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Sounds Music Radio podcasts. Hello This Money

1:00

Box Live podcast is a tool kit

1:02

for anyone planning to start a new

1:05

business already when he started one, but

1:07

might need a helping hand. And you

1:09

don't even need to step into the

1:11

done with a killer pitch because we

1:13

borrowed a dragon for you. Lots of

1:16

people can have great ideas, but they

1:18

have absolutely no way of delivering them.

1:20

You gotta be able to show why

1:22

you yes, entrepreneur and invest. A Deborah

1:25

Meaden is on the show. So do

1:27

you dream. Of quitting and going it

1:29

alone. plenty of people do. despite the

1:32

pretty tough financial climate just now. The

1:34

freelancer organization Ip See says it's seen

1:36

a january jump in people accessing it's

1:39

self employment advice. In fact, the number

1:41

of people working for themselves is starting

1:43

to slowly climb after a big drop

1:46

during the pandemic. And it's the over

1:48

fifty's a leading the way. The number

1:50

of self employed business owners aged fifty

1:52

rose to one point one million last

1:55

year. Plus, if you're running your own

1:57

business, You're also sorting your own taxes

1:59

so we will be answering your self

2:02

assessment distance. Route. Before we take

2:04

some cause I thought we should get

2:06

some businesses with straight from the Horses

2:08

mouth or this case the Dragons mouth.

2:10

Here's what Deborah Meaden from Dragons Then

2:12

has to say about starting up a

2:14

business this year. Lots of

2:16

people that have grace ideas on that.

2:18

they have absolutely no were delivering them

2:20

and I'm I'm when you come his

2:23

job than Stana when you're seated. Any

2:25

business investments you've gotta be able to

2:27

show why you it takes more that

2:29

a good idea of know how do

2:31

you turn that into a business? Has

2:33

you become someone who goes from I

2:36

reckon to I'm doing that's a really

2:38

interesting one because that is the difference

2:40

that what That's what makes an entrepreneur.

2:42

you know as you say a lotta

2:44

people are great idea. Is that it

2:46

stays on the sofa or it stays in

2:49

their heads up. What entrepreneurs to is that

2:51

they take the first steps and I always

2:53

say it. You know it's funny when you

2:55

take the first step then that the next

2:57

that comes in the next that comes that

3:00

entrepreneurs actually do something about it. Now what

3:02

that something is can be very very different.

3:04

For different entrepreneurs it might just say that

3:06

they gonna speak to somebody about certified that

3:08

this is my idea I that had to

3:11

do it. Can I talk with you? It

3:13

might be that they put the skills to

3:15

do it themselves, but they do something. Lots

3:17

of people particularly these days perhaps start their

3:19

business as a bit of a side hustle

3:22

Dc. More that I definitely see both sides

3:24

hustles going on Now I think that for

3:26

many reasons. I think people are very cautious

3:28

at the moment and they have reason to

3:30

base it as a when they it's it's

3:33

a funny old world out there are so

3:35

I think sort of the of the days

3:37

of cyclists. Going to suck everything ended up going to

3:39

give. It a go getter that still

3:41

happens, but I think it happens less

3:43

what's the stage at which you can

3:45

You said you can have faith in

3:48

turning your side hustle into a full

3:50

time job, something that you're really betting.

3:52

The formal is very different the different

3:54

people. If I'm a young star top,

3:56

I got no dependents, I don't have

3:58

a mortgage, and at. Of

4:01

course it's the same risk but the effect

4:03

on the if it went wrong would probably

4:05

be less than a five. have children to

4:07

support and a mortgage to support for to

4:10

a little bit more helpful than that. I

4:12

think it's my business is start to begin

4:14

to have a lighter their own so I

4:16

just five businesses. It's like if I have

4:18

it I have had children but it feels

4:20

to be like having children when it when

4:23

they're babies and toddlers. You gotta gotta wander

4:25

around and make sure that they're still standing.

4:27

This to walk in the Big bad and

4:29

that's. But there fucked up a bone. But

4:31

when they get a life of their own

4:33

universe the. Business. The engines

4:36

is. Still pretty new. you

4:38

have been to thing to all the time

4:40

up and I think that some I will

4:42

consult think you do love. Actually it's maybe

4:45

this is time to jump. I'm sure that's

4:47

a comparison about sleepless nights there as well

4:49

unless I will that five each person to

4:51

people pets you all the time everywhere you.

