Speaker A

Foreign.

Speaker B

And welcome to the Pat Accounting Podcast with me, your host, Vicky Clark.

Speaker B

I'm going to help you get to grips with your finances, save you lots of money, and take the stress out of doing your tax return.

Speaker B

So let's get going.

Speaker B

Hello, everyone.

Speaker B

Welcome to this week's life.

Speaker B

We are back together finally after, I think probably it's going to be at least four or five weeks since we've done a joint one.

Speaker A

Yeah, well, absolutely.

Speaker A

You had a family, didn't you?

Speaker A

So I couldn't come on last week.

Speaker B

We did have Fanny on last week, that's why.

Speaker B

Was Fanny last week or was she the week before?

Speaker B

I can't know.

Speaker B

It's Carly last week.

Speaker A

No, Carly last week.

Speaker A

You had fanny the week before.

Speaker B

I had.

Speaker B

Funny, the week before.

Speaker B

Lee just couldn't help himself.

Speaker B

But get that in already.

Speaker B

We weren't even up to that point yet, but there we go.

Speaker B

Welcome, everyone.

Speaker B

Let me just.

Speaker A

I now have Leighton in stitches in the corner here.

Speaker A

He's looking.

Speaker B

Couldn't help himself.

Speaker B

He's a child.

Speaker B

But let the adults just do their adult stuff first and then we will get cracking with what we're gonna talk about this week, which has been really organized because we just decided 5 minutes ago what we're going to chat about today.

Speaker B

But they're always the best ones when we go off on a tangent.

Speaker B

Right.

Speaker A

They're the most formative ones because I don't want.

Speaker B

I feel like sometimes when we have a topic.

Speaker B

Oh, it's already shared.

Speaker B

How did that happen?

Speaker B

Sometimes when we have a topic, I feel like it's not as fun.

Speaker A

Yeah.

Speaker A

When we've got a spring flowing.

Speaker A

Because when we know we've got to say something, it's difficult.

Speaker A

So.

Speaker B

So we're just going to wing it today.

Speaker B

But we have got some updates.

Speaker B

Right, Admin.

Speaker B

Done.

Speaker B

Right.

Speaker B

Welcome, everyone.

Speaker B

If you've just joined the group because there's been a lot of people joining the group from the expo side of things.

Speaker B

And my name is Vicky and this is my sometimes handsome business partner, Lee.

Speaker B

And we run.

Speaker B

I just thought I'd change it up.

Speaker B

We run the Pet Accountant, which is an accountancy firm dedicated to pet professionals all across the uk.

Speaker B

There we go.

Speaker B

It's my little plug for the day.

Speaker B

And we do lives pretty much every week.

Speaker B

Sometimes we have guests, sometimes it's just us two.

Speaker B

And we talk about tax topics to help you through your day and to get your tax return done correctly.

Speaker A

Business stuff as well.

Speaker B

Generalized business stuff.

Speaker B

We are more than a one trick pony.

Speaker B

We can do sales, we can do marketing, everything.

Speaker B

We can do all sorts.

Speaker B

So we can help you.

Speaker B

Any web design, logo design.

Speaker B

Yes, New.

Speaker B

Oh, that could be an update.

Speaker B

That could be an update.

Speaker B

But firstly, big update from hmrc.

Speaker B

Well, this happened maybe a few weeks ago, but I don't know how live it is with what we've heard on the.

Speaker B

Great.

Speaker B

Fine.

Speaker B

And if you've ever heard of the phrase stitches.

Speaker B

No.

Speaker A

Well done, Vic, well done.

Speaker A

You're doing so well up until that point.

Speaker B

Yeah, yeah.

Speaker B

Snitches get stitches.

Speaker B

Well, HMRC are reversing that and it's now snitches get $.

Speaker B

Because they are bringing out.

Speaker B

I don't know when we just heard this on the grapevine, but they are bringing out basically if you know companies that are diddling and individuals, well, individuals that are diddling are not paying the right amount of VAT or not paying the right amount of tax that they should be.

Speaker B

Maybe they're taking cash to avoid it.

Speaker A

Etc, they're just not registered or they're.

Speaker B

Not registered, whatever, any of the above.

Speaker B

And then if you snitch on them to HMRC and HMRC investigate them and claw a lot of money back, then you get a percentage of the money that they claw back.

Speaker B

So there you go.

Speaker B

Snitches don't always get stitches.

Speaker B

They get paid.

Speaker B

They get paid.

Speaker B

So there we go.

Speaker B

So that's maybe HMRC's new way of finding out who's Dublin.

Speaker B

So just be careful if you are taking cash payments and things like that.

Speaker A

That you shouldn't be paying your members of staff cash and not declaring employees.

