Latest / SliderCuts This Is Ownership Podcast / I WAS TAXED £100,000 FROM EARNING ZERO!

Transcript

I WAS TAXED £100,000 FROM EARNING ZERO! · SliderCuts This Is Ownership Podcast

• 0:00
  SPEAKER_00: I got hit with a£100,000 tax bill after earning zero over a period of like a year and a half to two years.
• 0:10
  SPEAKER_00: So today I want to talk to you about what happened.
• 0:14
  SPEAKER_00: How did I have to pay£100,000 if I earned zero?
• 0:21
  SPEAKER_00: And if you don't know who I am already, my name is Mark MacIver, and this is the This Is Ownership podcast, where I talk all things barbering, ownership, and beyond.
• 0:35
  SPEAKER_00: And today I want to talk to you about the hundred thousand pounds tax bill I got that crippled me, crippled my business, what I did about it, how I got this bill, especially after earning zero.
• 0:53
  SPEAKER_00: This is a story.
• 0:55
  SPEAKER_00: And this is ownership.
• 0:58
  SPEAKER_00: I'm telling you, the mistakes, the things I've done right, the things I've done wrong.
• 1:01
  SPEAKER_00: This podcast is all about being honest and being real.
• 1:04
  SPEAKER_00: But I'm not gonna babble on.
• 1:05
  SPEAKER_00: Let's get straight into it.
• 1:07
  SPEAKER_00: So one day, this is 2025.
• 1:13
  SPEAKER_00: I think it's like January, February, I think it's January.
• 1:16
  SPEAKER_00: I'm on the way to Paris.
• 1:17
  SPEAKER_00: I can't remember what I'm doing, but I'm doing some type of haircut or cutting haircuts.
• 1:23
  SPEAKER_00: I can't remember exactly what it was, whether it was a fashion show or I was going out there to cut a particular individual, but I'm on the way to Paris.
• 1:29
  SPEAKER_00: I'm on the train and I get a phone call or email from my accountant.
• 1:34
  SPEAKER_00: Maybe I called him because I saw the email, but basically it said your tax bill for this year is a hundred thousand pounds.
• 1:42
  SPEAKER_00: Now I was very surprised because I'm looking at the bill, or he's telling me it probably was an email, then I called him because I'm like, How come I owe a hundred thousand pounds?
• 1:53
  SPEAKER_00: Because you got guys have got to understand the back story to this.
• 1:59
  SPEAKER_00: For the past two years, or like 18 months to 24 months, I had big tax bills, I had personal tax bills, I had business tax bills, so corporation tax bills.
• 2:09
  SPEAKER_00: I also had my wife's tax bills that I was paying off because my wife, me and my wife just had a baby, so she wasn't working, so there was some tax bills from when she was working, so I was paying it all back.
• 2:18
  SPEAKER_00: So I was just crunching down saying, okay, I'm not gonna draw any money out of the business, I'm just gonna pay back all of the tax bills, so everything that was coming in was going out to tax bills and other bills as well.
• 2:31
  SPEAKER_00: As well at this time, I'm about to embark what I've just started the shop refurbishment.
• 2:38
  SPEAKER_00: So I haven't really gotten the money for that, but I'm making it happen anyway.
• 2:43
  SPEAKER_00: But now I get a phone call say saying I owe£100,000, but I haven't taken any money out because all the money that came in I paid to my personal tax bills, I paid to my corporation tax bills, I paid to my wife's tax bills.
• 2:59
  SPEAKER_00: So for me, I'm like my tax bill for the next year should be zero because I haven't earned any money.
• 3:05
  SPEAKER_00: That's what I thought, anyway.
• 3:08
  SPEAKER_00: So that's the backstory.
• 3:10
  SPEAKER_00: Through my accounts, I've been paying them, and let me explain this as well.
• 3:14
  SPEAKER_00: The reason why I was paying these tax bills from my business account, because I own like one percent of my wife's business, so I saw it as well.
• 3:23
  SPEAKER_00: Since I own a percent of a business, I can pay back her tax bills from my business.
• 3:28
  SPEAKER_00: Also, with my personal tax, I was like, okay, well, from my business account, I just pay back my personal tax bill because it's me, it's Mark Macyver, so of course I can pay it back.
• 3:38
  SPEAKER_00: This is what I was thinking.
