The UK Tax and Accounting Podcast from I Hate Numbers:

Are you a self-employed individual, a freelancer or employer? Have you ever wondered what your tax and status situation is with your company? If so, this podcast is for you.

Whether you are classed as self-employed or a worker has a major bearing on tax. Most importantly it affects how you are paid, and your obligations pertaining to paying taxes.

The two main ways that you will earn money in your life. Either as worker/employee or running your own business. You run your business as a sole trader or as limited company or mix and match them. Check out previous podcast episodes.

My focus for episode 56 of I Hate Numbers is personal service companies, and your status, and tax. Where your business provides services, for example training, accounting, consulting, IT then you have a personal service company. If you sell products, then you do not have a personal service company.

Listen to find out more!

Firstly, why is it relevant. I don’t mean are you cool, an upright citizen. More importantly, status is about whether you provide your client services as a worker or self-employed. Is this a contract of service or a contract for services?

Above all, remember, this is a three-way relationship, nothing dirty mind you. You do the work; your company invoices your client, and your client pays your company.

The gig economy, high profile cases like Uber have been about worker or self-employed status. Uber ended up at the Supreme court, it did not go Uber’s way, and Uber drivers were classified where they had been previously considered to be self-employed. One consequence is more tax money to the government, and less for Uber.

Your status decides your rights responsibilities, and more crucially, how much tax the government will collect and who calculates and pays it. Status tests have been here for an age.   Calling yourself self-employed not going to cut the mustard.

In other words, if a contract for services, then your invoice is paid gross. In addition you have got greater opportunities for saving tax and tax planning.

Listen to find out more!

In normal everyday language it means working for yourself, being your own boss. However, we are not talking about normal folks, we are talking government and tax. There is no statutory definition of self-employment. Over the years case law has given us badges of trade. By badges, I am not talking about what you may get at school.

Listen to find out more.

IR 35 deals with how tax applies if your company falls within its definition. What would the relationship between you and your client be if your company wasn’t there, worker or self-employed?.

IR35 deals with personal service companies, it has been with us in the UK since April 2000, other countries have similar.

The major change in IR35 is that there is no change in IR35. It’ a question of who makes that judgement call on your status. Public sector bodies have been making this decision since 2017. From the 1st of April 21 medium to large private companies now make that call, if your client is small you make that assessment.  If you want a more detailed look at IR35 then check our video, subscribe so you don't miss an episode.

Listen to find out more!.

Your tax and status situation with your company impacts heavily on how much your earn and the tax you pay. Check your status using HMRC CEST tool. Moreover, treat with caution, there are flaws. Use our FREE online business and tax calculators to help make better business decisions.

Subscribe so you do not miss an episode of I Hate Numbers.. For more business and finance, news, advice and tips

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How the 2021 Budget affects your business.

Whether you are self-employed or running a company, there is something in here that will help answer your questions.

Listen to find out more!

Rishi Sunak, the Chancellor has spoken and presented his 2021 Budget.

I know it can be hard to understand what this means for your business, so we have put together a quick guide on what you need to know about the budget and how it will affect you.

This week on I Hate Numbers, I’m looking at his Budget and the Self-Employed Grant and what it means for your business. I'll also be talking about the Furlough Scheme and changes to that, as well as new Kickstart Grants.

I will cover tax rates and allowances for companies, self-employed people, and the Super Investment Scheme too - so there will be something in this episode of I Hate Numbers for everyone!

Let me help you understand How the 2021 Budget affects your business now and going forward. Listen to this jargon-free podcast to understand the budget headlines!

Firstly, it was no shock to know that COVID-19 would feature prominently. Secondly some eye watering numbers. Those numbers in billions for the Self-Employed Grants, Furlough, Universal Credit, and other Grants. Lastly, the state of the UK economy now and in the future.

Above all , does it matter? Absolutely! You and your business need to understand the landscape, when you plan, and move forward. Cash flow is vital to keep your wheels turning.

The 2021 Budget includes a lot of changes to taxes, and financial support programs, that will affect your business.

Listen to find out more!

• Income tax rates have not changed, certainly not at this stage.
• Corporation tax rates set to rise in the future, but not for all companies.
• Tax allowances are effectively frozen for the next few years. This means tax rises for you over the next few years.
• Super Investment allowances introduced for capital investment. It is only for companies, and not on everything you buy for your business.
• Self Employed Grant. Details on the fourth, the same rules as Grant number Three. We got an overview of the fifth and final grant . My prediction for the changes turned out to be correct. An extra 600,000 people now become eligible to claim the Self-Employed Grant. Thanks for listening Rishi.
• Furlough Grants. Changes announced for May 2021 onward. These changes affect how much you claim, who you can claim for and how much it will cost your business.

It was tough gig for Rishi and whether he deserves rotten tomatoes or a well done is a debate for another day - between me and you, rotten tomatoes seems to be the common reaction.

In the words of Laura Kuenssberg "Business will, in time, pay billions more. More than a million people will have to start paying income tax, and a million extra will pay at a higher level"

Subscribe so you do not miss an episode of I Hate Numbers. Use our FREE online business and tax calculators to help make better business decisions. For more business and finance, news, advice and tips

Links

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

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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 business, your position in the market and the value you believe you provide. That is why pricing is not just a calculation.

In this episode, we use a simple framework called ONC: Objectives, Numbers and Choice. It helps us think about what we want our pricing to achieve, the numbers behind the price and the pricing options available to us.

How much should you charge for your products or services?

The short answer is: it depends.

There is no single price point that works for every business, every customer or every situation. Your pricing sits somewhere between a floor and a ceiling.

The floor is the bare minimum you should be considering. The ceiling is the maximum your customer is willing to pay based on what you provide to them.

Where your price sits between those two points depends on your objectives, your costs, the profit you want to make, your capacity, your customers and the proposition you put in front of them.

The principles can apply to products as well as services, but the practical focus in this episode is on service businesses.

