The UK Tax and Accounting Podcast from I Hate Numbers:

Success is all about BREATHING. I don't mean what your lungs do but the nine magic ingredients represented by the mnemonic BREATHING.

Are you a business owner? Do you want to be successful in your business? If so, then this episode is for you.

In this episode I'm going to talk about the nine magic ingredients represented by the mnemonic BREATHING.  As a business owner, if blended correctly leads to Business Success. This podcast will help you understand what BREATHING means and how it can lead to success in your business.

You'll learn that there are nine elements of Business Success which when blended create a powerful force that can propel your company forward towards its goals and objectives. These nine elements are represented by the mnemonic BREATHING

You'll learn how these ingredients work together and why they are important for your success as a business owner. And if you're not already doing them, then I'll show you exactly how easy it is to start using them right away so that you can have more success with your own business.  Let's get started!

When these ingredients are combined, they make up an amazing recipe for success!  So Listen to find out more as we discuss each one of these components in detail on today's show!

Listen to find out more.

In this episode, I'm going to talk about the nine ingredients that lead to success. These are things that every entrepreneur needs and wants.

You can listen on your commute home from work or while doing dishes after dinner. It's short enough so it won't take up too much time of your day but long enough so there's plenty of value packed into each episode. And finally - action!

The last ingredient is taking action because without taking action none of the other eight ingredients matter very much at all...so let's get started with BREATHING!

Click here to find out more and subscribe on iTunes!

For more business and finance, news, advice and tips, don’t forget to subscribe and watch our weekly videos on I Hate Numbers, listen to our weekly podcast I Hate Numbers.

My podcast will help

Listen to find out more.

Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers.

You can make more profits, save tax and time, improve your well-being and your money mindset.

Help me to help you and others by subscribing and sharing this episode in your network.  Listen now and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates.

If you found this podcast useful then share this episode on social, leave a review on Apple podcast .  Connect with me on Instagram, YouTube, Twitter, LinkedIn and Facebook,

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

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Pro Active Resolutions

The Numbers Crew- Here to help you!

Understanding tax evasion and avoidance, is an essential piece of knowledge! Even if just to avoid prison food..  Do you Understand tax evasion and tax avoidance.  Moreover, do you know the difference between tax evasion and avoidance?

• Firstly In this podcast, I outline the difference between tax evasion and avoidance
• Secondly, I'll also discuss which one is naughty, and should be definitely avoided.
• Thirdly, which one should be encouraged
• Finally we will look at some examples of each in action.

So let's get started!

Tax evasion occurs when a taxpayer deliberately fails to declare income or gains on their return.  Moreover it could  be where false information is submitted in order to reduce their liability for taxation.

Tax avoidance is legal.  It means individuals or businesses pay less taxes than they would have paid if they had not taken those steps.

The lines between tax avoidance (perfectly legal) and tax evasion (not legal) seem to have become blurred.

In the words of Denis Healey, "The difference between tax avoidance and tax evasion is the thickness of a prison wall"

There are many ways of avoiding taxes.  However most methods fall into two main categories

Firstly,  legal methods such as deductions and exemptions from taxable income

Secondly, illegal methods such as hiding money offshore so no one knows how much you actually earn through your business activities.

For many years tax evasion and tax avoidance has been the subject of considerable public concern.  Furthermore, there is no statutory definition of what tax avoidance consists of.

If you find yourself at the wrong end, there is always a solution.

For more business and finance, news, advice and tips, don’t forget to subscribe and watch our weekly videos on I Hate Numbers, listen to our weekly podcast I Hate Numbers.

My podcast will help

Listen to find out more.

Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers.

You can make more profits, save tax and time, improve your well-being and your money mindset.

Help me to help you and others by subscribing and sharing this episode in your network.  Listen now and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates.

If you found this podcast useful then share this episode on social, leave a review on Apple podcast .  Connect with me on Instagram, YouTube, Twitter, LinkedIn and Facebook,

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins

https://www.stitcher.com/podcast/proactiveresolutionss-podcast

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Pro Active Resolutions

The Numbers Crew- Here to help you!

Using a Limited Liability Partnership is this weeks podcast theme.

Are you looking to set up a Limited Liability Partnership?

A limited liability partnership (LLP) has many of the features of a normal partnership and a company. In this podcast I will explain

• how set up an LLP,
• what an LLP is
• what the advantages and drawbacks are

An LLP has the organizational flexibility of a partnership is taxed as a partnership, but in all other respects, it's very similar to private company.

