I Hate Numbers: Simplifying Tax and Accounting

In this episode of the I Hate Numbers podcast, we focus on a topic that affects millions of employees across the UK — claiming tax relief online. If you pay for work-related costs out of your own pocket and your employer does not reimburse you, you may be entitled to tax relief. However, if you do not claim it, that money simply stays with HMRC. And we would rather see it where it belongs — in your bank account. Who This Episode Is For Employees in studios, theatres, galleries, or officesWorkers paying for professional costs themselvesAnyone unsure whether they can claim tax reliefEmployees who have never claimed before What Is Employment Expense Tax Relief? Employment expense tax relief allows employees to reduce their taxable income when they personally pay for costs that are required for their job and are not reimbursed by their employer. The key rule is simple. The expense must be wholly, exclusively, and necessary for your job. In plain English, it must be something you would not have spent money on unless your work required it. What Expenses Can You Claim? Work-Related Travel You may be able to claim mileage or public transport costs for business journeys that are not your normal commute. This includes travel to meetings, rehearsals, performances, or visiting suppliers. Professional Fees and Subscriptions If you pay for memberships or subscriptions that are relevant to your role — such as trade bodies or unions approved by HMRC — these costs may qualify for tax relief. Working From Home If your employer requires you to work from home, you may be able to claim a portion of household running costs. Choosing to work from home for convenience does not qualify. Uniforms, Tools, and Specialist Equipment Costs for uniforms, costumes, tools, or specialist equipment required for your role may qualify. Everyday clothing, even if only worn at work, does not. How the Tax Relief Works Tax relief does not mean HMRC refunds the full cost of the expense. Instead, your taxable income is reduced. For example, if you spend £200 on professional subscriptions and pay tax at 20%, you receive £40 back through reduced tax. It works like a mini personal allowance. How to Claim Tax Relief Online HMRC’s online expense claim form is now available again and can be used if: Your total claim is £2,500 or less per tax yearYou do not complete a self-assessment tax return If your claim exceeds £2,500, or you already file a tax return, the claim must be made through your self-assessment. You can access HMRC’s online service via the official government website: 🔗 Claim tax relief for job expenses – GOV.UK What Evidence Do You Need? HMRC expects evidence to support your claim, so good record-keeping is essential. Receipts or bank statements for subscriptions and equipmentMileage logs showing dates, distances, and reasons for travelEmployment contracts or emails confirming required home working For some flat-rate expenses, such as uniforms in approved occupations, receipts are not required. Can You Backdate Claims? Yes. You can backdate claims for up to four tax years. This means you may be able to recover tax you overpaid in previous years, provided you have the records to support the claim. Common Mistakes to Avoid Claiming for ordinary commutingClaiming everyday clothingNot keeping...

Being a social enterprise or Community Interest Company does not mean tax obligations disappear. In this episode, we walk through the real tax position for CICs, clearing up misunderstandings that regularly catch directors out. We cover corporation tax, VAT, payroll, grants, and how structure affects your tax exposure. What Is a Community Interest Company? A Community Interest Company is a special type of limited company created to serve the community. It sits between a traditional profit-making business and a charity. While the purpose is social or environmental, CICs are still companies and remain firmly within the UK tax system. Corporation Tax and CICs CICs pay corporation tax just like any other limited company. If trading income exceeds allowable expenses, the resulting surplus is taxable. Being values-led or not-for-profit does not remove this obligation. Corporation tax rates currently range from 19% for profits up to £50,000, rising to 25% for profits over £250,000, with marginal relief applying in between. Making a surplus is not a failure — it shows sustainability. What matters is how that surplus is managed and reinvested. VAT: A Common CIC Trap VAT frequently causes problems for Community Interest Companies. Grants and donations are usually outside the scope of VAT and do not count toward the registration threshold. However, income from selling goods or services does. If taxable turnover exceeds £90,000 over a rolling 12-month period, VAT registration becomes mandatory. Profitability is irrelevant. Voluntary registration may be possible, but charging VAT to non-VAT-registered communities can create real cost pressures. Digital systems such as Xero cloud accounting help track turnover accurately and reduce the risk of missing VAT thresholds. Employing Staff and PAYE Once a CIC employs staff, PAYE applies. This includes registering as an employer, operating payroll, deducting tax and National Insurance, and paying employer contributions. From April 2025, employer National Insurance applies once earnings exceed £5,000 per year, charged at 15%. Employment Allowance may reduce the impact, but payroll obligations remain. Freelancers, Contractors, and Risk CICs using freelancers must assess employment status correctly. The engager is responsible for determining whether someone is genuinely self-employed. This is based on control, substitution, and equipment — not personal preference. CIC Structure: Shares vs Guarantee CICs can be limited by guarantee or by shares. Guarantee-based CICs have members and reinvest all surpluses. Share-based CICs may pay dividends, but these are capped by regulation and are never tax-deductible. The structure chosen affects profit distribution, funding options, and long-term strategy. Grants and Tax Treatment Grants are a major income source for many CICs. Most grants are restricted income and recognised in line with project delivery. Unused funds are deferred rather than treated as profit. Grants usually fall outside VAT, unless linked to specific service delivery. While grants themselves may not be taxable, any surplus generated can still create tax implications. Practical Tax Planning Tips Keep Clear Records Accurate records from day one reduce risk and stress. Cloud accounting provides visibility and control. Plan for Tax Bills If a surplus arises, setting aside funds early avoids last-minute pressure. Tax is a sign of success, not failure. Understand Your Obligations Corporation tax, VAT, PAYE, Companies House...

