『The UK Tax and Accounting Podcast from I Hate Numbers:』のカバーアート

The UK Tax and Accounting Podcast from I Hate Numbers:

The UK Tax and Accounting Podcast from I Hate Numbers:

著者： I Hate Numbers
無料で聴く

概要
 For many business owners, sitting down to tackle the accounts or a tax return is right up there with watching paint dry. We understand—numbers can feel intimidating, confusing, and frankly, a distraction from why you started your business in the first place. However, if you are serious about your business, you need to get on friendly terms with your finances. I Hate Numbers is a dedicated UK accounting and tax podcast designed to help you navigate the complexities of business finance without the headache. Hosted by me, Mahmood Reza, accountant and tax advisor, business coach, tax advisor, and financial storyteller—this podcast is here to help you move from dreading your data to using it as a roadmap for success. Straight-talking Tax and Finance Advice Business is ultimately about making money and having an impact. To do that, you need to understand the financial story your business is telling. We focus on: Simplifying UK Tax and Accounting: We break down everything from Self-Assessment to Corporation Tax in a way that actually makes sense. Jargon-Free Guidance: No "accounting-speak" or unnecessary BS—just practical steps to keep you on the right side of HMRC. Profit and Growth: Understanding your numbers means you can see the impact of your successes and avoid common financial pitfalls. Master the Meaning Behind the Numbers With decades of experience helping thousands of businesses, Mahmood’s mission is to make business money management accessible to everyone. In the words of W.E.B. Du Bois: “When you have mastered numbers, you will in fact no longer be reading numbers... You will be reading meanings.” Don't let tax and spreadsheets hold you back. Subscribe to the I Hate Numbers podcast today and start powering your business forward with confidence.Copyright 2026 I Hate Numbers マネジメント マネジメント・リーダーシップ リーダーシップ 個人ファイナンス 経済学
エピソード
  • Cash Basis for Self Assessment: What Happens When You Switch?

    Cash Basis for Self Assessment: What Happens When You Switch?
    2026/11/08
    Cash basis for Self Assessment determines when self-employed income and allowable expenses are recorded for tax. If you invoice a customer before they pay, or switch from traditional accounting to cash basis, the timing can affect the profit reported on your tax return. For sole traders, freelancers and small business owners, understanding these rules helps prevent double-counting income, missing expenses and making avoidable tax mistakes. We explain how cash basis works, why HMRC made it the default for most eligible businesses, and what transitional adjustments mean when you change accounting methods. About This Episode Cash basis accounting sounds technical, but the underlying idea is straightforward: record money when it comes in and allowable business costs when they are paid. We look at how this differs from traditional accounting, why the distinction matters for Self Assessment and what happens when an established business changes accounting methods. We also explain the purpose of transitional adjustments, using practical examples involving unpaid invoices, supplier bills and business expenses. Why This Matters The accounting method you use affects when income and expenses appear in your tax calculations. For example, you might complete a job in March but not receive payment until May. Depending on your accounting method, that income could fall into different tax years. This matters because the timing of taxable profits can influence your tax bill, cash flow and financial planning. It also matters when switching methods. Without the correct adjustments, income could potentially be taxed twice, or an expense might be deducted twice or missed altogether. Key Points From This Episode Cash basis generally records business income when received and allowable expenses when paid.Traditional accounting records income when earned and expenses when incurred.Cash basis became the default for most eligible self-employed businesses from 6 April 2024.Switching accounting methods can require transitional adjustments.Unpaid invoices, supplier bills, stock and advance payments can affect the calculation.Good bookkeeping remains essential, whichever accounting method you use.The simplest accounting method is not necessarily the most suitable for every business. Cash Basis vs Traditional Accounting The main difference between cash basis and traditional accounting is when you recognise income and expenses. Cash Basis: When the Money Changes Hands Under cash basis accounting, income is generally recorded when payment is received, while allowable business expenses are recorded when payment is made. Imagine you complete work and send an invoice in March. Your customer does not pay until May. Under cash basis, the income is normally recognised in May because that is when you receive the money. Now imagine receiving a supplier's bill in March but paying it in June. The allowable expense would generally be recorded when you make that payment in June. For many self-employed people, this reflects how they naturally think about their finances: money coming in and money going out. Traditional Accounting: When Income Is Earned Traditional accounting, also called accruals accounting, looks at when the underlying business activity happens. Income is generally recorded when it is earned, even if the customer pays later. Expenses are generally recorded when they are incurred, even if payment happens in a different period. Neither method automatically makes a business more profitable. They measure the timing of business activity differently. For a wider explanation of how the two methods affect reported profit, see our episode Cash Profits Explained: Cash Basis, Traditional Accounting and Tax. Why HMRC Changed the Cash Basis Rules From the 2024/25 tax year, cash basis became the default method of calculating trading profits for most eligible sole traders and partnerships without corporate partners. The intention was to simplify tax reporting by making it easier for businesses to calculate taxable profits using money received and allowable payments made. For freelancers, sole traders and small business owners, that can make the process feel more natural. However, the change also raises an important practical question. What happens if your business previously used traditional accounting and now moves to cash basis? That is where transitional adjustments become relevant. Transitional Adjustments: What Happens When You Switch? A transitional adjustment is not a new tax or a penalty. It is a way of ensuring that income and allowable expenses are dealt with properly when a business moves between accounting methods. The principle is simple: income should not be taxed twice, and expenses should not be claimed twice or missed altogether. Example: An Invoice That Has Already Been Taxed Imagine you completed work for a customer and included the income in your taxable profits under traditional accounting. At the end of that accounting period, ...
    続きを読む 一部表示
    7 分
  • Creative Business Mindset: Value Your Work, Profit and Boundaries