If you're considering setting up your own business or expanding your existing one then listen to this podcast first! It could save you time and money by knowing exactly what's involved in setting up an LLP before committing yourself.

You'll learn everything from why people choose LLPs over companies. This information may be invaluable.  The best part is that it won't cost you anything at all!

So, sit back relax and listen while I talk to you about LLPs and remember - knowledge really is power when it comes down to making decisions like these!

Listen to find out more.

Knowing how you want to set up your business and LLP is a need to know.  Understanding Limited Liability Partnerships are an increasingly popular business model.

For more business and finance, news, advice and tips, don’t forget to subscribe and watch our weekly videos on I Hate Numbers, listen to our weekly podcast I Hate Numbers.

My podcast will help

Listen to find out more.

Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers.

You can make more profits, save tax and time, improve your well-being and your money mindset.

Help me to help you and others by subscribing and sharing this episode in your network.  Listen now and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates.

If you found this podcast useful then share this episode on social, leave a review on Apple podcast .  Connect with me on Instagram, YouTube, Twitter, LinkedIn and Facebook,

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins

https://www.stitcher.com/podcast/proactiveresolutionss-podcast

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Pro Active Resolutions

The Numbers Crew- Here to help you!

Making your business partnership work can be one of the greatest pleasures of having your own business. With that in mind, if you’re planning to start a business venture with a friend, family member or associate as your business partner read on.

Don’t assume that everything will be hunky-dory from day one. After all, business partnerships go through rough patches too, just like marriages. So make sure you take certain steps to ensure yours doesn’t end in heartache and regrets.

Take the following steps and your business partnership should work from day one:

Check beforehand that you and your business partner share the same vision, dream, goals, etc. A potential conflict where your partner does not share the same goals, core values and work ethic, for example, can spell disaster.

Play it safe

Choose a partner with whom you’ve had a past success track record and a generally positive business experience. Now, this doesn’t mean that choosing the right partner means having worked before is compulsory or you have to have a share with them in running a business in the past.

It simply means that both of you have a track record of going through similar business experiences successfully. This will help relate to each other’s strengths, weaknesses or, say, limits. Plus, it’s best to look for a partner who can handle conflicts like you can, who has achieved similar goals and survived through rough patches, just like you.

This helps to eliminate any potential disagreements, resentments, reservations or conflicts down the line. In fact, by clearing defining each partner’s responsibilities, scope, duties, etc. customers and employees can also benefit. Remember knowing who is responsible for overseeing which aspect of the business is very important.

A business partnership may be forged as a limited liability, limited or general one. However you may also organise it as a C corporation or S corporation partnership. Each one brings a distinct set of advantages and disadvantages, so talk to your business or financial advisor to determine the right one.

Having a partner with complementary skills to yours means you can effectively double your strength as a team. For instance, if you’re a generally shy and somewhat introverted tech person looking to start an online business, it would be preferential to choose a partner who has good people, marketing and sales skills.

Don't sweep matters under the rug!  you’re both going to hurt the partnership more than anything else. Talk things out openly but respectfully, sharing your opinions openly and honestly, and ironing out disagreements when they occur.

Even if your partner happens to be your closest mate from high school, you need to draft the appropriate legal documents and put everything in writing. This is a no brainer!

These legal documents should have everything from the business structure and capital contribution to the business. Also, how decisions will be taken and how disputes will be resolved. Or, for example, what happens if one of the partner suddenly decides to ditch the business and move on. Consult a legal or financial advisor and put everything in there that could possibly go wrong. This way you’ll know exactly how to deal with it, if it ever comes to that.

Some of the above points can certainly be tough to discuss with your partner, especially when you just can’t wait to get the business going. However, you need to lay the foundation for a strong, fruitful and lasting business relationship.

If you don't you may have to later deal with the heartache of a failed business partnership.

For more business and finance, news, advice and tips, don’t forget to subscribe and watch our weekly videos on I Hate Numbers, listen to our weekly podcast I Hate Numbers.

My podcast will help

Listen to find out more.

Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers.

You can make more profits, save tax and time, improve your well-being and your money mindset.

Help me to help you and others by subscribing and sharing this episode in your network.  Listen now and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates.

