Struggling to pay a tax bill is far more common than most business owners realise, and the way you handle it can affect your borrowing for years. In this episode Claire explains how HMRC time to pay arrangements work, which tax bill to defer first when you have several due, and what to think about before you pick up the phone. It’s useful for owners of six and seven figure businesses with lumpy or seasonal cash flow.

Key topics covered:

• How an HMRC time to pay arrangement works, and why agreeing it before the due date can avoid penalties
• Why a quarter of VAT-registered businesses were penalised for late payment last year
• Why corporation tax is usually the bill to defer, and PAYE and VAT the ones to protect
• How interest on VAT and PAYE costs more than it looks, because it isn’t tax deductible
• How HMRC debt on your balance sheet can affect bank lending, overdrafts and commercial mortgages
• Why time to pay has tripled since 2020, and why a 12 to 36 month cash flow forecast should come before any decision

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VALUABLE RESOURCES

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ABOUT THE HOST:

Claire Hancott through Profit Cash Growth helps 7 & 8 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.

As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.

Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.

*The content of this podcast is for entertainment purposes only and does not constitute professional advice.

What does it actually mean when someone says a country, or a business, is in trouble? In this episode, Claire and Simon take a headline number, debt to GDP, and test it the way you would test a business: against turnover, against assets, and against what those assets are really worth. It is useful for any business owner who has ever looked at one figure and drawn a big conclusion from it.

Key topics covered:

• Why debt to GDP is really debt compared to turnover, and why nobody values a business that way
• How the four parts of a balance sheet (income, expenses, assets and liabilities) change the picture
• Why the same set of numbers can look solid or alarming depending on the ratio you choose
• Book value versus real value, and why assets recorded at cost rarely show what they are worth
• How buyers and brokers can put wildly different prices on the same business
• What confirmation bias does to the way we read our own numbers

⭐ Rate, Review & Share this episode with fellow business owners, and let's grow together!

⭐ Take the Finance Fitness Scorecard https://www.profitcashgrowth.com/finance-fitness-score

⭐ Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe

⭐ Get a Free copy of Claire's book Profit By Numbers: https://www.profitcashgrowth.com/book

VALUABLE RESOURCES

Website

LinkedIn

YouTube

Facebook

ABOUT THE HOST:

Claire Hancott through Profit Cash Growth helps 7 & 8 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.

As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.

Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.

*The content of this podcast is for entertainment purposes only and does not constitute professional advice.

Not all revenue is equal. In this episode, Claire and Simon break business revenue into five types, from project and consultancy fees to repeat customer sales, and look at how each one behaves in a downturn, what it does to your cash flow and what it does to the value of your business. It is useful for any business owner who wants to build something that pays well now and is worth more when they sell.

Key topics covered:

• The five types of revenue a business can have, and why none of them is a silver bullet
• Why specialist project work can be highly profitable and still be the easiest revenue to underprice
• The renewal cliff edge on annual contracts, and why clustered renewal dates can keep owners awake at night
• When a 12-month contract is genuinely justified and when it simply protects the business
• Why one-off and repeat customer revenue depend so heavily on your market and your marketing
• How a buyer thinks about future revenue, and why the best business to run is not always the best business to sell

⭐ Rate, Review & Share this episode with fellow business owners, and let's grow together!

⭐ Take the Finance Fitness Scorecard https://www.profitcashgrowth.com/finance-fitness-score

⭐ Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe

⭐ Get a Free copy of Claire's book Profit By Numbers: https://www.profitcashgrowth.com/book

VALUABLE RESOURCES

Website

LinkedIn

YouTube

Facebook

ABOUT THE HOST:

Claire Hancott through Profit Cash Growth helps 7 & 8 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.

As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.

Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.

*The content of this podcast is for entertainment purposes only and does not constitute professional advice.