4:54

Go. Up. A

4:56

pretty much a second place. so that's

4:58

what they've done before. You know I

5:00

can't believe Look at it Sunday and

5:03

they fixed the same thing to say

5:05

it as a fish for pass but

5:07

they also pitch for advice. We had

5:09

emails and from people who have businesses

5:11

that off and running but that that

5:13

worried about the climate at the moment.

5:15

The landscape is not plain sailing just

5:18

now. What's your sort of early stage

5:20

business survival tactics? The fact is that

5:22

the world is a, you know it's

5:24

it. isn't a funny place. On I

5:26

think that it that actually forever I think

5:28

that's in as the days are coming up

5:30

with five and sunny a business plan of

5:32

of long gone because leave on needs and

5:35

our desires and they in over the world

5:37

stage is changing much much faster said my

5:39

advice to pay place you gotta keep the

5:41

had our i think when you get into

5:43

business sometimes you get your head down and

5:45

just carry on doing what you're doing that

5:47

you've got to sense the air, you've got

5:49

to see the movie or consumerism and I

5:52

when we talked about cost of living crisis

5:54

you need to the offering good value. Need

5:56

to build explains why you are good

5:58

value. I would say businesses got a

6:00

personality. It's like a person in a

6:02

you put an end. You can see

6:04

the net effect personality and you need

6:06

to be having conversations at the actually

6:08

think that personality so the right. But

6:11

they talked to com or when you

6:13

talk about new things or it took

6:15

about doing things at a slightly different

6:17

way. Still get it tiber made not.

6:19

I did manage to resist pitching a

6:21

business to have a listen to that

6:23

are today's experts on joined by six

6:25

road will abroad well the director of

6:27

membership at it see which is a

6:29

membership. Clubs: A self employed people. I'm

6:31

Richard Jones from the Institute of Chartered

6:34

Accountants in England and Wales. Good afternoon

6:36

I have lived thank you very much.

6:38

A Debroff has a lot of good

6:40

advice. On what makes a good business. I.

6:42

Want to run through saw the

6:44

practicalities of starting ones that can.

6:47

You just explained the different types

6:49

of self employment. Yes, Or

6:51

I'm slow one of the classic one

6:53

for a lot people start with his

6:55

are the sole trader on weight and

6:57

that you just get going not a

6:59

lot of paperwork around that and then

7:02

you might soon as decides they actually

7:04

want to answer is of up with

7:06

a limited company which then has with

7:08

different print calluses from attacks points and

7:10

he's an and you will sort of

7:12

have to get probably case often accountants

7:14

and different liabilities or with that one

7:17

and then occasionally some people now have

7:19

to work through an umbrella. As

7:21

well. Which is where an agency oh my

7:23

sex as your employer and they will. They'll

7:26

pay the money that you finance and thirteen

7:28

inch or bank accounts this of those three

7:30

ways. Sankyo he said whole

7:32

half an hour an umbrella companies will. Focus

7:35

on his states. I'm fix their around

7:37

a full point two million people in

7:39

the Uk. her class to self employed

7:41

at is still quite a long way

7:44

below pre pandemic levels. but you've done

7:46

some research on this song. People might

7:48

be starting to feel a bit more

7:50

confident about working for themselves again. Yeah,

7:52

we're definitely starting to see a dilemma

7:55

that it's returning to sort of the

7:57

post pandemic highs. And so it you

7:59

know the last year we saw hundred

8:01

and six that people operating again as

8:04

self employed. I'm a loss. of those

8:06

that you mentioned earlier are coming in

8:08

through the next sisters we saw some

8:10

as seven percent increase last year of

8:13

people that demographic getting self employment. I'm

8:15

also seeing that the trend of women

8:17

she thinks be self employed creeping up

8:19

say that was up another person in

8:21

the last twelve months. whistles continues along

8:24

trend of the women choosing to beat

8:26

the to with themselves. Richard, What about

8:28

the very beginning. Of a business suit

8:30

you need. To tell when you started

8:32

one and when genie detaining. Yeah.