Social enterprises often get misunderstood. Some people think they are charities in disguise, while others assume they are not real businesses. In this episode of I Hate Numbers, we break down what social enterprises really are, how they operate, and how they successfully combine purpose with profit. We explore the most common UK social enterprise models, how they differ from charities and traditional companies, and what you should consider if you are thinking of starting, running, or advising one.What Is a Social Enterprise?A social enterprise is a business that exists to solve a social, environmental, or community problem while still making money. Profit is not the enemy. Instead, profits are reinvested to support the organisation’s mission rather than simply enriching shareholders. Unlike charities, social enterprises trade commercially. They sell goods and services, employ staff, pay taxes, and face the same commercial pressures as any other business.Social Enterprises vs CharitiesCharities usually rely on grants, donations, and fundraising. Social enterprises rely primarily on trading income. While charities focus on public benefit, social enterprises focus on sustainability through commercial activity. A charity is not automatically a social enterprise, and a social enterprise is not necessarily a charity. The structure you choose matters.Community Interest Companies (CICs)Community Interest Companies are one of the most popular social enterprise structures in the UK. They are designed for organisations that want to make profits but lock those profits and assets into community benefit.Key CIC FeaturesA clear community purpose must be demonstrated at registrationAn asset lock protects profits and assets for community useCan be limited by guarantee or by sharesMay pay limited dividends if structured correctlyCICs often sit between traditional companies and charities, making them a flexible and popular choice.Co-operatives and Community Benefit SocietiesCo-operatives operate on democratic principles. Members have equal voting rights, and profits are shared or reinvested for collective benefit. Community Benefit Societies are regulated by the Financial Conduct Authority and are often used for community shops, renewable energy projects, and local initiatives. They can raise funds through community shares and embed democracy into their structure.Can a Private Company Be a Social Enterprise?Yes, a standard limited company can operate as a social enterprise. However, without an asset lock or legal obligation, trust must be built through transparency and genuine reinvestment of profits. Where social impact is central, we usually recommend using a structure that legally protects the mission.Charitable Incorporated Organisations (CIOs)CIOs are charities with legal status and limited liability. They are regulated by the Charity Commission and can access tax reliefs such as Gift Aid and business rates relief. They take longer to set up and carry greater trustee responsibilities, but they suit organisations with purely charitable objectives.Choosing the Right StructureChoosing the right structure starts with your purpose. You should consider who you help, how you generate income, whether you need investment, and how much control or restriction you are comfortable with. In many cases, organisations start as CICs and later convert to charities once the model is proven.Key TakeawaysSocial enterprises are not soft or fluffy. They are commercial, disciplined, and...

Community Interest Companies, often shortened to CICs, are designed for businesses that want to make a positive social impact while still operating commercially. In this episode of the I Hate Numbers podcast, we explain how CICs work, why they exist, and when they are the right structure for a business that wants purpose alongside profit.What Is a Community Interest Company?A Community Interest Company is a limited company created specifically for social enterprises. It allows a business to trade, earn income, and pay staff while ensuring that profits and assets are used primarily for the benefit of the community. Unlike charities, CICs are not restricted to grant funding and donations. They can sell goods and services in the same way as a standard company, making them a flexible option for organisations that want sustainability as well as impact.Why CICs ExistCICs were introduced to fill the gap between traditional companies and charities. Many organisations want to do good without the heavy regulation of charitable status or the perception that profit is the main driver. The CIC structure provides reassurance to customers, funders, and stakeholders that the business is genuinely focused on community benefit rather than private gain.The Community Interest TestTo become a CIC, a business must pass the community interest test. This means clearly demonstrating that its activities benefit a defined community rather than a small group of individuals. The test is reviewed by the CIC Regulator and helps ensure that the structure is used correctly and not as a branding or tax shortcut.Asset Lock and Profit RestrictionsOne of the defining features of a CIC is the asset lock. This prevents assets and profits from being freely distributed to shareholders.How the Asset Lock WorksThe asset lock ensures that, if the company is sold or wound up, its assets must continue to be used for community benefit. This protects the original purpose of the business.Dividend and Profit LimitsCICs can pay dividends, but they are capped. This allows investors to receive a return while ensuring that the majority of profits are reinvested into the community.CICs Compared to CharitiesWhile charities benefit from tax reliefs, they are tightly regulated and restricted in how they trade. CICs offer more commercial freedom, but without charitable tax exemptions. This makes CICs suitable for social enterprises that want trading income, flexibility, and transparency.Reporting and ComplianceCICs must file annual accounts like any limited company. In addition, they must submit a Community Interest Report explaining how the business has benefited the community. This added layer of reporting builds trust and accountability with stakeholders.When a CIC Makes SenseA CIC may be suitable if your business has a clear social mission, wants to trade commercially, and needs to demonstrate credibility and accountability. However, it is not the right choice for every organisation, so understanding the long-term implications is essential.Final ThoughtsCommunity Interest Companies offer a practical way to combine purpose with profit. When structured correctly, they allow businesses to grow while staying aligned with their social objectives. If you are considering a CIC and want to explore whether it is right for your situation, you can book a call with us to talk it through.🎧 Listen & Subscribe to I Hate NumbersFor more practical guidance on tax, finance, and running a better business, listen to the

We all have habits in business. Some help us move forward, while others quietly hold us back. In this episode of the I Hate Numbers podcast, we explore four common bad business habits and, more importantly, what we can do to break them.These habits may feel helpful in the short term, especially when cash is tight or pressure is high. However, over time they can damage profitability, confidence, and long-term growth.Bad Habit One: The Pricing TrapUnderpricing is one of the most common traps business owners fall into, particularly in the early stages. Discounting heavily or working for less than your value often leads to burnout and poor cashflow.Sustainable businesses price for value, not fear. Getting pricing right allows us to grow, reinvest, and serve clients properly.Bad Habit Two: Doing Everything YourselfTrying to do everything alone may feel sensible at first, but it quickly becomes a growth blocker. Time spent on low-value tasks is time taken away from strategy, sales, and leadership.Delegation is not a loss of control. It is a deliberate decision to focus on what matters most in the business.Bad Habit Three: Always Choosing the Cheapest OptionChoosing based purely on price rather than value often leads to poor outcomes. Cheap solutions can result in wasted time, repeated work, and missed opportunities.The right support, systems, and advice pay for themselves over time.Bad Habit Four: Avoiding Financial AdviceAvoiding professional advice is a habit that quietly costs businesses money. Tax efficiency, cashflow planning, and structure are areas where expert guidance makes a real difference.Good advice is not an expense. It is an investment in clarity, confidence, and long-term success.Key TakeawaysBreaking bad habits starts with awareness. Small changes around pricing, delegation, decision-making, and financial support can significantly improve profitability and peace of mind.Listen & Take the Next Step🎧 Listen to the I Hate Numbers podcast for more practical business and tax insights.📺 Watch our videos on the I Hate Numbers YouTube channel.📘 Learn more with our book, I Hate Numbers, packed with practical advice on business, finance, and tax.📞 If you want personalised support, book a call with us and let’s see how we can help.Until next time, plan it, do it, and profit.

