I Hate Numbers: Simplifying Tax and Accounting

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 Lonely When 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 Isolation Loneliness 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 Community Connection 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 Reframing the Entrepreneurial Journey Being 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 Thoughts The 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 Host & Show Info Host Name: Mahmood Reza About 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: https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🎧 Listen & Subscribe to I Hate Numbers Don’t miss future episodes designed to simplify tax, business planning, and financial confidence. Listen on

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 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 Podcasts Additional Links Buy the I Hate Numbers BookVisit the I Hate Numbers YouTube ChannelBook a Call with Us

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 & Discussion What 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 Charities Charities 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 Oversight Every 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 CIC Registering 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 CICs CICs 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 Avoid Running 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 Thoughts Community 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

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 & Discussion What 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 Profit Social 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 Structures Social 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 Health Unlike 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 Face Social 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 Accountability Social 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 Enterprises Across 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 Final Thoughts Social 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 Essential First 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 Invoice There 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 Invoices In 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 Invoices Whether 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:Seeing challenges as opportunities:Balancing realism and optimism: Why Self-Belief Shapes Success Decision-making becomes faster and clearer:Resilience improves:Growth feels possible: Building Stronger Self-Belief Start small and act:Keep learning:Track your wins:Seek supportive voices: Common Mistakes to Avoid Final Thoughts Self-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 Host & Show Info Host Name: Mahmood Reza About the Host: Mahmood is an accountant, tax expert, and founder of I Hate Numbers. With over 30 years of experience, he helps businesses simplify numbers, strengthen strategy, and grow with confidence. Podcast Website: https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🎧 Listen & Subscribe to I Hate Numbers Ready to strengthen your mindset and build confidence in...

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: Timestamps Links Mentioned in This Episode I Hate NumbersI Hate Numbers website 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.

In this episode of the I Hate Numbers podcast, we shine a light on a common but costly issue—Class 2 National Insurance wrongly charged by HMRC. Thousands of self-employed people and small business owners are impacted each year. We’ll explain why it happens, how it affects your state pension and benefits, and the exact steps you should take to put things right. Main Topics & Discussion What Class 2 NI Is: Why HMRC Gets It Wrong: The Real Impact: How to Check: Steps to Fix: Common Mistakes to Avoid Assuming HMRC Is Always Right: Ignoring Your Records: Not Reclaiming Refunds: Final Thoughts Class 2 National Insurance may look small on paper, but the consequences of getting it wrong are significant. Errors can drain your cash flow or leave gaps in your pension record. By checking your account, acting quickly, and challenging HMRC when necessary, you can save money and protect your future benefits. Proactivity pays off when it comes to NI. Episode Timecodes

Many people have unused space that could generate extra income. But before you start renting out your garage or driveway, you need to understand the tax implications. In this episode of the I Hate Numbers podcast, we explain how to keep it legal and tax-efficient while boosting your earnings. What You’ll Learn in This Episode How Tax-Free Income Works If you rent out your garage, driveway, or storage space, HMRC treats this as property income. But the good news is that you can earn up to £1,000 tax-free under the property allowance. If your income stays within that limit, there’s nothing to report. Go over it, and you’ll need to declare it on your self-assessment tax return. Property Allowance Explained What Counts as Rental Income? Renting your driveway to a commuter or your garage for storage counts as taxable property income. Even if it’s casual or occasional, HMRC expects you to declare it if it exceeds the allowance. Payments from family members for genuine rent also count. When to Tell HMRC If your total income from this activity is over £1,000 in the tax year, you need to inform HMRC and include it on your tax return. Failure to do so can lead to penalties, so track what you earn. Keeping Records Final Thoughts Renting out unused space can be a smart way to boost your income, but don’t fall into the trap of ignoring tax rules. Use the property allowance wisely, keep good records, and stay compliant. It’s simple once you know the basics. Links Mentioned in This Episode Book a Call Episode Timecodes 🎧 Listen & Subscribe to I Hate Numbers Earn extra income without the tax stress. Listen on Apple Podcasts, share this episode, and subscribe for weekly tax and business tips. Plan it. Do it. Profit. Additional Links