• 3:39
  SPEAKER_00: Now, some of you are listening and watching saying, What are you talking about?
• 3:42
  SPEAKER_00: That doesn't make sense, and it doesn't make sense, but some of you are watching and listening saying, Okay, yeah, that that makes sense.
• 3:49
  SPEAKER_00: But I was actually incorrect and I was wrong about the way I was doing and what I thought I could actually do because I thought, yeah, that's a tax expense because that's my personal tax bill and my wife's tax bill.
• 4:01
  SPEAKER_00: Well, I own a percent of the business, so me paying back that corporation tax bill makes sense as well.
• 4:07
  SPEAKER_00: So for me, I'm like, I haven't earned money in like 18 months to 24 months, I've just been paying off all of these bills, but now I owe£100,000.
• 4:16
  SPEAKER_00: So when I was thinking to my accountant on the phone, I'm quite annoyed.
• 4:20
  SPEAKER_00: I'm like, but not annoyed with him, I'm annoyed, being like, What how come I owe this money?
• 4:24
  SPEAKER_00: Where has this tax bill come from?
• 4:26
  SPEAKER_00: I haven't earned any money.
• 4:27
  SPEAKER_00: And he says to me, Well, you were paying your wife's tax bill, your personal tax bill, probably my other business tax bill as well, from one of the business accounts.
• 4:41
  SPEAKER_00: So that has been deemed as a dividends that you've paid to yourself.
• 4:45
  SPEAKER_00: So basically, they've seen it as a personal earning because these aren't business expenses, so this is just money they've seen it as you've drawn, I've drawn out and paid to myself, even though technically it hadn't gone to myself, it's gone to these other places.
• 4:59
  SPEAKER_00: And I'm like, oh, okay.
• 5:02
  SPEAKER_00: And obviously, it makes sense.
• 5:05
  SPEAKER_00: Mark Macyver's personal tax bill is his own tax bill.
• 5:09
  SPEAKER_00: The business side of Cut Studios is his own business.
• 5:12
  SPEAKER_00: It can't pay back Mark MacIver's bill, and it can't pay back my wife, Laquina Mackyver's bill.
• 5:17
  SPEAKER_00: So that money that you've been paying to that over the last 18 months to a year, whatever it was, right?
• 5:21
  SPEAKER_00: To two years, now has been a personal draw out, they've seen that.
• 5:25
  SPEAKER_00: So you've been taxed on that, so you now owe 100,000 pounds.
• 5:29
  SPEAKER_00: So I got annoyed.
• 5:31
  SPEAKER_00: And the reason why I got annoyed was because I'm like, this feels like a trap.
• 5:38
  SPEAKER_00: I spent the last I buckled down, I haven't earned any money, I've just been paying off debts and bills, and I'm just like, how am I owe a hundred thousand pounds?
• 5:47
  SPEAKER_00: Where am I getting this money from?
• 5:48
  SPEAKER_00: I have no money right now.
• 5:49
  SPEAKER_00: And also, I was like, okay, I'm not in a situation to pay it off.
• 5:54
  SPEAKER_00: And now, especially we are doing the barbershop, the refurbishment's happening right now, and now I got this bill I got to also deal with.
• 6:01
  SPEAKER_00: So on the phone, I'm saying to my accountant, I need to sort this out.
• 6:04
  SPEAKER_00: And he's saying to me, Yeah, Mark, you know, but you know, you this is what happens, you know, when you do that.
• 6:09
  SPEAKER_00: And my issue with my accountant, to be honest, at that moment was he knew that I was paying all of these things from my business account.
• 6:17
  SPEAKER_00: He'd seen it, he'd mentioned it to me.
• 6:20
  SPEAKER_00: Now, make it clear, I'm not saying that my accountant did anything wrong, but I'm just saying, just being honest about my feelings at the time.
• 6:28
  SPEAKER_00: I was annoyed because he saw that I was paying it, he mentioned it to me, and my thing is, I was just thinking, why did you not say to me at the time, actually, you shouldn't be doing that?
• 6:40
  SPEAKER_00: Or explore it.
• 6:41
  SPEAKER_00: Why are you doing this?
• 6:43
  SPEAKER_00: Here's maybe a better way to draw out money.
• 6:46
  SPEAKER_00: Maybe you should do that.
• 6:46
  SPEAKER_00: I don't know.
• 6:47
  SPEAKER_00: Give me some advice, is what I was thinking.
