventories.Understanding that product and service businesses have inventories (stock)Tips to improve your working capital.Developing your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thrive.Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

How to Diagnose Business Failure is episode 51 of I Hate Numbers podcast. The podcast is part of a wider mission. It's to help your business improve your money mindset, get closer to your numbers, make profit, survive, and thrive.Firstly, in last week’s episode we looked at one way of looking at business failure. Secondly, the words poor and leadership were common factors.Why diagnosing Business Failure is important Running your own business is risky. Above all spotting and assessing business failure gives us insight, strength and purpose.  Certainly you get to understand your own strengths and weaknesses, and those of others.We can use this approach looking at our own business, as well as other peoples.Listen to find out more.How to develop a business framework. Numbers are not everything. Your numbers help paint a story but can’t paint your complete story. We dive into performance management and look at the Argenti framework.The Argenti approach looks atDefects leading toMistakes leading toSymptoms of FailureDefects are about management weaknesses and accounting deficiencies. Your mistakes are typicallyOver tradingGearingBig projectsListen to find out moreMost importantly, How to diagnose Business Failure helps you figure out your solution.In this episode we see that growing is not always good. As a bonus check our free online break even calculator.If you have topics you want explored in future episodes, then let me know.To sum up, the show is there to help you improve your money mindset, make money, survive, and thrive. Get in touch with us to see how we can help you with your accounting and business needs. Subscribe so you do not miss an episode of I Hate Numbers. For more business and finance, news, advice and tipsListen to find out moreIn This EpisodeAppreciating that diagnosing Business Failure helps you fix itBeing aware of the practical application of the Argenti frameworkUnderstanding what mistakes, defects and symptoms of failure areSeeing that growth isn’t always positiveDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

Why Your Business May Fail is episode 50 of I Hate Numbers podcast. The podcast is part of my mission to help your business improve your money mindset, get closer to your numbers, make profit, survive, and thrive.Firstly, the motivation behind the choice of topic. My business birthday of 26 years, birthdays are a period of reflection. Secondly, I have made bad mistakes over the years, not always taken on board the advice that I share.What are the four main reasons behind business failure?In the words of Winston Churchill “Success is not final; failure is not fatal: it is the courage to continue that counts.”I look at four areas as to Why Your Business May Fail, being poor with them is a common theme. For example, mindset and money invested and spent in the right way will all be relevant.In this podcast I showcase some examples.Listen to find out more.Why knowing what causes business failure is important to know.Firstly, when your start your business Failure is not your objective. Secondly, knowing Why Your Business May Fail, such as cash flows helps us prevent it.In conclusion the solutions are easier to figure out once you know the causes.If you have topics you want explored in future episodes, then let me know. The show is there to help you improve your money mindset, make money, survive, and thrive and give you the business you want. Get in touch with us to see how we can help you with your accounting and business needs. Subscribe so you don't miss an episode of I Hate Numbers. For more business and finance, news, advice and tipsIn This EpisodeAppreciating that Business Failure happensBeing aware that understanding is half the battle to getting solutionsUnderstanding the common reasons why your business may not succeed.Examples of what factors contribute to business failureDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

What is your Profit for Tax is this week’s I Hate Numbers podcast theme. Last week we looked at how you should budget for your tax bill.Firstly, your money in your bank account is not the same as your tax profit. Secondly, your accounting profit is not the same as your tax profit. However, they are both important numbers. It may sound confusing.Listen to find out more.How the tax authorities look at your businessIn the words of Mark Twain "I shall never use profanity except in discussing house rent and taxes."Firstly, when you look at how your business is performing, then profit is still a key financial measure. Secondly, you consider what you are doing to generate and earn those profits.For example, money invested and spent on training, equipment looking after your customers and suppliers will all be relevant.The tax authorities in the UK look at things differently. They are not entirely interested in how your business is performing. It’s tax they want to collect, and they have a different rule book to go by.In this podcast I showcase some examples.Listen to find out more.Why your tax profit is important to knowTax is an expense, and it is one you need to plan for an be aware of. How you calculate it is what we looked at last week.In conclusion the numbers are easier to get your head around, once you know the reasoning. Let me tell you, there is reasoning,Want a quick and easy way to know how much to pay? Use our free tax calculator, designed for the self-employed and companies? Get in touch with us to see how we can help you with your accounting and business needs. Press subscribe so you don't miss an episode of I Hate Numbers. For more business and finance, news, advice and tips.In This EpisodeAppreciating What is your Profit for TaxBeing aware of how your accounting profit is calculated.Understanding why your profit for tax is different to your business profitExamples of how different costs are dealt with in the accounts and for taxDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

How you should Budget for your Tax Bill is this week’s podcast theme.  If you are self-employed, a freelancer, run your own business then you have responsibility for your own taxes.You do not have an employer who takes care of that for you.  When you are self-employed you must keep records, work out your tax profit, complete a tax return and then pay over the tax that is due.  It sounds exhausting and stressful.Listen to find out more.How good record keeping helps you keep on top.Firstly, you need to know what you are spending and what you are selling.  Secondly, if you want to know much tax you will pay, you need to know how much profit you are making.  To do that, you need a good record-keeping system.There is one real option these days, and that’s Cloud Accounting.  Knowledge is power, and that power is unleashed when you embrace the world of Cloud Accounting.  Click here to get our free guide.In the words of Dee Hock “Making good judgments when one has complete data, facts, and knowledge is not leadership - it's bookkeeping.”Your gut feeling for making decisions is important, but gut feeling alone is bonkers.  Facts and good information are what drives effective decision making.  To have good information you need excellent record-keeping systems.Listen to find out more.How to calculate how much tax to payThe amount of tax you pay is based on so many variables.  These include how much profit you make, allowances, reliefs, other income you may have, your personal circumstances.  You get the picture.In this podcast, I share with you tips on how to do this quickly and easily.Listen to learn more.Want to learn more and want a quick and easy way to know how much to pay? Use our free tax calculator, designed for the self-employed and companies?  Get in touch with us to see how we can help you with your accounting and business needs. Press subscribe so you don't miss an episode of I Hate Numbers.  For more business and finance, news, advice and tips.In This EpisodeUnderstanding How you should Budget for your Tax BillGet some great tips to figure out how much tax to save.Appreciating what part your mindset plays in budgeting for your tax.Being aware of what your tax bill is based on.The importance of keeping good records.Developing your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

How Information and Communication helps Build your Business Resilience is this weeks theme. Last week’ we looked at what Business Resilience was, and how your leadership plays a big part.Listen to find out moreHow Information helps Build your Business ResilienceFirstly, we looked at the three parts of business resilience. Leadership information and communication. Further to that, and in addition we talk about information and communication in this episode of I Hate Numbers. To clarify, you as business owners are leaders in your own business.Your gut feeling for making decisions is important, however, gut feeling alone is bonkers. Above all facts and good information drives effective decision making. Good information needs excellent record-keeping systems. You also need to that ability to understand, use and apply that information.Listen to find out moreWhy Communication helps Build your Business ResilienceIn addition, your communication is the last part of your Business Resilience. How you communicate with your stakeholders, what to say, and how to say it is key.What is good communication and why is it a key part of Business Resilience. Certainly, these questions and more are dealt with in this podcast episode.Listen to learn moreIn conclusion, we have seen what makes up your Business Resilience. To sum up, it's your leadership, information and communication. In short, it is not too late to learn and develop this for your business.Want to learn more? Check out our Business Growth Club to move your business forward.In This EpisodeUnderstanding the importance of Information for your Business ResilienceAppreciating what good information is, and how to get itBeing aware that effective communication is vital for your businessWhat does good communication look like in your Business?Developing your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/  