Making Tax Digital for Income Tax may sound technical, but we break it down simply. In this episode, we share what MTD for ITSA is, who needs to comply, when it starts, and how to prepare effectively. If you’re a sole trader, landlord, or small business owner, this episode is essential listening. What You’ll Learn in This Episode Making Tax Digital Explained MTD for Income Tax is HMRC’s plan to move tax reporting into the digital world. Instead of submitting one annual return, you’ll send four quarterly updates via approved software. It’s like switching from a paper diary to an online calendar—more visibility, fewer surprises, and closer monitoring of compliance. Who Must Comply If you are a sole trader or a landlord and your turnover exceeds £50,000 in 2024/25, you must join MTD from 6 April 2026. Turnover here means income before expenses. HMRC looks at the full amount coming in, not what you keep after costs. Practical Examples from the Episode Here are some real-life examples mentioned in the episode to show how MTD rules apply in practice: Exemptions and Exceptions Not everyone needs to join immediately. If your income is below £20,000, or you qualify based on age, disability, or location, you can apply for exemption. Exemption does not remove the requirement to file a self-assessment; it only exempts you from quarterly digital updates. For example, a freelance designer earning £14,000 per year is under the threshold and does not need to join MTD. Preparing for MTD Benefits of Preparing Early Early preparation reduces stress, avoids penalties, and gives better control of cash flow. You can see quarterly profits building, plan tax efficiently, and identify whether incorporating or other planning is beneficial. Avoid last-minute panic and get ahead of HMRC deadlines. Real Consequences of Delay Leopold set up his software a week before the first submission and struggled with data import, missed the submission, and faced unnecessary fines. Don’t be like Leopold—preparing early is key. Key Takeaways Sole traders and landlords with turnover above the thresholds must prepare for MTD for Income Tax. Don’t wait for HMRC letters—take control early, choose the right software, maintain accurate records, and seek advice if needed. Early action keeps you compliant, confident, and stress-free.

Illegal dividends sound complicated, but we break them down in simple terms. In this episode, we share what counts as an illegal dividend, why they happen, and the steps you can take to avoid expensive problems. If you’re a company director or shareholder, this is essential listening. What You’ll Learn in This Episode Illegal Dividends Explained Under the Companies Act 2006, dividends can only be paid from accumulated, realised profits. If your company doesn’t have enough retained profits, paying a dividend is unlawful—even if your bank account looks healthy. It’s a common mistake, especially when cash and profit are confused. Why Illegal Dividends Cause Problems This isn’t just a technical breach—it can trigger serious tax consequences, increase insolvency risk, and create personal liability for directors. Think of it like driving without insurance. You may not get caught immediately, but if things go wrong, the impact can be huge. Tax Consequences for the Company If an illegal dividend is treated as a director’s loan and not repaid within nine months of the year-end, HMRC charges an additional tax of 33.75% on the amount. This applies even if the company is making a loss. While the charge is refundable if repaid later, the wait is long and the cost can hurt cash flow. Tax Consequences for Directors Directors can face extra tax on loans over £10,000, including a benefit-in-kind charge and Class 1A NIC. If the loan is written off, it’s treated as additional income and taxed accordingly. In liquidation, illegal dividends can make directors personally liable for repayment, creating serious financial risk. How HMRC Identifies Illegal Dividends HMRC uses digital filing and iXBRL-tagged accounts to check for inconsistencies between reserves and declared dividends. If your accounts show negative reserves but dividends paid out, expect questions. This is an easy red flag for HMRC systems. Steps to Stay Compliant Key Takeaways Illegal dividends aren’t worth the risk. Review your dividend policy, maintain accurate records, and seek advice when in doubt. Avoid unnecessary tax charges and personal liability by staying compliant and proactive. Links Mentioned in This Episode Book a Call Episode Timecodes