• 6:49
  SPEAKER_00: So on the phone that time that day, I was just I was a bit upset, and I was just like, look, what am I supposed to do?
• 6:56
  SPEAKER_00: I've just spent and you think about this, guys.
• 6:59
  SPEAKER_00: Imagine spending like 18 months, two years, not earning anything, like buckling down to make sure that okay, I'm just gonna focus on paying debts and getting to a place where you just cleared it, and it's like maybe I cleared it in December.
• 7:12
  SPEAKER_00: Let's say I cleared it in December, November, December.
• 7:14
  SPEAKER_00: So we're in January now, and now being told, oh yeah, you owe£100,000.
• 7:20
  SPEAKER_00: After thinking that actually I've earned no money, so my tax, my next tax bill is gonna be zero, and I've paid off everything, so I'm happy.
• 7:26
  SPEAKER_00: I'm like, I'm in a great place.
• 7:28
  SPEAKER_00: Yes, I paid off my corporation, paid off my personal, paid off my wife, I'm doing paying off my wife, I'm doing this, I'm doing, I'm like, I'm happy, you know.
• 7:34
  SPEAKER_00: I'm like, and also make it clear, I hadn't actually finished paying off my wife's tax bill, so I'm still paying it off.
• 7:41
  SPEAKER_00: So to be like, Well, I've got her tax bill and now I've got an extra hundred thousand pounds.
• 7:46
  SPEAKER_00: This is why I was annoyed on the phone with my accountant.
• 7:48
  SPEAKER_00: And to make it clear, I didn't shatter my accountant, I wasn't rude to my accountant.
• 7:52
  SPEAKER_00: I was just saying to him, like, I'm in a situation, I can't afford to pay this.
• 7:56
  SPEAKER_00: I was being emotional, I was like, I can't afford to pay this, I can't, like, what am I supposed to do?
• 7:59
  SPEAKER_00: I said, Listen, he's like, he's just saying, like, Mark, look, this is what happened.
• 8:02
  SPEAKER_00: But my irritation in my heart with my accountant was to be honest, was just like, I just felt like, how come you haven't advised me that I was doing something wrong?
• 8:10
  SPEAKER_00: You know, but he technically hasn't done anything wrong.
• 8:13
  SPEAKER_00: I made it, I made the decision to make those payments.
• 8:16
  SPEAKER_00: I thought it was tax expendable, but it wasn't.
• 8:20
  SPEAKER_00: But I just felt like I could have got some, you know, some advice, maybe or like maybe he should have asked me why am I doing it, you know, and then I would have explained to him, or maybe he should have said, Oh, you know, that's not gonna be, I don't know, something anyway.
• 8:31
  SPEAKER_00: So I said to him, Listen, I need to go find a way to deal with this.
• 8:35
  SPEAKER_00: I need to speak to some brokers because I need to find some money now.
• 8:38
  SPEAKER_00: I need to speak to brokers.
• 8:39
  SPEAKER_00: I said I need to speak to other accountants, I need to speak to finance advisors because I need to work out how am I gonna get out of this situation and pay this money because now that has put a spanner in the works.
• 8:50
  SPEAKER_00: I've got works going on in the barber shop.
• 8:52
  SPEAKER_00: I need to find so much money for that right now.
• 8:54
  SPEAKER_00: But on top of that, I've been hit with an extra£100,000, which the tax people wanted, what, in the end of the month or something like that?
• 9:02
  SPEAKER_00: I'm like, oh my goodness, and this is why I just say this is ownership because when I talk to other owners, they have got stories like this.
• 9:10
  SPEAKER_00: They wasn't expecting this bill, and it comes and it's like you've got to find the money.
• 9:14
  SPEAKER_00: So I say to my accountant, look, this is my problem.
• 9:19
  SPEAKER_00: I know that.
• 9:20
  SPEAKER_00: So I need to sort it out.
• 9:22
  SPEAKER_00: So I'll get back to you.
• 9:23
  SPEAKER_00: I need to work out what I'm gonna do.
• 9:25
  SPEAKER_00: I'm gonna speak to the different departments, I'm gonna speak to different people, I'm gonna need to work out something, right?
• 9:30
  SPEAKER_00: He's like, Okay, cool.
• 9:31
  SPEAKER_00: So lock off the phone.