Procrastination gets a bad reputation. However, in this episode of the I Hate Numbers podcast, we take a different view. We explore why procrastination happens, when it holds us back, and how it can sometimes support better thinking, creativity, and decision-making. Rethinking ProcrastinationWe have all delayed important tasks, even when we know better. Procrastination is usually framed as a weakness or a lack of discipline. However, we challenge that assumption. Instead of guilt, we look at understanding what procrastination is really telling us and how it can sometimes work in our favour.What Procrastination Really IsProcrastination is not laziness. It is a self-regulation issue where we delay action despite knowing there may be consequences. For many creative business owners, it shows up as distraction, avoidance, or over-preparing instead of starting.We explain how procrastination often reflects emotional responses rather than poor work ethic. Once we recognise that, it becomes easier to manage rather than fight it.Why We ProcrastinateProcrastination usually has clear causes. Fear of failure can make starting feel overwhelming. Perfectionism can stop progress before it begins. Feeling overloaded with ideas or lacking motivation can also keep us stuck.By identifying which of these applies, we gain control. Awareness is the first step towards changing behaviour.When Procrastination Can Be UsefulNot all delay is bad. Sometimes stepping away allows our subconscious to process information. This can lead to better decisions and stronger ideas when we return to the task.Procrastination can also act as a filter. If we keep avoiding something, it may be a signal that the task is not as urgent or important as we think.How We Manage Unhelpful ProcrastinationWhen procrastination becomes a barrier, simple strategies help. Breaking work into small steps reduces overwhelm. Starting with just five minutes often builds momentum. Time-blocking work and rest helps maintain focus.Reducing distractions is equally important. Fewer interruptions make it easier to move from intention to action.Keeping Finances from Becoming a DistractionWhen financial admin adds stress, it fuels procrastination. Using the right tools can remove friction and free up mental space, allowing us to focus on creative and strategic work rather than avoiding it.Key TakeawaysProcrastination is not always the enemy. Used wisely, it can support creativity and better decisions. The key is understanding why we delay and responding with practical strategies rather than guilt.Next time procrastination shows up, we encourage you to pause and ask whether it is avoidance or incubation. The answer can change how you move forward.Listen & Take the Next StepIf this episode resonated, explore more insights on the I Hate Numbers podcast.If you want support bringing clarity to your business decisions, you can book a call with us.Until next time, plan it, do it, and profit.

Attitude plays a critical role in the outcomes we achieve in life and in business. In this episode of the I Hate Numbers podcast, we explore how mindset, beliefs, and internal narrative influence decision-making, confidence, and long-term success. A strong mindset shapes behaviour, improves resilience, and supports better business performance.What This Episode CoversIn this episode, we look at how our thoughts and internal dialogue drive what we do. We discuss why improving business results is not only about numbers or strategy, but also about how we think about ourselves and our business journey.Fixed Mindset vs Growth MindsetWe explain two major mindset groups—those who believe their ability is fixed, and those who believe ability can develop through effort, coaching, and learning. One mindset restricts progress, and the other encourages improvement, possibility, and stronger results.Why Attitude Shapes BehaviourAttitude drives behaviour. If we believe a task is achievable, we are more likely to push through challenges. If we believe failure defines us, we retreat. We discuss how attitude influences motivation, problem-solving, and decision-making in everyday business operations.Business Confidence and BeliefHaving confidence in your skills improves communication, price-setting, delegation, and leadership. A negative attitude affects growth, sales, and customer interaction. This episode shows how reframing beliefs can boost performance and reduce anxiety.Emotions and Decision-MakingWe highlight how emotional states affect business management. Stress and uncertainty can lead to poor decisions or inactivity. Awareness helps build control and better outcomes.Seeing Obstacles as GrowthBusiness comes with setbacks. Mindset determines whether setbacks become learning opportunities or stopping points. A growth attitude promotes resilience and long-term success.Episode Timecodes[00:00:00] Introduction to business attitude and mindset[00:01:33] Why mindset matters more than you think[00:04:05] Fixed mindset vs growth mindset[00:06:50] Attitude and business behaviour[00:09:15] Practical steps to improve mindset[00:10:40] Final thoughtsFinal ThoughtsYour attitude is a key business asset. Changing mindset changes outcomes. Building belief, developing confidence, and working on internal dialogue will strengthen business results and improve resilience. We encourage business owners to reflect honestly on their own thinking habits and challenge limiting beliefs.Listen & SubscribeStay in control of your business journey and support your mindset growth. Listen weekly on Apple Podcasts and share this episode with someone who needs it. Listen & Subscribe on Apple PodcastsBook a CallIf you want guidance, business planning support, or mindset improvement strategies, book a call with us. Book a CallAdditional LinksI Hate Numbers YouTube Channel

Why Getting Paid on Time MattersLate payments don’t just cause frustration — they damage your cashflow, restrict growth, and can force unnecessary borrowing. By tightening up your payment processes, you protect your business and create healthier financial habits.Clear Terms Make a Big DifferenceBefore any work begins, agree on:Payment terms in writingDeposit requirementsDue dates, instalments, or milestonesConsequences of late paymentThis sets expectations early and reduces misunderstandings later on.Use Digital Tools to Speed Up PaymentsDigital systems make invoicing smoother and faster. We recommend using modern accounting software such as Xero. It helps you:Send invoices instantlyTrack overdue paymentsAutomate remindersAccept online paymentsBe Clear, Be Direct, Be ConsistentCustomers respond better when communication is firm, polite, and regular. Keep to your procedures — don’t let overdue invoices linger.Before the Due DateSend a friendly reminderConfirm they have everything they need to payOn the Due DateSend a clear message confirming payment is now dueAfter Payment Becomes LateSend a firm reminder without delaysCall if necessary — calls get resultsReinforce the agreed termsHow to Reduce Future ProblemsHere are steps that help prevent late payments altogether:Carry out basic credit checksAsk for deposits or staged paymentsUse direct debit or payment collection servicesImplement late payment charges where appropriateFinal ThoughtsGetting paid on time is not about chasing — it’s about setting the right procedures. With clear communication, good systems, and strong boundaries, you protect your cashflow and strengthen your business.Useful LinksXero Implementation & SupportBook a Call with I Hate NumbersI Hate Numbers YouTube ChannelBe sure to follow and subscribe to the I Hate Numbers podcast for weekly episodes that help you plan it, do it, and profit.

