The UK Tax and Accounting Podcast from I Hate Numbers: cover art

The UK Tax and Accounting Podcast from I Hate Numbers:

The UK Tax and Accounting Podcast from I Hate Numbers:

By: I Hate Numbers
Listen for free

For many business owners, sitting down to tackle the accounts or a tax return is right up there with watching paint dry. We understand—numbers can feel intimidating, confusing, and frankly, a distraction from why you started your business in the first place. However, if you are serious about your business, you need to get on friendly terms with your finances. I Hate Numbers is a dedicated UK accounting and tax podcast designed to help you navigate the complexities of business finance without the headache. Hosted by me, Mahmood Reza, accountant and tax advisor, business coach, tax advisor, and financial storyteller—this podcast is here to help you move from dreading your data to using it as a roadmap for success. Straight-talking Tax and Finance Advice Business is ultimately about making money and having an impact. To do that, you need to understand the financial story your business is telling. We focus on: Simplifying UK Tax and Accounting: We break down everything from Self-Assessment to Corporation Tax in a way that actually makes sense. Jargon-Free Guidance: No "accounting-speak" or unnecessary BS—just practical steps to keep you on the right side of HMRC. Profit and Growth: Understanding your numbers means you can see the impact of your successes and avoid common financial pitfalls. Master the Meaning Behind the Numbers With decades of experience helping thousands of businesses, Mahmood’s mission is to make business money management accessible to everyone. In the words of W.E.B. Du Bois: “When you have mastered numbers, you will in fact no longer be reading numbers... You will be reading meanings.” Don't let tax and spreadsheets hold you back. Subscribe to the I Hate Numbers podcast today and start powering your business forward with confidence.Copyright 2026 I Hate Numbers Economics Leadership Management Management & Leadership Personal Finance
Episodes
  • High Income Child Benefit Charge: Who Pays and How to Reduce It

    High Income Child Benefit Charge: Who Pays and How to Reduce It
    Jun 28 2026
    The High Income Child Benefit Charge can take families by surprise. If one parent or partner has adjusted net income over the threshold, some or all of the Child Benefit received may need to be paid back through tax. About this episode Child Benefit can provide valuable support for families, but the High Income Child Benefit Charge changes the picture when income rises above a certain level. In this episode, we explain what the charge is, who it affects, how adjusted net income works, and what families can legally do to reduce or avoid the charge. We also look at pension contributions, Gift Aid donations, household income planning, opting out of payments, and why National Insurance credits still matter. This episode is especially useful for parents, couples, higher earners, and families who receive Child Benefit but are unsure how the tax charge works. What you’ll learn in this episode What the High Income Child Benefit Charge isWhen the charge starts to applyWhy adjusted net income matters more than salary aloneHow the Child Benefit clawback is calculatedWhy the higher earner carries the tax liabilityHow pension contributions can reduce adjusted net incomeHow Gift Aid donations can also affect the calculationWhy ignoring the charge can lead to interest and penalties What is the High Income Child Benefit Charge? The High Income Child Benefit Charge is a tax charge that applies when an individual’s adjusted net income goes above the relevant threshold and Child Benefit is being claimed in the household. The charge is based on individual income, not combined household income. This can create unfair-looking results. Two parents may each earn just below the threshold and keep the full Child Benefit, while a single-earner household may lose some or all of it if one person’s income is higher. “Who gets the cash isn’t the issue. It’s the parent with the larger adjusted net income that carries the complete tax liability.” When does the charge apply? The charge starts when adjusted net income exceeds £60,000. For every £200 over that threshold, 1% of the Child Benefit is clawed back. Once adjusted net income reaches £80,000, the Child Benefit is clawed back in full. For the 2026 to 2027 tax year, Child Benefit is paid weekly at £27.05 for the eldest or only child and £17.90 for each additional child. Over a full year, those amounts can add up to a meaningful sum for families. What does adjusted net income mean? Adjusted net income is not simply the same as basic salary. It starts with total taxable income before personal allowances, then allows certain deductions. These deductions can include pension contributions, Gift Aid donations, and some trading losses. That is why understanding adjusted net income is so important. A family may be able to reduce or remove the charge by planning properly and keeping accurate records. Example: how the charge works Let’s imagine a household with two children. One parent stays at home, while the other has adjusted net income of £70,000. Because the higher earner is £10,000 over the £60,000 threshold, 50% of the Child Benefit would be clawed back. That can create a significant tax bill, even if the person receiving the Child Benefit is not the higher earner. This is why families need to look at income, tax, pensions, donations, and Child Benefit together, rather than treating each area separately. Three ways to reduce the High Income Child Benefit Charge 1. Equalise household income where possible Because the charge is based on individual adjusted net income, not total household income, planning how income is shared can make a difference. This may involve reviewing working patterns, savings income, or how assets are held between spouses or civil partners. The aim is to understand whether income can be arranged more efficiently and legally, rather than allowing one person’s income to trigger a larger charge. 2. Use pension contributions carefully Pension contributions can reduce adjusted net income. That means they may also reduce the High Income Child Benefit Charge. For example, if adjusted net income is above the threshold, making an appropriate pension contribution may bring income closer to or below the point where the charge applies. This can also support longer-term retirement planning. Before making large pension decisions, it is sensible to take professional advice so that the contribution fits your wider tax, cash flow, and retirement position. For a broader planning view, our episode on Holistic Tax Planning: A Smarter Way to Manage Your Taxes is a useful next step. 3. Consider Gift Aid donations Gift Aid donations can also reduce adjusted net income. That can help lower the charge while also supporting charities and causes you care about. Our episode on Gift Aid Tax Relief: How It Helps Charities and Donors explains how Gift Aid works and why accurate records matter. For a wider look at charitable giving and tax planning, our episode on Tax...
    Show More Show Less
    8 mins
  • Numeracy Skills Decline: Why It Hurts Business Profit