How to Build your Business Resilience - Part One. That is the theme of episode 46 of I Hate Numbers.Certainly, a lot of people talk about Business Resilience. Firstly, we need to understand what Business Resilience is. Secondly, we need to know how we can improve our own Business Resilience.  Most importantly, you can improve this, and it is a practical way to deal with what faces you in a changing business landscape.Listen to find out moreBusiness Resilience and your Leadership Firstly, there are three parts to Business Resilience. Leadership information and communication. In this episode, I am going to be focusing on leadership. That is, you as a business owner, leading your business.You need to be a good leader of your own business. Great is excellent, good is a great start point.Leadership means being able to review a situation objectively. , and not getting deflected by.Great leadership means taking lessons from what is going on, learning and being prepared for the next time. This is the ultimate, an ideal time to learn.Now, unless you ask yourself this question as a leader, are you developing the right culture, the right environment in your business where you can learn, take lessons, prepare and equip yourself ready for the next situation.Action beats inaction. For example, in this episode we look at gazelles and lions. Most importantly you need to be gazelle or a lion, in your business. Above all, take the opportunity to strengthen your leadership, to drive your business forward.Above all, it does not matter whether you are a multinational or SME business. You are the leader; you are the one who drives the business forward.Listen to learn moreConclusionCheck out our Business Growth Club to move your business forward. We will show you How to Build your Business Resilience and grow your business. How to Build your Business Resilience - Part One deals with Leadership. Next week’s podcast we look at information and communication as vital parts of Business Resilience.In This EpisodeUnderstanding what Business Resilience means in your businessAppreciating the importance of your leadership as a business ownerBeing aware that you need to take action as a leaderDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/  

What is Your Money Mindset in your Business? That’s the theme of episode 45 of I Hate Numbers.Certainly, a lot of people talk about why Money Mindset Is important. Firstly, we need to understand your current attitude to Money. Secondly, we need to know the reasons why.  Most importantly, there are many reasons, but you can’t fix a problem unless you know what’s causing it.Listen to find out moreNumbers and moneyNumbers are your best friend in business. Above all, they do not lie to you and are the words to your business story.For me, loving Numbers and a positive Money Mindset is easier than for others. Even established businesses of many years have challenges towards Money.But that’s not the point, and the I Hate Numbers podcast is not aimed at me.Your money mindset is vital for your business to survive and thrive.A strong, positive money mindset helps give you the lifestyle that you want. It helps you deliver value to your customers, strengthen and improve your business direction.What can a change in Money Mindset do?Well ask yourself these basic questionsIs your time important to you and your family?Does reducing the anxiety about your business future matter to you?Would you like to know what profits you are making now?Is making Money in your business important to you?Does the idea of knowing what your future bank balance will look like sound good?In conclusion, don't be like the rabbit that's stuck in the headlights. Get to grips with, and strengthen your money mindset.In This EpisodeUnderstanding what Money Mindset means in your businessAppreciating the reasons why many business owners have negative Money MindsetsTips to improve your Money MindsetThe importance to your business of embracing a Money MindsetDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thrive Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

What is VAT reverse charging and how does it work? That's the theme of episode 44 of I Hate Numbers. With the UK leaving the EU on 1st January 2021 your business needs to know.Brexit also brings a number of other changes to VAT, we've covered this in previous podcasts, and a more detailed blog.In this episode, I'm going to look at VAT reverse charging andAn overview of what it isHow it applies to GoodsThe treatment of ServicesWhen your business is sellingWhat happens when you are the buyer?Compliance and following the lawWhat is VAT reverse charging  We know it's here to stay, and if anything, it is becoming more widely used. Governments like it because it reduces the level of VAT fraud and evasion. Where your business applies reverse charging, the responsibility shifts to your customer.It’s like making a reverse charge (collect) phone call. The bill payer picks up the tab.Your business still has a part to play, verification, evidence and compliance don’t vanish. With VAT reverse charging it is your customer who is responsible for paying VAT in the country they belong and will be easier to chase than an overseas supplier.VAT reverse charging only applies to services that would be zero-rated, reduced rated or standard rated. Where your business is a buyer, then you can be within VAT reverse charging, even if you are not VAT registered.Listen to find out more about What is VAT reverse charging and how does it work?What software and technology solutions exist for VAT compliance?There are many software and technology-based solutions being developed. One example is Quaderno, which can handle those responsibilities behind the scenes. Their service is full tax compliance and deals with the reverse-charge mechanism.Where your business sells e-books, online training, digital products then you also need to be aware of not breaking EU VAT law from 1st January 2021. This applies whether you only sell one item, and you are not VAT registered. Check out our Live Recorded Webinar to find out moreNow, make yourself comfortable, sit back and listen. Most importantly, subscribe so you do not miss an episode.In This EpisodeUnderstanding what VAT Reverse Charging isAppreciating how it applies to goods and servicesWhat happens when your business is the buyer and sellerThe role of software and system solutionsDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

This weeks podcast episode of I hate Numbers looks at How to develop Trust in Business. Without trust, you have nothing. With it, you can do great things.Trust, a firm belief in the reliability, truth or ability of someone or something.BOGOFBuy One Get One Free is a pricing strategy. I am applying that to this week’s episode, you get two themes wrapped up in one podcast. Trust and Credit Control, they have more in common than we think.Do you need to trust anyone?Trust is an integral part of our business lives. Your Business does not operate in a vacuum and must invest in TRUST.Your business cannot operate without TRUST. Whether that's trust in yourself, your suppliers, your customers, or those that you look to work with.TRUST which requires a leap of faith as opposed to blind faith. Blind faith (or stupidity) is like a non-swimmer jumping into the deep end of a swimming pool and hoping that somehow, they would be okTrusting without checkingYou shouldn’t trust someone at face value, just as much as you wouldn’t to give credit without some checking. You need some validation and/or evidence of that person ability. In the words of Ronald Reagan, “Trust, but verify”.Listen to find out moreExtend your trustExtend your trust as your confidence in your business relationship increases. It’s the same with credit control, when your customer conducts their account correctly, you improve your terms of business.Listen to find out moreKeep an eye on thingsWith TRUST, if you feel someone is not behaving as expected then your need to deal with it. Avoidance, just, like in credit control helps no oneWith TRUST, with all the best will in the world things don't always work out. You need to act, show some teeth. Kindness does mean softness. When customers don’t pay on time and are taking advantage you need to act.Listen to find out moreSystems mixed with the humanSystems and systematisation plays a major role in TRUST and getting paid on time. You need to blend in the human, commercial and business judgment.Listen to find out moreWhat NextHow to develop Trust in Business is not just one factor.Now, make yourself comfortable, sit back and listen. Most importantly, subscribe so you do not miss an episode.In This EpisodeUnderstanding the importance of TRUST in businessAppreciating what TRUST and credit control have in commonHow to develop TRUST in businessThe role of systems, procedures and people in TRUSTDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/   