Money can strengthen a relationship or strain it, depending on how we handle it. In this episode of the I Hate Numbers podcast, we explore why couples often struggle when talking about money and what we can do to reduce stress, improve communication, and build financial trust together.Why Money Creates Tension in RelationshipsMoney is deeply emotional. It connects to safety, identity, habits, fear and upbringing. When two people come together, they often bring different money stories, expectations and comfort levels about spending, saving and risk. Without awareness and open conversation, these differences can easily lead to misunderstandings and conflict.We often see couples avoiding money discussions because they worry about judgment or triggering an argument. But silence usually makes things worse. The longer things remain unspoken, the bigger the financial and emotional gap becomes.The Impact of Upbringing and Money MindsetsThe way we think about money is shaped long before adulthood. Childhood experiences, parental attitudes and cultural influences form the habits we carry into relationships. Some people grow up with scarcity thinking, others with confidence, and some with avoidance behaviours.Understanding where our partner’s mindset comes from is a powerful way to reduce conflict. We stop assuming and start empathising.Talking About Money Without Triggering ConflictHealthy relationships rely on open and honest communication. This includes choosing the right time to talk about money and keeping discussions neutral and forward-looking. Instead of focusing on past mistakes, we focus on shared goals and what matters to both partners.Asking questions such as “What does financial security look like to you?” reveals expectations and gives couples a stronger foundation to work from.How to Build a Shared Money PlanFinancial teamwork starts with shared goals. These could include buying a home, reducing debt, improving financial stability or planning major life events. Once goals are clear, couples can decide on practical steps such as budgeting, tracking expenses or setting spending boundaries.Transparency is key. Both partners should understand the full financial picture. Whether you use joint accounts, separate accounts or a hybrid approach, clarity and agreement are what matter.Financial Independence Within a RelationshipIt’s important for each partner to maintain some personal financial independence. This avoids the feeling of being monitored or restricted. A balance of shared and individual responsibility supports both autonomy and teamwork.When to Seek Professional HelpIf money arguments recur or feel overwhelming, involving a neutral professional can be transformative. A financial coach or advisor provides structure, clarity and a roadmap, removing the emotional heat from the conversation and helping both partners align.Final ThoughtsMoney does not need to divide couples. When we understand each other’s habits, communicate openly and align around shared goals, money becomes a tool for connection instead of conflict. Strong financial teamwork leads to stronger relationships.Links Mentioned in This EpisodeBook a CallWatch on YouTubeI Hate Numbers Podcast

Identity verification is the legal process of confirming that a person or organisation is who they say they are. It helps prevent fraud, tax evasion, money laundering, terrorist financing, and abuse of financial systems. Businesses must prove that clients are legitimate before providing services — especially when risk is higher.When Identity Checks Are RequiredWhen onboarding new clientsIf risk levels change or suspicious activity appearsBefore offering regulated professional servicesWhen payment behaviour or ownership suddenly changesThese checks are not optional. Failure to verify identity can lead to penalties, account freezes, investigations, reputational damage, and criminal consequences.Acceptable Proof of ID & AddressProof isn't just a name written in an email — it must be documented. Typical verification includes:Passport or driving licenceRecent utility bill or council tax statementBank statements showing addressIn some cases, enhanced checks (E-KYC) are required — such as source of funds, ownership structure, or AML screening.Risk-Based Assessment MattersNot all clients have the same level of risk. Businesses should apply stronger verification when:Clients operate internationallyPayments vary unexpectedlyLarge or unusual transactions occurClients come from high-risk industriesGood record-keeping protects you. Compliance is not just a legal obligation — it's a financial safeguard.Record Keeping RequirementsKeep ID documents securely for a minimum of five years. Store clean digital audit trails in accounting systems, encrypted drives, or secure cloud platforms. Never hold data informally in WhatsApp chats or desktop folders.Consequences of Getting It WrongIf identity verification fails or is ignored, businesses risk:HMRC penaltiesFinancial loss from unpaid invoicesRegulatory investigationPermanent reputation damagePreventing risk is cheaper than fixing mistakes later.Episode Timecodes00:00:00— Why identity verification matters00:01:32— When checks are legally required00:03:18— What documents are acceptable00:05:02— Red flags & high-risk scenarios00:06:44— Compliance tips for business00:09:11— Final thoughts🎧 Listen & SubscribeStay in control of compliance and finance — follow the podcast and never miss an update.Listen on Apple Podcasts🔗 Additional LinksBook a CallYouTube ChannelI Hate Numbers Book