Speaker B

Yeah, just be very careful who knows about it, because these snitches are going to get paid.

Speaker B

So if you suddenly see your employee driving around in a Lamborghini and they've quit, they.

Speaker B

Then you know what's happened.

Speaker B

So, yes, just be, just be careful of that.

Speaker B

And if you know anyone and you want to snitch and get some money, then there you go.

Speaker A

I think one of the important things there is like people always worry about the, the, the, the money that they have to save for tax.

Speaker A

But I always tell clients, look, don't worry about tax.

Speaker A

The idea behind tax is you only pay tax if you're doing good with your business.

Speaker A

So your main focus should be building your business, you know, make, making money, making profit.

Speaker A

If you're making profit, then yes, you do have to pay tax, but there's a reason for it.

Speaker A

It's because your business is doing so well.

Speaker A

So focus on growing the business, not about the tax that you have to pay.

Speaker B

And the same comes to the vat.

Speaker B

I think a lot of people hit the VAT threshold or go near it and go, oh, I'm not gonna.

Speaker B

I'm gonna not do it anymore.

Speaker B

I'm gonna not take on any more clients or I'm not going to increase my prices or I'm gonna just try and stay underneath.

Speaker B

Well, that's kind of counterintuitive because you've.

Speaker B

Obviously, it's working.

Speaker B

Carry on through it and just ride the wave.

Speaker B

We have so many clients that get stressed about the fat and then once they've hit it and they've gone through it, they're fine on the other end, you might lose one or two clients, but really, you'll just fill the space anyway.

Speaker B

So, yes, that is our tip of the day.

Speaker B

Snitches get money, snitches get a Lamborghini.

Speaker B

Our next on our news agenda, and I have motherfour papers here.

Speaker A

What would you like?

Speaker A

The news at 10.

Speaker B

The news at 10.

Speaker B

Next on my agenda.

Speaker B

Breeding.

Speaker A

We started with Fanny and now we're on to breeding.

Speaker B

To breeding.

Speaker B

So we've been doing a little bit of internal CPD on breeding because HMRC are cracking down on it.

Speaker B

And if you are breeding, then you may have got a letter from them to disclose all of your cash monies that you've made.

Speaker B

Maybe you haven't done it before, you've had a few litters, you've had one litter, but because they are cracking down on it, we've been doing a bit of internal research and putting stuff together.

Speaker B

So just make sure that you are claiming the things that you should be and that you're not claiming things that you shouldn't be.

Speaker B

And there's a lot of rules and regulations whether your dog that you have as a pet, whether it's stock, you know, whether you're just showing it because you're showing off your grooms, or whether you're showing it to increase the price of your litter.

Speaker B

There's lots of intricacies around it, so if you aren't sure, then please get in touch with us if you're looking for an accountant, because there'll be a lot of accountants out there, like general ones, that may not know what can and can't be claimed for.

Speaker B

And HMRC will be looking at these because it's hot on their agenda.

Speaker B

So we've got to make sure that.

Speaker A

We get it right now what HMRC are looking at.

Speaker A

And I know a lot of the breeders come forward and say, well, I don't do it to make money.

Speaker A

Unfortunately, if you're doing it on a regular basis, whether or not you did it to make money or not, the idea behind it is, is that you were doing it to generate income.

Speaker A

What profit you took from it is kind of irrelevant because the moment that you've sold more than a thousand pound in puppies now with some of the breeders that we come across with the champion studage and all the rest of it to do with the dogs, that, that thousand pound can easily be made with one pup.

Speaker A

So once that thousand pound threshold in, in revenue and as in sales, not profit sales has been reached, you must register and pay the back taxes on any litters that you have.

Speaker A

So it's, it's really, really important that if you do regularly breed and it wasn't an accidental litter, and, and you know, if, if there's a reason for you doing it multiple times a year, you, you must pay the tax on, on the puppies and any profits that you have.

Speaker A

Which is why it's really, really important to get yourself a good accountant that understands the breeding background, the costs that are associated with it, how to treat the pups, how to treat the mum.

Speaker A

There's, like Vic said, there's so many complex areas with this and it's like a rabbit hole going down.

Speaker A

Hmrc, they want the money for them, but they have not yet put together definitive guidelines of what they'll happily accept or disallow as allowable expenses for tax relief purposes.

Speaker A

So you've really got to be on top of your game, knowing what you can and can't legitimately claim and you have to apply the rules that HMRC has to other areas of, of UK business law and expenses to, and apply it to a puppy when it's not necessarily obvious.

Speaker A

So get yourselves a good accountant that knows the industry, that knows what they do when it comes to, to litters.

Speaker B

We've got a good question here from our lovely Sandra Gibson.

Speaker A

Yeah.

Speaker B

What happens if a litter takes you over the VAT threshold as a one off in a year?