Brexit will affect the UK business landscape. In this week's podcast, I am going to take a look at Your Business and VAT after Brexit.Last week’s podcast episode of I Hate Numbers looked at Brexit and Your Business. In this week’s episode, VAT takes centre stage.Firstly let’s consider that from a VAT point of view countries outside of the UK will be the Rest of the World. The 27 remaining countries in the EU will see us as a third country.What will happen to VAT after Brexit?VAT was introduced into the UK when the UK joined the EU on 01-January-1973. In theory the UK could abolish VAT after Brexit, but this won’t happen. Too much money is raised. Most importantly, the government has indicated it will continue to have a VAT system in the UK.VAT is here to stay. The changes and treatment on Your Business and VAT after Brexit will be determined by two main considerationsFirstly, if your business sells goods, services, or a combinationSecondly, what type of customers will you have in the EU, businesses (B2B), or consumers (B2C), or a combination.Listen to find out moreGoods and ServicesAs a result of the UK leaving the EU there is a difference in treatment between goods flowing between the UK and the EU. That is to say, those movements will be described as imports and exports. Listen to find out more aboutVat, duties, customs declarations, forms and proceduresVAT postponement schemeStoring inventoryDistance Selling RulesExportsServices VAT treatment on selling your servicesFirstly, to figure out what will happen with Your Business and VAT after Brexit we must understand the place of supply rules. As a result, this lets us know whetherVAT is dueWhether it's our business or customer who pays for and deals with the VAT, in terms of accounting and paymentFundamentally nothing changes in principle post Brexit.I also talk about the reverse charge procedure. Under the reverse charge procedure, your customer has the responsibility to account for VAT on your sales.Above all, listen to find moreVAT and Brexit and selling digital productsOn 1st January 2020 if you sell any digital products into the EU Business to Consumer, then VAT is charged at the rate due in that EU country, VAT registration and payment follow. For instance, if I sell digital downloads of I Hate Numbers and someone in France bought a copy, I would need to charge them French VAT.Two optionsOption OneRegister with each country and comply with each country’s local VAT rules and timings for administering and paying VAT.Option twoVAT MOSSMOSS makes your life easier, who wouldn’t want that?  On the other hand, you can choose from one of the 27 EU to register in and pay your VAT.What NextMost importantly Your Business and VAT after Brexit will be different but not radically different to what we have now.If you sell digital products and want to find out more about how EU VAT will affect your business, what to do, take out the stress then register for our webinar. Making digital sales means you need to up your game when it comes to using the right systems and software. Life is hard enough without obsessing over tax rules at home and abroad. An easy to use, intuitive helping hand can be found with Quaderno. It calculates sales tax, VAT, and GST (Gross Sales Tax) for you. Quaderno, good not just for the EU and VAT, but for dealing with VAT and sales taxes throughout the rest of the world,Now, make yourself comfortable, sit back and listen. Most importantly, subscribe so you do not miss an episode.In This EpisodeUnderstanding the treatment of VAT and goods between the UK and EUAppreciating the VAT treatment of servicesLearning about the place of supply rulesHearing about registering for EU VAT and MOSSDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

At the end of December 2020 the UK enters a brave new world, it seems appropriate to see How Brexit affects your BusinessWe have lots of questions about Business and Brexit, some answers we know, some answers we don't. In this weeks podcast we share some answers, advice and tips.What is Brexit?Firstly, Brexit is a fusion of the words “British” and “exit”, referring to the U.K.'s decision to leave the European Union (EU).The U.K. is now in a transition period to negotiate a new relationship with the EU. The UK has no say in EU policy, but will still need to abide by EU rules.There will be new rules from January 1st. 2021.This podcast is about How Brexit affects your Business.IntroductionUp until 11 pm on the 31st December 2020 we are still part of the EU. Though the European union has already removed us as member on their websiteFrom the 1st January 2021 we will be known as a third country, all countries outside of the UK will be known as the Rest of the World. General Data Protection Regulation (GDPR)The GDPR (General Data Protection Regulation)is about the rules relating to how we collect and process personal data. The Data Protection Act 2018 is the UKs implementation of GDPR. Listen to find out what happens from 1st January 2021 ? What steps can you take. Apart from our podcast, check out The ICO, Information Commissioner’s Office.Listen to learn moreEU settlement schemeYour business may have EU/EEA/Swiss nationals living in the UK by 31 December 2020. What happens if you wish to keep them on?Listen to learn moreFrom the 1st January 2021 the UK will become a separate customs territory from the EU. This means that all imports, and exports of goods to and from the EU will become subject to customs procedures. This will refer to EU goods imported into the UK and UK goods exported to the EU.Any “deal” will affect the duty rate on eligible goods. Your import and export declarations will still need to be made.Customs controlsFrom 1 January 2021 customs controls will apply:If your business imports or exports outside of the UK you will have to complete UK and EU customs declarations.Work out the relevant customs duties Should you do this yourself, or use a third party like a freight forwarder . What’s the business case, is DIY better than using an agency.Listen to find out moreFor example, if you DIY you will need to get access to HMRC systems and invest in software.After 31 December 2020, the UK will be a third country, any goods sent to Europe will be classified as exports, any goods coming in from Europe will be classified as imports. Prior to the 31 December 2020 those movement of goods would have been seen as EU would be intra-EU acquisition.Economic Operators Registration and Identification number (EORI)Listen to find out what an EORI is, why you need one and how you get hold of one – spoiler alert, if you are importing then you need one. Any economic operator established in the customs territory of the Union needs, for customs purposes, an EORI numberAny economic operator established in the customs territory of the Union needs, for customs purposes, an EORI number.UK trade tariffs from 1 January 2021Whatever the outcome of the trade talks there will be duties to pay. Your business will be usingThe UK Global Tariff rates.Listen to find out this affects your business, how to apply it and paying it. Do you need pay on import, can it be delayed, listen to find out moreThere are new rules for duty deferment that will apply in Great Britain (England, Scotland, and Wales) from 1 January 2021. Most traders will not need a financial guarantee with their duty deferment account. VATValue Added Tax (VAT)VAT is a Tax that is levied on goods and services provided by VAT registered businesses in the United Kingdom, to other VAT registered business and/or public.The UK introduced VAT when it joined the European Economic Community (EEC) in 1973.Will VAT continue after Brexit?In theory the UK could abolish VAT after Brexit. In practice, very unlikely. It has about much chance as being abolished as discovering Elvis works at the check-out isle of Tescos.Listen to find out why and what changes to VAT are envisaged, how it will be paid andChanges to Vat after BrexitThe big change after Brexit will be how VAT is charged on trade with the remaining 27 member states. How big that change will be is all based on the final negotiated outcome.What NextIn conclusion, when Brexit happens, we will leave with a 47 year membership behind us. The EU has been a major part of business life, leaving is a big deal.  Make yourself comfortable. Sit back and listenMost importantly, subscribe so you do not miss an episode. In This EpisodeUnderstanding what Brexit isAppreciating how the GDPR will change for the UK when Brexit happens.Hearing about the change in cust