8:35

The Is fix was leading to the run

8:37

numbers different ways that you can set up

8:39

a know the. That. The route

8:41

the you tight little then determine mean

8:43

to tell use have to tell her

8:45

to will see. And

8:48

the of course would depend on with a

8:50

few going to be registering for that you'll

8:52

need to register for that if you them

8:54

take on employees who need to register for

8:56

P. P A Why he. And

8:59

if you're so try to, you'll be

9:01

basically registering for self assessment if you

9:03

know if you're not already and then

9:05

you'll need to let. A nucleus

9:08

of the same time me feel registering

9:10

setting Hmrc. Know that you've started a

9:12

business. Abby Sicily accompany slightly

9:14

different are you you have to go

9:16

through hours companies has which he us

9:18

government body our best in Cardiff and

9:20

and you have to register the company

9:22

there and to some extent they will

9:24

then the Hmrc know about the company

9:27

and little come knocking and asking you

9:29

what it's gonna be doing and and

9:31

and the of those sort of question

9:33

i case. I'm we will be talking

9:35

about tax later. On in the program. All

9:37

that to look forward, seats and others will. Is

9:39

it that briefly? Is it important to start saving

9:41

tax as soon as he distance up. Or.

9:44

The is it. It's is important to

9:46

bear in mind what your tax liabilities

9:48

could be in advance. That can be

9:50

difficult because you my don't know what

9:53

profits going to make even moderate make

9:55

a profit but I think rather than

9:57

in I just allowing the income coming

9:59

in and. Ending it in a

10:01

setting aside twenty percent, whatever is whatever

10:03

tax raise A clickable I'm in it.

10:05

maybe even in a separate accounts you

10:07

don't spend It said when that time

10:09

does come Iran's you've gotta available see

10:12

a lot of businesses really for a

10:14

that and then fun. They don't have

10:16

the liquidity to actually pay the tax

10:18

bill. Thank you right? Let's hear

10:20

from someone who is struggling to get a

10:22

product off the ground even though they know

10:24

stats demand. I'll Eat sounded east west and

10:27

I spoke to her before we came on

10:29

as. I had a

10:31

lightbulb moment battling with my

10:33

children's. Push chest strap. Say.

10:36

I have this outlets as brand

10:38

new struck by just Spent. System

10:40

for stressed apps are an absolute

10:42

nightmare. Sometimes you're always in a

10:44

hurry with a baby in your

10:46

arms. Other so in terms of

10:49

your product then do you have

10:51

customers ready to buy the absolutely

10:53

their Yeah. I suppose this is

10:55

the frustrating thing because. Every stage

10:57

costs. Money is sick constantly

10:59

chicken. And egg the end market

11:02

pull doesn't want to the race. In

11:04

investing and tell the product is

11:06

ready. The

11:08

entrepreneur can't make a product ready

11:11

and tell that. Happy Investments. What

11:13

about Brandt Sold? Maybe putting it

11:16

out to crowdfunding. On. Paper

11:18

it always seems so simple.

11:20

Suggests can get a grant

11:22

or. Put. Your name out

11:24

there and and get a load of fasting.

11:27

But. When your the so person running

11:30

your business it's almost impossible Fact:

11:32

I will not hear that alley

11:34

that the founder of East Twist

11:36

fix. This is really a chicken

11:38

and egg sandals isn't it? I

11:40

target the customers without the products.

11:42

You can't get funding for the

11:44

product without. The customers will concede

11:46

is. It. The it's a

11:48

really tricky on I think is so so

11:50

common with so many people across the take

11:53

sweetly our nation of entrepreneurs and nothing with

11:55

it. Very well. I mean, I think it's

11:57

almost the cases. Maybe.

12:00

The thing is at back and trying to

12:02

decide exactly what kind of business she wants

12:04

to be because the different types of Sunday.

12:06

While I'm in not funding experts and and

12:08

kind of a specific financial advice you know

12:10

that does does different elements so a lotta

12:12

people they start by asking family and friends

12:14

with or they might want her to go

12:16

in on the an age as a sort

12:18

of get up proof of concept like this

12:20

and then if it does syria the word

12:23

than you could potentially look at something like

12:25

a bank loan and you've got that not

12:27

proof of concept there that will maybe get

12:29

them from confidence Grits had a can be

12:31

really hard to separate your personal finances from

12:33

the best business risk if you just starting

12:35

out is. There a way if Alley did the that

12:37

as she did go to a bank line to borrow

12:39

money for her business. Can see avoid putting a home

12:41

and have possessions. At risk. Suck.