• 9:33
  SPEAKER_00: So I start speaking to brokers, I start speaking to financial advisors, I speak to other accountants as well, telling them my situation.
• 9:41
  SPEAKER_00: The financial advisors, none of them help me, to be very honest, right?
• 9:44
  SPEAKER_00: They're all giving me basic information that I know, and I was like, I'm looking for a financial advisor who can like look at my situation, and I just it just wasn't helpful, none of them were helpful to be honest.
• 9:54
  SPEAKER_00: So I speak to brokers, you know, I'm fine, trying to find money.
• 9:57
  SPEAKER_00: Look, I owe this much money, I'm trying to consolidate it and so on, but no one can really help me.
• 10:01
  SPEAKER_00: And the reason why they can't help me at the time is because they're looking at my things, my debts and my bills, right?
• 10:08
  SPEAKER_00: And they're saying to me that I've got too much going out, and I'm like, yes, but what I want to do is when you look at my finances, look, I said I owe all this money.
• 10:17
  SPEAKER_00: If I can get this much money in, I can't remember what the amount is.
• 10:20
  SPEAKER_00: Let's just say 200,000 pounds, let's say 300,000 pounds, 400,000 pounds, whatever the amount what the amount was, I'm like, I'm gonna use this money to pay all of this back.
• 10:28
  SPEAKER_00: And if you look at it, my monthly um cash flow will go up because I said what I'm paying out every month is this amount.
• 10:35
  SPEAKER_00: Let's just say I'm paying, I don't know what it is, I can't remember.
• 10:38
  SPEAKER_00: Let's just say example I was paying out 10,000 pounds.
• 10:40
  SPEAKER_00: Let's just say, I'm not saying this this is not the right figures, but let's just say that.
• 10:44
  SPEAKER_00: I'm like, if you borrow me this money and stretch it over like three years, I could actually be paying out instead two, three thousand pounds.
• 10:52
  SPEAKER_00: And they're like, Yeah, but you know, we may give you the money and you may not pay off those debts.
• 10:56
  SPEAKER_00: And I said, Oh, do you guys can pay off the debts yourself if you want to?
• 11:00
  SPEAKER_00: They said, Yeah, but we're not a like consolidation company.
• 11:02
  SPEAKER_00: This is what the different um lenders were saying, and I was like, Yeah, but I'm telling you, I'm gonna pay it off.
• 11:07
  SPEAKER_00: And they said, Yes, we understand, and I'm telling them, look, what's going out every month is gonna reduce.
• 11:12
  SPEAKER_00: They said, We understand, but because we're not a consolidation company, we don't pay it ourselves, which means we have to give you the money, which means that you could choose not to pay that, which means that we have to base all our finances and our figures on you based off everything that's going out right now, and whether if we give you this loan, can you afford to pay it back?
• 11:28
  SPEAKER_00: And based off everything that's going out right now and everything you need to pay, you won't be able to be able to afford to pay it back.
• 11:33
  SPEAKER_00: I'm like, okay, cool.
• 11:35
  SPEAKER_00: I know I speak to other accountants as well.
• 11:37
  SPEAKER_00: So I speak to a bunch of different accountants, and I get to this one accountant, right?
• 11:41
  SPEAKER_00: Well, I speak to a bunch of them, right?
• 11:43
  SPEAKER_00: And to be honest, a lot of them weren't helping me out because I was finding it a bit annoying because they just kept on saying things to me like when I'm like, okay, here's my situation, how do you think you could help me?
• 11:51
  SPEAKER_00: They're all like, you know, well, we'd have to go properly through your books and so on, and basically wanting me to sign up to them before they give me any information of exactly how they can help me.
• 11:59
  SPEAKER_00: They're all saying that we can help you, but we need to really get into you know the books and so on.
• 12:03
  SPEAKER_00: And I'm just like, but how am I supposed to choose you and you're not giving me anything to go off, right?
• 12:09
  SPEAKER_00: So I go to this one company, shout out the company I'm with now, Double Point, and this is not no advert for them at all.
• 12:16
  SPEAKER_00: I'm telling you my story of this£100,000 and what happened with the£100,000, and they just so happen to be part of this story at this moment.
• 12:23
  SPEAKER_00: They're my they're my present accountants.
• 12:26
  SPEAKER_00: So I go and speak to them, right?