The Conditions for the Third Self-Employed Grant have toughened. The virtual claim doors open from 30-Nov-20.The impact of COVID 19 on your business and your trading profits is key.Unfortunately, the guidance is not expressed in terms of awful, crap, rubbish or fine. In this podcast, I share with you what HMRC mean by reduced demand & trading conditions. Crap, average or fine feels like better words.There's a new language that's been introduced. Consequently, we look at coronavirus affecting demand causing a significant drop in your trading profits.DatesFirstly, the grant looks at your applies self-employed business between the 1st of November and the 29th of January 2021.Secondly, the portal opens for making claims. On the 30th of November 2020. And you've got until the 29th of January 2021. When should you claim? As soon as, or is best to wait?Listen to find out moreHeads up, doing a cash flow is important, link to previous podcasts and resources to helpEligibility conditionsSome haven't changed for the Third Self Employed Grant. For exampleBeing self-employed in 2018-19Traded in the tax years 2018-19 and 2019-20Profit levelsBasically, meeting the conditions for the first two grantsListen to find out moreTerms and languageSome key terms and key adjectives HMRC have introduced honest belief, significant reduction, in your trading profits, due to coronavirus. And by demand, we can take that to be the level of sales - the number of customers that you have. So, coronavirus has got to be linked to less trade coming through the door, whether that's virtually or otherwise.What is meant by self-employedHMRC expectation for your behaviour and attitudes when making your claims.Intend to continue to trade, and'Reasonably believe'Significant reduction in your trading profits due to Coronavirus.Honest assessmentSelf-employed – it’s not what we mean in normal conversationExamplesI'll share some practical examples and dig deeper to explain and see what is meant by all this official speak. Lots shared in this podcast episode of the exiting and changed eligibility conditions. For instance self-employed, demand, honest belief, significant reduction, trading profits. Also, I share tips on evidence to support your claim – just in case HMRC ever come knocking!What does this mean, listen to find out more?What NextIn short, the third self-employed grant has tougher conditions. Above all don’t be put by applying because you think you may not be eligible. If you’re eligible, make the claim, that will be a vital bit of cash.  Make yourself comfortable. Sit back and listenEven better subscribe so you do not miss an episode. In This EpisodeUnderstanding the key conditions when making a claim for the Self Employed GrantAppreciating the language and keywords used in the Self Employed Grant conditionsHearing examples and explanationsDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/  

Charity Mergers - The Three StagesThis weeks episode is about Three Steps to Successful Charity Mergers.Charity Mergers are the coming together of two separate charities to form one .Mergers can produce several benefits for but they also have several challenges as well.Stage One: Business CaseFirstly, your Business Case, your reasons for wanting to merge. For example, economies of scale, pooling of talents, greater reach. There are benefits, as well as challenges.Most importantly, consider if the merger in the best interest of your charity and beneficiaries.Listen to find out moreStage Two: Due diligence.Secondly, due diligence, mentioned in last weeks podcast. Above all consider the risks and liabilities you are about to take on.At the outset, protect yourself, and not restrict your conversations with your charity partner. NDAs (Non Disclosure Agreements) are a must.Moreover, it's not just legal and financial matters that you look at. Above all the merging of charity cultures can be the thing that strengthens the merger. However, good and bad cultures mixing is not good for anyone.Listen to find out moreStage Three: Change management.You will have many charity stakeholders. They will be anxious and have concerns about the prosed merger . Above all, get them on side, make a smooth transition to a brave new world.Most importantly, communicate, understand, and involve people in the change. As a result you will have a more successful merger.Listen to find out moreWhat NextIn short, mergers are marriages.  As Socrates said “By all means marry; if you get a good wife, you’ll become happy; if you get a bad one, you’ll become a philosopher.” In conclusion, Three Steps to Successful Charity Mergers will make for a happier marriage.Make yourself comfortable. Sit back and listenEven better subscribe so you do not miss an episode.In This EpisodeUnderstanding the importance of a merger business caseAppreciating the importance of due diligence and what it isWhy Change Management plays an important role in Charity mergersDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

Five things to consider when selling your business is this week’s podcast episode.Selling your business is a major life event and has a lot in common with selling your home. There is an emotional attachment to your business that you built up. Like our homes it has memories and will influence us when we choose our buyer.In last week's episode we talked about whether you are selling assets or shares, your business valuation and tax.Now the five things that we need to take on board.MotivationFirstly, be clear in your own mind about the reason if you are selling. Getting the right price is as much psychology and negotiation. Are you concerned with what the buyer will do with the business? Once they take it over. Does it matter to you?Listen to find out moreSerious buyers and time wastersSecondly, dealing with possible buyers. Just like when you put your home on the market. Lots people are just interested in having a nose round, time wasters who do not have the money. How to deal with that when you are selling your business is good thing to know.Listen to find out moreProtecting yourself.Your buyer will wish to look at the inside workings of your business. They will wish to know about your customer base. They will wish to know about your finances. Make sure that you protect yourself and your business.Listen to find out moreDue diligenceNo serious buyer will wish to buy your business without carrying out due diligence. Due diligence is about requires an examination of financial records before entering into a proposed transaction with another partyWhat does this involve? Weill it includes getting your finances up to date ranges, paperwork in order, operational and customer information.Listen to find out moreDistractionsDo not ignore your business while you are trying to sell it. It is easy to get distracted and lose focus. Selling your business can be an energy-sapping process. You want to make sure that the business and your team are still going strong.Listen to find out moreWhat NextFive things when selling your business, make yourself comfortable. Sit back and listenEven better subscribe so you do not miss an episode.In This EpisodeUnderstanding thew importance of seller and buyer motivationKnow how to spot serious buyers and weed out time wastersWhy it is important to protect yourself when selling your businessWhat is due diligence and being prepared for itDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

Today's podcast is about A need to know about selling your business. For many of us selling our business at some point in the future could be us cashing in our pension scheme. It may be a way that we can set up while we're at the top, move on for other different challenges in our life.In this podcast we are going to look atWhat we are sellingThe choices between selling the assets in your business or the sharesFiguring out how much your business is worth.Goodwill. What exactly is that? And does badwill exist? spoiler alert, it does!Options to sellOptions when you sell your business.You either sell the shares that you own in that businessSell the underlying trade of the business or the assets.How do you choose which one? Well there are several things to consider, not just tax and how much money you get.Listen to find out moreValuation and GoodwillHow do you come up with a number, a value for your business? Goodwill plays a big part. Goodwill is what you are buying - Badwill also existsThe money you want, and what you get may not be the same. One thing you need to do is to come up with a value. Psychology also plays a part.Listen to find out morePlanning points and due diligenceLet’s talk about both buyer and sellerYou can’t get away from tax, tax planners step forward.Due diligence, being careful and grown is about reducing the risk of things going wrong.  Make sure that you're not picking up a hot potato, and you're very conscious of what you're buying into.Listen to find out moreSeek helpMake sure that when you're selling, your business you seek professional help, I don’t mean the medical kind! Professional people, like accountants and lawyers need to play their part. They will help you come up with the right numbers, and make sure you get the protection you need. This podcast is A need to know about Selling your BusinessIn This EpisodeUnderstanding the options available when you sell your businessAppreciate the reasons a buyer wants to buyWhat Goodwill isLearn more about the things to consider when selling your businessDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