Pricing is a blend of numbers, psychology, communication and business objectives. Businesses change and refine their pricing over time, but the basic principles remain.

Our ONC framework gives us three places to start:

• Objectives: What are we trying to achieve?
• Numbers: What does it cost to run the business, how much profit do we want and how much capacity do we really have?
• Choice: Which pricing approach fits the business, customer and proposition?

Before reaching for a calculator, think about the purpose of your pricing.

What are you trying to achieve over the next 12 months, two years and beyond?

If you want to build a larger audience or make your services accessible to more people, the highest possible price may not support that objective.

If you run a social enterprise, wider reach may be important because you want to help and support more people.

If you are building a lifestyle business, you may deliberately limit your working hours and choose a price that supports the income and lifestyle you want rather than trying to conquer the world.

If you want to position yourself as a high-quality or premium service provider, your pricing needs to support that message too.

There is no one-size-fits-all answer. Start with where you want the business to go.

You cannot make a sensible pricing decision without understanding your numbers.

Start by writing down the costs of running the business and delivering your service.

That may include website hosting, marketing, rent, freelancers, staff, utilities, storage, software and other business costs.

Do not forget yourself.

You need to factor in paying yourself from the business. If the business cannot support you as well as its other costs, it will be difficult to make it sustainable.

Look ahead as well. Think about what your cost base is likely to be over the next six to twelve months rather than relying only on what you spent last month.

Your customers ultimately need to provide enough income for the business to recover those costs.

Then we need another number: profit.

How much do you want the business to make above its costs?

That figure will vary depending on your business, your customers, your proposition and your own goals. The important thing is that profit is part of the calculation.

For a wider explanation of why this matters, see What Is Profit? Gross Profit and Net Profit Explained.

This is where service pricing can catch people out.

You may have 40 hours available for the business each week, but that does not mean you have 40 hours available to sell to customers.

Some of that time goes into keeping the business running. Marketing, administration, social media, business development, supporting customers and developing new services all take time.

If ten hours of a 40-hour week are needed for those activities, you may have around 30 hours left to deliver work to customers.

Then ask another question: how many weeks of the year do you actually want or expect to work?

Once we bring together costs, desired profit and realistic time capacity, we can start calculating a useful charge-out rate.

There are two useful reference points:

Cost floor = total business costs ÷ realistic billable hours

Target rate = (total business costs + desired profit) ÷ realistic billable hours

These figures do not mean you have to sell your services by the hour. If you charge by project, the time required to deliver that project still sits somewhere behind the quote.

Once you have a number, compare it with what is happening outside the business.

If the rate looks low compared with the market and your proposition gives customers strong value, you may decide there is room to increase your target profit.

If your rate looks too high compared with what customers are willing to pay, do not simply ignore the calculation. It may be telling you to look again at your costs, capacity or the way the service is delivered.

The calculation helps focus the mind. It gives you something to test rather than guessing.

Once we understand our objectives and numbers, we can start choosing how we want to price.

The episode looks at several approaches. They are tools in the pricing toolkit rather than rules that every business must follow.

Cost-based pricing starts with what it costs to provide the service and adds an amount on top, usually as a markup.

Its big advantage is simplicity. It is easy to understand and apply.

The weakness is that it is not necessarily market-led. If we simply accept our costs and add a markup, we may fail to challenge those costs or consider what customers actually value.

That can leave the business uncompetitive.

Our guide to How to Price Using Target Costing looks at a different way of connecting price, cost and profit.

Value-based pricing looks at the transformation or solution you provide.

What problem are you solving? What pain are you removing? What is that outcome worth to the customer?

This moves the conversation away from simply asking how long something takes and towards the value of the result.

If your service is genuinely different and you can demonstrate that difference, premium pricing may be appropriate.

The important part is being able to communicate why the customer should pay more.

A premium price without a premium proposition is difficult to sustain.

Looking at what competitors charge can give us useful market information.

What it cannot tell us is whether their price makes sense for our business.

Their costs may be different. Their capacity may be different. Their customers, experience, positioning and profit expectations may also be different.

So use competitor prices as information, not as a substitute for knowing your own numbers.

There may be times when your objective is simply to recover costs.

For example, you may be trying to establish a market presence or build an audience.

That can be a deliberate short-term decision, but it is not a sustainable long-term pricing model if the business never creates a surplus.

Discounting does not automatically mean bad pricing.

If you have spare capacity and want to introduce more customers to the business, reducing a price may support that objective.

But the numbers still matter. A discount needs to be considered against your costs and the profit you are giving up.

You may also combine several services into one package.

If you understand the relative costs and profitability of each service, bundling can create additional value for the customer while still making financial sense for the business.

Anchor pricing brings psychology into the picture.

The customer sees one price first, which creates a reference point for the price that follows.

This is another reminder that pricing is not just numbers. Psychology and communication play their part too.

You do not have to do all the number crunching yourself.

Our free service pricing calculator lets you enter your costs, desired profit and available time to see what those numbers mean for your pricing rates.

You can change the assumptions and run different scenarios. If you work fewer weeks, change your available hours or aim for a different level of profit, you can see the effect on the rate you need to charge.

The calculator gives you a floor based on your costs and another rate that takes your target profit into account.

You can also use our profit and discount calculator, pricing and discounting calculator and break-even calculator to test other pricing and profit decisions.

Start with your business costs, add the profit you want to make and divide that by your realistic billable capacity. Use the result as a financial reference point, then consider your customers, market, proposition and business objectives.

Yes. Your business needs to support you as well as paying its other costs. Leaving your own reward out can make the rate look more profitable than it really is.

No. Marketing, administration, business development, customer support and other activities take time but may not be directly chargeable. Your rate needs to reflect the time you can realistically sell.

It is still useful to know one. Even if the customer sees a fixed project price, understanding the likely time and resources required helps you judge whether that quote works financially.

Competitor pricing gives you useful context, but it should not replace your own numbers. A competitor may have completely different costs, capacity, customers and objectives.