12:44

Well as related to earlier at the

12:46

company might be good option for that's

12:48

because that means that the come to

12:50

the company's libel to it's own debts

12:52

rather than the individual if not as

12:54

you say potentially depends on the the

12:56

terms of the line but it but

12:58

if if securities required for example you

13:00

know either the house then the his

13:02

ex and if it's a risk of

13:04

a the having an asset like that

13:06

is really helpful. I'm not all of

13:08

us have that but in a it.

13:11

Having. A set of a corporate

13:13

rapper can help you with that kind of situation. I.

13:16

K Let's take a cool as the

13:18

to Alice and now he's launched. The

13:20

kids sleep either. Party business, eat sleep,

13:22

dream repeats Alison Good afternoon. Title

13:24

is this is what then does your business

13:27

See what? So sleepy the posse business. So.

13:29

He basically just turn up we create

13:31

a little tense and mattresses and peaceful

13:33

that car we create a themed at

13:36

sleep over parsi and come back the

13:38

next day and take all the way

13:40

so you had stance supervise the kids

13:42

that the west bet goodness now Nexus

13:44

is this a side hustle for you

13:46

or a full time job. It

13:49

is a side hustle. My main source

13:51

of income a freelancer I say other

13:53

side hustle like being a podcast there

13:55

in scrum freezer at by does really

13:57

felt like when the pandemic hurts and.

14:00

Reading Crisis, it meant that my

14:02

income as a crease are working

14:04

with big brands on creating content

14:06

that plummeted and I just needed

14:09

something a bit more solid to

14:11

rely upon. What have you found?

14:13

Hard fan about this. Particular

14:15

business. I think

14:17

for me is been working at price

14:20

saying I'm a show that survived what

14:22

complex hers were charging and I think

14:24

they ranged from sourcing at Foresee Pines

14:27

up to your hundred eighty pounds

14:29

am and we have decided to position

14:31

ourselves to the top head but interestingly

14:33

like a whatever meeting the thing earlier

14:36

by adding value we've can. I've gone

14:38

expensive but we're always adding value to

14:40

customers. And giving them a bit extra

14:42

than perhaps our competitors are offering. So

14:45

he found dealing with the public if previously

14:47

had been dealing with those big corporations and

14:50

sponsors and things. It's. Such

14:52

as it is. Only is this been such

14:54

a talent for some so used to kind

14:56

of being quite hard nosed about money and

14:58

the go see a saying and dealing with

15:00

you know, big brands, you got big budgets

15:02

and now we're dealing with real people. come

15:04

in the coming into their homes and Nieto

15:07

dealing with any issues that they might have

15:09

and. Yeah. Eight A happy with the

15:11

I just hope I'm dealing with my customers.

15:13

It's been a really interesting learning curve I

15:15

bet. what about in terms of your product

15:17

of assessing us to sort of a nice

15:19

room for kids to have a sleep over

15:21

any some a risk that parents if was

15:23

another downturn parents might think I'll just do

15:25

that myself. I. Mean, absolutely as old as

15:28

the rest of any this or thing, but we kind

15:30

of sick a bit of a judgment call on it

15:32

that. Are. His days are in

15:34

an eight of the is usually birth these

15:36

were picked for. That is something that so

15:38

many parents will always put money aside for.

15:41

The will always budget the. Wants to

15:43

create? A special magical moment for their

15:45

their tells birthdays were kind of banking

15:47

on that. Continuing when you say banking

15:50

on it a what kind of say

15:52

see you and now you making a

15:54

profit. We're not making a profit, we

15:56

invested it it it it causes of

15:58

atheism pain set up. The

16:00

only been going for about six months

16:02

and we got a close income of

16:04

about three thousand five hundred. so we're

16:06

not far off. am you know making

16:08

back what we have of initially spent

16:10

an officer there are running costs but

16:12

they're very minimal compared to most companies.

16:15

Stay with us. I want to bring

16:17

our are experts in on this vex.

16:19

Alison makes a really interesting point of

16:21

is he selling directly to the public?