Speaker A

So if you go over the VAT threshold, depending on the circumstances around it, you can apply for an exemption, not to register with HMRC's VAT team, but you still have to submit that exemption to them and they will say yay or nay, whether you can or can't.

Speaker A

If they come back and say no, you've breached the threshold and you've got to register for VAT and you have to charge that on the sale of the puppies.

Speaker A

So that's really important.

Speaker A

And you remember if you're a sole trader or you're a partnership and it's.

Speaker A

And it's a single entity and that that entity's combined income breaches the threshold, then any businesses you have.

Speaker A

So frogness sake, if you're a sole trader and you have a grooming business, but you've also decided to breed puppies as a sole trader, the income from both of those businesses combined is added together to look at whether or not you've exceeded the VATS rate threshold.

Speaker A

And if you have exceeded the VAT threshold, you charge VAT on the entirety of the sales, not just in one aspect of the business.

Speaker A

So you've got to be really, really careful with that.

Speaker A

There are ways that you can avoid it, but it's important that you speak and seek to an accountant's help before you have the litter, before you go down that route, because trying to split something at the back end of it once you've exceed the threshold is highly illegal and you shouldn't be doing it and it has to be a good commercial reason of why it's being done.

Speaker A

So really, really important there to, to seek help and guidelines before you go down that route, not try to backpedal, because it's much, much more difficult.

Speaker B

So I'm just said, can I do it in advance?

Speaker B

What is the VAT sign?

Speaker A

No, no.

Speaker A

So it's a case of you only apply for the exemption once it's happened, because they're going to ask you the date at which you went over the 90,000 pound registration.

Speaker A

So you, you will only know that if it's going to happen within the next 30 days, you can do it.

Speaker A

But if it's going to be further than 30 days, then you can't.

Speaker B

So just get in touch.

Speaker B

Sandra, give Michelle a call, drop her an email or one of us and we can talk you through that if you're going to have a litter.

Speaker B

So, yeah, just give us a shout on that one.

Speaker B

Thank you very much for your question.

Speaker B

Right, that was breathing done.

Speaker B

Right, what's next on our news agenda?

Speaker B

MTD letters.

Speaker B

Now, we have touched on this prior, but it was quite a while ago.

Speaker B

Obviously you have heard us harp on about making tax digital for a while.

Speaker B

It is coming into play next April and anyone who goes over the 50 grand turnover this tax year that we're doing now, the 24, 25, then you will get a letter from HMRC to tell you that you will have to use a accountancy software as of next April.

Speaker B

So please, please, please keep an eye if you're doing it yourself and your turnover is 50 grand or more, then you will have to go on accountancy software if you're not already and just make sure that it is making tax Digital MTD compliant because if you get it and it isn't, you're gonna have to shift again.

Speaker B

And not all of them are.

Speaker B

The main ones are like QuickBooks, zero free agent dexterity.

Speaker B

I think even Lloyd's a brought one out that apparently is MTD compliant.

Speaker B

So they'll probably start coming out the woodwork, I'd imagine.

Speaker A

Yeah, the next few months.

Speaker A

It's important again that this is turnover, not profit.

Speaker A

So if your turnover is 50, regardless of what profit you make, if the turnover is over £50,000 in the tax year that's just ended the 24, 25 tax year, when you do your self assessment for it, if your turnover is more than 50, you will need to report your income on a quarterly basis to HMRC from the start of next April via like Vicky said, via MTD software.

Speaker A

We have packages available where we can help with those sorts of things.

Speaker A

We also have DECC subscriptions available which is mtd.

Speaker A

We're in the process at the moment of putting a help video together of how to use decks a little bit more efficiently so that clients get access to the free user guide so that it'll just help them a little bit further along to, to keep those records and if your records are good, it helps us out as well so that we can submit those MTD submissions to you with which with a lot more ease.

Speaker A

So yeah, lots to, lots to look out for this year when it comes to mtd.

Speaker A

And I think as we get closer and closer to it, HMRC is going to start releasing a hell of a lot more information because it's a little bit scarce, still on the ground with things and me and Vic's done a, like a training session with free agent.

Speaker A

We had free agent come in and we've done like a, a zoom training session where they've gone through their offering on the software.

Speaker A

Parts of it's easy, parts of it's not so easy and it really is dependent on, you know, if you've got property that adds another complication into it.

Speaker A

So if you, if you're a landlord then you have to report that as on NTD as well and that gets added into your sole trader side.

Speaker A

So lots of little areas that still need a little bit of polishing but we are up to date on it, we do know about it.

Speaker A

So if you are worried, reach out to us, send us a message and we'll let you know what we know at this, at this present moment in.

Speaker B

Time and we'll keep you updated.