No. Discounting can be useful when it supports a clear objective, such as filling spare capacity or introducing new customers to the business. The important thing is knowing the financial impact before reducing the price.

• 00:28 - How much should you charge?
• 01:23 - Introducing the ONC pricing framework
• 02:16 - What your pricing says about your business
• 03:05 - Objectives and business purpose
• 06:00 - The numbers behind your pricing
• 09:31 - Time, capacity and billable hours
• 11:34 - Calculating a charge-out rate
• 12:00 - Using the free service pricing calculator
• 13:56 - Cost-based, value, premium and competitor pricing
• 16:33 - Discounting, bundle pricing and anchor pricing
• 18:55 - Bringing Objectives, Numbers and Choice together
• 20:11 - Two practical actions to take after the episode

• What Is Profit? Gross Profit and Net Profit Explained
• How to Price Using Target Costing
• How to Price Your Products or Services

Good pricing starts before you choose the final number.

Be clear about your objectives and what you want the business to achieve. Know your costs, decide what you want the business to make and understand how much time you can realistically sell. Then choose the pricing approach that fits your customers and your proposition.

The two practical actions from this episode are simple. Write down your business costs and think about how much you want the business to make.

Then ask whether the resulting price supports the business you are trying to build.

Plan it, Do it, Profit.

If you want to work through your own pricing numbers, start with our free service pricing calculator. Add your costs, target profit and available time, then test how different assumptions affect the rate you need to charge.

If you need help with pricing, profit, costs or understanding the numbers behind your business, you can contact us for an initial chat.

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

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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, break-even, outsourcing, cost control, margins and the decisions we make every day.

Why Gross Profit is a big deal for your Business is episode 53 of the I Hate Numbers podcast. This episode focuses on gross profit as a practical business number, not just an accounting term.

We explain what gross profit is, how it connects with cost of sales, why gross margin matters, how it helps with pricing and break-even decisions, and how we can measure and manage it using better systems.

If you want the wider profit foundation first, our episode on What Is Profit? Gross Profit and Net Profit Explained is a useful starting point.

Gross profit matters because it acts as a financial barometer for the health of your business. Every sale should leave enough money to help cover the running costs that follow.

Those running costs may include rent, wages, advertising, website costs, admin, software and the money you need to pay yourself. If gross profit is too low, the business has less room to cover those costs and still produce net profit.

When gross profit drops, your break-even position gets harder. You need to sell more just to stand still, and your safety cushion becomes weaker.

Gross profit is the difference between what you sell something for and the direct cost of producing, buying or delivering it.

For a product business, that may mean the selling price minus the cost of buying, cleaning, making or preparing the product. For a hospitality business, it may be the difference between the cost of food and drink and the selling price to customers.

For a service business, gross profit may come from the difference between what you charge clients and the direct costs needed to deliver the service, such as venue hire, materials or direct labour.

Cost of sales refers to the costs directly linked to the sale. These are the costs involved in buying, making or delivering what you sell.

Gross margin is closely connected with gross profit. It usually expresses gross profit as a percentage of the selling price. The cash profit may be the same, but margin helps us compare performance more easily across products, services or time periods.

That is why gross profit and gross margin are useful for tracking business performance. They help us see whether the business is making enough money from what it sells.

Gross profit links directly to break-even. Break-even tells us how much we need to sell before the business covers its costs.

If gross profit is strong, each sale contributes more towards fixed costs and profit. If gross profit falls, each sale contributes less, which means we may need more sales just to cover the same costs.

The existing notes link this topic to break-even in your business, which is a useful supporting concept when reviewing pricing and margins.

Pricing and gross profit go hand in hand. When we understand the direct cost of delivering a product or service, we can make better decisions about what to charge.

Markup and margin are two ways of looking at the relationship between cost, selling price and profit. Markup starts with the cost and adds an amount to reach the selling price. Margin looks at the gross profit in relation to the selling price.

Both can be useful, but they are not the same thing. Understanding the difference helps us avoid underpricing and protect profit.

Gross profit supports many business decisions. It can help us decide whether to outsource work, continue selling a product, adjust pricing, reduce waste, improve buying, or stop offering services that consume too much time and cost.

It can also help us compare opportunities. Some products or services may produce sales, but not enough gross profit. Others may create stronger margins and better cash flow.

That is why gross profit should not sit hidden in year-end accounts. We need to use it as a live decision-making tool.

Stronger gross profit can support stronger cash flow. When each sale leaves more money after direct costs, the business has more room to pay overheads, reinvest and build resilience.

Gross profit is not the same as cash, but poor gross profit can put pressure on cash. If prices are too low or direct costs are too high, money can leave the business faster than expected.

For a wider comparison, our episode on How different is cash to profits? explains why profit and money in the bank are connected but different.

Measuring gross profit is only part of the job. Managing it is where the real value appears.

To manage gross profit, we need good records and a fit-for-purpose accounting system. Cloud accounting can help us capture sales, direct costs and business activity more efficiently, giving us better information throughout the year.

If we rely only on spreadsheets or accounts produced once a year, we make decision-making harder. Our episode on Cloud Accounting: Embracing the Future of Financial Management explains how digital systems can support better financial control.

We can improve gross profit in several ways. We may increase selling prices, reduce direct costs, improve buying, cut waste, use materials better, improve production processes or review how services are delivered.

In a hospitality business, that may mean better food preparation, less waste and stronger purchasing. In manufacturing, it may mean better use of labour, materials and overheads. In a service business, it may mean pricing work properly and reducing unrecovered time.

The key is to know your numbers first. Once we understand the margin, we can test what happens if prices, costs or volumes change.

The original episode points to free online calculators that help business owners test profit, pricing and discounting decisions.

The free profit and discount calculator can help you see what gross profit you are making now and what could happen if selling prices or costs change.

The pricing and discounting calculator is another useful tool for testing numbers before making decisions. Before publishing, confirm both calculator links are still current and working.