    Numeracy Skills Decline: Why It Hurts Business Profit
    Jun 21 2026
    Numeracy skills decline is not just an education issue. For business owners, weak number confidence can damage pricing, cash flow, profit margins, budgeting, and decision-making. About this episode Many people laugh about being bad at maths. However, in business, poor numeracy can become a serious financial risk. If we do not understand the numbers behind pricing, costs, margins, budgets, and cash flow, we can lose money without realising it. In this episode, we look at the impact of numeracy skills decline on businesses, charities, creative organisations, and not-for-profits. We also talk about the role of smartphones, software, artificial intelligence, poor maths foundations, and the cultural habit of treating number anxiety as normal. The aim is not to point the finger. It is to help business owners become more aware, build better financial habits, and use numbers as a practical tool for survival and growth. What you’ll learn in this episode Why numeracy skills decline can become a business riskHow poor maths confidence can affect pricing and profitWhy software does not replace financial understandingHow artificial intelligence can increase overconfidence in unchecked answersWhy gross profit margins matter for business survivalHow charities, creatives, and small businesses can be affectedWhat practical financial habits can help rebuild confidence with numbers Why numeracy skills decline matters in business Business numbers are not abstract. They affect the money coming in, the money going out, the profit we keep, and the decisions we make. When numeracy skills decline, business owners can miss warning signs that are sitting directly inside their figures. A pricing mistake, a misunderstood percentage, or a miscalculated margin can quietly reduce profit. The business may look busy, sales may increase, and activity may feel positive, but the numbers may tell a very different story. “Being bad at maths is not a quirky personality trait. Instead, it represents a direct financial liability.” The hidden cost of weak number confidence Weak numeracy can affect every part of the business. It can influence pricing, budgeting, cash flow, bookkeeping, stock decisions, project costs, and the way reports are understood. If we misjudge gross profit margin, we may sell more while still losing money on every transaction. That is why understanding why gross profit is a big deal for your business is a practical part of financial control. Why technology is not enough Calculators, smartphones, accounting software, and AI tools can all help us work faster. However, they do not remove the need to understand the logic behind the answer. If software gives an incorrect result, or if figures are entered in the wrong place, we still need enough number awareness to spot that something does not look right. A set of figures may balance inside the software, but that does not automatically mean the financial story is correct. The risk of blind trust in software Modern digital tools can create a false sense of security. If we rely completely on automated dashboards without understanding the figures, we may miss basic bookkeeping errors, weak margins, cash flow pressure, or unrealistic budgets. Software should support our thinking, not replace it. Better numeracy helps us ask better questions and make better use of the systems we already have. Numeracy, cash flow, and profit Numeracy skills decline can directly affect business cash flow. If we do not understand how sales, costs, margins, overheads, and timing work together, we may make decisions that look sensible on the surface but damage the bank balance underneath. For example, selling more does not always mean the business is healthier. If the selling price is wrong, costs are rising, or overheads are not properly included, growth can hide a weak business model. If cash flow confidence is one of the areas you want to strengthen, our episode on Build Your Cash Flow with a Spreadsheet: Create a Practical Forecast gives a practical way to make the numbers more visible. How different sectors are affected This issue is not limited to one type of organisation. Numeracy skills decline can affect small businesses, large organisations, charities, not-for-profits, creative professionals, and start-ups. Charities and not-for-profits For charities, poor number tracking can affect transparency and decision-making. Trustees and managers need to know which projects are using resources, which activities are financially sustainable, and where money is being allocated. Creative businesses Creative professionals can face budgeting problems when project costs are not tracked properly. If the numbers are unclear, it becomes harder to price work, manage cash flow, and understand whether a project has made a genuine contribution. Small businesses and start-ups Small businesses often operate with limited cash reserves. That makes number confidence even more important. A small mistake in pricing, ...
    Show More Show Less
    6 mins
  • Late Registration for Self Employment: HMRC Penalties and Next Steps