This week's episode of, I hate numbers is talking about Buying your car through your business. Check out last week's episode where we talked about saving tax with company benefits. tax-free and trivial benefitsWhat is a company car?This is a car bought by your company, you use it for business and personal use. By the way, driving between home and work is normally considered personal use.Working out the Benefit ValueThere are three key numbers that we consider when looking at Buying your car through your businessHow the car is poweredThe list price of that vehicleCO2 emissions of that car.Listen to find out moreCO2 emissions and taxThe lower, the CO2 emissions of the car, then the lower, the resulting tax charge will be.An electric vehicle has no emissions, that means a tax-free benefit. Now when it comes to hybrid cars, these also have a favourable tax treatment.Listen to find out moreContributing towards the carThere could be a number of reasons for this. It could be that you decide to go through it, another vehicle, which your employer can't afford. And you may be that employer if it's your company. The advantage of making a capital contribution is tax savings for both you and the company.Listen to find out moreAn alternativeIt may not be to not bother buying the car and for you as the individual to purchase the car in your personal capacity. If you do that, then you have the option of charging your business, charging the company, 45 Pence per mile for each business model that you travel. Once you go over the 10,000 miles, then you can charge 25p. That can be claimed tax-free it counts as a deduction for the company. And, therefore it may be worthwhile to consider that option as well.Listen to find out moreConclusionIn conclusion, providing a company car, especially an electric or hybrid car can save a lot of tax, personally and for your business. It can even be cheaper than having higher salary.Your business needs to grow, serve and make money. Buying your car through your business can be a great pay you and your staff efficiently. Contact us to talk about this or other ways where we can help your business.NumbersWhat would a I Hate Numbers podcast be like without some Numbers ![table id=17 /][table id=14 /]What NextMake yourself comfortable. Sit back and listen.Even better subscribe so you do not miss an episode.In This EpisodeUnderstanding how we work out the benefit value of accompany carAppreciate why buying an electric or hybrid car is good for your pocket, as well as the environmentWhy you might be better off buying your own carDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

Today's topic is focused on one underused legitimate way of Saving tax with company benefits. Pay yourself and save personal and company tax. And yes, it's important as a business owner, you need to pay yourself. The conventional route to pay yourself is a blend of salary and dividends.  In this episode I'm going to be looking at a legitimate area of tax planning that tends to be underused.The mission of the show is for you to get better acquainted with your numbers like your numbers more so you can improve your money mindset, make money, save time, and enjoy doing what you're doing.You as a business owner will want to serve your customers well. You want to make money in your business, and you want to pay as little tax, legally, as you can.Paying yourself with benefitsTax-free benefits, yes, there are still some. Most employee benefits have an extra tax cost to your company and the employee.  However, there are still tax-free benefits. What’s not to likeWhen we talk employees, this can include yourselfListen to find out moreBusiness structureIf you run your business as a sole trader as a self-employed individual, then benefits don’t apply to you as the owner, it will apply to people you employ. Your company is a separate legal entity from you as the owner. Your company pays tax on profits, tax on salaries, and your employees pay tax on earnings.   Earnings include benefits.This may be an influencing factor for you deciding whether you should run your business as a limited company. Check out previous podcast episodes on your business structure and tax in your self-employed business.Tax free and trivial benefitsFirstly. If a cost is 100 per cent business, it’s normally a tax saving. There are things your business can pay for that aren’t business related but have a personal use.The good news is that some benefits can be provided tax free. Done correctly, you can give gifts to you and your team and no tax to pay! Please welcome trivial benefits.Listen to learn moreTax on taxable benefitsTax free and trivial benefits have no tax consequence, for either your business or your employee. Your employee can include youMany benefits, such as company cars, and medical insurance means that tax is due by you and your employee. However, it can still work out cheaper for your business to provide those benefits.Listen to learn moreConclusionIn conclusion, providing benefits is a great way to pay you ad your staff, save tax, and all perfectly legally. Saving tax with company benefits for your business and staff is a positive move. Paying yourself via benefits route as well as cash is good tax planningYour business needs to grow, serve and make money. How to pay you and your staff efficiently plays a vital part in you taking decisions, and what is right for your business.  Contact us to find out more. What NextMake yourself comfortable. Sit back and listen.Even better subscribe so you do not miss an episode.In This EpisodeUnderstanding what benefits areAppreciate what the tax free and trivial benefits areDecision making and dealing with a benefit strategyDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

If your business employs staff then COVID-19 has added more pressure, the Job Support Scheme and Planning is vital. You want to look after your employees and their welfare, but also the payment of those employees and the cash flow situation, that that creates when income has been impacted negativity.This week’s episode of I Hate Numbers looks at the new Job Support Scheme, Furlough scheme mark 2.There are six things I'm going to cover in this podcast.Overview of the new job support schemeConditions to make a claimJob retention bonusRulesNumbersCash flow and decision makingListen to learn moreJob Support Scheme OverviewThe job support scheme starts on the first of November, and it's initially set to run up until the end of April 2021. It will be divided into two phases, the first three months, and then three months into the scheme the government then will overview how its progressing, any changes to the scheme it will announce in due course.There are two schemes, in common with the current furlough scheme is to provide payments to employers who retain employees do not make them redundant.ConditionsUnder scheme one, your employee must do a minimum level of work. If, however, your business has been forced to shut down because of local lockdown restrictions imposed, then the requirement of your employee to work a minimum level of time is waived.Listen to learn moreCash flow timingIf you have to contribute towards your employees pay then you pay before you claim. That’s important to remember when it comes to cash flow planning.There’s some cash flow pain. You've loss of income, money being paid, hours may not be there to justify bringing them in.Listen to learn moreJob Retention BonusThe Job Retention Bonus may soften the blow. There is a £1,000 one-off taxable payment to you (the employer), for each eligible employee that you furloughed and kept continuously employed until 31 January 2021.You’ll be able to claim the bonus between 15 February 2021 and 31 March 2021. You do not have to pay this money to your employee.ComplianceThere will be rules and regulations, critical that you maintain adequate records to backup and verify your claim. Employment law is not ignored. Your staff have to agree to a reduction in their wages and hours.HMRC will be focusing efforts on those that have taken advantage of the scheme or claimed incorrectly. Expect assertive action over the next few months.Decision timeThere is a very choppy business landscape ahead, if you do have a staff team and you wish to retain that talent, then there's tough decision making that lies ahead. When faced with any tough decisions, you must always, always do a cash flow plan, a cash flow story.Cash flowIt may be that your business can weather the storm and knowing what the cost will be to you as a business for retaining the staff, under the job support scheme is a vital input into that cash flow story.Do not panic, your cashflow story may reveal that you can weather and survive the storm that lies ahead. Stay sanguine, positive and centred.Listen to find out moreConclusionIn conclusion, Job Support Scheme and Planning go hand in hand. Don't forget the Job Retention Bonus. Include this into your future cash flow forecasts. Consider the steps you need to take to keep your business dial moving forwards.Detailed illustrations, in the show notes link.Your business needs to grow, serve and make money. Cash flow planning plays a vital part in you taking decisions, and what is right for your business. Contact us to find out more.What NextMake yourself comfortable. Sit back and listen.Even better subscribe so you do not miss an episode.In This EpisodeUnderstanding the Job Support SchemeAppreciate what the conditions are and consider required evidenceDecision making and dealing with financial challengesDeveloping your future cash flow storyDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