Speaker B

Anyway, if we find out a chunk of information, we'll do another podcast on it.

Speaker B

And that 50 grand does include, like Lee said, if you've got a rental properties, your landlord landlady income isn't combined with that as well.

Speaker B

So just be warned, if you do have a rental property, you've got to add that in as well.

Speaker B

But yeah, we will keep you updated on that.

Speaker B

Just make sure that you keep an eye out for that letter.

Speaker B

And it'll probably be 50 grand or more next year then I think it's 30 grand or more in 2027 then I think the idea was by 2029 everyone will be on it unless they change their mind again, which is can sometimes highly be like, I don't think.

Speaker A

If you're a client of ours, we are as we're doing your self assessments, we are making a note of your turnovers as well in our internal systems so that anybody that we know this is over 50, we will be sending out reminders too as well, as well as hmrc.

Speaker A

So if you don't receive their letters, don't panic.

Speaker A

You'll also have us to remind you that you are going to be going email.

Speaker B

As you know, we will send you an email to let you know if you have hit it.

Speaker B

And if you're not on software, we will give you a nudge because you need to do it.

Speaker B

It is compulsory, it's not optional.

Speaker B

We must stress that it's not us, it's not our decision, it's a HMRC legal decision.

Speaker B

So you have to go on software.

Speaker B

There's no if, buts or maybes.

Speaker B

So that is mtd.

Speaker B

Any questions, please pop it in the comments.

Speaker B

Right, next on my news at 17 minutes past 1.

Speaker B

We have got Fanny on our website every time.

Speaker B

Gets us every time.

Speaker B

If you'd like a bit of context around that.

Speaker B

If you are listening to the podcast.

Speaker A

Say there Vic, not gonna lie.

Speaker B

We had the lovely Fanny Smith on as a guest a few weeks ago and she's a money mindset coach and she's also one of our trusted partners and she is on the website with links to everything she does and that she offers and I would highly recommend you go and check her out because of courses are good, especially if you have any issues around money and finance and things then her courses are well worth having a look at.

Speaker B

So please go on the website and Check Fanny out.

Speaker B

You can't say it in any other way.

Speaker B

It's.

Speaker B

It's always going to be a little bit funny.

Speaker B

Fanny is also coming to the Expo in November and is going to be doing a chat on Money mindset.

Speaker B

So she will be there if you want to meet her in person at the Expo in November.

Speaker B

I don't think she's being released as a guest yet officially, but she is, so she is one of the 13 guests that we have on the day.

Speaker A

Brilliant.

Speaker B

So go and check Fanny out.

Speaker B

There we go.

Speaker B

It's gonna be interesting when I have to introduce her on the stage at the Expo.

Speaker B

I've had so many phrases go around in my head, there's nothing I can say that isn't.

Speaker B

Doesn't sound rude.

Speaker B

This is no way around it.

Speaker B

There's.

Speaker B

I cannot.

Speaker B

Unless I just call her Ms.

Speaker B

Sniff.

Speaker A

I am trying so hard at the moment because I don't know where this would go if I carried on, so I'm.

Speaker B

Out.

Speaker B

It's before the watershed.

Speaker B

So, as you can tell, guys, we've not planned this live, we're just going with it.

Speaker B

We have a fun one today, fun summer podcast with Lee and Vicky talking nothing about finance.

Speaker A

I have to be here for the next two weeks.

Speaker A

So am I.

Speaker A

So we have to get her all in.

Speaker B

Now, as you'll probably say, is in a good mood today because he's off to sunny Mexico tomorrow for two weeks.

Speaker B

So it'll just be little old me for the next two weeks on the lives.

Speaker B

God knows what we're going to talk about, but we might even see if we can get Lee live from Mexico and his little.

Speaker B

In his little.

Speaker B

You don't wear Speedos, do you?

Speaker B

No.

Speaker B

That's good.

Speaker B

That's good.

Speaker A

Otherwise optional.

Speaker B

Yeah, like.

Speaker B

Yeah, just normal swim shorts.

Speaker B

Not Speedos.

Speaker A

No, just normal swim shorts.

Speaker B

Yeah.

Speaker B

Speedo should be banned.

Speaker B

Right?

Speaker B

Anyway, that was not on the agenda.

Speaker B

Right, next up, we've just got a few updates from us.

Speaker B

There's been a lot of questions on our Facebook page and group and things about using free agent and how to do various things in free agent.

Speaker B

If you didn't already know, we have put together a how to guide for free agent, which you can get on our website.

Speaker B

It is not a PowerPoint, it is not death by PowerPoint or Lee seems to have frozen.

Speaker B

Oh, he's back.

Speaker B

It's not death by PowerPoint.

Speaker B

It is short videos by myself, Lee and Abby of how to do various things on free agent, like add a loan, add a van or a car.

