The UK Tax and Accounting Podcast from I Hate Numbers:

How to Build your Business Resilience - Part One. That is the theme of episode 46 of I Hate Numbers.

Certainly, a lot of people talk about Business Resilience. Firstly, we need to understand what Business Resilience is. Secondly, we need to know how we can improve our own Business Resilience.  Most importantly, you can improve this, and it is a practical way to deal with what faces you in a changing business landscape.

Listen to find out more

Firstly, there are three parts to Business Resilience. Leadership information and communication. In this episode, I am going to be focusing on leadership. That is, you as a business owner, leading your business.

You need to be a good leader of your own business. Great is excellent, good is a great start point.

Leadership means being able to review a situation objectively. , and not getting deflected by.

Great leadership means taking lessons from what is going on, learning and being prepared for the next time. This is the ultimate, an ideal time to learn.

Now, unless you ask yourself this question as a leader, are you developing the right culture, the right environment in your business where you can learn, take lessons, prepare and equip yourself ready for the next situation.

Action beats inaction. For example, in this episode we look at gazelles and lions. Most importantly you need to be gazelle or a lion, in your business. Above all, take the opportunity to strengthen your leadership, to drive your business forward.

Above all, it does not matter whether you are a multinational or SME business. You are the leader; you are the one who drives the business forward.

Listen to learn more

Check out our Business Growth Club to move your business forward. We will show you How to Build your Business Resilience and grow your business. How to Build your Business Resilience - Part One deals with Leadership. Next week’s podcast we look at information and communication as vital parts of Business Resilience.

In This Episode

• Understanding what Business Resilience means in your business
• Appreciating the importance of your leadership as a business owner
• Being aware that you need to take action as a leader
• 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/

What is Your Money Mindset in your Business? That’s the theme of episode 45 of I Hate Numbers.

Certainly, a lot of people talk about why Money Mindset Is important. Firstly, we need to understand your current attitude to Money. Secondly, we need to know the reasons why.  Most importantly, there are many reasons, but you can’t fix a problem unless you know what’s causing it.

Listen to find out more

Numbers are your best friend in business. Above all, they do not lie to you and are the words to your business story.

For me, loving Numbers and a positive Money Mindset is easier than for others. Even established businesses of many years have challenges towards Money.

But that’s not the point, and the I Hate Numbers podcast is not aimed at me.

Your money mindset is vital for your business to survive and thrive.

A strong, positive money mindset helps give you the lifestyle that you want. It helps you deliver value to your customers, strengthen and improve your business direction.

Well ask yourself these basic questions

• Is your time important to you and your family?
• Does reducing the anxiety about your business future matter to you?
• Would you like to know what profits you are making now?
• Is making Money in your business important to you?
• Does the idea of knowing what your future bank balance will look like sound good?

In conclusion, don't be like the rabbit that's stuck in the headlights. Get to grips with, and strengthen your money mindset.

In This Episode

• Understanding what Money Mindset means in your business
• Appreciating the reasons why many business owners have negative Money Mindsets
• Tips to improve your Money Mindset
• The importance to your business of embracing a Money Mindset
• 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/

VAT reverse charging can feel confusing because it turns the normal VAT process around. Instead of the seller charging VAT and paying it over, the buyer may need to account for the VAT in their own VAT return.

In this episode, we explain what VAT reverse charging means, why governments use it, and how it can affect goods, services, imports, overseas customers, invoices, and compliance. We also look at the post-Brexit context for UK businesses while keeping the main focus on the practical principle: who accounts for the VAT, and what evidence we need to keep.

If you need a broader VAT foundation first, our episode on Value Added Tax and Your Business: Pricing, Registration and Profit explains how VAT affects pricing, registration, cash flow, and profit.

• What VAT reverse charging means in simple terms.
• Why reverse charge VAT shifts responsibility to the customer.
• How the reverse charge can apply to goods and imports.
• How reverse charging can apply to services and overseas suppliers.
• What to check when your business is the seller.
• What to check when your business is the buyer.
• Why invoices, VAT numbers, customer location, and evidence matter.

VAT reverse charging is a mechanism that shifts the responsibility for accounting for VAT from the seller to the customer. In a normal VAT transaction, a VAT-registered seller charges VAT, collects it from the customer, and pays it over through the VAT return.