Welcome to episode 33 of I hate numbers. Today's episode why you need your business plan.In fact, every business needs a business plan. In this episode I'm going to talk about why your business needs a business plan and what should actually go into it your business plan.This episode of, I hate numbers is part of my continuing mission to strengthen your money mindset, make you less scared of your numbers. So ultimately you can make more money or profit in your business, have more time, sustain your businesses and thrive.Why you need a business planYou may be thinking that it's a complete waste of time. There is certainty in your mind that you know what you’re. You don't want to be spending time and energy writing things into a document that's going to be out of date at the moment it’s written.Put those thoughts to one side. Your business plan is written predominantly for you. No plan equals no success.Listen to find out moreThe five key components that go into your business plan.Firstly. In the beginning figure out what your version of success looks like, your Business goals. Business goals have substance, and must be at least measurable, realistic, and achievable.Listen to find out moreYour business objectivesThese are the steps, the journey, the actions, and the tactics that you need to do to get to your business goals. Like your business goals, they must have substance, and must be at least measurable, realistic, and achievable.Listen to find out moreWhere your business is nowYour route to success needs you to understand where you are now. Understand where your business is currently. And understanding who your customers are, what the customer journey actually involves, which customers are the most profitable to you.Listen to find out moreMilestones and measuresManage what you measure. The progress of your journey requires you to set milestones and measures. Then you can monitor your progress and make judgementsListen to find out moreYour Business NumbersLastly, the numbers. Translate your plan onto financial forecasts. Look at your plan through the prism of cash flow and profit. Cash flow makes it happen; profit is the prize. Check out episode 30 of I hate numbers podcast episode "Cashflow is a big deal".Listen to find out moreConclusionIn conclusion,Why you need your business plan is clearer. in your plan, include your business destination, and the steps you must take to achieve your business goals.How are you going to get that, that detailed plan, your milestones and your measures, and lastly, the numbers. What does that actually look like in terms of profitability? What does that actually look like in terms of cash flow.Your business needs to grow, serve and make money. Your business plan mindset plays a vital part in you taking your business seriously and for growth.  Contact us to find out more. What NextMake yourself comfortable. Sit back and listen.Even better subscribe so you do not miss an episode.In This EpisodeUnderstanding why your business needs a planWhat five elements your plan should includeThe importance of milestones and measuresDeveloping your financial forecasts in profit and cash termsDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

Your attitude in your business, your attitude to your business is everything.Attitude is the theme of this week's I Hate Numbers podcast. In this week's podcast I look at what attitude is, and why it's such a big deal in your business.Business or hobbyFirstly, what’s a business? Business is where you have an activity where making money, making profit is part of the deal.An official definition of a business is the activity of making one’s living or making money by producing or buying and selling products.A hobby , on the other hand is a regular activity done for enjoyment, typically during one’s leisure time, not professionally and not for pay.Making money, profit and cash in the bank has to feature and your numbers, your best friend in business, that won’t lie to you plays a massive part.Listen to find out moreWhat is attitudeWhen we hear the word attitude, images of anger, happiness sadness appear. Whether we take things seriously of whether we take them lightly.Your attitude, mindset if you prefer is about your thoughts about the world. It’s about your behaviour, your assumptions. You attitude is about how you apply those in your business is actually key to how your business grows, develops, sustains, and prospers.Your approach to your business , whether you take it seriously or not is important. It will determine whether your business survives, will shape how you deal with those circumstances that you may feel are outside of your control. It shapes how you deal with people that may not be the most comfortable to deal with.You can't control what happens in the future, but you can control and influence how you react to them.Furthermore. one size does not fit all. By the same token one approach doesn’t suit all situationsListen to find out moreYour Business GrowthThis is not an option. Your definition of growth may vary, but absolutely you've got to see growth as a continuum. If you do not grow your business, then you will end up going backwards in your business.Customers will leave you. Nobody keeps customers for life. Costs will change competition, intensifies regulations and legislation changes all the time. So change is a constant part of our business lives. So looking to grow your business to develop your business is an absolute necessity, not, it would be nice to have.ConclusionIn conclusion, your business is there to serve your customers well, for you to enjoy what you're doing, to give you the time to spend with your family, provide yourself with a decent living. But fundamentally is that also to make money. Your mindset and attitude absolutely vital for you taking your business seriously and for growth.  Contact us to find out more. What NextMake yourself comfortable. Sit back and listen.Even better subscribe so you do not miss an episode.In This EpisodeUnderstanding what the difference the difference between your business and a hobbyThe part that your attitude plays in your business successWhy your business needs to growDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

Collecting money from your customers is a big deal? Getting paid on time is a big deal.  Because cash guarantees your survival week after week. No cash, no business. The lights will not be on, the door will not be open.This week’s episode of I Hate Numbers is all about getting paid on time. I look atWhy getting paid on time is a big dealThree things you do to help getting paid on timePractical tips to shareGetting paid on timeCash ultimately comes from your customers. They give you money for your products and services.Your business has financial commitments. Make sure your staff, suppliers, lenders, and YOU get paid. But, get paid with cash , not buttons and promises. To clarify, if you don’t have access to cash, then your business won’t have a long shelf life and you’re screwed!In other words, your cash should come from your customers.Three things you needIn addition there are 3 essentials things you need to help get paid on time, summarised as CULTURE TECHNOLOGY and ACTION, CTA for short.CULTUREFirstly, culture equals mindset & attitude. Know how to deal with money. In other words, your mindset dial should be set to having grown up business conversations. Grown up doesn't mean being nasty, it means being comfortable talking about money.Giving credit is always a risk. The risk is you don't get paid ! You must have the right attitude to manage that risk. But your business is just that, a business. It’s not a hobby, it’s there to make you money (profit) so you can continue to do what you do, make a difference, serve your customers and give yourself a decent personal and family life.Most importantly, listen to find out more.TECHNOLOGY Certainly, technology is a good friend to you in terms of processes and systems. For example, technology helps you issue customer quotes, invoices. Above all technology monitors what you are owed, reminds you when payments are late, and helps collect your cash.In addition, technology is pretty cool for issuing agreements, terms, and conditions. To sum up, technology helps with the whole customer journey from stranger to getting paid.Most importantly, listen to find out more.ACTION Thirdly, systems and processes are pointless unless you follow them and take action. For example, what do you do if the client doesn't pay you on time?Action always wins over inertia. On the other hand, hiding under your duvet or putting your hands to your ears and going la la la is a playground activity. Definitely not suitable for your business.Most importantly, listen to find out more.ConclusionIn conclusion, Collecting money from your customers has to be done, and on time. Certainly if you want your business to still be around, get to grips with getting paid on time. Take control and improve your customer collection process. Contact us to find out more.What NextMake yourself comfortable. Sit back and listen.Even better subscribe so you do not miss an episode. In This EpisodeUnderstanding why getting paid on time is vital for your businessThe part that culture plays in getting paid on timeWhy technology can be a good friend to you in getting customers to pay youAction speaks louder than words and inertiaDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