    Creative Business Mindset: Value Your Work, Profit and Boundaries
    2026/09/20
    Creative business mindset matters when your art, talent or creative practice starts moving beyond a passion project. You do not need to sacrifice your artistic soul, but you do need to value your work, understand profit, track your costs and set clear boundaries. In this episode, we look at why artists and creatives sometimes resist business thinking, why that resistance can lead to undercharging and overworking, and how a healthier business mindset can help you build a more sustainable creative career. About this episode Many creatives feel uncomfortable thinking like business owners. Business can sound like something for suits, spreadsheets and corporates, not artists, performers, writers, musicians or makers. However, creative work can still be a professional service. Treating it as a business does not mean losing your artistic identity. It means building the structure that allows your creative practice to survive, grow and support you properly. In this episode, we explore three mindset shifts that help creatives move forward: putting value on your work, understanding that profit is not a bad thing, and recognising the real costs behind your creativity. We also look at the importance of boundaries, especially when free work, discounts and exposure deals start appearing. Why this matters If you see your creative work as “just a hobby”, it becomes harder to charge properly. You may feel guilty asking for money. You may accept low prices, say yes too quickly, or overlook the time, materials and energy behind your work. That can create a cycle of undercharging and overworking. It can also make it harder to invest in better tools, marketing, training, studio space, support or future creative development. A stronger creative business mindset helps you protect both your income and your passion. “Profit is the thing that powers your creative practice.” Key points from this episode Your creative work has value Creative people often struggle to put a price on their talent. You may enjoy the work, care deeply about the impact, or feel awkward charging for something that comes naturally to you. However, payment is not a favour. It is an exchange. Your creative work brings value, joy, meaning, impact and experience to the person receiving it. Just as we expect to pay a skilled plumber, designer, adviser or specialist, creative skill should also be recognised and paid for. Profit is not a bad thing Many artists and creatives say they are not in it for the money. That may be true, but every sustainable creative practice still needs profit. Profit helps you recover your costs, reward yourself fairly, build reserves, invest in the future and reduce financial stress. Without profit, your creative work becomes harder to sustain. Our episode on What Is Profit? gives a useful next step if you want to understand the role profit plays in business survival and growth. You need to know your creative costs Charging £200 may sound fine until you consider the full cost of producing the work. Serena’s example shows why this matters. If an artist spends money on supplies and many hours creating a piece, the final price may look far weaker once materials, time and overheads are included. Creative costs can include materials, studio space, software, equipment, travel, marketing, promotion and the time spent speaking to clients or preparing the work. When these costs are ignored, pricing becomes guesswork. A simple starting point is to write down the costs involved in your creative process. It does not matter whether you use software, a spreadsheet or a notebook. What matters is that the costs stop slipping under the radar. Boundaries protect your creative practice As a creative, it can be tempting to say yes to every opportunity. Free gigs, exposure deals, discounts and underpriced commissions can all feel useful in the moment. However, saying yes too often can lead to burnout. It can also reinforce the idea that your work is low value. Before agreeing to a discount or unpaid opportunity, pause. Ask whether the offer matches your worth, whether it helps your business, and whether it respects the time and materials needed to deliver quality. Our episode on Unpaid Creative Work expands on this idea and helps you decide when free work is strategy and when it becomes a problem. A simple mindset shift for creatives The key shift is this: stop seeing your creative work as separate from business. You can care about impact and still charge properly. You can protect your artistic DNA and still understand costs. You can love the work and still make a profit. You can say no and still be generous, collaborative and professional. Thinking like a business owner is not about becoming less creative. It is about giving your creativity the structure it needs to continue. Questions to ask yourself Do I treat my creative work as a professional service?Do I feel guilty charging for my work?Do I know the real cost of producing what I create?...
    続きを読む 一部表示
    7 分
  • Mandatory Payrolling of Benefits in Kind: What Employers Need to Know