Trivial benefits are a great way to reward staff and directors without adding tax or National Insurance to the bill. In this episode of the I Hate Numbers podcast, we explain what trivial benefits are, the rules that must be followed, and how they can be used effectively in 2025. This is about giving without the tax sting. Main Topics & Discussion What Are Trivial Benefits? Key Conditions for Exemption Annual Limit for Directors Examples of Trivial Benefits Common Mistakes to Avoid Final Thoughts Trivial benefits are a simple, tax-efficient way to build goodwill with staff and directors. Staying within the rules ensures the gift remains tax-free, helping businesses to be generous without unwanted costs. Planning these benefits throughout the year can also make them more meaningful and spread the goodwill. Links Mentioned in This Episode Book a Call Episode Timecodes Host & Show Info Host Name: Mahmood Reza About the Host: Mahmood is an accountant, tax expert, and founder of I Hate Numbers. With over 30 years of experience, he helps businesses make sense of tax and finances so they can grow with confidence. Podcast Website: https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🎧 Listen & Subscribe to I Hate Numbers Stay tax smart all year round. Listen on Apple Podcasts, share this episode, and subscribe for weekly insights. Plan it. Do it. Profit. Additional Links I Hate Numbers YouTube ChannelBuy the I Hate Numbers Book

In this episode of I Hate Numbers, we’re diving into five powerful tax-free health and welfare benefits that employers can offer to their team. Whether you run a small business, creative agency, or a social enterprise, these perks can boost morale, reduce stress, and keep you compliant — all without adding to your tax bill. From annual health check-ups to mental health counselling, you’ll learn how to implement these benefits, avoid benefit-in-kind traps, and make your workplace healthier without increasing payroll costs. Episode Summary We break down each of the five benefits, explaining how they work, the conditions you must follow, and why they’re a win-win for you and your employees. You’ll get practical examples, compliance tips, and a simple checklist to review and improve your current benefits package. Timestamps Links Mentioned in This Episode I Hate Numbers website Call to Action If you found value in this episode, make sure to subscribe to the I Hate Numbers podcast on Apple Podcasts and leave us a review — it helps more people find the show and benefit from these tips. You can also visit our website to explore resources, guides, and tools to help you plan, save tax, and grow your business. Plan it. Do it. Profit.

Property taxes can be confusing—especially when dealing with both UK and overseas rentals. In this episode of the I Hate Numbers podcast, Mahmood simplifies the rules for landlords, including how to report income, claim expenses, and avoid common mistakes that cost money. Main Topics & Discussion UK Property Income Overseas Property Income Allowable Expenses Property Ownership Structures Common Mistakes to Avoid Final Thoughts Tax on property income doesn’t have to be overwhelming. Understand what’s taxable, keep good records, and use reliefs wisely. Whether your property is in the UK or abroad, planning and compliance are key to keeping more of your money. Links Mentioned in This Episode Book a Call Episode Timecodes Host & Show Info Host Name: Mahmood Reza About the Host: Mahmood is an accountant, tax advisor, and founder of I Hate Numbers. With decades of experience helping landlords and businesses, he makes tax easier so you can focus on growth. Podcast Website:https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/🎧...

Main Topics & Discussion VAT Registration Triggers What Counts as Taxable Turnover? Deadlines and Late Registration Penalties How to Register for VAT Voluntary VAT Registration Staying Compliant Common Mistakes to Avoid Final Thoughts VAT registration is manageable when you understand the triggers and process. Whether mandatory or voluntary, take control, keep records, and use digital tools to stay compliant. And if you need help, support is available. Episode Timecodes Host & Show Info Host Name: Mahmood Reza About the Host: Mahmood is an accountant, tax expert, and founder of I Hate Numbers. With over 30 years helping businesses stay compliant and profitable, he simplifies complex tax rules so you can focus on growth. Podcast Website: https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/ 🎧 Listen & Subscribe to I Hate Numbers Stay on top of VAT and business...