Cash Flow is a big deal. Everybody wants their business to survive. Everybody wants their business to grow prosperously. Cash Flow is vital for your business. Without it, your business is on a one way trip to disaster. In this weeks podcast episode of 'I Hate Numbers' I want to stress the importance of cash flow, discuss what it is and how you successfully manage it in your business. The costs of your business need to be met and you need cash for that. Staff must be paid; overheads covered, loans paid, and your need to pay yourself. Those bills and commitments need to be settled in cash, not promises. Cash is importantCash is necessary in any business of any size. If you fail to get adequate cash flow then your business will inevitably fail. A lot of businesses can survive periods of low profit, even losses!. To do that you need access to cash. Strangely enough, profits and cash aren't the same thing, profitable businesses can fail, loss-making businesses can survive. Strange but true  Cash Flow is the most important aspect of your business. And if you don’t have the right Cash Flow and know how to manage it then your business is done for. Finished. Forecast for the year and amend as you proceed and if you can’t do that then do what you can. Cash forecastCash Flow is a big deal, and we need to own it, and manage it. You need to create a cash forecast for your business. Look ahead, and think about what your business activity, your business story looks like. Once you’ve got an idea of that then forecast the months ahead based on that future as best you can. Three things for your consideration. Firstly, produce a cash forecast then a cash budget, a cash report for your business is finding out the details. Forecasts and projections will detail your story and should be done typically for 3-6 months but preferably 12. Your cash future is based on asking three key questionsWhat is the future activity that impacts on money in or money out  When does that cash event occur, in which month or week  How often does that cash event occurDon't even bother with numbers at this stage. When you figure what your future may look like then translate that activity into a financial number. Once you have a cash story then the power and magic happens. In a forever changing world when anything can happen at any given moment you should always plan for contingencies. You never know what's next and one day your business will thank you for it.In This EpisodeUnderstanding why Cash Flow is a big dealCreating your future Cash StoryHow to put together and manage your future Cash StoryDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveConclusionCash Flow is a big deal. Take control and produce and manage your future Cash Flow story. Contact us to find out more.What NextGrab a coffee. Make yourself comfortable. Sit back and listen.I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode.Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/  

Social Enterprises are pretty important businesses. There are over 100,000 social enterprises contributing £60 billion to the economy and employing two million people.In this weeks episode of ‘I Hate Numbers’ we look deeper into the what, how and form of a social enterprise.What is a social enterprise?Firstly, let's look at a working definition of a social enterprise.A clear social and or environmental mission.It has a way to generate most of their income through trade.An ethos of reinvesting most of that profit back into business.Don’t confuse a social enterprise with a charity as a charity is not necessarily a social enterprise and a social enterprise is not a charity.Primary purposeThe primary purpose of a social enterprise is making profits as part of its social mission and purpose. Those profits can be made by selling products or services.Social Enterprises are BusinessSince social enterprises are fundamentally businesses. It is critical and important that business disciplines are applied to how those social enterprises are run. How they grow. How they sustain themselves.Legal form and structureWe've talked about legal structures before so it's worth checking out our previous podcasts. If you're contemplating setting up a social enterprise, then the key question at the very start is the different form or the legal structure that you should adopt.There are choices, the most popular beingCommunity Interest Company (CIC)Sole traderCo-operativeCompany limited by guaranteeCommunity Interest CompanyFirst introduced in 2005 due to a growing interest to offer support to social enterprises. It is owned by the local community and operated to benefit those people who reside in that community.Within the CIC world, there are two forms.Private company, limited by sharesLimited by guarantee with membersThere's three key questions to answer. These look at your motivation and purpose for behind why you want that CIC.What your CIC will be doingDealing with surplusesWho will your CIC to help and how?Differences between social enterprise and a charityA social enterprise isn't always a charity, and vice versa. The main differences are to do withCorporation taxRate reliefDonationsPurposesListen in to find out moreConclusionSocial Enterprises are businesses. They play an important part in the business and community landscape. Contact us to find out more.What NextGrab a coffee. Make yourself comfortable. Sit back and listen.I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode.In This EpisodeUnderstanding what a social enterprise isChoosing your legal structure for your social enterpriseWhy a social enterprise is not necessarily a charityDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/ 

How to choose your accountant is this week’s episode of I Hate Numbers.  Not all accountants are created equally. Just like in any walk of life, any profession, some are more effective than others. In this podcast I'm going to share some tips with you as to how you go about making what will be a very important selection for your business, and it's going to be important because the right accountant can have a big impact on your ability to grow and move your business dial forwards.PreparationFirstly, do your homework before you start speaking to an accountant. Check out last week's episode where the topic was what do accountants do? Choosing your accountant is the same as finding good effective supplier for your business. It needs to be for purpose.DecidingWhat are your current and future business needs? Are you looking for someone to do the traditional compliance work, prepare your accounts and tax return once a year? Do you want more of an ongoing relationship? What is it you feel that you need for your business, now in all of these questions, you may not necessarily know what the answer is, but have some form of idea of what you think you need here and now, and what you believe that you will need for your business going forward.LocationDo you feel that you need a local service provider, somebody who's located where you live, or does that not matter? On a personal note my clients are based locally, nationally and Internationally. Technology helps makes the world a smaller place.  Regular communication and the ability to access client support may be more important to you.QualificationsNot all accountants are the same. Lots of people describe themselves as accountants but have zero level of experience. Lots of people have experience but no qualifications. Qualified doesn't mean competent and competent doesn't necessarily mean qualified.The ideal combination is got professional exams under their belt and real-world experience to back it up.RecommendationsSeek recommendations from those in your network. Check out reviews on people's websites, which ones catch your eye and what are they saying? How old are they? How recent are they? Which ones look appealing?Short listOnce you've got a short list of say five or six to begin with, then carry on with your research. Look at the firms in your short list, check out their websites, check out their social media presences. Look at the company, the staff, the range of services they offer. Make a short list of no more than two to three accountants that you can have a conversation with. The conversation should be a dialogue, not a monologue.Meeting timeHave some form of agenda that you want to cover in your meeting. As with any future supply arrangement, then don’t be wary or afraid, or nervous in asking questions. They can be technical, ask about working styles, skills, experiences, meeting times and costs!!People buy from peopleDo you like accountants who are more formal, who are very jargon laden? This could be your bag, or it may not be for you. The interaction with that individual and their team. Who did you get to speak to? Do you feel relaxed when you speak to them? Are you someone who likes robust, straightforward advice, or, perhaps a bit softer?ConclusionHow to choose your accountant is one of the more important business decisions you will make. Prepare, shortlist, have a conversation and then decide helps you make that decision easier. Contact us to find out moreWhat NextGrab a coffee, make yourself comfortable, sit back and listen.I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode.In This EpisodeUnderstanding the approach to choosing an accountantHow to make a short list of accountants to talk toSpeaking to prospective accountantsDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