16:23

That is a whole new set of

16:25

skills. Oh definitely and I

16:27

think it's very common as well

16:29

people that have gone from in

16:31

as a career and in oaths

16:33

and agency or whatever was it's

16:35

different. budget sought sleep real individuals

16:37

bus I think. What she

16:39

said about pricing in of it's inches

16:41

is something if you've really got to

16:43

hold from. I guess if he truly

16:46

believes that your seeing your priced correctly

16:48

for the service that you're offering an

16:50

inner the is all about that value

16:52

in a should believe in your products

16:54

on in a be confident and sort

16:56

of thing. Actually this this is everything

16:58

that would bring in the table and

17:00

this does cost money and on a

17:02

space with the such a business you're

17:04

you're removing lot of stress from parents

17:06

who again probably work full time so

17:08

actually is quiet. And appealing concepts. Be

17:10

able to have somebody come and take care

17:12

of it. The kids have the best time

17:14

ever talk about it that friends and then

17:17

then I'm in. hopefully than you get a

17:19

lot repeat business from the the other moms

17:21

or dads in the school but yard think

17:23

to believe in in your business as she

17:26

sounds like you do and you know test

17:28

to pricing in a you you'll soon find

17:30

people will push back if you genuinely a

17:32

price to hi I'm Alison that now you've

17:34

been through this business loans what would you

17:37

do differently if he learned any lessons? Oh.

17:39

Goodness that suspect class and

17:42

am I would say to

17:44

ah perhaps not try to

17:46

the one before we can

17:48

walk. I was. We did seem

17:51

to. Buy bell heads and offer take

17:53

snakes and kind of expand really quickly. It's

17:55

I could see other people doing the same.

17:57

I that's the now I can see those.

18:00

The U N starting. Small getting

18:02

really good at in of

18:04

your core offering. And then

18:06

expanding Alison Thank you very

18:08

much. For telling us about your business, right?

18:10

We mentioned at the beginning of the program.

18:12

That the over fifty's a thriving

18:14

that gradual increase in the number

18:16

of self employed people. There were

18:18

almost ninety thousand more self employed

18:20

people that age last year compared

18:23

to Twenty Twenty. Lisa is one

18:25

of them. She fifty three. She's

18:27

email to say she set up

18:29

a business last September selling gifts

18:31

hampers online. she says I'm currently

18:33

working on speak for Valentine's Mother's

18:35

Day and Easter. Previous history is

18:37

mainly sales that juggling home ice,

18:39

kids, etc. Too much for a

18:41

full time job. And this

18:43

is really interesting. Lisa says the normal

18:45

employment Rose think respects my talents so

18:48

with times do something on my own.