If you found this podcast useful then share this episode on social, leave a review on Apple podcast .  Connect with me on Instagram, YouTube, Twitter, LinkedIn and Facebook,

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins

https://www.stitcher.com/podcast/proactiveresolutionss-podcast

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Successful employee handbook is what helps reduce your business heartache. Problems within a business can occur because there is a lack of clarity on some subjects. Mainly, the issues which arise are around the expectations of the business. The employees and the owner may not have the same set of ethics either, or there could just be a communication barrier. If you are having any heartache due to employee relations and do not have an employee handbook for your business, it's a good idea to get one put into place and quickly.

They are a guide to your business. It is a way in which you can clearly establish the overall business mission and goals. Within your business’s employee handbook, you will define what makes your business great and then relate the various areas of your businesses operations to the employee to ensure that everything runs smoothly. Handbooks should lie out the procedures of your day-to-day and long-term procedures needed. You should also have a statement of ethics so that there are no issues between employee to employee or employee to management personnel.

Apart from establishing the guide to your business, the handbook acts as a structure to the overall success of your business. In turn this can help alleviate stress and heartache in your business. First, your policies and values are given to the potential employee. They give a clear and direct approach to behaviour which will and not be accepted . Second, the business’s handbook also tells the employee of the culture of your business. By this, it means the overall feel and function of the business. Every personality is distinct. Therefore, you must account for there being potential candidates for a job whose work environment needs differ.

There are several benefits from writing your Successful employee handbook. However, there are three areas which are key. These are education, establishment, and explanations.

Education

Education is for the employee. This part of the manual shows the person the policies, the values, the expectations, the attendance policies, scheduling, and such. It is critical that employees know what is expected of them. But, you cannot just give them a quick lecture and expect the information to stick. Employees need to have a means of double-checking. An employee handbook is a good way in which you can ensure compliance across the board. Word of mouth could become distorted or misinterpreted. Only through having a written manual can you your intentions are clarified.

Establishment

This highlights the behavioural and non-negotiable areas of the business. While there are some areas which can be negotiated (such as pay) there are others which are not. Behaviours which are common to businesses, such as a non-harassment section, should be placed within the establishment section of the handbook.

Explanations

These ensure you are following all laws mandated. They should be just as the name states, explanations of all the laws and other mandates. These laws should be quoted. If there are any areas which may seem unclear, the employee handbook is helpful as it provides the clarity needed for then to maintain the laws and mandates. You could put a copy of these laws, procedures, and stipulations in the handbook.

Now that you know what an employee handbook is and why it is needed for a business. The next step is creating one. But where do you start? Here are a few tips to get you on your way.

Creating your successful employee handbook does not have to be a daunting task. There are a few tips which can be followed which will help you in making the best guide for your business.

• Work slowly on your handbook – avoid rushing writing it as you get lots of issues by doing this. Take the time to know your overall business goals and how you intend to meet them.
• Look for loopholes – A loophole in your employee handbook is an area where you need to define or expound upon information. If you have found a loophole eventually an employee will as well. By plugging the holes, you create clarity and consistency throughout your business.
• Make a code of ethics, an established hierarchy, and procedural guide – All businesses need to have a code of conduct, an established hierarchy, and a procedural guide. Ethics ensures that you have the right people working for your business. Hierarchy is necessary to keep problems from escalating, and procedures show how you will handle those issues.

Overall, you will need to write clearly, avoid ambiguous statements, and have everything defined about your business’s operations so that there is no room for doubt.

If you have questions after listening to this podcast, don't hesitate to reach out!  We're here for you every step of the way. Running a business can be overwhelming. Writing your Successful employee handbook is a necessity.

Put yourself more in control over your business. Listen to find out more. Furthermore, it doesn’t matter what size, shape or form your business is. Understand how to make that transition as smoothly and painlessly as possible. My podcast will help

Listen to find out more.

Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers.

You can make more profits, save tax and time, improve your well-being and your money mindset.

Help me to help you and others by subscribing and sharing this episode in your network.  Listen now and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates.

If you found this podcast useful then share this episode on social, leave a review on Apple podcast .  Connect with me on Instagram, YouTube, Twitter, LinkedIn and Facebook,

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins

https://www.stitcher.com/podcast/proactiveresolutionss-podcast

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Moving from sole trader to limited company is more than filling in a form. It changes how the business is seen legally, how money moves, how tax is handled, and how we communicate with suppliers, customers, staff and HMRC.

In this episode, we explain how to change from sole trader to company by focusing on four key areas: mindset shift, battle of the forms, communication and tax. These are the practical areas to review before making the transition.

