Welcome to the first episode of the podcast! In this episode we cover topics including my personal background in the tax industry, the start of the journey for an entrepreneur – and how to be watchful of your numbers when looking for investment, uncover the differentiations between an accountant and a tax advisor, and what else you can expect from this podcast as we make the giant leap forward in making tax interesting! Enjoy.

Natasha  00:37

Hello, and welcome to Tax Able with Natasha Heron. This is the first episode of the series. And it’s been a dream of mine to start a podcast about tax. So I couldn’t be happier that this project is finally coming to life. You might be thinking to yourself about now, why on earth have I logged in on a Monday morning to listen to a podcast about tax? What has my life come to, taxes are so boring. But it doesn’t have to be, it can be extremely interesting, hopefully, by the end of this series, or maybe even by the end of this episode, I will get you excited and interested about tax. All I ask from you is 15 minutes of your time every week, and we will take a small bite-sized topic in order to demystify the tax world.  

Natasha  01:24

This podcast is geared towards homegrown self-made entrepreneurs who have either started or are thinking of starting their own business, you’ll be an expert in your own field. But that doesn’t mean that you’ve got a clue about tax. And it’s always better to get these things right at the beginning. Rather than having to put out fires further down the road. 

Natasha  01:45

I will be your host for the series and I am Natasha Heron. But who am I to tell you about tax? So here’s a bit of background about me. I’m an ACA chartered accountant and I originally trained as an auditor. Once I qualified, I decided auditing wasn’t really for me, sorry if there’s any auditors listening, but I decided to make the jump into the tax world. I then gained a second qualification called a CTA, which means I’m also a chartered tax advisor. And that is the highest level of qualification within the UK. I’ve worked in the industry for more years than I would like to admit. And I have a day job as a tax manager. The majority of my clients are owned or managed businesses. And this varies from small one-man bands to group companies turning over 10s to hundreds of millions. I’m employed by Hillier Hopkins LLP, big shout out to them because they are the main sponsors of this podcast, so thank you very much. I’ve been with Hillier Hopkins since I left university it’s a great place to work, but I do need to make you aware that the views are completely my own, and they are not the views of Hillier Hopkins or any other party. I write articles for various online magazines, and if you would like to read any of those, there is a section on the website. I was also shortlisted for Tolley’s rising star in taxation for 2020. If you’re not in the tax world, you’re not going to know what this means, but it’s a great award to be nominated for, so I’m very thankful!

Natasha  03:12

So you’ve started your own business, and you may or may not have an advisor, if you do not have an advisor, I strongly recommend that you get one. And if you do, I hope you have a great relationship with them. Feedback from friends and family is that sometimes their advisors sound like they are talking another language. And this is because we’re experts in our field, but sometimes we need to remember to break down a topic or a term into a format that you’re going to understand. But please do remember that we are there to help, you know your business inside out, and we know the tax world. So we need to combine these two expertise together because you should be talking to your advisor on a regular basis to run ideas past them, just so you know what the potential tax implications will be, because sometimes the option you’ve decided on may give rise to an unexpected large tax liability. And you may have to go back to the drawing board. No one likes paying tax, but why should you care about it? When the main and most obvious answer is that you want to end up with more cash in your wallet at the end of the day, so you can go and spend it on the things that you enjoy, but it’s also important if you’re looking for outside investment to grow your business.  

Natasha  04:29

If you are looking for investment, you’re going to spend a lot of time presenting, marketing your business in the correct way, but your investors will be cash-rich. So they’re going to want to know do they receive any extra benefits for investing in your business over another. You also don’t want to get lumbered with a large tax liability that may make you seem an unattractive option. Finally, if you’re looking to get a mortgage, maybe you’re looking to get your first home or if you would like to upsize, you’re going to want to make sure that you have as much cash as possible, and you’re not going to want to be given that to HMRC. 

Natasha  05:01

Now, I’ve referenced the Big Bad Wolf, HMRC. During the topics, I will only be talking about HMRC, and they’re the governing body for England only. Scotland and Wales have got their own governing bodies, and although the legislation and the rules are similar, and for ease, I’m only going to be talking about HMRC. But you can look and get further information about this jurisdiction, it just means that maybe the rates might be slightly different, or you will need to do a little bit more research. We’re going to cover a number of different taxes and how they interact with one another. I won’t go through all the different types of taxes now, because it probably makes your brain explode. Some will be relevant to you and some won’t, depending on how your business is structured and how you’re set up. Pick and choose the bits that are relevant to you, and it’s going to give you that awareness for you to either do your own research, or to start discussions with your advisor. 

Natasha  05:53

You may have an accountant but not a tax advisor, and you might be thinking, ‘well my accountant will know all of this’, and yes, you are correct. They may know some of the answers, but there is a distinction between an accountant and a tax adviser. An accountant assists with the preparation of your books and records, and prepares a set of accounts. A tax advisor is a specialist in tax, and usually the two work hand in hand. If you do have any questions throughout the series about any of the topics that I’ve discussed, or you’d like advice regarding your own situation, or you simply would just like to have a chat, then please contact me using the email address 

Natasha  06:34

You’d like to read up more about the podcast and its host. Please find more information on the landing page, I’m also on Instagram and LinkedIn, but all the information is in one place on the website. Please can you share it with your friends, family, peers, acquaintances, people you meet down the pub or on a dog walk any and all support is appreciated. This podcast has been produced by Redwood studios and is sponsored by Hillier Hopkins LLP.

Natasha  07:05

Next week, we’re going to get our teeth into the first topic and it’s how to crack the Christmas tax code. With Christmas around the corner. This episode will cover the tax-efficient ways to reward your customers, your employees and even give yourself a treat and not forgetting the all-important Christmas party, which most of us miss last year because of the pandemic. Thank you to everyone for tuning in today. And I’ll see you again next week.

*This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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