E-invoicing is not just a digital nicety, it is becoming central to how modern businesses keep cash flowing and stay compliant. In this episode of I Hate Numbers, we explain what e-invoicing means, why larger customers and public sector buyers increasingly expect it, and how adopting it can reduce errors, speed up payments, and simplify bookkeeping.Why E-Invoicing MattersE-invoices remove manual rekeying, eliminate lost PDFs, and cut the back and forth that delays payment. They improve accuracy and create a clear, auditable trail that makes life easier at tax time. For businesses supplying VAT-registered customers, being able to send structured data rather than free-form PDFs means customers can process invoices automatically, improving your chance of being paid faster.Practical BenefitsWe cover the practical benefits: faster approvals from customers, fewer disputes about amounts or dates, smoother integration with cloud accounting systems, and a stronger position when bidding for larger contracts. E-invoicing also reduces duplicate payments and speeds up reconciliations, which helps your cash flow and frees your team from low-value admin tasks.Standards and ComplianceThere are different e-invoicing standards around the world, and larger buyers are increasingly requiring structured invoices. Check the requirements of your major customers and public sector buyers before you select a provider. Understanding the required data fields and VAT treatments will prevent problems later.How to Get StartedStart by choosing a provider or using the e-invoicing options inside your cloud accounting package. Map the invoice data fields, run tests, and communicate the change to customers. We recommend a short pilot, perhaps with a handful of customers, to iron out any issues before rolling out the change company-wide. Make sure staff are trained and that you keep backups of your invoices and settings.Common Pitfalls to AvoidPartial adoption can cause confusion, so decide early how you will handle customers who cannot accept structured invoices. Ensure your internal processes match the structured data fields, and confirm how your software handles varying currencies, VAT rates, and line-item details. Always test end-to-end before switching fully to avoid missed payments and data mismatches.Final ThoughtsE-invoicing is a practical win for any business that wants to reduce admin, speed up payments, and improve auditability. If you are still sending manual invoices, now is the time to plan the move. Small steps, a short pilot and clear communication with customers will make the switch painless and worthwhile.Episode Timecodes[00:00:00] – Introduction[00:01:10] – What e-invoicing is and why it matters[00:03:05] – Benefits: accuracy, speed, and cashflow[00:05:00] – Standards and compliance considerations[00:06:40] – How to get started, step by step[00:08:20] – Common pitfalls to avoid[00:09:30] – Final thoughts and next stepsHost & Show InfoHost Name: Mahmood RezaAbout the Host: We are the team behind I Hate Numbers. As accountants and business coaches, we help organisations simplify finance, improve cash flow, and adopt efficient systems.Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧 Listen & SubscribeFind more episodes on Apple Podcasts, and subscribe for...

In this episode of the I Hate Numbers podcast, we explore a tax trap that affects countless landlords and property investors. Preparing a property before tenants move in brings real costs, but HMRC applies strict rules on what you can and cannot claim. We explain those rules in plain English, highlight common mistakes, and show how to protect your cash flow and stay compliant.When Your Property Business Really StartsYour property business officially begins on the day your first tenant moves in and rent starts. That date matters because any spending before then is treated as pre-commencement expenditure. HMRC will only allow these costs if they meet three criteria:The cost must be within seven years of the start date.The cost must not already have been claimed elsewhere.The cost must be allowable if incurred after the business started.If all three conditions are met, the expense is treated as if it occurred on day one of the rental business.Understanding Revenue vs CapitalThis is the core of the tax decision. Revenue expenses repair or maintain the property without improving it. Examples include:RepaintingRepairing dampReplacing damaged flooring with similar materialsFixing broken boilers like-for-likeCapital expenses improve or upgrade the property. These include:ExtensionsLoft conversionsUpgrading to high-spec kitchens or bathroomsStructural alterationsRevenue costs reduce your rental profits now. Capital costs only reduce capital gains tax in the future.Examples That Show the DifferenceIf you treat dry rot or replace rotten timbers, HMRC sees it as a repair. If you convert a loft or add an extra bathroom, that improves the property’s overall value and is treated as capital. Understanding the difference prevents costly mistakes when completing your tax return.Why Record Keeping MattersHMRC expects clear records: invoices, breakdowns, and evidence of work carried out. Mixed invoices are a common issue. If repairs and improvements are bundled into one amount, HMRC may block the full claim. Ask contractors for itemised invoices, and take before-and-after photos to strengthen your position.Avoiding Common MistakesLandlords often run into trouble for reasons such as:Claiming costs older than seven years.Classifying improvements as repairs.Lacking itemised invoices or evidence.Using inconsistent accounting methods.If you have multiple rental properties, allowable repair costs from one property can still reduce overall rental profits across your portfolio.Episode Timecodes[00:00:00] Introduction[00:00:42] Understanding pre-letting costs[00:01:27] When a property business starts[00:02:00] The three tests for pre-commencement expenses[00:03:00] Revenue vs capital explained[00:04:12] Examples from real situations[00:05:00] What you can and cannot deduct[00:06:09] Record keeping and documentation[00:07:12] Mixed invoices and challenges[00:07:57] Accounting basis considerations[00:08:36] Impact on portfolios and holiday lets[00:09:18] Summary and next stepsFinal ThoughtsUnderstanding pre-let expenditure rules helps you avoid HMRC issues and protects your cash flow. The clearer your records and the more accurate your classifications, the smoother your tax return becomes. If you want personalised support reviewing your property costs, we can help with a detailed tax diagnostic review.Additional Links📘a...

Introduction: Understanding Fuel BenefitsFuel benefits can look attractive on the surface—free fuel for your company car sounds great, right? However, the hidden tax costs can outweigh the perks. In this episode of the I Hate Numbers podcast, we break down how company car fuel benefits work, why they can become expensive tax traps, and how to decide whether it’s really worth it.Main Topics & DiscussionThe Myth of “Free” FuelMany business owners assume that having their company cover private fuel costs is a tax-efficient perk. However, the reality is that HMRC applies a significant benefit-in-kind tax to fuel provided for personal use. This means both the company and the employee could face unexpected costs at the end of the year.How HMRC Calculates the TaxThe tax on company car fuel is based on a set “fuel benefit charge.” This combines a fixed amount (currently £27,800 for the 2025/26 tax year) multiplied by the car’s CO₂ percentage band. For example, if your car’s rate is 25%, the taxable benefit is £6,950. This amount is added to your personal income for tax purposes—meaning you’ll pay tax as if you’d earned that money.Why It’s Rarely Worth ItIn most cases, the actual cost of fuel you receive is lower than the tax you’ll pay on it. Even though it seems like “free” fuel, you could easily lose hundreds or even thousands of pounds more in tax. The company also pays 15% Class 1A National Insurance on the taxable amount, adding to the total expense.A Simple Test: Is It Worth Keeping the Fuel Perk?Here’s an easy way to check. Calculate how much personal fuel your company covers annually and compare it to the fuel benefit tax charge. If the tax bill is higher, you’re better off reimbursing the company for personal mileage instead of accepting the “free” fuel benefit.Alternative Approaches That Save TaxThere are smarter ways to handle fuel costs without falling into the tax trap. For example, you can:Pay for private mileage yourself and claim business mileage at HMRC’s approved rate (45p per mile for the first 10,000 miles).Opt for hybrid or fully electric vehicles with lower or zero benefit-in-kind rates.Use business fuel cards solely for business journeys, ensuring private fuel is excluded.Record Keeping and ComplianceHMRC requires accurate mileage logs to prove business use. Digital mileage apps or GPS-enabled records make this simple and protect you during potential audits. Keeping proper logs ensures you only pay tax on what’s necessary—and stay compliant without the admin stress.Key TakeawayFuel perks often turn into expensive tax traps. The “free” fuel you get might actually cost you more than paying for it personally. With careful planning and the right approach, you can avoid unnecessary tax and keep your finances in better shape.Episode Timecodes[00:00:00] – Introduction: The reality of fuel perks[00:01:22] – Understanding how fuel benefit works[00:03:06] – How HMRC calculates the charge[00:05:15] – Why the fuel benefit rarely pays off[00:07:10] – Smarter tax-efficient alternatives[00:08:55] – Final thoughts and best practicesHost & Show InfoHost Name: Mahmood RezaAbout the Host: We’re accountants, educators, and financial coaches on a mission to make business and tax easier to understand. For over 30 years, I Hate Numbers has helped businesses plan smarter, save tax, and achieve long-term success.Podcast Website:

Owning a business can be rewarding, but it can also feel lonely. In this episode of the I Hate Numbers podcast, we open up about the challenges entrepreneurs face behind the scenes. We explore how isolation affects decision-making, motivation, and mental health—and how you can tackle it head-on with the right mindset and support network.Why Business Ownership Can Feel LonelyWhen you’re the one making all the decisions, carrying the risks, and keeping everything moving, the weight can feel heavy. Many business owners struggle to find people who truly understand their pressures. Employees, friends, and even family might not grasp the stakes involved. This emotional load often builds quietly until it starts affecting confidence and productivity.The Emotional Toll of IsolationLoneliness doesn’t always show up as sadness—it often looks like overworking, indecision, or self-doubt. We discuss how isolation can lead to burnout and how acknowledging it is the first step to overcoming it. Recognising these emotions allows you to regain perspective and avoid reacting from a place of fatigue or frustration.The Power of Connection and CommunityConnection is a vital part of business success. Building relationships with peers, mentors, and other business owners helps you gain insights, share ideas, and stay grounded. Joining professional networks or mastermind groups can reduce the emotional burden of entrepreneurship and remind you that you’re not alone on this journey.Practical Strategies to Overcome Loneliness Build a trusted support circle of mentors, advisers, and peers. Share your challenges openly—don’t carry them alone. Set realistic work boundaries to protect your wellbeing. Stay connected through regular check-ins with other business owners. Use tools and systems to reduce overwhelm and regain control of your time.Reframing the Entrepreneurial JourneyBeing a business owner doesn’t mean going it alone. Collaboration and communication are strengths, not weaknesses. We highlight stories of entrepreneurs who turned isolation into opportunity by embracing connection and building communities around shared goals.Final ThoughtsThe lonely road of business ownership doesn’t have to stay lonely. By recognising the signs of isolation and taking active steps to stay connected, you can build a more sustainable and fulfilling business journey. Remember—success isn’t only about numbers; it’s also about people, purpose, and wellbeing.Episode Timecodes [00:00:00] – Introduction: The lonely side of business ownership [00:01:14] – Why isolation happens [00:03:20] – The emotional and financial impact [00:05:32] – The importance of community and support [00:07:16] – Practical steps to stay connected [00:09:00] – Final thoughts and key takeawaysHost & Show InfoHost Name: Mahmood RezaAbout the Host: We’re accountants, finance educators, and business coaches at I Hate Numbers. With over 30 years of experience helping businesses grow sustainably, we’re on a mission to make finance simple, approachable, and empowering for every entrepreneur.Podcast Website:

Working for free might sound like a good way to gain exposure, experience, or opportunities. However, it can also lead to burnout, undervaluing your work, and setting the wrong expectations. In this episode, we talk about how to make the right call and ensure your time and skills are respected. When Working for Free Might Make Sense   There are times when working for free can make strategic sense — such as for charities, community causes, or trusted partners. These opportunities can align with your values, offer meaningful exposure, or help you test new services. However, they should always be intentional and clearly defined. The Hidden Costs of Free Work     Working for free often costs more than you think. Beyond lost income, it uses up valuable time, energy, and resources that could be invested in paid opportunities. It can also train clients to undervalue your services and expect unpaid support in the future. Setting Boundaries and Saying No     We all want to help others, but saying yes to every unpaid request isn’t sustainable. Clear boundaries protect your time and reinforce your professional worth. Learn to differentiate between genuine collaborations and situations where your generosity is being taken for granted. Alternatives to Working for Free     If you want to support someone or gain visibility, there are smarter ways to do it. You could offer a discounted rate, limit your contribution, or agree on an exchange of services. Always set terms in writing, even if no money changes hands, to ensure mutual respect and clarity. Final Thoughts     Working for free can sometimes open doors, but it’s rarely the foundation of a successful business. Every hour you give away should have a purpose. Ask yourself what the long-term benefit is and whether it aligns with your goals. Ultimately, valuing your time is key to building credibility and financial stability. Episode Timecodes [00:00:00] – Introduction[00:01:02] – When Working for Free Might Make Sense[00:03:15] – The Hidden Costs of Free Work[00:05:48] – Setting Boundaries and Saying No[00:07:34] – Alternatives to Working for Free[00:09:15] – Final Thoughts Host & Show Info Host Name: Mahmood Reza   About the Host: We are accountants, business finance coaches, and the team behind I Hate Numbers. With decades of experience helping businesses stay profitable and confident, we simplify finance, tax, and planning so you can make smarter decisions and achieve long-term success.   Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧 Listen & Subscribe to I Hate Numbers     Join us on Apple Podcasts for weekly episodes that help you master business finance and mindset. Listen, rate, and subscribe to support the show!   🎧 Listen on Apple PodcastsAdditional Links 📘Buy the I Hate Numbers Book📺Visit the I Hate Numbers YouTube Channel📞