Speaker B

If you've purchased either one of those, how to create an invoice, how to add a category, what the profit and loss report is, what the balance sheet is.

Speaker B

So it goes into a lot of detail on how to do certain things.

Speaker B

It doesn't necessarily give you the theory behind it.

Speaker B

We're not going to sit there for half an hour and tell you what an asset is.

Speaker B

It is literally just if you have bought a van and you want to add it to free agent, click here, click here, add that figure there, press okay.

Speaker B

And it just allows you to know that you've done things correctly so that if you are sending them to us, we know that your free agent is correct and you don't have to spend money for us correcting it.

Speaker B

And if you're doing it yourself, you know that you've put that stuff in there correctly.

Speaker B

Because when making Tax Digital comes into play next year, these things will be going to come.

Speaker B

Super important that you get it correct because you're going to have to submit things every quarter.

Speaker B

So if you mess it up in the first quarter, then you know it's going to create a ball ache if you're trying to correct it in the next one.

Speaker B

So you can get that on the lovely website link just below.

Speaker B

Just so check that out.

Speaker B

If you have got free agent.

Speaker B

The next thing we wanted to quickly touch on was the accounting packs.

Speaker B

If you are Nowhere near that 50 grand bracket, maybe you're under 20 grand for instance, and you're thinking, I've got ages before I need to worry about software and I prefer paper and pen, then our physical accounting packs are still available and they are currently on sale.

Speaker B

So if you want one of those physical accounting packs posted to you, which basically tells you all of the expenses you should claim for, how to group the them, it's got hints and tips in there, there's all sorts you can put.

Speaker B

There's a mileage log, there's an asset register, there's a stock take bit, there's just loads.

Speaker B

So again, if you're a paper and pen person and you're not anywhere near that MTD bracket and you want to stick to that, then please head to the website and find that because they are cheap, cheap, cheap until they're all gone.

Speaker B

And that was that one we've had just, just taking them off my list of things that we needed to cover today.

Speaker B

We have seen a lot of questions over the last few days on our group, on the other groups about new people starting businesses and whether they should register as a sole Trader or limited company or just people thinking maybe they need to change to a limited company.

Speaker B

So I'm going to pass this over to Lee because I felt like I've talked a lot for the last five minutes and very briefly, let's.

Speaker B

And I'm going to highlight the word briefly if you're just starting out in business.

Speaker A

Yeah.

Speaker B

Sole trader or limited company?

Speaker A

It depends.

Speaker B

I knew this.

Speaker B

I knew.

Speaker B

I just.

Speaker A

It was brief.

Speaker A

Those man who.

Speaker B

Depends, Maya, they're still trader.

Speaker B

But come on, Lily.

Speaker A

Right.

Speaker A

If you're starting out on your own and you don't have any other business partners, it is more tax efficient initially to start up as a sole trader, but you don't have some of the protections that a limited company has.

Speaker A

Yeah, a limited company is much more expensive to run.

Speaker A

It is more complex when it comes to the.

Speaker A

The statutory reporting side.

Speaker A

And the money that it generates is not yours.

Speaker A

So you can only extract it in certain ways.

Speaker A

If you're unfamiliar with accounts, with how a limited company works, with how you take the money out of it and you can't afford an accountant, don't go down the route of a limited company.

Speaker A

Stay as a sole trader.

Speaker A

It's cheaper to operate, much more easier to keep the records for, and you have the ability to do your own tax return if you feel confident with it, which will save you a little bit of money.

Speaker A

So off the bat, without looking into the whys and wherefores on your own, most likely is that a sole trader is going to be more tax efficient for yourself.

Speaker A

If there's you and somebody else looking to go into business, then potentially a partnership or a limited company might be a better choice for yourselves.

Speaker A

But it all depends on the finer details.

Speaker A

So just because it's right for one person, it doesn't mean it's right for another.

Speaker A

And again, have those conversations with us.

Speaker A

We'll walk you through the pros and cons.

Speaker A

We'll tell you, you know what, what could or may happen as well as your obligations under both.

Speaker A

So you can make an informed decision.

Speaker A

And if you decide that you want to go down the limited company route, we can help you open up that limited company as well.

Speaker B

Yeah, because you built.

Speaker B

Sometimes we've seen people get it wrong, haven't we, when.

Speaker B

When they've opened limited companies because they've got the share bit wrong and then it's cost them a lot of money, I think.

Speaker B

Didn't we have someone like last year or something that did the shares wrong, that cost them like thousands of pounds?

Speaker A

Yeah.

Speaker B

So again, you Know, get a professional to do that for you if you're going to go down that route.

Speaker B

And some accountancy firms are a bit sneaky and they will sort of, you ring them up and say, oh I'm thinking of being limited company.

