I Hate Numbers: Simplifying Tax and Accounting

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/

What has Planning your Arts Event got to do with business? Well, arts and businesses share a lot in common. There are differences, but also common ground between artists and private businesses. nevertheless.Artists are full of creativity and energy, delivering inspiring work for their audiences This is no different for your business, except you may use the term customers, and not audiencesIn this week’s podcast episode of ‘l Hate Numbers’ I share 4 tips into how arts businesses plan their events. Lots of parallels and takeaways for your business.PlanningPlanning in the arts is crucial, lessons to learn from the world of business and vice versa. Success in the arts and the business world is down to planning.Planning in the arts is like planning for any type of business. What's the first thing you've got to do? You have got to✅Set yourself a goal✅Get your house in order✅Figure out where you're going and how you are going to get there.Create the event storyWhen planning an arts event, get the story straight. Think about the type and shape of the event. What do you want your audience to experience? No numbers at this stage, just the story says from the here to the eventual event happening.ResourcesMake a shopping list of what you need to plan, rehearse, and deliver your event. Include artists, venue, marketing assets, people, skills. Think of the event in stages, the beginning, the middle and the end.Work backwards from the actual event. There are several weeks, several months’ worth of activity, energy and enthusiasm going into making it happen.Cash and financesLet us get down to the actual money side of things. One key and critical document is cash flow. Produce this as quickly and as early as you can. What does that require in terms of money going out in cash terms? Not just the amounts, but when it happens, timing s everythingRevisit and read your cash story. What does it show? Now is your time to make some powerful decisions with your powerful insights. Remember, at this stage, you're not reducing their ambition. You are not modifying your story yet. You are waiting to see what the cash flow story looks like.Collaboration Artist or otherwise, you cannot do it on your own. Collaborate, delegate, outsource. Find the experts in the field that will help you deliver an excellent event. And typically plan, think about the execution, but do not lose the passion and the actual event itself. That's what is driving you forward.What NextGrab a coffee, make yourself comfortable, sit back and listen to this episode on Planning your Arts Event.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 EpisodeLearn what we can apply from Planning your Arts EventAppreciate the benefit of creating an event storyHow the events story helps write the financial storyCollaboration and co-operation 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/ 

Working together with others on your business is good for your well being, growth and bottom line. Don't forget that making money separates a hobby from a business.In this week’s episode of ‘l Hate Numbers’ I share four reasons why you should work with others. This episode was inspired from building and launching our Business Growth Club. I used the word our, because it’s me and my friend and colleague Dr Joe North who went from idea to launch on this.TLAF sums this up. TLAF, love a mnemonic, don't you, stands for✅Team✅Learning✅Accountability✅FrequencyTeamMany businesses work on their Business Growth in isolation. You staff team, whatever their motivation and talent will not be invested in your business as you are. To be fair, you should not expect them to, it’s not their business, they do not have the financial equity or ownership.Work with others who have a similar mindset to yourself. Communication, collaboration, bouncing around ideas are great ways to learn and grow.Learning If you think that you know everything in business, that there's nothing more to learn, then you are wrong. Everybody has experiences to share. Everybody can learn from the successes and mistakes of others. And this all helps us and helps you in your own business development,AccountabilityHaving the right people in your support network gives you a group of accountability coaches and friends. Once you've committed to something, you've told somebody you're going to do it, you’re under a bit of pressure, you're committed, but it's powerful to have a bunch of people who are in a similar situation to yourself, making you accountable.They will encourage you., keep you on track, and ask you questions. It may sound like being in school where you are expected to hand in your homework. But it's all there done in terms of making you move your business, going forward. Accountability also makes you more responsible.Frequency Having a regular catch up with your group reminds of what your commitments are. You are reminded of what your tasks are, what you must do. This frequency of meeting up is a great opportunity to reflect on where your progress is taking you. How you are doing against the objectives you’ve set yourself. Make small adjustments if you need to.Business owners work in isolation. Working together on your business includes catching up with your peers. Check out how others are doing, checking your progress and their progress. Once a week, typically is enough to keep you on track. It is not overwhelming. It's not over time consuming and therefore your time commitment is not stretched.What NextGrab a coffee, make yourself comfortable, sit back and listen.  Click the link if you want to find out more about Our Business Growth ClubI 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 EpisodeUnderstanding why working with others is good for your businessKnowing the benefits of continual learningWhy accountability is a positive thing for you and 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/.

You may be thinking, Do KPIs mater? Absolutely, they are a big deal. If you are in business, you need to understand what is going on.This week's episode is about measuring your performance, making judgements, and getting opinions. From the cradle to the grave we make judgements, we express opinions, we tell people what we think, we act, we behave from the cradle to the grave.That does not stop when you run your business, does it matter what people say? Does it matter what their opinions are, how they behave, what their actions are. Should we care? Absolutely yes you should care. If you're in your business, whatever that business is, whatever shape or size your business is, to survive, thrive, and prosper, then it's absolutely critical that you get a gauge that you measure all those interactions with your suppliers, your employees, and more particularly your customers.Why KPIs matterWell, they matter for several reasons.They are a framework to measure your businesses performanceYou become more accountableThe truth is revealed about how your business performanceKPIs help give you actionable ways to achieve your business goalsMaking judgments, adjustments and staying on track.What KPIs?It is said that you cannot manage what you cannot measure. You measure what is important for your business. Do not use measures for somebody else's business, but important for you.Remember that every business is different, with a different shape and goal. Consider what is important for your business to succeed.Typically, this could be gross margins by product or overall, cash flows, and efficiencies. However, do not just measure financial stuff. Take a balanced approach in your business and look at the entire ecosystem.Customer and employee satisfaction are critical. Customer feedback and staff retention are 2 useful KPIs.Pick four to six KPIs that matter help you reach your Northern star, your end goals.How to use KPIsThe managing is just as important as the measuring. If you don’t do anything with the data, there’s no point having it. Once you have the information, you can act on it. Having the information enables you to drill down and learn more. Ask questions of the numbers, and decide based on it.There are lots of different types of software out there to help you manage KPIs, but you might do just as well with a spreadsheet or your own Google dashboard.Whatever kind of business you have – service, manufacturing, sales, solopreneur – KPIs matter.What NextGrab a coffee, make yourself comfortable, sit back and listen. If you want to join out business growth club then click the link to find out more.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. Help me spread that Number Love by downloading it, listening, and acting!In This EpisodeUnderstanding what Key Performance Indicators, KPIs areKnowing what KPIs to use for your businessLooking at how to use KPIsDeveloping 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/Get in touch with us to find out more about the Business Growth Club.  For more business and finance, news, advice and tips, don’t forget to watch our weekly broadcasts.