Under the reverse charge, that process changes. The seller does not charge VAT in the usual way. Instead, the customer accounts for the VAT as if they had made the supply to themselves, and then claims it back where the rules allow.

In many business-to-business situations, the result can be VAT neutral. No VAT cash moves between the two businesses, but the transaction still needs to be recorded properly.

Governments like reverse charge mechanisms because they can reduce VAT fraud and evasion. It is often easier for a tax authority to check the customer in their own country than to chase an overseas supplier.

The episode compares it to a reverse charge phone call. The person receiving the call picks up the bill. In VAT terms, the buyer takes on the responsibility for accounting for the VAT.

However, this does not mean the seller has no responsibilities. Verification, invoice wording, customer checks, records, and evidence still matter.

The episode was recorded as UK businesses prepared for major post-Brexit VAT changes. From that point, goods moving between the UK and European Union were treated differently from how they had been treated while the UK was part of the EU VAT system.

For goods sold to overseas business customers, VAT treatment can depend on where the customer belongs, whether they are VAT registered, and whether the sale is treated as an export. The important point is that businesses still need to record the sale and keep evidence to support the VAT treatment.

For goods imported into the UK, the episode explains postponed VAT accounting as a cash flow support mechanism. Instead of paying import VAT at the border in certain situations, VAT-registered businesses may account for it through their VAT return. Because VAT rules and customs procedures can change, businesses should check current guidance before acting.

Services often involve place of supply rules. In many business-to-business situations, the customer accounts for VAT in their own country rather than the overseas supplier charging VAT.

There are exceptions. The episode mentions areas such as land and property, admission to cultural or educational events, and entertainment-related services. These can depend on where the land is located or where the event takes place.

If we provide services to an overseas business customer, we need to confirm that they are a business and, where relevant, that they are VAT registered. If we buy services from overseas suppliers, reverse charge rules may also affect how we record the purchase on our VAT return.

If we are the seller and the reverse charge applies, we usually do not charge VAT in the normal way. However, we still need to make sure the invoice and records are correct.

The invoice should clearly show that the transaction is subject to the VAT reverse charge where the rules require that wording. We also need evidence that the customer is a business, confirmation of their location, and a valid VAT number where appropriate.

This is where compliance matters. If we apply reverse charging incorrectly, fail to keep evidence, or charge VAT when we should not, we may create avoidable problems later.

If we are the buyer and the reverse charge applies, we need to check the supplier invoice and account for the VAT correctly.

That may include checking the invoice wording, checking the amount and tax rate, converting foreign currency into sterling where needed, and making the correct entries on the VAT return.

The reverse charge does not mean the transaction disappears. It means the responsibility for accounting for the VAT moves to the buyer.

VAT reverse charging is a compliance issue as much as a technical VAT issue. Good records help us prove why VAT was or was not charged, who the customer was, where they belonged, and how the transaction was reported.

For wider VAT responsibilities, deadlines, records, penalties, and practical compliance, our updated episode on VAT in the UK: How It Works and How to Stay Compliant is a useful follow-on.

Software and systems can also help. If we sell digital products, online training, e-books, services, or goods across borders, the system we use should support the right VAT treatment, invoice wording, customer evidence, and reporting.

• Check whether the transaction is goods, services, digital products, or another type of supply.
• Confirm whether the customer is a business or consumer.
• Check the customer’s location and VAT registration details where relevant.
• Use the correct invoice wording when reverse charging applies.
• Do not charge VAT where the reverse charge rules say the customer accounts for it.
• If buying from overseas suppliers, check whether we need to account for VAT on our return.
• Keep evidence, invoices, VAT numbers, and location records.
• Review software settings so VAT treatment is applied correctly.
• Check current HMRC guidance before relying on old Brexit-era assumptions.

• Value Added Tax and Your Business: Pricing, Registration and Profit
• VAT in the UK: How It Works and How to Stay Compliant
• An Introduction to what VAT is

VAT reverse charging changes who accounts for VAT, but it does not remove the need for care. The customer may take on the VAT reporting responsibility, but the seller still needs to check, record, and evidence the transaction properly.

For businesses buying or selling across borders, reverse charge VAT can affect invoices, VAT returns, cash flow, systems, and compliance. The safest approach is to understand the principle, check the customer and transaction type, and keep records that support the VAT treatment.