18:50

Vic's that's leases, experience. What do you

18:52

see as driving this trend in the

18:55

over fifty's starting businesses. Yeah

18:57

it does with seeing so two different

18:59

reasons for people kind of going into

19:01

it. One is slightly.in I'm getting a

19:03

little bit sick of the workplace. Perhaps

19:05

you know that it isn't working with

19:07

their lifestyle or perhaps so made redundant

19:09

I'm at the There's definitely an element

19:11

of ages. I'm in recruitment the has

19:13

seen a number of as a fifty

19:15

people start working for themselves is that

19:17

they get said the line that the

19:19

got too much experience which is strange

19:21

but that you know. The plus side

19:23

as I can take the experience. And

19:26

it for themselves. And then we are seeing

19:28

other people as well that perhaps that kind

19:31

of hit that point in their life. Whether

19:33

genuine, confident about who they are and what

19:35

they can offer, they might be sort of

19:37

slightly most financially secure. the could have good

19:40

equity in the home the children live grown

19:42

up and gone to university or whatever and

19:44

they'd they'd feel now's the time actually be

19:46

confident in who they are. On what they're

19:48

offering, And take that leap and self

19:51

employment. So that's why the over fifty's

19:53

might be keen to start their own

19:55

businesses. What about the laces generations will

19:57

that Millennials and and Genji facing siren

19:59

and mortgage costs? maybe high interest rates

20:02

on business loans their parents did? Does

20:04

that mean they got less abilities? Take

20:06

risks. Ah, Yes

20:09

or no I'm sure. I mean at the

20:11

there's definitely a losses and sort of university

20:13

leaders of the minutes. The actually don't see

20:15

a p a why career as an option

20:17

for them and like that for mention that

20:20

they they don't miss do have less risk

20:22

in a way so they they just stop

20:24

freelancing from day one even muster still at

20:26

university and they just sort of go for

20:28

it. The goal that confidence not believe in

20:30

themselves and perhaps because the internet has so

20:33

much information readily available they can they can

20:35

just do it on they they learn as

20:37

they. Go! I mean yes absolutely Does

20:39

This huge issue is with are getting

20:41

a mortgage sin in a saving for

20:43

a rainy day but. The

20:45

that does seem to be an element of

20:48

they deliver lot more and in the moment

20:50

which you know it isn't there's no right

20:52

or wrong size. well whatever age you are

20:54

she saw small businesses ago self employed. It

20:56

is a risk. There are no guarantees it

20:58

will work which is what this next listener

21:00

found out. I money

21:02

book flood. I'm Sarah. And

21:04

I was self employed. So many

21:06

is gradually I sold my self

21:09

employment earnings going down until in

21:11

the last year's I was earning

21:13

about sixteen thousand pounds a year

21:15

when six. So I. Actually, Changed

21:17

three completely. And went

21:19

into the trade compliance field and for the

21:22

past two years of had a full time

21:24

job that pays quite well. So I would

21:26

say it is actually quite difficult and challenging

21:28

to be self employed no matter how many

21:31

years you've done it for. Sarah,

21:33

thanks a lot for sending a fat

21:35

and fix. This is a really important

21:37

point isn't it? There are no guarantees

21:39

a success now on I'm I'm sorry

21:41

that she's have had that experience that

21:43

yeah Unfortunately In or Is is one

21:45

of those career choices that come with

21:47

as many sort of possesses negative and

21:49

in a as he saw the pandemic

21:52

A lot people who worked himself implement

21:54

their careers dried up overnight and some

21:56

of them work man managed to pivot

21:58

that business and sort of scrape by

22:00

and uncommon it's never quite recovered and

22:02

others actually in as succeeded off the

22:04

back of it. But it's it is

22:06

one of those Korea's where I you

22:08

almost need to be looking to steps

22:10

ahead see if you've got up. A

22:13

business is currently working please. You might

22:15

want to test other sort of streams

22:17

of the schools. I'm in your spare

22:19

time as well, so to do see,

22:21

the one element is starting to dry

22:24

up. He might perhaps be able to

22:26

suitors jump on a new opportunity or

22:28

units change of direction completely. Richard briefly

22:30

how easy is it's a close your

22:32

business if you decide. It's not like

22:34

these. If you're so traders

22:36

relatively straightforward are the one thing I would

22:38

question is is actually do you need to

22:40

close it down or could you sell it?

22:42

Is there a bounty within that. A

22:45

business the isn't related to you that

22:47

you could actually quit but out to

22:49

market may be fewer. It's he got

22:51

employees, maybe they were taken over but

22:54

if you do want to disclose than

22:56

so try to censor. We really have

22:58

to do is tell the people that

23:00

he do business we have. You know

23:02

you supplies, the people your customers in

23:04

a closed on your website and the

23:06

Hmrc know and pay any find liabilities

23:08

isn't as a company's it's more difficult

23:11

than that at one of the reasons

23:13

why it's called a smaller businesses might

23:15

not incorporate. Because they can see the hustle

23:17

that might be involved and windy else I

23:19

can richard. Thank you and with also had

23:21

list voice night. Hello! Money

23:24

Box this is Martin. I'm

23:26

interested to know whether there

23:28

is any assistance available to

23:30

so traders either with their

23:33

rent or with loss of

23:35

income to to than having

23:37

to have medical treatments and

23:39

operation, then possibly convalescence thereafter.

23:42

Thank you. Thank. You and thanks.

23:44

This is the other side type of risk isn't

23:46

that? Is there anything or you just on your

23:48

own. Are not to the

23:51

same less plug. Does it say that

23:53

We do actually offer insurance which covers

23:55

it though those circumstances sites? Yeah, it's

23:57

right, Sam, your sole trader and you're

23:59

not. Working for whatever reason you

24:01

evolve with our income sweet we do offer

24:03

protection against thoughts on that. In if you

24:05

can't work for few weeks or more does

24:08

some money will come in that sense, you

24:10

make sure your rent is covered. Am I

24:12

feel compelled to say that. Other. Insurers

24:14

are available. right?

24:17

I think you should end the per always and

24:19

the program on a high. So let's talk. Tax

24:21

ah, And psyche. That is

24:24

the last I'm fighting for. Today is the

24:26

final day to get your since assessment tax

24:28

return done and we know that millions of

24:30

people to leave it right to the last

24:32

minutes. Not me, I am much more responsible

24:34

than that. I did mine on Monday. I'm

24:36

that he still have to finish your tongue.

24:38

Don't panic, We're going to onset some of

24:40

the key questions right now. Or I say

24:42

we I mean Rich said you are about to

24:45

answer some of the key questions right now in

24:47

a sort of quick fire route has the subject

24:49

absolutely. What is the tax return question? You

24:51

get asked the most? Move. Blow

24:54

me from. I

24:56

think probably it's around and

24:58

my trading so you know.