• Do you know your gross profit for each product or service?
• Have you separated direct costs from running costs?
• Do you understand your cost of sales?
• Are your selling prices high enough to cover costs and profit?
• Do you know the difference between markup and margin?
• Have you checked how gross profit affects break-even?
• Are any products or services producing weak margins?
• Can you reduce waste, improve buying or increase efficiency?
• Do your accounting systems show gross profit clearly?
• Are you using gross profit to make better business decisions?

Gross profit is sales income minus the direct costs of producing, buying or delivering what you sell. It shows how much money is left before running costs are deducted.

Gross profit matters because it helps cover running costs, supports pricing decisions, affects break-even, influences cash flow and shows whether products or services are financially worthwhile.

No. Gross profit looks at sales less direct costs. Net profit is what remains after other running costs and overheads are also taken into account.

You can improve gross profit by increasing prices, reducing direct costs, improving buying, cutting waste, improving processes and reviewing products or services with weak margins.

• 00:00 – Introduction to episode 53
• 00:29 – Why profit must be a business objective
• 00:53 – Focusing on gross profit
• 01:41 – What the episode covers
• 02:29 – Starting with a gross profit example
• 02:50 – Jovan’s trainer business example
• 03:32 – Gross profit across different business sectors
• 04:23 – Gross margin and cost of sales
• 05:07 – Why gross profit is a financial barometer
• 05:51 – Gross profit, break-even and margin of safety
• 06:16 – Gross profit as a KPI
• 07:11 – Pricing, outsourcing and decision-making
• 08:12 – Markup and margin
• 09:24 – Gross profit and healthier cash flow
• 09:52 – Measuring and managing gross profit
• 10:12 – Why cloud and digital systems matter
• 10:56 – Managing margin through prices and costs
• 11:44 – Improving gross profit in hospitality and manufacturing
• 12:03 – What makes a good gross margin?
• 13:11 – Summary of why gross profit matters
• 13:41 – Free calculators and what-if scenarios
• 14:21 – Final support and wrap-up

• What Is Profit? Gross Profit and Net Profit Explained
• Seven Tips to Increase Your Profits: Costs, Customers and Cash Flow
• Understanding Your Financial Statements: Cash Flow, Profit and Balance Sheet

Gross profit is a big deal because it shows whether your sales are leaving enough money to cover running costs, support cash flow and create net profit.

Use gross profit to guide pricing, break-even, outsourcing, cost control and product or service decisions. Measure it regularly, manage it actively and use your numbers before problems appear.

Plan it, Do it, Profit.

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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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 profitable business can run into cash flow problems.

Why Working Capital is Important for Your Business is episode 52 of the I Hate Numbers podcast. This anniversary episode focuses on one of the most practical parts of business finance: having enough short-term funds to keep going.

We explain what working capital is, how to calculate it, why it matters, and what you can do to improve it. We also look at the money tied up in inventory, unpaid customer accounts and cash, alongside short-term debts such as supplier bills and overdrafts.

If you want a wider foundation first, our episode on Understanding Your Financial Statements: Cash Flow, Profit and Balance Sheet is a useful starting point.

Working capital matters because it is the fuel in your business. A car may be beautifully built, but without fuel it will not move. Your business works in a similar way.

You may have customers, products, services and profits, but if cash is trapped in unpaid invoices, unfinished work or slow-moving stock, you may not have enough money available when bills arrive.

That is why profit alone does not guarantee survival. A profitable business can still struggle if it cannot turn work, stock and customer accounts into cash quickly enough.

Working capital is the difference between your short-term assets and your short-term debts.

Your short-term assets are things you expect to turn into cash relatively soon. These include inventory, receivables and cash. In older accounting language, these may be called stock, debtors and cash.

Your short-term debts are amounts that need to be paid soon. These include supplier bills, overdrafts and other short-term obligations. In older language, these may be called creditors.

The basic working capital calculation is:

Working capital = current assets minus current liabilities

Current assets include cash, unpaid customer invoices and inventory. Current liabilities include supplier bills, overdrafts and short-term debts.

Ideally, your business should have more current assets than current liabilities. A positive working capital position gives you more room to pay bills, deal with timing gaps and keep the business moving.

Current assets are the short-term items in your business that should ultimately become cash.

Inventory includes stock, products ready for sale, partly completed goods and work in progress. Service businesses can also have inventory when work has started but has not yet been completed or billed.

Receivables are unpaid customer accounts. If you have invoiced customers and are waiting for payment, that money is tied up until it reaches your bank account.

Cash is the money already available in your bank account or cash tin. It is the most liquid part of working capital because it can be used immediately.

Current liabilities are short-term debts your business needs to pay. These can include unpaid supplier bills, overdrafts, short-term loans and other amounts due soon.

These debts matter because they create pressure on cash. If suppliers, lenders or HMRC need paying before your customers pay you, your business can feel the squeeze.

Looking at current assets and current liabilities together helps you see whether the business has enough short-term strength to operate safely.

Inventory can be useful, but it can also trap cash. If too much money is tied up in stock, unfinished products or work in progress, it may not be available to pay bills.

For service businesses, work in progress matters too. If work is partly complete but not yet billed, time and cost may already have been spent without cash coming in.

One way to improve this is to shorten the time between starting work, completing the job, billing the customer and collecting the money.

Receivables can become one of the biggest working capital pressures. Offering credit can help win customers, but it also means your money sits in unpaid invoices until customers pay.

That creates a cost. You may spend time chasing payment, carry the risk of bad debts, and have less cash available while waiting.

A good credit control policy helps. Set clear terms, check customer creditworthiness, ask for deposits where appropriate, use stage payments, and follow up unpaid invoices promptly.

For more practical steps, our episode on Getting Paid on Time: Practical Steps to Protect Your Cashflow is a useful follow-on.