If VAT reverse charging, imports, services, or invoice wording feel unclear, visit ihatenumbers.co.uk or listen to the related VAT episodes above to build more confidence with your numbers.

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 tax, finance, and their numbers.

• 00:00 – Welcome to the I Hate Numbers podcast
• 00:28 – Brexit context and why reverse charging matters
• 01:11 – What the episode covers: goods, services and compliance
• 02:17 – A simple VAT example before reverse charging
• 03:06 – How reverse charging shifts VAT responsibility to the customer
• 03:55 – Why governments use reverse charging
• 04:17 – Goods, exports and overseas customers
• 05:56 – Imports and postponed VAT accounting
• 07:34 – Services and place of supply rules
• 10:44 – Invoice wording, VAT numbers, location checks and compliance

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

This weeks podcast episode of I hate Numbers looks at How to develop Trust in Business. Without trust, you have nothing. With it, you can do great things.

Trust, a firm belief in the reliability, truth or ability of someone or something.

Buy One Get One Free is a pricing strategy. I am applying that to this week’s episode, you get two themes wrapped up in one podcast. Trust and Credit Control, they have more in common than we think.

Trust is an integral part of our business lives. Your Business does not operate in a vacuum and must invest in TRUST.

Your business cannot operate without TRUST. Whether that's trust in yourself, your suppliers, your customers, or those that you look to work with.

TRUST which requires a leap of faith as opposed to blind faith. Blind faith (or stupidity) is like a non-swimmer jumping into the deep end of a swimming pool and hoping that somehow, they would be ok

You shouldn’t trust someone at face value, just as much as you wouldn’t to give credit without some checking. You need some validation and/or evidence of that person ability. In the words of Ronald Reagan, “Trust, but verify”.

Listen to find out more

Extend your trust as your confidence in your business relationship increases. It’s the same with credit control, when your customer conducts their account correctly, you improve your terms of business.

Listen to find out more

With TRUST, if you feel someone is not behaving as expected then your need to deal with it. Avoidance, just, like in credit control helps no one

With TRUST, with all the best will in the world things don't always work out. You need to act, show some teeth. Kindness does mean softness. When customers don’t pay on time and are taking advantage you need to act.

Listen to find out more

Systems and systematisation plays a major role in TRUST and getting paid on time. You need to blend in the human, commercial and business judgment.

Listen to find out more

How to develop Trust in Business is not just one factor.

Now, make yourself comfortable, sit back and listen. Most importantly, subscribe so you do not miss an episode.

In This Episode

• Understanding the importance of TRUST in business
• Appreciating what TRUST and credit control have in common
• How to develop TRUST in business
• The role of systems, procedures and people in TRUST
• 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/

VAT after Brexit still matters for UK businesses that buy from, sell to, or trade with customers in the EU. If your business sells goods, services or digital products, the VAT treatment depends on what you sell, where your customer is based, and whether the customer is a business or a consumer. Getting this wrong can affect pricing, paperwork, cash flow and compliance.

This episode helps business owners understand the main VAT after Brexit issues without getting lost in jargon. We look at imports, exports, place of supply rules, reverse charge, digital products, VAT MOSS and the practical questions you need to ask before selling into the EU.

Brexit changed how UK businesses deal with VAT when trading with the EU. The EU no longer treats the UK as a member state, and that means goods moving between the UK and EU are now treated differently from how they were before Brexit.

However, VAT itself did not disappear. The UK still has a VAT system, and VAT remains a major part of the tax landscape. Therefore, the practical question is not whether VAT still exists. The real question is how your business should deal with VAT when goods, services or digital products cross borders.

If you need a wider introduction to VAT, our guide to Value Added Tax and your business explains how VAT affects pricing, registration and profit.

Before we look at the VAT treatment, we need to ask two important questions.

• Does your business sell goods, services, digital products, or a combination?
• Do you sell to businesses, consumers, or both?

These questions matter because VAT can change depending on what you sell and who buys from you. A business selling physical products into the EU may face different rules from a consultant selling services, or from an online business selling digital downloads to EU consumers.

Goods are physical items. They include food, drink, clothing, equipment, machinery, books, stock and other items we can see and touch.