Community Interest Companies, or CICs, are designed for businesses that want to make a difference while still being commercially sustainable. In this episode of the I Hate Numbers podcast, we explain what a CIC is, why it exists, and when it makes sense to form one.We cover the key differences between CICs and charities, the rules you must follow, and how profits are managed. Whether you are starting a social enterprise or transitioning from a limited company, this episode gives you a clear understanding of how to use a CIC structure to do good and stay financially viable.Main Topics & DiscussionWhat Is a Community Interest Company?A Community Interest Company is a special type of limited company created for social enterprises that want to use their profits and assets for public good. It combines commercial flexibility with a social mission, allowing businesses to operate with purpose while remaining financially independent.Why Choose a CIC?Unlike charities, CICs can trade freely, pay staff, and make a profit, but their assets and surplus must primarily benefit the community. The structure gives credibility to organisations that want to attract funding or contracts while showing a clear commitment to social impact.Many founders choose a CIC when they want to balance doing good with maintaining control and the ability to generate income.How CICs Differ from CharitiesCharities are regulated by the Charity Commission, while CICs are overseen by the CIC Regulator. The main distinction lies in flexibility. CICs can pay directors and distribute limited dividends, whereas charities face tighter restrictions. CICs also have simpler reporting and governance requirements compared to registered charities.Legal Requirements and OversightEvery CIC must submit an annual community interest report, explaining how its activities benefit the community. It must also file accounts with Companies House and remain transparent about how profits are used. The regulator can reject or question applications if a business’s objectives do not clearly serve the public interest.When to Register as a CICRegistering as a CIC makes sense when your business has a clear social or community purpose but still operates commercially. It is ideal for projects that generate revenue while tackling social or environmental challenges. If your main focus is profit for private shareholders, a traditional limited company may be a better fit.Funding Opportunities for CICsCICs can access funding from ethical investors, social impact funds, and grants that are unavailable to standard limited companies. This makes them attractive to entrepreneurs who want to create measurable change while sustaining long-term growth.Common Pitfalls to AvoidRunning a CIC comes with responsibilities. Failing to submit community reports, misusing profits, or not keeping accurate records can lead to penalties or deregistration. Always keep clear documentation of decisions and spending to remain compliant and maintain public trust.Final ThoughtsCommunity Interest Companies offer a balanced way to combine purpose and profit. They provide the freedom to operate like a business while committing to social good. Understanding when and how to form one helps you stay compliant and credible. A well-managed CIC not only supports your mission but strengthens your long-term financial sustainability.Episode Timecodes [00:00:00] – Introduction: What is a CIC? [00:01:04] – Why CICs exist and their social purpose [00:02:30] – CICs versus...

Social enterprises are businesses that aim to make a difference while staying financially healthy. In this episode of the I Hate Numbers podcast, Mahmood explains how social enterprises can combine purpose and profit, create impact, and still run with the discipline of a commercial business. We explore what defines a social enterprise, how they operate, and what sets them apart from charities or traditional businesses.Main Topics & DiscussionWhat Is a Social Enterprise?A social enterprise is a business that exists to tackle social or environmental challenges. It trades in goods or services but reinvests the majority of its profits into its mission. It’s not a charity, nor is it purely commercial. Instead, it sits in the middle, using business tools to achieve social goals.Purpose Meets ProfitSocial enterprises prove that doing good and being profitable can go hand in hand. They create real impact while ensuring the business remains viable. The more successful the business, the more impact it can make. Profit is not the enemy of purpose. It’s what helps fund the mission and sustain the good work over the long term.Legal StructuresSocial enterprises can take different forms. The most common structures include Community Interest Companies (CICs), Companies Limited by Guarantee, and Co-operatives. Each structure defines how profits are distributed and how accountability is maintained. Choosing the right structure is key to balancing transparency, control, and long-term sustainability.Funding and Financial HealthUnlike charities that rely mainly on donations or grants, social enterprises trade their way to success. They may still receive grants or investment, but trading income keeps them independent and resilient. Sound financial planning and management are essential. Mahmood stresses the need for strong bookkeeping, cash flow monitoring, and reinvesting profits wisely.Challenges Social Enterprises FaceSocial enterprises face unique challenges. Balancing impact with income can be tricky. They must compete with commercial businesses while upholding ethical values. Access to funding can also be harder because investors look for returns, not just results. Despite this, the sense of purpose and community support keeps them moving forward.Impact and AccountabilitySocial enterprises must measure and report their impact. It’s not just about numbers but about demonstrating social value. Whether it’s job creation, community development, or environmental change, they need to show tangible results. Transparency builds trust with stakeholders and reinforces credibility with customers and funders alike.Examples of Social EnterprisesAcross the UK, social enterprises are thriving. Companies like The Big Issue and Divine Chocolate are powerful examples. They combine business models with strong missions. Each shows how profitability and social good can strengthen one another when purpose drives every decision.Common Mistakes to Avoid Neglecting financial planning or relying too much on grants. Losing sight of the core mission in pursuit of profit. Failing to measure or report social impact clearly. Choosing the wrong legal structure without considering long-term implications.Final ThoughtsSocial enterprises are proof that doing good can be profitable. With clear goals, financial control, and community focus, they can thrive and create lasting impact. Mahmood reminds us that purpose and profit are not opposites but partners in success. If...

