Last week I talked about turnover, this week it’s What are your business profits? Most people see profit as the difference between money in and money out. When people say money, they mean notes and coins, what's in their bank account. That sounds nice, and easy to...
What is turnover in business? Turnover is the total value of what your business sells before deducting costs. It is also called sales, revenue or income, and it appears in company accounts, tax returns and everyday business conversations. However, turnover on its own...
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...
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...
Payments on account can catch you out if you submit a UK Self Assessment tax return and owe more tax than expected. They are advance payments towards your next tax bill, and they can create a nasty shock if you only budget for the tax you already owe. This episode is...
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...
About this episode In this episode, we explain what a Community Interest Company is and how CICs can support social enterprises that want to make money while creating positive community impact. A CIC can be a useful structure for people who want to run a business with...
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...
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...
Knowing how to manage cash flow in business is one of the most important financial disciplines you can develop. A business does not necessarily have to make a profit every single month to survive. However, if it runs out of cash and has no access to additional cash...
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...
There are plenty of reasons to file your tax return early. The biggest one is certainty. Once you know what your Self Assessment bill looks like, you can plan for it. If you have enough money put aside, great. If there is a shortfall, you have time to deal with it...
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...
About this episode Sales can feel exciting, but sales alone do not keep a business healthy. Profit is what remains after costs, time, effort and resources are taken into account. If we want a stronger business, we need to understand what makes profit and what quietly...
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...
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...
Choosing the best business structure to save tax is not just about picking the lowest tax rate. Sole traders and limited companies are taxed in different ways, and the right answer depends on profit, National Insurance, Corporation Tax, salary, dividends, cash needs...
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...
Choosing the right pricing strategy is not simply about deciding how much to charge. It is about choosing a pricing approach that supports your business goals, reflects the value you provide, covers your costs and helps you make sustainable profit. The right strategy...
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...
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...
Pricing rates can be difficult to get right. Charge too much and you may lose customers. Charge too little and you can end up working hard without making enough profit to build a sustainable business. Your price also sends a message. It says something about your...
Why gross profit matters is simple: it helps us understand whether our sales are leaving enough money to cover running costs, pay ourselves, support cash flow and build a stronger business. Gross profit is more than a number in the accounts. It affects pricing,...
Working capital is the short-term money tied up in your business that keeps it moving day to day. It helps you pay bills, pay yourself, buy stock, finish work for customers, deal with suppliers and keep the business running. If your working capital is weak, even a...