After Brexit, goods moving between Great Britain and the EU are generally treated as imports and exports. That means businesses need to think about VAT, duties, customs declarations, paperwork, shipping arrangements and evidence.

When goods come into the UK from the EU, they may be treated as imports. Import VAT, duties and customs procedures can apply. VAT-registered businesses may also be able to use postponed VAT accounting, which can help with cash flow because import VAT can be dealt with through the VAT return rather than paid immediately at the border.

When goods leave Great Britain and go to customers outside the UK, they may be treated as exports. In many cases, exports can be zero-rated for UK VAT, but only where the business meets the rules and keeps the right evidence.

VAT after Brexit is not only about whether VAT is charged. It is also about evidence.

If your business exports goods, you need records that show the goods left the UK. If your business imports goods, you need import paperwork, VAT statements and records that support your VAT return. Without good records, the VAT position becomes harder to defend.

This is why VAT, bookkeeping and cash flow work together. The rules affect not just tax, but also systems, pricing, admin time and the way you track your numbers.

Services are not physical goods. They can include consultancy, legal services, software, training, digital services, broadcasting, telecommunications and other forms of expertise or access.

For services, the key concept is the place of supply. The place of supply rules help decide where VAT is due and who has responsibility for dealing with it.

The treatment can depend on whether you sell business to business, known as B2B, or business to consumer, known as B2C. For B2B services, the customer’s location often matters. For B2C services, the supplier’s location may matter, although there are important exceptions.

Because place of supply can be technical, business owners should not guess. The important first step is to identify the type of service, the type of customer and the country involved.

The reverse charge shifts responsibility for accounting for VAT from the supplier to the customer in certain cross-border transactions.

For example, if a UK business supplies certain services to an EU business customer, the EU customer may need to account for VAT locally under reverse charge. The same idea can also apply when a UK business receives services from an overseas supplier.

The reverse charge does not mean VAT becomes irrelevant. Instead, it changes who accounts for VAT and how the transaction appears in the VAT records.

For a fuller explanation, listen to our episode on how VAT reverse charging works.

Digital products can include downloads, online training, e-books, PDFs, digital advertising, hosting space, software access and other electronic products or services.

Digital products can create VAT obligations even when the sale value is small. If a UK business sells digital products to EU consumers, EU VAT rules may apply based on where the customer belongs.

This can create extra admin because different EU countries may have different VAT rates and registration requirements. The old UK VAT MOSS route no longer deals with EU consumer digital sales after Brexit, so businesses need to check the current process before selling digital products into the EU.

VAT MOSS stands for VAT Mini One Stop Shop. It was designed to help businesses avoid registering separately in every EU country where they made qualifying digital sales.

After Brexit, UK businesses could no longer use the UK VAT MOSS scheme for EU consumer digital service sales. Businesses selling digital products to EU consumers need to check whether a non-Union scheme, local registration or another current route applies to their situation.

The key lesson is simple. If you sell digital products to EU consumers, do not assume VAT is covered automatically. Check the customer location, the type of product, the platform used, and the current VAT registration route.

• Check whether you sell goods, services, digital products, or a mixture.
• Identify whether your customer is a business or a consumer.
• Check whether the customer is in the EU, outside the EU, or in the UK.
• Review whether the transaction is an import, export, service supply or digital sale.
• Keep evidence for goods leaving the UK.
• Check whether postponed VAT accounting can help with import VAT cash flow.
• Review whether reverse charge applies to services.
• Check whether digital sales create EU VAT obligations.
• Make sure your bookkeeping system captures the right VAT information.
• Ask your accountant or tax adviser before relying on old Brexit-era guidance.

VAT after Brexit can affect cash flow because import VAT, duties, shipping costs, customs delays and admin time all influence how money moves through the business.

If your business imports goods, paying VAT at the wrong time can create pressure. If your business exports goods, poor paperwork can cause problems with zero-rating. If your business sells digital products, unexpected EU VAT obligations can affect pricing and margins.

That is why VAT planning is not just a compliance exercise. It helps protect cash flow, pricing and profit.

No. VAT did not end after Brexit. The UK kept its VAT system, and businesses still need to understand how VAT applies to UK and international sales.

It depends on what you sell, where the customer is based, and whether the customer is a business or consumer. Goods, services and digital products can all have different VAT treatment.