• Keep an eye on unpaid customer invoices.
• Agree clear payment terms before work starts.
• Ask for deposits or stage payments where possible.
• Reduce the time between doing the work and billing the customer.
• Avoid holding too much stock or work in progress.
• Review slow-moving inventory.
• Use accounting systems to track what is owed and what needs paying.
• Maintain good supplier relationships and pay bills on time.
• Monitor overdrafts and short-term debts carefully.
• Review your working capital regularly, not just at year end.

Good systems make this easier. Our episode on Cloud Accounting: Embracing the Future of Financial Management explains how digital records can help you monitor business performance and stay on top of your numbers.

Working capital is the difference between current assets and current liabilities. It shows how much short-term financial fuel your business has available.

Working capital is important because it helps your business pay bills, suppliers, loans, wages and owners. Without enough working capital, the business can struggle even if it is profitable.

Common current assets include cash, unpaid customer invoices and inventory. Inventory can include stock, partly completed products or work in progress.

You can improve working capital by collecting customer payments faster, reducing slow-moving stock, billing promptly, using deposits or stage payments, managing supplier terms and monitoring short-term debts.

• 00:00 – Introduction to episode 52
• 00:28 – One year of the I Hate Numbers podcast
• 00:57 – Why this episode focuses on working capital
• 01:22 – What working capital is, how to calculate it and why it matters
• 01:45 – Working capital as the fuel in your business
• 02:38 – Assets in a service business
• 03:25 – Short-term assets and cash generation
• 04:09 – Inventory, receivables and cash
• 05:17 – Work in progress in service and product businesses
• 06:08 – Receivables and customer credit
• 07:07 – Short-term debts and current liabilities
• 07:53 – Using the seesaw idea to compare assets and debts
• 08:14 – Calculating current assets
• 09:32 – Calculating current debts
• 09:57 – Positive working capital and liquidity
• 10:20 – Why inventory can be hard to convert into cash
• 11:25 – Why sufficient working capital keeps the business operating
• 11:55 – Tips for improving working capital
• 12:43 – Receivables, credit control and customer payment terms
• 13:53 – Why profit does not guarantee survival
• 14:17 – Working capital examples and the operating cycle
• 14:47 – Final support and wrap-up

• Cash Flow Management Tips : 5 Essential Tips
• Build Your Cash Flow with a Spreadsheet: Create a Practical Forecast
• How different is cash to profits?

Working capital is the short-term fuel that keeps your business operating. It is tied up in cash, unpaid customer invoices, inventory, work in progress and short-term debts.

A profitable business can still struggle if cash is trapped in the wrong places. Keep your working capital under review, bill promptly, collect money faster, manage stock carefully and use good systems to track what is coming in and going out.

Plan it, Do it, Profit.

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

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

🌐 Website

https://www.ihatenumbers.co.uk

How to Diagnose Business Failure is episode 51 of I Hate Numbers podcast. The podcast is part of a wider mission. It's to help your business improve your money mindset, get closer to your numbers, make profit, survive, and thrive.

Firstly, in last week’s episode we looked at one way of looking at business failure. Secondly, the words poor and leadership were common factors.

Running your own business is risky. Above all spotting and assessing business failure gives us insight, strength and purpose.  Certainly you get to understand your own strengths and weaknesses, and those of others.

We can use this approach looking at our own business, as well as other peoples.

Listen to find out more.

 Numbers are not everything. Your numbers help paint a story but can’t paint your complete story. We dive into performance management and look at the Argenti framework.

The Argenti approach looks at

• Defects leading to
• Mistakes leading to
• Symptoms of Failure

Defects are about management weaknesses and accounting deficiencies. Your mistakes are typically

• Over trading
• Gearing
• Big projects

Listen to find out more

Most importantly, How to diagnose Business Failure helps you figure out your solution.

In this episode we see that growing is not always good. As a bonus check our free online break even calculator.

If you have topics you want explored in future episodes, then let me know.

To sum up, the show is there to help you improve your money mindset, make money, survive, and thrive. Get in touch with us to see how we can help you with your accounting and business needs. Subscribe so you do not miss an episode of I Hate Numbers. For more business and finance, news, advice and tips

Listen to find out more

In This Episode

• Appreciating that diagnosing Business Failure helps you fix it
• Being aware of the practical application of the Argenti framework
• Understanding what mistakes, defects and symptoms of failure are
• Seeing that growth isn’t always positive
• Developing your own Numbers confidence and decisions
• Take more control of your numbers to help make you money, survive and thrive

Links

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

https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers

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

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

https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

Why Your Business May Fail is episode 50 of I Hate Numbers podcast. The podcast is part of my mission to help your business improve your money mindset, get closer to your numbers, make profit, survive, and thrive.

Firstly, the motivation behind the choice of topic. My business birthday of 26 years, birthdays are a period of reflection. Secondly, I have made bad mistakes over the years, not always taken on board the advice that I share.

In the words of Winston Churchill “Success is not final; failure is not fatal: it is the courage to continue that counts.”

I look at four areas as to Why Your Business May Fail, being poor with them is a common theme. For example, mindset and money invested and spent in the right way will all be relevant.

In this podcast I showcase some examples.

Listen to find out more.

Firstly, when your start your business Failure is not your objective. Secondly, knowing Why Your Business May Fail, such as cash flows helps us prevent it.

In conclusion the solutions are easier to figure out once you know the causes.

If you have topics you want explored in future episodes, then let me know. The show is there to help you improve your money mindset, make money, survive, and thrive and give you the business you want. Get in touch with us to see how we can help you with your accounting and business needs. Subscribe so you don't miss an episode of I Hate Numbers. For more business and finance, news, advice and tips

In This Episode

• Appreciating that Business Failure happens
• Being aware that understanding is half the battle to getting solutions
• Understanding the common reasons why your business may not succeed.
• Examples of what factors contribute to business failure
• Developing your own Numbers confidence and decisions
• Take more control of your numbers to help make you money, survive and thrive

Links

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

https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers

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

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

https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

Profit for tax is not always the same as the profit shown in your accounts. It is also not the same as the money sitting in your bank account. Your business profit, your accounting profit and your taxable profit can all tell different parts of the story. In this episode, we explain why those differences matter, how tax authorities look at business costs, and why understanding taxable profit helps you plan your tax bill with more confidence.