Speaker B

They'll probably agree with you because they got more money.

Speaker B

More money, yeah.

Speaker B

Limited companies are sometimes 4, 5, 6 times the amount of a sole trader.

Speaker B

You know our sole trader fees are 27 pound plus VAT a month.

Speaker B

Some like a limited company can range from £150 to £500amonth and sometimes in some cases more.

Speaker B

So again you've got to make sure it is the right decision and just do your research and whatever you do, do not listen to people on social media unless they are a professional in what they do and they should be given that advice because I see a lot on these groups where people go, oh no, you need to be a limited company to hire someone.

Speaker B

No you don't.

Speaker B

You can hire someone as a sole trader or all these weird and wonderful answers that people put out there.

Speaker B

Then obviously people go yeah, okay, I'll do that then.

Speaker B

So just please, please, please seek professional help before you make that decision.

Speaker A

Because the biggest one is I'm nearing the VAT threshold, I'm a sole trader, I'm nearing the VAT threshold, I'm going to go limited because then I don't have to register for vat.

Speaker A

It's not true, it's not true.

Speaker A

Just because you're changing entity.

Speaker A

If you did it for the purpose of avoiding that, that's illegal to start with.

Speaker A

But if nothing changes in your offering in the way that your business is set up, the way that it's being held out to customers, then that's a continuation of trade.

Speaker A

Even though that you're setting up as a limited company and therefore all of your predated sales to setting up the limited company will count towards the VAT turnover for the new limited and hit it and it's not done right.

Speaker A

Yeah, exactly.

Speaker B

Yeah.

Speaker B

If you get into the VAT threshold and you think I'll go as a partnership or limited company, what's the point?

Speaker B

Because you're going to hit your business model's obviously good enough where you've got to that point in the first place, all you're doing is delaying the inevitable, creating yourself more hassle of different bank accounts, having to set up new websites, new advertising, new flyers, new business cards, etc etc, when you could just ride everywhere.

Speaker A

If you do it wrong and HMRC finds out that you've done it wrong.

Speaker A

They're going to go that 90 grand that you've just earned where you didn't charge vas on.

Speaker A

We want the VAT back, fines and penalties on top of the VAT you owe.

Speaker A

So it's really, really important that you, you truly understand what it is that you're looking to achieve and whether or not it's legal or whether there's ramifications in it and whether you should or shouldn't be doing it.

Speaker A

But that's where we can come in and help.

Speaker B

And again, like I say, it always comes down to speaking to the right people.

Speaker B

Yeah.

Speaker B

And not listening to social media.

Speaker B

I see it all the time in all the different groups, not necessarily ours or some of the bigger ones, but some of the things people say.

Speaker B

And then the, the person who's asked the question goes, oh, yeah, okay, I'll do that then.

Speaker B

Like there was one.

Speaker B

I don't need to do a tax return till I've made 12 grand.

Speaker B

And someone.

Speaker B

Yeah, that.

Speaker B

And then everyone went, yeah, that's correct, you don't have to do one.

Speaker B

And I'm sat there like, no.

Speaker B

So please, please, please, just, even if it's not us, just any accountant or finance professional that can answer the question and to seek professional help.

Speaker B

Right.

Speaker B

That's all we really had planned for today.

Speaker B

We still have some tickets left for the Expo.

Speaker B

Do you know what I did kick, I'm going to be honest here, I did kick someone out the group the other week and that.

Speaker B

No, I know, and I'll tell you why.

Speaker B

Because we just launched the Expo and when I launched it, I said that I would ring everyone on the wait list because I thought, oh, we're only going to get like 30 or 40 people on the wait list.

Speaker B

It'll be fine.

Speaker B

And actually, there's over 300 people on this wait list.

Speaker B

So I massively underestimate.

Speaker B

And I still was trying to call everyone, but as I was calling everyone, people snapping up the tickets and sometimes multiple.

Speaker B

So I thought, well, it's going to be unfair if you're like 201 on the list and over that you miss the chance if you're waiting for that phone call.

Speaker A

Yeah.

Speaker B

So I decided to put the link online and said, look, I'm still going to ring people, but if you're desperate, desperate for one and you don't want to wait, just click the link and you can buy a ticket and then some knob put on in our group.

Speaker B

Well, if it's selling well, why have you put the link on social media?

Speaker B

And I'm like, I've just explained why and I thought, no, this, our group was a safe space for everybody and I will tolerate rude and unnecessary comments.

Speaker B

So guess what happened?

Speaker B

I went on him, I kicked him out the group and I thought, no, not going to have rude people.

Speaker B

So I know people, people do put on stuff like, oh, there's only 10 tickets left when actually there's like a thousand tickets left because they just want people to buy a ticket.