    Late Registration for Self Employment: HMRC Penalties and Next Steps
    Jun 14 2026
    Late registration for self employment can quickly become a cash flow problem. Missing HMRC deadlines may lead to penalties, backdated returns, VAT issues, and unnecessary stress for sole traders and new business owners. About this episode When a business starts, it is easy to focus on websites, branding, customers, bank accounts, and sales. However, basic tax compliance matters from the very beginning. In this episode, we explain what can happen when self-employed businesses fail to register on time. We cover the registration threshold, the 5 October deadline, failure to notify penalties, voluntary disclosure, Making Tax Digital, backdated tax returns, and VAT registration risks. This episode is especially useful for sole traders, side hustlers, freelancers, and new business owners who may not realise that HMRC looks at total sales before expenses, not just profit. What you’ll learn in this episode When self-employed registration becomes mandatoryWhy the £1,000 threshold is based on sales, not profitWhy the 5 October deadline mattersHow late registration can affect cash flowWhat failure to notify meansWhy voluntary disclosure can reduce penaltiesHow Making Tax Digital changes compliance habitsWhy VAT registration can create a separate financial risk Why late registration for self employment matters Late registration for self employment is not just a paperwork issue. It can expose a business owner to HMRC penalties, backdated tax returns, interest, and extra pressure on the bank balance. The key point is that HMRC looks at total sales before expenses. If total trading income goes over the relevant threshold, we cannot simply deduct costs, look at the profit, and use that lower figure to avoid registration. If you are starting out as a sole trader, our episode on Tax and Your Self Employed Business is a useful next step for understanding the wider tax position. “Never assume that small revenue numbers mean the tax man will ignore you.” The £1,000 trading income point One of the most important points in this episode is that the registration point is based on sales, not profit. That means we look at total income before deducting business expenses. This matters because a business may have low profit, or even early trading losses, but still need to understand whether Self Assessment registration applies. Why voluntary registration may still help Voluntary registration can sometimes be sensible, especially where the business has early trading losses. Depending on the wider personal tax position, those losses may help when preparing a tax return. The main message is simple: track every transaction from day one. Good bookkeeping helps us understand sales, expenses, profit, tax exposure, and whether registration is needed. The 5 October deadline The key deadline for telling HMRC about new self-employed income is 5 October following the end of the tax year. Missing that date can put the business owner into late registration territory. For example, if someone starts trading in May 2025, the deadline for informing HMRC would be 5 October 2026. Waiting until the tax payment deadline is not the same as registering on time. Failure to notify and HMRC penalties When someone does not tell HMRC about taxable income on time, this can fall under failure to notify rules. Penalties can depend on the tax owed, the length of the delay, and whether the behaviour was careless, deliberate, or corrected voluntarily. Coming forward before HMRC contacts us is usually better than waiting. An unprompted disclosure can help reduce the penalty position and show that we are trying to correct the problem. Practical steps if you have registered late Do not ignore the problemWork out when the business started tradingGather income and expense recordsRegister with HMRC as soon as possiblePrepare any missing tax returnsMake a voluntary disclosure where appropriateSpeak to a qualified adviser if several years are involved Backdated tax returns can become expensive If a business has been trading under the radar for several years, HMRC may expect tax declarations from the date the business started. That can mean backdated tax returns, late filing penalties, interest, and a larger bill than expected. Late filing penalties are separate from failure to notify penalties. This means the costs can build up quickly if the issue is left unresolved. Making Tax Digital and digital records Modern UK tax compliance is becoming more digital. Making Tax Digital increases the importance of proper bookkeeping, regular updates, and reliable accounting systems. Poor records make deadlines harder to manage. If quarterly updates, digital record keeping, or bookkeeping systems are relevant to your business, it is worth getting organised early rather than waiting until HMRC pressure builds. If you need help putting better systems in place, our Xero accounting support can help you improve bookkeeping and digital record keeping. Do not forget VAT registration ...
    Show More Show Less
    12 mins
adbl_web_anon_alc_button_suppression_t1
No reviews yet