Tax is a business cost. Because of that, it needs planning, budgeting and proper understanding.

This episode follows on from our discussion about how to budget for your tax bill. That earlier episode focused on putting money aside. Here, we look at the profit figure that tax is based on.

The important point is simple: the figure you think of as business profit may not be the same figure HMRC uses when calculating tax. Some costs make sense in the business accounts, but tax rules may treat them differently.

Profit is still one of the key measures of business performance.

In your accounts, profit usually compares the income your business generates with the costs linked to earning that income. That helps you understand whether the business is making money, supporting customers and building something sustainable.

However, tax authorities work from a different rule book. They are not just looking at whether the business cost feels sensible. They look at whether tax law allows that cost when working out taxable profit.

For the wider profit foundation, see What Is Profit? Gross Profit and Net Profit Explained.

Money in the bank is not the same as profit.

You may have cash in the bank because customers have paid quickly, because you have delayed paying suppliers, or because you have borrowed money. That does not automatically mean the business has made taxable profit.

At the same time, your accounting profit may not match your taxable profit. Your accounts may include costs in one way, while tax rules adjust or replace those costs with a different treatment.

That is why relying only on your bank balance can be risky. The bank account shows cash. It does not always show tax profit.

Accounting profit starts with income or sales.

From there, the business deducts expenses that help create, support and generate that income. These may include staff costs, materials, marketing, equipment use, customer support, supplier relationships, training and other business costs.

In accounting, this is linked to the idea of matching. You look at a time period, match the income earned in that period with the costs linked to earning it, and then arrive at profit or loss.

This helps you judge business performance. It shows whether the business model works, whether costs are under control and whether the business is moving in the right direction.

Tax profit starts with business profit, but it may not end there.

Some costs that appear in the accounts may not be allowed for tax. Other costs may be treated differently for tax purposes. That means adjustments may be needed before the taxable profit figure is final.

This is where confusion often begins. A business owner may look at the profit and loss account and expect tax to follow that exact number. However, HMRC may look at certain expenses and say they need a different treatment.

In practice, this means your taxable profit can be higher or lower than your accounting profit.

The original episode was recorded in 2021, so the principles remain useful, but the detailed tax treatment should always be checked against current HMRC guidance.

For self-employed people, allowable business expenses can reduce taxable profit. However, not every business cost is allowable for tax. For example, client entertaining, supplier entertaining and event hospitality are generally not claimable as allowable expenses.

Training costs may be allowable when they improve or update skills used in the current business. However, training to start a new business or move into an unrelated business area may not qualify.

Equipment, cars, depreciation, capital allowances, drawings, salary and dividends all need care. The accounting treatment and the tax treatment may not be the same, and the rules can change over time.

Looking after customers and suppliers can make good business sense.

You may take a customer for lunch, meet suppliers, attend networking events, or invest time and money in keeping important relationships healthy. From a business point of view, that may feel useful and valuable.

However, tax rules may not allow those costs when calculating profit for tax. That means the cost may appear in your accounts, but it may need adding back when working out taxable profit.

The key lesson is not to stop building relationships. Instead, understand that a good business reason does not automatically create a tax deduction.

Equipment is another area where accounting profit and taxable profit can differ.

Your business may buy IT equipment, machinery, tools or other assets needed to deliver products and services. In the accounts, the cost may be spread across the expected useful life of the asset through depreciation.

Tax often works differently. Depreciation in the accounts may not be the deduction used for tax. Instead, capital allowances or cash basis rules may apply, depending on the business and the type of asset.

For example, buying equipment may support the business and help it grow. However, the way that cost appears in the accounts may not match the way it reduces taxable profit.

Cars and motor vehicles need particular care.

A vehicle may be useful or necessary for the business. Even so, tax rules do not always allow a full deduction in the way business owners might expect.

The treatment can depend on the type of vehicle, how it is used, whether there is personal use, whether the business uses cash basis or traditional accounting, and which allowances or expense methods apply.

Because of this, avoid assuming that buying a vehicle gives an immediate full tax deduction. Check the current rules before making decisions.

Training is valuable for business owners.

Keeping skills up to date, improving knowledge and staying current with changes in your industry can support the business. In many cases, those costs may make complete business sense.

For tax, the question is more specific. Training that improves or updates skills used in the existing business may be treated differently from training that starts a new business or moves into an unrelated area.

That distinction matters. The business may benefit from the learning, but the tax treatment depends on the purpose and connection with the current business.

Money taken out of the business also needs careful treatment.

A sole trader may take drawings. A company director may receive salary, expenses, benefits, dividends or a director’s loan. Each route has its own accounting and tax consequences.

Dividends, for example, are not normal business running costs when calculating Corporation Tax. Salary and payroll, on the other hand, follow PAYE and National Insurance rules.

This is why business structure matters. Sole traders and limited companies do not always calculate or report profit in the same way.

Tax should influence business decisions, but it should not control every decision.

Before spending money, ask whether the cost has a real business case. Does it add value? Does it support customers? Does it improve systems, skills, delivery or future opportunity?

A cost may still be worth spending even if it does not reduce tax. On the other hand, spending money only because it might reduce tax is rarely a strong business reason on its own.

Good tax planning works best when it supports good business planning.

Once you understand the difference between accounting profit and taxable profit, tax planning becomes easier.

You can set aside money more confidently. You can avoid relying only on your bank balance. You can also spot where adjustments may change the tax figure.

This links directly to budgeting for your tax bill. The earlier you understand the likely tax profit, the easier it becomes to plan cash flow and avoid surprises.

For the next step, see How to Budget for Your Tax Bill.