National Insurance Contributions (NICs) work differently for company directors—and misunderstanding them can cost you. In this episode of the I Hate Numbers podcast, we walk through the 2025–26 rules, salary thresholds, and two key methods of NIC calculation. Whether you take a regular wage or one-off payments, knowing how to handle director NICs can save you money, reduce stress, and keep HMRC off your back. Main Topics & Discussion How Director NICs Differ From Regular Employees annual earnings periodnot subject to minimum wage laws Two Methods for NIC Calculation 1. Annual Earnings Method (Default) 2. Alternative Method (Regular Earnings Basis) 2025–26 NIC Thresholds & Rates Primary Threshold (Employee):Upper Earnings Limit:Employer NIC Threshold:Employee Rate:Employer Rate: Choosing the Best Method Annual Method Alternative Method Salary Planning Options Option 1: Pay £5,000 Salary state pension year Option 2: Pay £12,570 Salary Common Mistakes to Avoid Real-World Examples One-off annual salary:Monthly wage of £1,200: Final Thoughts Director NICs give you flexibility—but require careful planning. Choose the right method, monitor thresholds, and don’t leave payroll to chance. Links Mentioned in This Episode Book a Call Episode Timecodes

“Can you do it for exposure?” If you've heard that before, you’re not alone. Whether you’re a designer, coach, accountant, or small business owner, requests for free work are common—and controversial. In this episode of the I Hate Numbers podcast, we unpack when working for free makes sense, when it hurts your business, and how to navigate those tricky requests with professionalism and confidence. Main Topics & Discussion When Saying Yes Might Make Sense Exposure & VisibilityBuilding a PortfolioPassion Projects & Volunteering The Real Cost of Free Work Unpaid BillsDevaluation of Your WorkBurnout & Resentment 5 Questions to Ask Before Saying Yes How to Say No Professionally Be polite but firm. No need to apologise. Read your message aloud before sending. When Free Can Be Strategic Real-World Insight Mahmood shares how he’s worked for free through volunteering, guest speaking, and events—always with intention and clarity. Sometimes unpaid work brings real returns—but only when it's your choice, not an obligation. Final Takeaway Free work is a strategy, not a habit. Use it selectively. Stay in control. Your work deserves to be valued—financially and professionally. Links Mentioned in This Episode I Hate Numbers YouTube Channel📘 I Hate Numbers book Episode Timecodes

Thinking of starting your own business? Whether it's for freedom, profits, or making an impact, success begins with clarity and preparation. In this week's episode of the I Hate Numbers podcast, we explore how to start with success in mind—and avoid the common pitfalls that derail so many new businesses. Drawing from decades of real-world experience, Mahmood shares what it really takes to build a sustainable, profitable business—from defining your "why" to knowing your numbers. Main Topics & Discussion Know Your "Why" Your "why" is the foundation of your business. It's your motivation and direction. Whether it's freedom, profit, social impact, or personal pride—clarity here keeps you focused when challenges arise. Define Success On Your Terms Success looks different for everyone. Is it financial freedom, more time, job creation, or personal fulfilment? Define what success means to you—and how you'll know when you've arrived. Set SMART Goals & KPIs Vague goals like "get more clients" don't cut it. Use SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) to set clear targets. Track progress with KPIs like: Understand Your Customer Business success depends on knowing your customer. Who are they? What problems do they have? How does your product or service solve them? Remember the 7Ps of Marketing: Know Your Numbers Numbers are your business compass. Get comfortable with: Good financial systems reduce stress and support smarter decisions. Leadership & Mindset Matter Starting a business is tough. Expect good days and bad. Success requires resilience, consistent action, and continuous learning. Good leadership is about making decisions, learning from mistakes, and staying focused. Real-World Example Mahmood reflects on starting his own business 30 years ago—from a back bedroom to building I Hate Numbers. The lessons? Clarity, systems, knowing your numbers, and staying focused on your "why". Links Mentioned in This Episode Cloud Accounting & Xero Support Episode Timecodes Host & Show Info Host Name: Mahmood Reza About the Host: Mahmood is an accountant,...