Postponed VAT accounting can allow VAT-registered businesses to account for import VAT on their VAT return instead of paying it immediately at import. Businesses should check whether they qualify and keep the right records.

Reverse charge can still apply to some cross-border services. It changes who accounts for VAT, so businesses should check the place of supply rules and the customer type before invoicing.

• Value Added Tax and Your Business: Pricing, Registration and Profit
• VAT in the UK: How It Works and How to Stay Compliant
• What Is VAT Reverse Charging? How It Works for Businesses

VAT after Brexit still matters because UK businesses trading with the EU need to understand the difference between goods, services, digital products, business customers and consumers. The right VAT treatment depends on what you sell, where it goes, and who buys it.

The practical step is to map your sales before you trade. Know your product type, customer type, country, paperwork and VAT reporting route. That gives you better control over pricing, cash flow and compliance.

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 VAT, tax, cash flow and their numbers.

• 00:00 – Introduction to VAT after Brexit
• 00:28 – What changes for VAT from 1 January 2021
• 01:01 – Five VAT areas covered in the episode
• 01:53 – Why VAT was not abolished after Brexit
• 03:21 – UK, EU and rest-of-world VAT framing
• 04:04 – Goods, services, B2B and B2C customers
• 06:03 – Imports from the EU and VAT procedures
• 07:50 – Goods leaving the UK and exports
• 09:28 – VAT treatment of services and place of supply
• 10:45 – B2C services and important exceptions
• 11:30 – Digital products and EU VAT
• 13:01 – Registration options for EU digital sales
• 13:41 – VAT MOSS and non-Union MOSS
• 16:23 – Final recap and next steps

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

At the end of December 2020 the UK enters a brave new world, it seems appropriate to see How Brexit affects your Business

We have lots of questions about Business and Brexit, some answers we know, some answers we don't. In this weeks podcast we share some answers, advice and tips.

Firstly, Brexit is a fusion of the words “British” and “exit”, referring to the U.K.'s decision to leave the European Union (EU).

The U.K. is now in a transition period to negotiate a new relationship with the EU. The UK has no say in EU policy, but will still need to abide by EU rules.

There will be new rules from January 1st. 2021.

This podcast is about How Brexit affects your Business.

Up until 11 pm on the 31st December 2020 we are still part of the EU. Though the European union has already removed us as member on their website

From the 1st January 2021 we will be known as a third country, all countries outside of the UK will be known as the Rest of the World.

The GDPR (General Data Protection Regulation)is about the rules relating to how we collect and process personal data. The Data Protection Act 2018 is the UKs implementation of GDPR. Listen to find out what happens from 1st January 2021 ? What steps can you take. Apart from our podcast, check out The ICO, Information Commissioner’s Office.

Listen to learn more

EU settlement scheme

Your business may have EU/EEA/Swiss nationals living in the UK by 31 December 2020. What happens if you wish to keep them on?

Listen to learn more

From the 1st January 2021 the UK will become a separate customs territory from the EU. This means that all imports, and exports of goods to and from the EU will become subject to customs procedures. This will refer to EU goods imported into the UK and UK goods exported to the EU.

Any “deal” will affect the duty rate on eligible goods. Your import and export declarations will still need to be made.

From 1 January 2021 customs controls will apply:

• If your business imports or exports outside of the UK you will have to complete UK and EU customs declarations.
• Work out the relevant customs duties

 Should you do this yourself, or use a third party like a freight forwarder . What’s the business case, is DIY better than using an agency.

Listen to find out more

For example, if you DIY you will need to get access to HMRC systems and invest in software.

After 31 December 2020, the UK will be a third country, any goods sent to Europe will be classified as exports, any goods coming in from Europe will be classified as imports. Prior to the 31 December 2020 those movement of goods would have been seen as EU would be intra-EU acquisition.

Listen to find out what an EORI is, why you need one and how you get hold of one – spoiler alert, if you are importing then you need one. Any economic operator established in the customs territory of the Union needs, for customs purposes, an EORI number

Any economic operator established in the customs territory of the Union needs, for customs purposes, an EORI number.

Whatever the outcome of the trade talks there will be duties to pay. Your business will be using

The UK Global Tariff rates.

Listen to find out this affects your business, how to apply it and paying it. Do you need pay on import, can it be delayed, listen to find out more

There are new rules for duty deferment that will apply in Great Britain (England, Scotland, and Wales) from 1 January 2021. Most traders will not need a financial guarantee with their duty deferment account.