• Why moving to a company requires a different business mindset.
• How a limited company becomes a separate legal entity.
• What forms, registrations and setup steps may be involved.
• Why a separate company bank account matters.
• Who needs to know when the business structure changes.
• Why supplier, customer, employee and freelancer communication matters.
• Why tax advice is important before transferring assets into a company.

The two most common business structures are sole trader and limited company. A sole trader business can be simple, flexible and easier to run. A limited company can offer different legal, tax and commercial possibilities.

The right structure depends on the numbers, risk, future plans, admin capacity and tax position. Before making the move, it is worth reviewing whether a company is the right next step for your business.

If you are still weighing the choice, our guide to Sole Trader or Limited Company: Which Is Best for You? is a useful place to start.

The first step is a mindset shift. When we operate as a sole trader, the owner and the business are closely connected. When we create a limited company, we create a separate legal entity.

That means the company is not simply a personal savings account. The company has its own identity, its own responsibilities, and its own money. Even if we are the only director or shareholder, we need to treat the company as separate from us personally.

This shift matters because limited liability comes with extra responsibilities. We may get more legal protection, but suppliers, creditors and people dealing with the company may have less direct protection if things go wrong. That is why company rules and responsibilities need to be taken seriously.

One of the biggest changes is how we think about money. As a sole trader, drawings may feel straightforward. As a company director and shareholder, money usually comes out through salary, dividends, reimbursed expenses, or director’s loan account movements.

The transcript makes this point clearly: once we move into a company, the landscape changes in legal, accounting and tax terms. The new company should be treated as a separate being.

That separation helps prevent confusion, messy records, and potential tax problems later.

The second area is the battle of the forms. Before moving from sole trader to company, we need to decide what type of company structure is right.

For many businesses, that may be a private limited company with shares. For some organisations, especially not-for-profit or social purpose organisations, other structures may be more suitable, such as a company limited by guarantee or a Community Interest Company.

Once we know the type of company, the company needs to be created and registered. This may involve choosing a company name, appointing directors, identifying shareholders or guarantors, setting a registered office and creating the required company documents.

After the company is created, HMRC and Companies House requirements need attention. The transcript explains that HMRC is usually informed when a company is created and that tax reference details may follow afterward.

We also need to make sure the company is registered and ready for trading. Depending on the business, this may include Corporation Tax, VAT, PAYE, payroll, accounting records, invoices, and other compliance systems.

Getting this right from the beginning reduces the risk of confusion later.

A separate company bank account is strongly recommended. It reinforces the difference between the individual and the company.

Mixing personal and company money can create messy records, unclear tax treatment and avoidable stress. A separate bank account helps ring-fence business activity and makes bookkeeping easier.

The company usually needs to exist before a company bank account can be opened, so the setup order matters.

The third area is communication. When the business changes from sole trader to company, other people need to know that they are now dealing with a different legal entity.

This may include suppliers, customers, employees, freelancers, banks, lenders, insurers, landlords, payment platforms, software providers and professional advisers.

Communication matters because contracts, invoices, payment details, credit arrangements, payroll records and supplier accounts may need updating.

Suppliers may need to open a new account for the limited company. They may also carry out credit checks because the company is a new legal entity.

Customers also need clear information. Invoices should be issued from the correct company name and include the required company details. Any invoices received from suppliers should also be made out to the company where the company is the buyer.

The more we prepare this communication in advance, the smoother the transition becomes.

If the sole trader business has employees, payroll arrangements may need to change. The transcript explains that an existing sole trader payroll scheme may not apply to the new company, so a new payroll setup may be needed.

Employees should be told about the move, and freelancers or contractors should know which legal entity they are working with. Contracts, invoices and payment records should reflect the new company structure.

These details may feel administrative, but they help protect the business and keep records clean.

The fourth area is tax. Moving from sole trader to company can trigger tax issues because assets and liabilities may be transferred into the new company.

That transfer may be a largely paper exercise, but it can still have tax consequences. Goodwill, business assets, equipment, stock, customer lists, intellectual property or other value in the business may need to be considered.

The transcript explains that a capital gain could arise when incorporating a sole trader business into a company. The exact position depends on the business and the details, so professional advice is important before acting.

If you want to understand the wider tax comparison, our episode on Tax and Your Self-Employed Business: Sole Trader or Limited Company? explains how tax treatment can differ between structures.