Profit for tax is the profit figure used to calculate tax. It may start with accounting profit, but tax rules can adjust the figure by allowing some costs, disallowing others or treating costs differently.

No. Accounting profit shows business performance using accounting rules. Taxable profit uses tax rules, so some expenses may be adjusted before tax is calculated.

No. Bank cash shows how much money is available at a point in time. Profit measures income after relevant costs. A business can have cash in the bank and still have a different taxable profit figure.

Tax rules do not automatically allow every cost that appears in the accounts. Some costs may be genuine business costs but still need a different tax treatment.

It matters because tax is based on taxable profit, not simply bank cash or the profit figure a business owner expects. Understanding the difference helps with tax planning and cash flow.

• 00:00 – Introduction to the I Hate Numbers podcast
• 00:28 – What is your profit for tax?
• 00:53 – Linking tax profit to budgeting for your tax bill
• 01:17 – Why your expected profit may differ from the tax figure
• 01:56 – Business profit versus tax authority profit
• 02:18 – What profit means in simple terms
• 02:46 – Profit as a measure of business activity
• 03:10 – Matching income and expenses
• 03:39 – Wearing the business hat and the tax hat
• 04:00 – Customer and supplier entertaining
• 05:03 – Equipment, depreciation and tax treatment
• 06:27 – Cars and motor vehicles
• 07:12 – Training costs and new skills
• 08:13 – Personal costs and business expenses
• 09:01 – Drawings, wages and dividends
• 09:42 – Why tax profit matters
• 10:06 – Business case before tax treatment
• 10:27 – Tax calculator and final thoughts

• What Is Profit? Gross Profit and Net Profit Explained
• How to Budget for Your Tax Bill
• Self Assessment Tax Returns

Profit for tax is not always the same as accounting profit, and neither figure is the same as cash in the bank. Tax rules can treat business costs differently from the way they appear in your accounts.

Once you understand the difference, you can plan your tax bill, manage cash flow and make better spending decisions without letting tax become the only reason for action.

Plan it, Do it, Profit.

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

If you need help understanding your taxable profit, planning your tax bill or reviewing your business accounts, you can contact us for an initial chat.

You can also use the free online business calculators to support your tax and profit planning.

For more practical finance and tax support, visit the I Hate Numbers YouTube channel, or listen and follow on Apple Podcasts.

📘 Book

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

🎧 Podcast

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

🌐 Website

https://www.ihatenumbers.co.uk

If you work for yourself, learning how to budget for your tax bill is part of running the business. Unlike an employee, you do not usually have an employer deducting all of your Self Assessment tax before the money reaches you.

That can create a nasty surprise if you spend everything coming into the business and only think about tax when the payment deadline arrives.

The better approach is to treat tax like any other business cost. Estimate what you are likely to owe, put money aside regularly and keep your records up to date so the eventual bill is something you have prepared for rather than something you fear.

Moving from employment into self-employment changes your relationship with tax.

When you are employed, much of the administration happens before your wages reach you. Once you work for yourself, responsibility shifts.

You need to keep appropriate records, understand the profit your business is making, deal with your tax return and make sure the money is available when your tax becomes due.

That can sound exhausting, but the practical principle behind this episode is simple:

Tax is a cost. Budget for it before you spend the money elsewhere.

One useful mindset is to imagine that your business employs you.

As a sole trader, you and the business are not legally separate in the same way as a limited company. However, making a mental distinction can still be useful.

When money comes into the business, do not automatically treat every pound as available to spend personally.

Part of that money may eventually need to pay tax.

Separating those two ideas can make budgeting much easier. Instead of seeing one healthy bank balance and assuming it all belongs to you, you begin to recognise that some of it already has another job.

For a self-employed business, tax is not simply calculated on the amount of money you invoice or receive.

The starting point is your business profit.

Broadly, we look at your business income and allowable expenses, together with the relevant accounting and tax adjustments, to arrive at the profit used for tax purposes.

Your eventual Self Assessment bill can also depend on other income, allowances, reliefs and your personal circumstances.

Depending on your circumstances and profit level, the bill may include Income Tax and National Insurance as well as other amounts collected through Self Assessment.

If you want to understand that distinction more clearly, see Profit for Tax Explained: Why Tax Profit Differs from Accounting Profit.

There is no single percentage that works for every self-employed person.

Your tax position depends on your profit, other income and individual circumstances. Payments on account can also affect how much cash you need at particular points in the year.

So rather than relying blindly on a fixed percentage, start with an estimate of your likely tax bill.

Then turn that estimate into a regular savings target.

For example, if your latest estimate suggests you will need £6,000 for tax over the year, you can begin thinking in terms of putting aside roughly £500 a month, adjusting the amount as your actual profit develops.

The important thing is not whether the first estimate is perfect.

What matters is that you are building the habit of reserving money instead of waiting until January and hoping the cash is available.

A separate savings account can make the discipline much easier.

If all of your business money sits in one account, the balance can give you a false sense of comfort.

Some of that money may already be needed for tax.

By moving your estimated tax amount into a separate account regularly, you create a clear boundary between money available for running the business and money reserved for HMRC.

You could transfer money monthly, weekly or whenever customers pay you. Choose a rhythm that fits the way cash enters your business.

The purpose is simple: ring-fence the tax money before you accidentally spend it.

You cannot estimate your tax sensibly if you do not know what your business is earning and spending.

Good bookkeeping gives you that information.

Instead of waiting until the end of the year to discover your profit, keep your records up to date throughout the year. You can then review your income, expenses and estimated profit while there is still time to adjust your tax savings.

Digital accounting systems can make this much easier by reducing the manual work and giving you a more current view of the numbers.

Our guide to cloud accounting explains how online accounting systems can support better financial records and decision-making.

Digital record keeping has also become more important because Making Tax Digital for Income Tax now applies to some sole traders and landlords.

Whether you need to use it depends on your qualifying income and circumstances.