In this weeks episode of “I hate numbers” my topic is ‘What do accountants do’?Five headline things that accountants do, spoiler alert, money features amongst that.Making moneyMaking money is a big business goal, if you want to move from hobby business to something more. When we talk money, we mean cash in the bank and making profit.You need a strong and vibrant number story if you want your business to prosper and to continue.Saving moneyA good accountant saves you money.  You see where the money goes, choose the right business structure and deal with VAT.Business growthThirdly, accountants help you grow your business. If you don't grow then your business is going backwards.A good accountant helps you make good business decisions. You will make objective choices that are good for your business.TaxesYou can’t escape death or taxes. A good accountant helps you reduce your tax bill, and can navigate the tax rules and regulations.Work life balanceYour accountant can help you achieve a good work life balance. And if you're not spending time doing whatever you don't like or are particularly good at, and all of us have got those things that we're not good at, you can balance your time better.What NextGrab a coffee, make yourself comfortable, sit back and listen.I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode.In This EpisodeUnderstanding what accountants doKnowing the impact an accountant can make on your businessFinding out accountants help you make money, grow and deal with taxesAccountants helping you get that work life sortedDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/Get in touch with us to find out more about some money making tips. For more business and finance , news, advice and tips, don’t forget to watch our weekly broadcasts, subscribe to the weekly podcast I Hate Numbers.Pro Active ResolutionsThe Numbers Crew – Here to help you!

Dividends is this week’s topic of I Hate Numbers.In this podcast I am going to chat to you about the whys and what of dividends, plus the correct and legal way to pay yourself with dividendsPaying yourselfIf you are your own boss, there are two main business structures that you can have. You can either be a sole trader or a company.In both cases you need to pay yourself, but no dividends if you are a sole trader. Listen to find out more.Dividends are your company profits that you are paying yourself. Tax, or reducing tax plays a big part behind why owners pay themselves dividends. Company tax, personal tax and national insurance are all part of that balancing act in deciding how much you should take.Add to this your personal tax situation, from basic rate taxpayer and beyond. You’ve a heady cocktail of thought processes going around. Your dividend will be part of your personal income, with tax rates being as low as 7.5% to a 38.1%, it’s all about tax status.Tax is not the only thing to consider. Control plays a part in how much dividend you pay. If you’re the director, you decide when you pay your dividend. This could be a big deal when you’re looking to keep your personal income and tax bill to a modest level.Procedure, there are rulesOne thing often forgotten by company owners is that are rules governing how companies are run. It may seem like jobs worth talk, but there’d a sound reason to have these rules. Running your business through a company protects you. If things get messy your personal assets are protected. Any responsibility for company debt normally is your company's shoulders, not yours.Illegal DividendAbove all, follow the required due legal process in paying yourself a dividend, otherwise it's illegal. You will not go to prison, it will be a civil offense. As a result, an illegal dividend will be classified as a director's loan, and that's a whole different rabbit hole.RulesFirstly, prepare accounts showing that profit is being made. Profit is after all all your business expenses, including company tax.Have a board meeting, it could be at your kitchen table, but have a meeting.Pass a resolution as to what will be paid, and keep a record.Prepare a dividend voucher – we’re not talking Amazon voucher by the wayWhat NextGrab a coffee, make yourself comfortable, sit back and listen.I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode, contact me for help with Number love in your business .In This EpisodeUnderstand what dividends areAppreciate why you pay yourself dividendsHow the dividend rules and regulations apply to you paying dividendsDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/  

In this week’s episode of ‘l Hate Numbers’ I am looking at Personal tax returns. More specifically the personal tax returns you need to complete in the United Kingdom.BackgroundEvery year the tax office, shorthand HMRC want individual taxpayers to tell them what's been going. The principle is called self-assessment, where you tell HMRC what your income and gains, and calculate the tax owing or to be repaid. As a heads up, HMRC accepting your tax return doesn’t mean they agree with it.Tax YearsIn the United Kingdom the tax year for individuals is between the 6th of April and the following 5th of April, and we've got the Catholic church and Julius Caesar to blame for that.  Find out why, listenWhat goes into your tax return?Your tax return will include details of your income. Typically, salaries, income from property, self-employment income and pensions. It will also include details of capital transactions. So, if you’ve sold an investment property or the family antiques.DatesOne date to understand is the income tax year. This doesn’t run on calendar years, but between 6th April and the following 5th April. Julius Caesar and the Catholic church are part of the reason, listen to find out moreDeadlines, payment dates, and getting an interest free loan via PAYE make an appearance in this episode.Who needs to complete a personal tax return?There are an estimated 12 million personal tax returns that need to be completed for 2019-20, that’s an estimated 30% of the UK adult population.Listen to the podcast to see if you’re one of the 30%Paying the taxYou’ve finished your tax return, and instead of a refund you see that you have money to pay. When should you do if you don’t have it?I share my tips, spoiler alert, it involves ostriches and duvets.Well, folks, that's a wrap. I hope you got some value from this podcast. I'd love it. If you could subscribe, tell your friends, your associates, your colleagues, about what a wonderful show this says until next week, have a great week.What NextGrab a coffee, make yourself comfortable, sit back and listen.I love doing this podcast and sharing my love of Numbers with you. Contact us if you want to find out more.In This EpisodeUnderstanding who must complete a personal tax returnKnowing what goes into a personal tax returnFinding out the key dates in the tax return calendarWhat to do if you haven’t got the money to pay your tax billDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

There is a lot to be said for Artists and Businesses working togetherToday's topic is about artists and businesses working together. Let me share three tips about how to get the best out of that working relationshipArtists working with business doesn't seem like a particularly good match. However, artists and businesses have a lot more in common, more than you may expect. As a point of order, by businesses I’m talking private commercial companies. Listen in to find out moreInspiration for this podcastMy inspiration for this podcast is being involved as a sponsor and a judge for the Emcees awards. I see it firsthand, the positive relationships that are built for businesses in terms of branding. Business get closer to their customers in terms of wider engagement. Artists actually help solve problems.Tip number oneFirstly, banish preconceptions, on both sides. Go into this with an open mind, but don’t leave your brains behind. Don’t abandon due diligence and your business brain.Tip number twoSecondly, set objectives from the outset . So both parties know when they're winning. When you set objectives and goals you know, where you want to get to. Artists and private commercial businesses need to clearly define the aims and outcomes, the expectations of working together.Having that clarity, having clear expectations from the beginning will enable you to keep track toward your success.Tip number threeThirdly, monitor. Monitor what you're doing. Monitor for success, for both parties. Once you define the nature of your relationship, your objectives and goals, make sure that you measure progress. It’s great for accountability, measuring progress so you actually know you're going on the right path.And in most things in business relationships, it's about solving somebody's problem, about solving somebody's pain.What NextGrab a coffee, make yourself comfortable, sit back and listen. Click the link if you want to find out more, or contact us to see where we can help .I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode.In This EpisodeUnderstanding why preconceptions aren’t good for your businessKnowing the benefits of setting objectives and goalsWhy monitoring your success is a positive thing for your working partnershipDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/