When assets are transferred into the company, the company may owe money to the person who owned the sole trader business. This can create a director’s loan account.

A director’s loan account records money owed between the company and the director. That can include amounts the company owes the director, or money the director owes the company.

This area needs care because company money and personal money are not the same. Getting the accounting right from day one helps avoid confusion later.

Changing from sole trader to company can be a sensible move when the timing is right. However, the move should be planned rather than rushed.

The decision should consider tax, legal protection, admin, banking, payroll, VAT, supplier relationships, customer communication, future growth and how the owner will take money from the company.

The earlier episode on The Benefits of Operating as a Sole Trader is also useful because it explains why starting as a sole trader can be a strong option before moving to a company later.

• Confirm why the company structure is now the right move.
• Review risk, tax, admin, growth plans and future funding needs.
• Choose the right type of company structure.
• Check that the company name is available and suitable.
• Register the company and keep the official company documents.
• Set up a separate company bank account.
• Register for relevant taxes and payroll schemes where needed.
• Tell suppliers, customers, employees, freelancers and stakeholders.
• Update invoices, contracts, stationery, software and payment details.
• Review assets, liabilities, goodwill and tax exposure before transferring the business.
• Set up bookkeeping correctly from day one.
• Get professional advice before making the transition final.

• Sole Trader or Limited Company: Which Is Best for You?
• The Benefits of Operating as a Sole Trader: Simple, Flexible and Tax-Aware
• Tax and Your Self-Employed Business: Sole Trader or Limited Company?

Changing from sole trader to company is not just a technical step. It is a change in mindset, structure, administration, communication and tax treatment.

The four key areas are mindset shift, forms, communication and tax. If we plan those areas properly, the move can be smoother, cleaner and less stressful.

If you are thinking about changing from sole trader to company, visit I Hate Numbers and book a call before making the move. Good planning now can help avoid nasty surprises later.

Plan it, Do it, Profit.

Share this episode: Listen on Apple Podcasts

🎧 Enjoyed this episode? Subscribe and leave a review on Apple Podcasts — it helps more business owners understand structure, tax, finance, and their numbers.

• 00:00 – Sole trader and limited company structures explained
• 00:25 – Four areas to manage when making the change
• 01:19 – Mindset shift when moving into a company
• 03:00 – Battle of the forms and choosing company type
• 04:36 – HMRC, company tax reference and registration steps
• 05:16 – Setting up a separate company bank account
• 05:55 – Communicating the change to suppliers and stakeholders
• 06:39 – Employees, payroll, freelancers and invoices
• 07:37 – Tax issues when transferring assets and liabilities
• 08:53 – Director’s loan account and company money
• 09:20 – Summary: mindset, forms, communication and tax

The I Hate Numbers podcast helps business owners understand accounting, tax, finance, profit, cash flow, and business planning in a practical way. We simplify financial topics so you can make better decisions and feel more confident with your numbers.

You can also watch more practical finance and tax support on the I Hate Numbers YouTube channel, or listen and follow on Apple Podcasts.

📘 Book

https://www.ihatenumbers.co.uk/i-hate-numbers-book/

🎧 Podcast

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🌐 Website

https://www.ihatenumbers.co.uk

Are you a business owner then this podcast Furlough Ends - Business Wrap Up is for you! You'll learn

• What housekeeping exercises are needed
• How to deal with overclaims
• The entries to be made in your tax return, self-employed or CT form.

It's all jargon free so that anyone can understand it.

This is effectively employee hibernation. The Corona Virus Job Retention Scheme was the money to support it.

Click here to find out more information Furlough Ends - Business Wrap Up

If you have any questions or concerns after listening to this podcast, please don't hesitate to reach out! We're here for you every step of the way. Let us help make sure that you wrap things properly.  If you want a visual of the entries in your tax return then watch this video

Above all, you need to reflect on Furlough Ends - Business Wrap Up.  This is a must know if you have claimed the Furlough Grant.  You need to put yourself more in control over your business. Listen to find out more. Furthermore, it doesn’t matter what size, shape or form your business is. You need to understand how to wrap up and prepare now the scheme has finished.  My podcast will help.

Listen to find out more, tap into more details at HMRC.

Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers.

You can make more profits, save tax and time, improve your well-being and your money mindset.

Help me to help you and others by subscribing and sharing this episode in your network.  Listen now and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates.