Value Added Tax (VAT)

VAT is a Tax that is levied on goods and services provided by VAT registered businesses in the United Kingdom, to other VAT registered business and/or public.

The UK introduced VAT when it joined the European Economic Community (EEC) in 1973.

In theory the UK could abolish VAT after Brexit. In practice, very unlikely. It has about much chance as being abolished as discovering Elvis works at the check-out isle of Tescos.

Listen to find out why and what changes to VAT are envisaged, how it will be paid and

The big change after Brexit will be how VAT is charged on trade with the remaining 27 member states. How big that change will be is all based on the final negotiated outcome.

In conclusion, when Brexit happens, we will leave with a 47 year membership behind us. The EU has been a major part of business life, leaving is a big deal.  Make yourself comfortable. Sit back and listen

Most importantly, subscribe so you do not miss an episode.

 In This Episode

• Understanding what Brexit is
• Appreciating how the GDPR will change for the UK when Brexit happens.
• Hearing about the change in customs procedures and tariffs
• The cash flow impact, with duty, VAT and tariffs
• 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/

The Conditions for the Third Self-Employed Grant have toughened. The virtual claim doors open from 30-Nov-20.

The impact of COVID 19 on your business and your trading profits is key.

Unfortunately, the guidance is not expressed in terms of awful, crap, rubbish or fine. In this podcast, I share with you what HMRC mean by reduced demand & trading conditions. Crap, average or fine feels like better words.

There's a new language that's been introduced. Consequently, we look at coronavirus affecting demand causing a significant drop in your trading profits.

Firstly, the grant looks at your applies self-employed business between the 1st of November and the 29th of January 2021.

Secondly, the portal opens for making claims. On the 30th of November 2020. And you've got until the 29th of January 2021. When should you claim? As soon as, or is best to wait?

Listen to find out more

Heads up, doing a cash flow is important, link to previous podcasts and resources to help

Some haven't changed for the Third Self Employed Grant. For example

• Being self-employed in 2018-19
• Traded in the tax years 2018-19 and 2019-20
• Profit levels
• Basically, meeting the conditions for the first two grants

Listen to find out more

Terms and language

Some key terms and key adjectives HMRC have introduced honest belief, significant reduction, in your trading profits, due to coronavirus. And by demand, we can take that to be the level of sales - the number of customers that you have. So, coronavirus has got to be linked to less trade coming through the door, whether that's virtually or otherwise.

• What is meant by self-employed
• HMRC expectation for your behaviour and attitudes when making your claims.
• Intend to continue to trade, and
• 'Reasonably believe'
• Significant reduction in your trading profits due to Coronavirus.
• Honest assessment
• Self-employed – it’s not what we mean in normal conversation

I'll share some practical examples and dig deeper to explain and see what is meant by all this official speak. Lots shared in this podcast episode of the exiting and changed eligibility conditions. For instance self-employed, demand, honest belief, significant reduction, trading profits. Also, I share tips on evidence to support your claim – just in case HMRC ever come knocking!

What does this mean, listen to find out more?

In short, the third self-employed grant has tougher conditions. Above all don’t be put by applying because you think you may not be eligible. If you’re eligible, make the claim, that will be a vital bit of cash.  Make yourself comfortable. Sit back and listen

Even better subscribe so you do not miss an episode.

• Understanding the key conditions when making a claim for the Self Employed Grant
• Appreciating the language and keywords used in the Self Employed Grant conditions
• Hearing examples and explanations
• 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/

This weeks episode is about Three Steps to Successful Charity Mergers.

Charity Mergers are the coming together of two separate charities to form one .

Mergers can produce several benefits for but they also have several challenges as well.

Firstly, your Business Case, your reasons for wanting to merge. For example, economies of scale, pooling of talents, greater reach. There are benefits, as well as challenges.

Most importantly, consider if the merger in the best interest of your charity and beneficiaries.

Listen to find out more

Secondly, due diligence, mentioned in last weeks podcast. Above all consider the risks and liabilities you are about to take on.

At the outset, protect yourself, and not restrict your conversations with your charity partner. NDAs (Non Disclosure Agreements) are a must.