25:01

That. The people to stop things with

25:03

a hobby and then it turned into something

25:06

a bit more than that. There's quite a

25:08

lot their around in a what what's the

25:10

point at which actually that becomes a taxable

25:12

activity. I came. With had an email from

25:14

Sarah he says I've just realised I said

25:17

submit assessment for the first time. I don't

25:19

have all the details that I need to

25:21

be a list submit in time. How can

25:23

I let Hmrc know I'm on the case?

25:25

I realize now I may have to pay

25:27

a fine. Sarah? Sympathy?

25:29

Yeah out. There. Is a

25:32

self systems helpline if you have the

25:34

patience to to wait to have any

25:36

quite busy day or it says he

25:38

could be am I think it's a

25:40

good thing as the facing life rights

25:42

as to let people know sits that

25:44

you're on the case it is the

25:46

case the Fcc filing light than to

25:49

get a hundred pound fighting penalty but

25:51

I'm good at the the more you

25:53

can that intimacy know that that you're

25:55

gonna be doing things he can be

25:57

paying that the mall that they will

25:59

sell. They can a to dance I think

26:01

that to Germany. Good advice and she. Can pay

26:03

had tax now even without if she knows

26:06

how much you. Need to the pace compared

26:08

without filing the return. Of

26:10

she does be registered for self assessment so

26:12

am I see. does he has this need

26:14

to register last in order to be able

26:16

to have an account to be able to

26:18

pay so it's a little bit sick as

26:21

an egg as you say. Thera best of

26:23

luck. With I have an one thing that

26:25

might such as he people out is seen

26:27

as a new Hmrc rule change for it

26:29

comes reporting profit come in this year and

26:31

it's all to do with the time you

26:34

drop your chance. Can you explain what's changed

26:36

and what it might mean for any on

26:38

his affected. Yet.

26:40

This is mainly gonna affect businesses that.

26:44

Choose. A different year end to the

26:46

taxi and one token of their straight

26:48

to the point people like farmers, people

26:50

in agriculture seasonal businesses were in a

26:52

you might be busy around Easter easy

26:55

the into the Texas Am and some

26:57

businesses that are international so they have

26:59

to follow whatever their parents follows and.

27:02

Since. The rather than a calculator one

27:04

set of accounts pretax a you're gonna

27:06

have to end up doing to am

27:09

somewhat an erotic a bell as well.

27:11

Well it shouldn't be a big bill,

27:13

it's just more hassle calculated and so

27:15

Hmrc trying to encourage people to do

27:17

is to move their urine said the

27:19

tax year and which them with self

27:21

the problem for you but some. Know

27:24

everybody is in a Mexican of

27:26

here. The heat Seth I'm. Really Really

27:28

Braces temperate it. What? He's made a mistake in

27:30

a savings you tax bills bigger than expected. What

27:32

can you do in a sentence. To

27:34

tax will bigger than expected. And

27:38

if yes, if you don't have that see that have any. He

27:40

had enough cash perhaps as he new accounts. What can

27:42

you tease? Out fires Hmrc trying to

27:44

get a time to pay us unless the

27:46

best option and in a. In

27:49

outside, even to pay something and then they

27:51

were set for payment time fully. That's by

27:53

far and away the best way to deal

27:55

with dicey set. Get in touch with Hmrc it's

27:57

own. Always the best. Advice Yes. And

28:00

he right I think we have taken care

28:02

of business for today's huge Thanks everybody who's

28:05

been in touch and thank you as always

28:07

to our experts. We've been hearing from Vic's

28:09

Rodwell from It Seats and Richard Jones from

28:11

the Institute of Chartered Accountants in England and

28:14

Wales and costs from Deborah Meaden. If you

28:16

want to get in touch with me or

28:18

the team here about any money story than

28:20

you can email the address his money box

28:23

at Btc Top Coat on Dk please do

28:25

include a phone number if he can and

28:27

this podcast. The Producer with Sarah

28:29

Rodgers production. Coordinator Saunter Hadeel

28:31

Studio Manager. A humongous or editor

28:34

is just quail. On Felicity Hannah

28:36

and this was a Bbc News Money

28:38

and What Productions the Bbc Sounds. Thirty.

28:41

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