If you found this podcast useful then share this episode on social, leave a review on Apple podcast .  Connect with me on Instagram, YouTube, Twitter, LinkedIn and Facebook,

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins

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Business Growth and Overtrading is one of the biggest problems facing businesses today,  Furthermore it impacts startups to established businesses.  It's easy enough to avoid if you know what signs look like but many companies simply don't have the time or expertise needed to spot them before they become an issue.

Are you looking for a way to grow your business? If you're reading this, then it's likely that growth is part of your landscape.  A word of caution, you want to do this as quickly and efficiently as possible. You don't want to be caught out by overtrading or having too much stock on hand because of poor planning.

Listen here for more information on how Business Growth & Overtrading can help manage growth effectively within your company!

Above all, Business Growth and Overtrading is a must know if rapid growth affects your business.  You need to put yourself more in control over your business. Listen to find out more. Furthermore, it doesn’t matter what size, shape or form your business is. You need to understand how holiday pay works… My podcast will help.

Listen to find out more, tap into more details at HMRC.

Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers.

You can make more profits, save tax and time, improve your well-being and your money mindset.

Help me to help you and others by subscribing and sharing this episode in your network.  Listen now and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates.

If you found this podcast useful then share this episode on social, leave a review on Apple podcast .  Connect with me on Instagram, YouTube, Twitter, LinkedIn and Facebook,

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins

https://www.stitcher.com/podcast/proactiveresolutionss-podcast

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Are you looking at a way of Calculating holiday entitlement and pay?

Calculating holiday entitlement can be complicated, but it doesn’t have to be. In this week’s I Hate Numbers podcast I am going to look at

• how to calculate leave entitlements,
• the leave period and
• how to work out your holiday pay.

It is important that you understand these things, so you stay on the right side of the law.  Furthermore, not paying holiday pay is illegal and unethical.

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You will learn what you need about Calculating holiday entitlement and pay with my easy-to-understand podcast.

So, tune into my weekly podcast today and make sure all your calculations done correctly. Click here right now and Listen to this week’s episode of I Hate Numbers!

Listen to find out more

Above all, Calculating holiday entitlement and pay puts is a must know if you employ worker.  If you’re planning to take on workers, then this is also for you.  Put yourself more in control over your business.  Listen to find out more. Furthermore, it doesn’t matter what size, shape or form your business is.  You need to understand how holiday pay works…  My podcast will help. Listen to find out more, tap into more details at HMRC.

Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers. You can make more profits, save tax and time, improve your well-being and your money mindset.

Help me to help you and others by subscribing and sharing this episode in your network.  Listen now and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates.

If you found this podcast useful then share this episode on social, leave a review on Apple podcast .  Connect with me on Instagram, You Tube, Twitter, LinkedIn and Facebook,

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Your financial statements tell the story of your business. The words in that story are numbers, and understanding what they mean gives us more clarity, control, and confidence.

In this episode, we explain the key financial statements every business owner should know. We look at the cash flow statement, profit and loss account, and balance sheet. We also explain how these reports show liquidity, profit, assets, liabilities, and the financial strength of a business.

• Why financial statements are part of your business story.
• What a cash flow statement shows.
• Why cash flow is vital for business survival.
• How a profit and loss account measures business performance.
• The difference between cash and profit.
• What a balance sheet shows at a point in time.
• How financial statements help us make better business decisions.

Financial statements can feel daunting, especially if we are not used to reading them. However, they help us understand where the business has been, where it stands now, and what may happen next.

They are not just documents for accountants, banks, or HMRC. They are practical tools for business owners. They help us see whether the business is making money, whether cash is available, whether debts are building up, and whether the business is financially strong.

When we understand these reports, we can ask better questions, make better decisions, and feel more confident when speaking with accountants, advisers, lenders, or funders.

The episode focuses on three key financial statements: the cash flow statement, the profit and loss account, and the balance sheet.

Each statement tells a different part of the business story. Cash flow shows money moving in and out. Profit and loss shows business performance over a period of time. The balance sheet shows assets, liabilities, and financial position at a specific date.

The cash flow statement shows money coming into and going out of the business. Cash may come from customers, loans, grants, owner investment, or selling assets. Cash may leave through supplier payments, wages, freelancer costs, overheads, loan repayments, dividends, tax, or buying equipment.

Cash flow matters because it supports liquidity. Liquidity means having enough cash available to keep the business going, pay bills, meet obligations, and invest in the future.