Moreover, it's not just legal and financial matters that you look at. Above all the merging of charity cultures can be the thing that strengthens the merger. However, good and bad cultures mixing is not good for anyone.

Listen to find out more

You will have many charity stakeholders. They will be anxious and have concerns about the prosed merger . Above all, get them on side, make a smooth transition to a brave new world.

Most importantly, communicate, understand, and involve people in the change. As a result you will have a more successful merger.

Listen to find out more

In short, mergers are marriages.  As Socrates said “By all means marry; if you get a good wife, you’ll become happy; if you get a bad one, you’ll become a philosopher.” In conclusion, Three Steps to Successful Charity Mergers will make for a happier marriage.

Make yourself comfortable. Sit back and listen

Even better subscribe so you do not miss an episode.

In This Episode

• Understanding the importance of a merger business case
• Appreciating the importance of due diligence and what it is
• Why Change Management plays an important role in Charity mergers
• 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/

Five things to consider when selling your business is this week’s podcast episode.

Selling your business is a major life event and has a lot in common with selling your home. There is an emotional attachment to your business that you built up. Like our homes it has memories and will influence us when we choose our buyer.

In last week's episode we talked about whether you are selling assets or shares, your business valuation and tax.

Now the five things that we need to take on board.

Firstly, be clear in your own mind about the reason if you are selling. Getting the right price is as much psychology and negotiation. Are you concerned with what the buyer will do with the business? Once they take it over. Does it matter to you?

Listen to find out more

Serious buyers and time wasters

Secondly, dealing with possible buyers. Just like when you put your home on the market. Lots people are just interested in having a nose round, time wasters who do not have the money. How to deal with that when you are selling your business is good thing to know.

Listen to find out more

Your buyer will wish to look at the inside workings of your business. They will wish to know about your customer base. They will wish to know about your finances. Make sure that you protect yourself and your business.

Listen to find out more

No serious buyer will wish to buy your business without carrying out due diligence. Due diligence is about requires an examination of financial records before entering into a proposed transaction with another party

What does this involve? Weill it includes getting your finances up to date ranges, paperwork in order, operational and customer information.

Listen to find out more

Do not ignore your business while you are trying to sell it. It is easy to get distracted and lose focus. Selling your business can be an energy-sapping process. You want to make sure that the business and your team are still going strong.

Listen to find out more

Five things when selling your business, make yourself comfortable. Sit back and listen

Even better subscribe so you do not miss an episode.

• Understanding thew importance of seller and buyer motivation
• Know how to spot serious buyers and weed out time wasters
• Why it is important to protect yourself when selling your business
• What is due diligence and being prepared for it
• Developing your own Numbers confidence and decisions
• Take more control of your numbers to help make you money, survive and thrive

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/

Today's podcast is about A need to know about selling your business. For many of us selling our business at some point in the future could be us cashing in our pension scheme. It may be a way that we can set up while we're at the top, move on for other different challenges in our life.

In this podcast we are going to look at

The choices between selling the assets in your business or the shares

• Figuring out how much your business is worth.
• Goodwill. What exactly is that? And does badwill exist? spoiler alert, it does!
• Options to sell

You either sell the shares that you own in that business

Sell the underlying trade of the business or the assets.

How do you choose which one? Well there are several things to consider, not just tax and how much money you get.

Listen to find out more

How do you come up with a number, a value for your business? Goodwill plays a big part. Goodwill is what you are buying - Badwill also exists

The money you want, and what you get may not be the same. One thing you need to do is to come up with a value. Psychology also plays a part.

Listen to find out more

Let’s talk about both buyer and seller

You can’t get away from tax, tax planners step forward.

Due diligence, being careful and grown is about reducing the risk of things going wrong.  Make sure that you're not picking up a hot potato, and you're very conscious of what you're buying into.

Listen to find out more

Make sure that when you're selling, your business you seek professional help, I don’t mean the medical kind! Professional people, like accountants and lawyers need to play their part. They will help you come up with the right numbers, and make sure you get the protection you need. This podcast is A need to know about Selling your Business

• Understanding the options available when you sell your business
• Appreciate the reasons a buyer wants to buy
• What Goodwill is
• Learn more about the things to consider when selling your business
• Developing your own Numbers confidence and decisions
• Take more control of your numbers to help make you money, survive and thrive

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/