VAT may seem simple in theory, but in practice it can feel like opening a tin without a ring pull. For VAT-registered businesses, invoices are the foundation of compliance. Get them wrong and you risk late payments, disputes, and HMRC penalties. Get them right, however, and you protect your cash flow, build credibility, and reduce stress.What Is a VAT Invoice?A VAT invoice is much more than a receipt. It is a legal document that proves VAT has been correctly applied and charged. Only VAT-registered businesses are allowed to issue VAT invoices, and these must be provided whether the supplies are standard or reduced rate. Importantly, you have 30 days from the tax point to issue one, and you must always keep copies for your records. HMRC expects every VAT-registered business to maintain a tidy audit trail.Why VAT Invoices Are EssentialFirst and foremost, VAT invoices keep you compliant. They demonstrate that VAT has been applied correctly, which protects you during audits and supports your customers in making their own claims.Secondly, they build trust. When invoices are clear and accurate, customers are more confident in working with you and disputes are avoided before they arise.Finally, VAT invoices play a huge role in your cash flow. Clear and accurate invoices speed up payments, and as we know, once cash flow dries up, businesses risk closure. Invoices done well are therefore not only about compliance but about survival.Mandatory Information for a VAT InvoiceThere are several items that must appear on every VAT invoice. You must include your VAT registration number, which identifies you as eligible to charge VAT. Each invoice also needs a unique and sequential number, with no gaps or duplicates—accounting software like Xero can handle this automatically.Both the date of supply and the date of issue must be shown clearly, as these may differ. Your business name and address should be present, as well as the customer’s details. Where appropriate, including the customer’s VAT number can also be useful.Perhaps most importantly, invoices must describe exactly what was supplied. Simply writing “services” is not acceptable; you must state what was provided, when, and how. Quantities, units, and pricing must be broken down line by line, with the VAT rate and net amount shown. The total VAT amount must be displayed separately, and the gross total including VAT should be clear and obvious. Even if the invoice is in dollars or euros, the VAT amount must always be shown in sterling.If discounts are offered, they should be explained in full, with the terms clearly applied. Missing any of these details could invalidate the invoice.Special Rules and Simplified InvoicesIn some cases, special rules apply. For example, if you use a margin scheme, you do not need to show VAT separately, but you must include the correct wording for the scheme. Businesses in Northern Ireland trading with the EU must include the customer’s VAT number with their country code. Retailers, on the other hand, are not normally required to issue VAT invoices to non-registered customers. Instead, for sales under £250, simplified invoices can be issued, which still require basic details such as your VAT number, date of supply, description of goods or services, VAT rate, and total payable.When issuing credit notes, always mirror the original invoice. Reference the original invoice number and clearly show any reductions, returns, or cancellations. This ensures transparency and protects both you and your customers.Electronic vs Paper InvoicesWhether paper or digital, both types of invoices carry the same legal weight. Many businesses still use paper invoices, but electronic invoicing is...

Business success doesn’t start with numbers, strategy, or sales—it starts with belief. If we don’t believe in ourselves, we hold back. If we do, we take action. Mahmood explains why self-belief is the foundation that drives progress and resilience in business.What Self-Belief in Business Really Means Trusting your decisions: Self-belief is about backing yourself, even when the path isn’t clear. It doesn’t mean ignoring advice but having the confidence to choose and move forward. Seeing challenges as opportunities: Instead of being paralysed by setbacks, self-belief helps us see them as lessons and stepping stones toward progress. Balancing realism and optimism: It’s not blind confidence. True self-belief comes from preparation, planning, and recognising our own ability to adapt.Why Self-Belief Shapes Success Decision-making becomes faster and clearer: When we believe in ourselves, we avoid second-guessing and keep momentum in our businesses. Resilience improves: Business is full of bumps, but self-belief ensures we bounce back rather than stall at the first sign of difficulty. Growth feels possible: With self-belief, we are more willing to set ambitious goals, pursue opportunities, and step outside our comfort zones.Building Stronger Self-Belief Start small and act: Confidence grows through action. Take small, consistent steps in your business to build momentum and proof that you can achieve results. Keep learning: Knowledge and preparation reduce fear. Whether through courses, mentors, or reading, ongoing learning strengthens self-belief. Track your wins: Reflecting on progress, no matter how small, reminds us of how far we’ve come and reinforces confidence for the future. Seek supportive voices: Surround yourself with people who encourage and challenge you, not those who sow doubt or negativity.Common Mistakes to Avoid Confusing self-belief with arrogance—one drives growth, the other creates blind spots. Thinking self-belief is fixed. It can be built and strengthened with consistent effort. Waiting for “perfect confidence” before acting. Action builds belief, not the other way around.Final ThoughtsSelf-belief is the unseen foundation of business success. It fuels our ability to take risks, bounce back, and keep growing. Without it, even the best strategy or advice can fall flat. With it, we unlock the confidence to plan, act, and profit.Episode Timecodes [00:00:00] – Introduction: Why self-belief is the hidden key [00:01:15] – Defining self-belief in business [00:03:20] – Why self-belief shapes success [00:06:05] – How to build stronger self-belief [00:09:10] – Mistakes and misconceptions [00:11:00] – Final thoughts and next stepsHost & Show InfoHost Name: Mahmood RezaAbout the Host: Mahmood is an accountant, tax...

In this episode of I Hate Numbers, we uncover why budgeting is not a straitjacket, but one of the most liberating tools you can use in business. Far from restricting you, a budget gives you clarity, control, and confidence. By the end of this episode, you’ll see budgeting in a whole new light. We share eight powerful advantages of budgeting that will help you reduce stress, improve decision-making, and move closer to your business goals. Episode Summary Budgeting gives your business direction and resilience. In this episode, we explore: Why clarity is the first gift of a budget. How budgeting keeps you in control of cash flow and costs. How goals and purpose are shaped and supported by budgeting. Why numbers + instinct = better decision making. How budgeting improves communication with your team. Why targets boost motivation and accountability. How budgeting reduces risks and flags problems early. Why achievement is more likely when you have a roadmap. Timestamps [00:00] – Why budgeting is misunderstood — and why it’s liberating, not restrictive. [00:01:03] – Advantage 1: Clarity – your business sat nav. [00:02:00] – Advantage 2: Control – your financial dashboard. [00:03:00] – Advantage 3: Purpose and goals – aligning money with mission. [00:04:00] – Advantage 4: Better decision making – blending instinct with numbers. [00:04:47] – Advantage 5: Communication – involving your team in the process. [00:05:30] – Advantage 6: Motivation – why targets inspire commitment. [00:05:50] – Advantage 7: Risk reduction – spotting red flags early. [00:06:37] – Advantage 8: Achievement – turning dreams into measurable results. [00:07:20] – Closing thoughts: Why budgeting is your financial roadmap. Links Mentioned in This Episode Order the book I Hate Numbers for more practical advice on budgeting. Visit the I Hate Numbers website for resources and guides. Call to Action If you enjoyed this episode, subscribe to the I Hate Numbers podcast on Apple Podcasts and leave us a review — it helps more business owners discover the show. Want personalised advice? Book a call with us today and let’s work together on your budget and business growth. You can also visit our website for tools and resources to plan better, save tax, and grow your business. Plan it. Do it. Profit.