A business may survive for a time without making profit, but it cannot survive without enough cash. This is why cash flow deserves regular attention.

If you want to understand this difference more clearly, our episode on How different is cash to profits? is a useful follow-on.

The profit and loss account is also called a P&L or income and expenditure account. It shows the financial results of business activity over a period of time.

This statement usually shows turnover, direct costs, gross profit, overheads, and net profit. It helps us understand whether the business has made a profit or loss during the period being measured.

Turnover is the value of goods or services sold. This is not always the same as cash received. If we invoice a customer today and they pay later, the sale may still appear in the profit and loss account even though the cash has not arrived yet.

Costs are also recorded when they are incurred, not only when cash leaves the bank. This is one reason why profit and cash are different.

For a deeper look at profit, gross profit, net profit, and why profit matters, listen to What Is Profit? Gross Profit and Net Profit Explained.

The profit and loss account often shows more than one profit figure. Gross profit usually shows sales after direct costs or cost of sales. Net profit, or operating profit, shows what remains after wider running costs are included.

Both figures matter. Gross profit helps us understand whether the core product or service is financially sound. Net profit helps us see whether the business still works after overheads, support costs, and operating expenses are included.

This information helps us review pricing, costs, margins, efficiency, and overall performance.

Annual accounts are useful, but they are often too late for day-to-day management. If we only look at financial statements once a year, we may miss problems until they have already grown.

Monthly or regular management reports give us better insight. They help us spot trends, compare performance, review costs, monitor cash flow, and act sooner.

Financial statements work best when they are used as management tools, not just year-end paperwork.

The balance sheet shows what the business owns and what it owes at a specific point in time. It is sometimes called a statement of financial position.

Assets are things the business owns or controls. These may include cash in the bank, money owed by customers, stock, equipment, vehicles, machinery, goodwill, or other valuable resources.

Liabilities are amounts the business owes. These may include supplier bills, loans, hire purchase agreements, unpaid wages, tax, credit cards, or other debts.

The difference between assets and liabilities gives a view of the business’s financial position on that date.

The balance sheet helps us understand financial strength. If a business has strong assets and manageable liabilities, it may be in a healthier position. If debts are high and assets are weak, there may be warning signs that need attention.

Lenders, investors, funders, and advisers often look at the balance sheet because it shows stability, viability, and the ability to sustain the business.

It is also important to remember that the balance sheet is a snapshot. It shows one point in time, not performance over a whole year.

• Review cash flow regularly, not only at year-end.
• Check whether cash coming in is enough to cover cash going out.
• Use the profit and loss account to understand turnover, costs, and profit.
• Compare gross profit and net profit to see where money is being made or lost.
• Look at the balance sheet to understand assets, debts, and financial strength.
• Break annual figures into monthly reports where possible.
• Ask what the numbers are telling you about the past, present, and future.
• Use the reports to guide pricing, spending, cash flow, and business planning.

• What Is Profit? Gross Profit and Net Profit Explained
• How different is cash to profits?
• Build Your Cash Flow with a Spreadsheet

Understanding your financial statements gives us more control over the business. The cash flow statement shows liquidity, the profit and loss account shows performance, and the balance sheet shows financial position.

Together, these reports help us understand the business story. They show what has happened, what is happening now, and what may need attention next.

If financial statements feel confusing, start with the basics. Review cash, profit, and financial position separately, then bring the story together. The more familiar we become with these reports, the better decisions we can make.

Plan it, Do it, Profit.

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🎧 Enjoyed this episode? Subscribe and leave a review on Apple Podcasts — it helps more business owners understand accounting, finance, and their numbers.

• 00:00 – Financial statements as your business story
• 01:03 – Why financial statements give clarity and insight
• 01:28 – Cash flow statement explained
• 03:53 – Why liquidity matters for business survival
• 04:21 – Profit and loss account explained
• 06:15 – Direct costs, cost of sales and gross profit
• 07:03 – Overheads, support costs and net profit
• 08:29 – Why monthly statements are more useful
• 09:29 – Balance sheet explained
• 12:21 – Summary of cash flow, profit and balance sheet

The I Hate Numbers podcast helps business owners understand accounting, tax, finance, profit, cash flow, and business planning in a practical way. We simplify financial topics so you can make better decisions and feel more confident with your numbers.

You can also watch more practical finance and tax support on the I Hate Numbers YouTube channel, or listen and follow on Apple Podcasts.

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