If Making Tax Digital applies to you, you need compatible software to maintain digital records and send the required updates to HMRC.

Because the qualifying rules and thresholds can change over time, check the latest GOV.UK guidance or speak to your accountant before deciding what applies to you.

Payments on account are one reason a Self Assessment bill can feel larger than expected.

They are advance payments towards your next tax bill.

Where they apply, there are normally two payments. Each is usually based on half of the relevant tax from the previous year.

The first payment is normally due on 31 January and the second on 31 July.

There are circumstances where payments on account are not required, so do not assume that everybody pays them.

The important budgeting lesson is to check whether they apply to you before deciding how much money you need to reserve.

For a fuller explanation, see Payments on Account Explained: What They Are, When to Pay and How to Reduce Them.

Your first estimate should not be your last estimate.

Business changes.

You may earn more than expected, incur additional costs, lose a customer, win a large project or generate income from somewhere else.

Any of those changes could affect the eventual tax bill.

So review your estimate periodically and adjust the amount you are saving.

If profit rises strongly, increase the amount you put aside. If your expected liability falls, you can reconsider the savings target based on the updated numbers.

This is much better than relying on a percentage you chose several years ago and never reviewing it.

You do not need to become a tax expert to build a useful routine.

1. Keep your records current. Know what you are earning and spending.
2. Estimate your taxable profit. Use your accounting information rather than gut feeling alone.
3. Estimate the tax liability. Include payments on account where relevant.
4. Ring-fence the money. Move it into a separate savings account.
5. Save regularly. Monthly, weekly or when customers pay you can all work.
6. Review the estimate. Update it as your business performance changes.
7. Check the final calculation. Do not treat your budgeting estimate as the actual tax return calculation.

The goal is not mathematical perfection every week.

The goal is to avoid reaching the tax deadline with no plan and no money set aside.

An unexpected tax bill creates stress because two problems arrive at once.

First, you have the tax liability itself. Second, you have to find the cash to pay it.

Budgeting separates those problems.

You may not enjoy paying tax, but if you have already reserved the money, the payment becomes a planned business transaction rather than a financial emergency.

That is the real value of treating tax like any other cost.

Estimate your likely tax liability from your expected profit, put money aside regularly in a separate account and review the estimate as your business performance changes.

There is no universal percentage that works for everybody. The amount depends on your profit, other income, allowances, reliefs and whether payments on account apply. Use an estimate based on your own circumstances rather than relying on a generic percentage.

It can be very useful. Moving estimated tax money away from your everyday business account makes it easier to see what cash is genuinely available to spend.

Payments on account are advance payments towards your next Self Assessment bill. Where they apply, HMRC normally asks for two instalments, one in January and another in July.

Good records help you understand your income, expenses and profit. That makes your estimated tax bill more useful and allows you to adjust the amount you save before the payment deadline arrives.

Some sole traders and landlords now need to use Making Tax Digital for Income Tax based on their qualifying income and circumstances. Check the current GOV.UK rules to confirm whether and when you need to use compatible software.

• 00:29 - Why self-employed businesses should budget for tax
• 01:13 - Moving from employment to self-employment
• 02:04 - Treating tax as a business cost
• 02:30 - Thinking of your business as your employer
• 03:13 - What self-employed tax is based on
• 04:31 - Income Tax and National Insurance
• 05:33 - Understanding payments on account
• 06:17 - Building the right tax budgeting mindset
• 06:37 - Using a separate account for tax
• 07:20 - Why good records matter
• 08:09 - Estimating what you owe
• 08:58 - Putting money aside regularly
• 10:35 - Final tax budgeting summary

• Payments on Account Explained: What They Are, When to Pay and How to Reduce Them
• Tax Basics for Self Employed: What You Need to Know
• Self Assessment Tax Returns
• Profit for Tax Explained: Why Tax Profit Differs from Accounting Profit

Do not wait for the tax bill before you start thinking about the money.

Treat tax as a normal cost of being in business. Keep good records, estimate what you are likely to owe and move money aside regularly.

A separate tax account can help create the discipline, while regular reviews keep your estimate connected to what the business is actually doing.

Most importantly, remember that the money sitting in your business bank account is not necessarily all yours to spend.

Prepare for the tax before HMRC asks for it, and the eventual payment becomes far easier to manage.

Plan it, Do it, Profit.

If you want help understanding your tax, profit and other business numbers, use our free online business calculators.

If you need help estimating your tax bill, preparing your Self Assessment or planning ahead for tax payments, you can contact us for an initial chat.

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

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

🌐 Website

https://www.ihatenumbers.co.uk

How Information and Communication helps Build your Business Resilience is this weeks theme. Last week’ we looked at what Business Resilience was, and how your leadership plays a big part.

Listen to find out more

Firstly, we looked at the three parts of business resilience. Leadership information and communication. Further to that, and in addition we talk about information and communication in this episode of I Hate Numbers. To clarify, you as business owners are leaders in your own business.

Your gut feeling for making decisions is important, however, gut feeling alone is bonkers. Above all facts and good information drives effective decision making. Good information needs excellent record-keeping systems. You also need to that ability to understand, use and apply that information.

Listen to find out more

In addition, your communication is the last part of your Business Resilience. How you communicate with your stakeholders, what to say, and how to say it is key.

What is good communication and why is it a key part of Business Resilience. Certainly, these questions and more are dealt with in this podcast episode.

Listen to learn more

In conclusion, we have seen what makes up your Business Resilience. To sum up, it's your leadership, information and communication. In short, it is not too late to learn and develop this for your business.

Want to learn more? Check out our Business Growth Club to move your business forward.

• Understanding the importance of Information for your Business Resilience
• Appreciating what good information is, and how to get it
• Being aware that effective communication is vital for your business
• What does good communication look like in your Business?
• Developing your own Numbers confidence and decisions
• Take more control of your numbers to help make you money, survive and thrive

Links

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

https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers

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

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

https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/