    Mandatory Payrolling of Benefits in Kind: What Employers Need to Know
    2026/10/04
    Mandatory payrolling of benefits in kind will change how employers report taxable employee benefits, how payroll systems handle those benefits, and when tax and Class 1A National Insurance liabilities are paid. Instead of relying mainly on year-end P11D reporting, more benefits will be reported through payroll in real time. In this episode, we explain what payrolling benefits means, why HMRC is moving in this direction, how the phased timetable works, what it means for P11Ds and cash flow, and what employers should start reviewing now. About this episode Many employers provide benefits to employees. These can include private medical insurance, company cars, gym memberships and certain expense payments. Those benefits can create a tax liability. Traditionally, many benefits were reported after the end of the tax year using a P11D. HMRC would then adjust the employee’s tax code so the tax could be collected later. Mandatory payrolling of benefits in kind changes that process. Instead of waiting until the year-end, the taxable value of the benefit is processed through payroll during the year. That means tax is collected closer to the time the benefit is received. Why this matters This is one of the most significant payroll reporting changes employers have seen for many years. The long-term aim is to make reporting more real time, reduce year-end paperwork, cut down on later tax code adjustments and make tax deductions more predictable for employees. However, employers still need to prepare carefully. Payroll systems, reporting processes, internal controls, employee communication and cash flow forecasts may all need reviewing before the changes become mandatory. “Good planning today avoids unnecessary pressure tomorrow.” Key points from this episode What is payrolling of benefits? Payrolling benefits means including the taxable value of a benefit in payroll during the tax year. For example, if an employee receives private medical insurance worth £800 a year and is paid monthly, the taxable value may be spread across the year. Approximately £67 would be added to taxable pay each month for income tax purposes. The employee is taxed as the year progresses, rather than waiting for a later tax code adjustment after a P11D has been submitted. When will mandatory payrolling start? HMRC is introducing mandatory payrolling in stages. Current HMRC guidance says the phased introduction starts from 6 April 2027. The first phase applies to company cars, car fuel, vans, van fuel and medical benefits. Most other in-scope benefits are expected to become mandatory from April 2028. Taxable cheap loans and living accommodation continue to have special treatment. These areas can still be payrolled voluntarily, but they are not part of the same mandatory timetable. Because the rules are still developing, employers should check the latest HMRC guidance before taking action. Why is HMRC making this change? The move is part of a wider shift towards real-time reporting. HMRC wants tax to be reported and collected closer to the point when the income or benefit is received. This should reduce later tax code changes, make deductions more predictable and align benefits reporting more closely with modern payroll systems. For employees, this may mean fewer unexpected tax surprises. For employers, it should eventually mean fewer year-end forms, but only once systems and processes are ready. What happens to Class 1A National Insurance? Employers need to pay close attention to Class 1A National Insurance. At the moment, many employers calculate Class 1A National Insurance annually through the P11D and P11D(b) process. Payment is usually made after the tax year has ended. Under mandatory payrolling, the associated Class 1A National Insurance will move into payroll reporting. The total liability may not necessarily change, but the timing certainly does. That timing difference matters because it can affect cash flow. Why cash flow planning matters Some employers currently hold on to money until the annual Class 1A National Insurance payment becomes due. With real-time reporting, that delay is reduced. Liabilities arise earlier, so cash flow forecasts may need to be updated. For businesses with strong cash reserves, the impact may be modest. For seasonal businesses, charities, smaller organisations and creative enterprises with fluctuating income, earlier payments can be more noticeable. Our episode on Cash Flow Management Tips is a useful next step if you want to strengthen your cash flow planning before new payroll timing creates pressure. What happens to P11D forms? One of the biggest long-term outcomes is the gradual decline of traditional P11D reporting. Where benefits are payrolled, separate P11D reporting will generally no longer be required for those benefits. This should reduce paperwork and simplify year-end compliance. However, P11Ds and P11D(b)s may still be needed for exceptions, such as certain loans and accommodation ...
    続きを読む 一部表示
    8 分
adbl_web_anon_alc_button_suppression_t1
まだレビューはありません