Speaker B

I get it.

Speaker B

But genuinely guys, there is not many left.

Speaker B

This is not me just trying to get you to buy a ticket there when you is not many left.

Speaker B

And that's why I'm putting the link on so you can grab them as and when and when they're gone, they're gone.

Speaker A

But we don't have the ability either to, to choose a bigger room at the, of the venue because it's the only room that's left that we' there.

Speaker A

So there is a limited number of tickets and once it's full we can't, we can't oversell.

Speaker A

We just don't have, we don't have the capacity at the venue.

Speaker A

So it is a case of if you want to come grab your ticket.

Speaker A

Because once Vicki's.

Speaker A

Like I said, once they've sold out, they, they're gone.

Speaker B

Yeah.

Speaker B

And you know, they, they are going very quickly.

Speaker B

Unlike the knob that put that comment on there.

Speaker B

Bye is they genuinely are.

Speaker B

This isn't a drill and likely said once they're gone, they're gone.

Speaker B

I cannot increase the capacity.

Speaker B

And I went to the venue last Friday, did a dummy run if you're thinking of getting the train.

Speaker B

I did walk from Birmingham New street station to the venue and it took approximately 17 minutes and that was quite a slow pace, I would say, because it was boiling hot and I was sweating and so yeah, 15, 15 to 20 minute walk max.

Speaker B

And the venue is lovely.

Speaker B

There is a hotel attached if you wanted to make a weekend of it.

Speaker B

Birmingham Christmas markets are always are also on.

Speaker B

So if you wanted to bring some friends or family with you and let them toddle off on Saturday whilst you come to the expo, then they can go and enjoy Birmingham Christmas markets, which I hear are very, very good.

Speaker B

I've never been but now if you're.

Speaker A

Clever with this, whether or not you're a limited company or a sole trader, if you're, if you have to travel somewhere to attend a trade show, a training session or anything along those lines, you can take a day before it and a day after it to, you know, make sure that you're all settled, that you're not all just disheveled and then that you're ready for the training day ahead.

Speaker A

So you could potentially get three days in Birmingham, have food and you travel down there, as well as your accommodation and tickets to enter the venue.

Speaker A

All of this is an allowable business expense and you can do personal things on the day before and the day after and, and have that as a, as a tax deductible expense because the, the tax law allows to have days either side because the main purpose of that trip was to attend our, our expo, the trade show, which you're going to get CPD from and therefore it's an allowable business expense.

Speaker A

So by utilizing that, you can get three days down there and put it through the business as well.

Speaker A

Happy days.

Speaker B

We did say it's an allowable business expense, peoples.

Speaker B

Yes.

Speaker B

And it's open to everyone and we've had a few comments when we've rang people up that thought it was just for groomers or just for walkers or whatever.

Speaker B

It is open to everyone because the topics we are discussing are business related topics.

Speaker B

So they're, they apply to everyone.

Speaker B

No matter who you are and it is cpd.

Speaker B

There is going to be a lot of learning involved.

Speaker B

There's not one that does this in the UK whatsoever.

Speaker B

There's loads in America for various different ones, but never in the uk.

Speaker B

And I think it's about time people start investing in themselves to grow the business because, you know, you can do all the training courses in the world, the practical stuff, but that's not going to make you money.

Speaker B

At the end of the day, the people that I've selected, I know they're good, they're good at what they do and they're going to deliver an entertaining day.

Speaker B

It's not going to be death by PowerPoint.

Speaker B

We're not going to be talking at you for 10 hours.

Speaker B

We plenty of breaks.

Speaker B

There's breakfast and lunch included.

Speaker B

You get the obligatory goodie bag, which we will pillage for stuff we can put in there.

Speaker B

There will be a pen and a notepad and I think Tegan's going to try and get some chocolate to put in there as well.

Speaker B

So it is going to be a full day.

Speaker B

There's a chance of networking afterwards.

Speaker B

You have also got the recording of the whole day as well that's going to be made available to you guys afterwards.

Speaker B

And on top of that there's another array of online speakers leading up to the event as well.

Speaker B

So we've got there's probably going to be like 20 in total.

Speaker B

13 on the day.

Speaker B

We will be releasing the final three this week and then we'll be releasing some other information later on.

Speaker B

But we have got a very special guest joining us for the day, so I will release that at some point this week.

Speaker B

But please, please, please grab your ticket before they run out.

Speaker B

Because like Lee said, we cannot magic more room and space in that venue.

Speaker B

That's what we've got, is what we've got.

Speaker B

So please, please, please find the link and grab your seat and make a weekend of it.

Speaker B

I know our clients coming down just because they want to have a few drinks and it's a business expense, so why not?

Speaker B

We will be in the hotel.