The Hidden Tax Saving for Single Director Companies Are you a sole director of your own limited company? Do you follow the typical model—small salary, dividends, smart tax planning? If so, today's episode of the I Hate Numbers podcast is essential listening. Many think the Employment Allowance is off-limits for single director companies. But with the right setup and careful planning, you could unlock over £1100 in National Insurance savings for the 2025–26 tax year. We break down exactly how to stay legal, compliant, and cash smart—without falling foul of HMRC rules. Main Topics & Discussion The Rising Cost of Employers National Insurance (NI) From 6 April 2025, employers NI increased to 15%. The point at which NI kicks in—the Secondary Threshold—also dropped to £5,000. That means you pay NI sooner and at a higher rate. What is the Employment Allowance? The Employment Allowance lets eligible businesses reduce their employers NI bill by up to £10,500 (2025–26 figure). But single director companies usually can't claim—unless they meet specific conditions. Two Legal Options to Unlock the Allowance 1. Hire an Additional Employee 2. Restructure Director Roles Both methods are legal, provided the setup is genuine and properly documented. Essential Record-Keeping and Compliance Costly Mistakes to Avoid Real-World Example A single director pays themselves £12,570. Without the Employment Allowance, they'd owe £1135 in employers NI. By meeting the conditions and claiming the allowance, that bill disappears—saving over £1100 annually. Links Mentioned in This Episode Webinar: How to Handle the Rise in Employers NI in April 2025Book a Business Tax Chat Episode Timecodes [00:00:00] – Introduction: Who this episode is for [00:01:17] – Rising employers NI and threshold changes [00:02:55] – What is the Employment Allowance? [00:04:00] – Option 1: Hiring an employee [00:05:30] – Option 2: Restructuring directors [00:07:08] – Legal and record-keeping requirements [00:07:50] – Common mistakes to avoid [00:08:47] – Next steps and helpful resources

Let’s be honest—nobody looks forward to tax season. However, leaving your return until January could mean unnecessary stress, missed opportunities, or even money left on the table. Filing your 2024-25 tax return early, on the other hand, brings more than peace of mind. It gives you financial clarity, greater control, and even potential savings. In this week’s episode of the I Hate Numbers podcast, we share 10 powerful reasons why getting ahead of your tax obligations is one of the smartest financial moves you can make. Whether you're self-employed, a freelancer, or a landlord, early filing can seriously improve your business and personal finances. Main Topics & Discussion What is Early Tax Filing and Why It Matters Early filing means submitting your self-assessment tax return well before the 31st January 2026 deadline for the 2024-25 tax year. It’s optional, but it brings clarity, helps avoid last-minute chaos, and often leads to better tax decisions. 10 Reasons to File Your Tax Return Early 1. Remove the Stress Early Tax season doesn’t have to mean panic. Filing early clears the task from your to-do list and lets you enjoy the holiday season stress-free. 2. Know What You Owe HMRC Early filing gives you a confirmed tax bill months in advance. No nasty surprises. No guessing. And plenty of time to budget or plan a repayment if needed. 3. Spread Tax Payments Through PAYE If you owe under £3,000 and are in PAYE employment, you can file by 30 December 2025 and have HMRC collect the tax through your salary over 2026-27. It’s like an interest-free loan. 4. Get Tax Refunds Sooner If you're owed money, early filing gets your refund processed faster. That cash could help your household budget or business capital immediately. 5. Reduce Your July Payment on Account Filing before 31 July 2025 could reduce or eliminate your second payment on account. Perfect if income has dropped or business losses apply. 6. Prepare for Making Tax Digital (MTD) MTD starts April 2026 for sole traders and landlords earning over £50,000. Filing early lets you see if you're affected and gives time to prepare. 7. Manage Transition Profits 2023-24 triggered a shift to fiscal-year accounting. Early filing helps manage any transition profits in 2024-25 and optimise tax reliefs over five years. 8. Prove Income for Loans or Mortgages Early returns provide official proof of income (think SA302) needed for mortgage applications, loans, or other financial support. 9. Enable Better Tax Planning The earlier you file, the earlier you see where you can be more tax efficient. That could mean adjusting pensions, business structure, or income strategies. 10. Keep Your Accountant Happy (and Costs Lower) Avoid the January rush and build goodwill with your accountant. Many practices charge a premium for late submissions or may be fully booked. Real-World Example Imagine you overpaid your tax or have losses to claim. Early filing could put money back in your pocket within weeks. Or if you're budgeting, knowing your January 2026 bill now means no scrambling for cash later. Key Tax Dates to Remember