Speaker B

It's called the Aloft east side, which is attached to the venue.

Speaker B

We will be there Friday and Saturday night.

Speaker B

90% of the people are coming are coming on their own.

Speaker B

So please, please, please don't stress about coming on your own and be worried about it because everyone's going to be there in the same boat.

Speaker B

We will be putting a little WhatsApp group together a few days before.

Speaker B

So if anyone is really super nervous about coming into the venue on their own, we will send Tegan or Emily out to find you and bring you in so you don't feel so scared.

Speaker B

So it all be fine.

Speaker B

Everyone's going to be fine.

Speaker B

And then we'll get pissed on Saturday because it'll be over and I can go and relax and hopefully we'll have no technical issues on the day.

Speaker A

Let's see.

Speaker B

We'll see.

Speaker B

I've got someone there that does the tech stuff, so I don't have to.

Speaker B

So it'll be fine.

Speaker B

But yes, it is not a drill.

Speaker B

I'm not saying they're running out for the sake of saying they're running out.

Speaker B

Contrary to that man's comment on the quote, it was just Root, but he's gone, so we don't care.

Speaker B

Vanished.

Speaker B

Honestly, I was feeling when I saw it, I was like, how rude.

Speaker B

Thorough off.

Speaker B

So if you're listening, yes, I kicked you out.

Speaker B

You can't come back it we probably get a ticket.

Speaker B

You know, that would be that.

Speaker B

Yeah.

Speaker B

But yes, that is it for today and thank you for listening to our random podcast.

Speaker B

Maybe we should do one of these a month.

Speaker B

Vicky and Lee's random.

Speaker A

Random rants.

Speaker B

Random rants for the month.

Speaker B

So this is our May.

Speaker B

Random rants.

Speaker B

A bit of information.

Speaker B

Oh, there the dogs are barking now.

Speaker B

And I will see you next week, maybe with a guest.

Speaker B

Maybe with just me.

Speaker B

Maybe I'll get Tegan on.

Speaker B

Maybe we'll get Emily on.

Speaker B

Everyone speaks to Emily on the phone but never sees her.

Speaker B

So maybe I can drag Emily on, or any of the staff I can maybe drag on.

Speaker A

Maybe we'll get Adam because at least everybody can see who she is and put a face to her name.

Speaker B

Yeah, that's true.

Speaker B

We could.

Speaker B

We could get Adam on, but is he taking a drink of water?

Speaker A

No, he's not.

Speaker A

No.

Speaker A

Nobody's listening in the office.

Speaker A

It's just me in the moment.

Speaker B

No, Emily's just come to the window and shake my head.

Speaker B

Yeah.

Speaker B

And Emily said yes, she'll be on next week, so everyone can be Emily and then we'll resume back to normal when Lee comes back all hand and tells us about his travels.

Speaker B

But yes, thank you very much for listening.

Speaker A

Oh, I have one thing before we go.

Speaker A

Emily and Nicola have been working really hard the last couple of weeks just to try and gain some updated ID off a couple of the clients.

Speaker A

So if you are a client of ours and you have received a text message or an email asking for updated id, we desperately need it, please.

Speaker A

It's not because we just decided that we have to take.

Speaker A

It is part of our regulatory thing that we have to have.

Speaker A

So if we are reaching out to you, it'll be because what we have is expired and we desperately need the updated stuff so that we can continue to act as your accountant.

Speaker A

So really, really important, please don't ignore it and just send them something on the list so they can stop ringing you and leave you in peace.

Speaker B

It's just because we're a licensed accountant that we have certain rules that we have to follow.

Speaker B

Otherwise we get told off, which no one likes.

Speaker B

So, yes, please get to us if you can.

Speaker B

I will be ringing people soon if you haven't got it to us from a big stick.

Speaker B

But no, if you could get to that refab.

Speaker B

Enjoy the rest of your week.

Speaker B

Hopefully we'll see a lot of you in November at the Expo.

Speaker B

And yeah, I will catch you next week for a more informative life.

Speaker A

And I'm thinking about you all on a beach.

Speaker B

Yeah.

Speaker B

In the speedos.

Speaker B

In the speedos.

Speaker B

Right.

Speaker B

On that note, enjoy your week, everyone.

Speaker B

And if you need us, you know where to find us.

Speaker B

And just, yeah, carry on using the group and we'll catch you next week.

Speaker A

Take care.

Speaker A

Bye bye.

Speaker B

Thanks for listening.

Speaker B

If you've enjoyed my podcast, don't forget to subscribe for me.

Speaker B

And if you want to speak to me, please visit my website@www.petaccountant.co.uk and if you'd like to join my Facebook group which is full of like minded pet professionals, then search Accounting for Pet Professionals in Facebook and I will see you there.