• 12:28
  SPEAKER_00: And I tell them, look, this is my situation, I owe this much money, my last tax bill was£100,000.
• 12:35
  SPEAKER_00: And the lady, because there's a few of them that own the company, I'm speaking to the lady, and she is quite concerned about the fact that I've got a hundred grand tax bill.
• 12:45
  SPEAKER_00: So I was like, Yeah, and I start making excuses for why I have the tax bill.
• 12:48
  SPEAKER_00: I said, Look, you know, we I guess we bought in this much money, and you know, I done this and I did this and I paid off this and I wasn't supposed to.
• 12:55
  SPEAKER_00: And she said to me, Yeah, no, no, I understand that, but like I have quite a few clients who earn a lot more and bring in a lot more than you, and they don't have a hundred grand thousand pound tax bill.
• 13:07
  SPEAKER_00: Like, she was almost feeling upset by the idea of how have you how are you paying back 100,000 pounds?
• 13:13
  SPEAKER_00: And I was like, Yeah, well, this is this is what I have.
• 13:16
  SPEAKER_00: And to be honest, that was one of the things that got them a tick for me.
• 13:22
  SPEAKER_00: I like the fact that they were concerned by the fact that I've got this big tax bill.
• 13:26
  SPEAKER_00: Because I'm like, thank you, because I'm upset by it.
• 13:29
  SPEAKER_00: So I was actually happy the fact that you know she's upset by the fact that, yeah, and she's telling me, and even though I'm making excuses, she's telling me, no, no, no, no, no.
• 13:37
  SPEAKER_00: You shouldn't be paying that much money back, like something has gone wrong.
• 13:40
  SPEAKER_00: And I'm like, thank you.
• 13:42
  SPEAKER_00: Because this is what I feel.
• 13:44
  SPEAKER_00: I feel like the fact that I've earned no money, I shouldn't be paying back a hundred thousand pounds.
• 13:50
  SPEAKER_00: Thank you.
• 13:51
  SPEAKER_00: Someone is connecting with me, someone is taking on my pain.
• 13:55
  SPEAKER_00: Connecting, thank you.
• 13:57
  SPEAKER_00: So she says that, and then she goes on to talk and all this other stuff just to keep asking me questions like, okay, what's your situation?
• 14:02
  SPEAKER_00: Okay, she says things like, you know, okay, you know, have you got um she asked me this other question?
• 14:07
  SPEAKER_00: She said, Oh, in your house, do you use any of the spaces like for business or anything like that?
• 14:12
  SPEAKER_00: And I'm like, Yeah, well, I've got a studio in my house, which is where I'm shooting this podcast from right now.
• 14:16
  SPEAKER_00: I'm like, you know, I'll you know, I use you know as an office, I use it for this, I use it for that, and so on.
• 14:21
  SPEAKER_00: And she's like, Oh, okay, cool, you know.
• 14:23
  SPEAKER_00: Well, you know, that is it kind of like tax expendable because you're using it for business and so on.
• 14:27
  SPEAKER_00: And I'm like, Yeah, but previously we hadn't been claiming anything, we hadn't been claiming anything from my office.
• 14:38
  SPEAKER_00: And my thing was, oh, okay, so this lady now is actually because I haven't brought this up to her, but she's now actually just asking me questions and being like, Well, yeah, you can claim that.
• 14:48
  SPEAKER_00: So this is kind of stuff which I haven't been claiming before, which means I've been losing money because I'm using this for business, but I'm not expensing any of this.
• 14:58
  SPEAKER_00: So there's things like this, right?
• 15:00
  SPEAKER_00: And then I was like, okay, so now she's also giving me advice.
• 15:03
  SPEAKER_00: She hasn't gone into my books yet.
• 15:05
  SPEAKER_00: Her company has not gone into my books yet, but she's given off advice of things that I could be saving on.
• 15:11
  SPEAKER_00: So if I decide not to go with this company, she still has given me some things I can take and save money on.
• 15:17
  SPEAKER_00: So I'm thinking to myself, these other companies I'm speaking to, when I'm asking them for like you know, some insight or something, none of them want to give me anything.
• 15:26
  SPEAKER_00: They all want to tell me that almost I need to sign up with them, they need to check all my books and so on.
• 15:30
  SPEAKER_00: But I'm like, this lady in front of me, show first of all, has shown some empathy for how much I'm paying, and second of all, you're now giving me advice, even though I may not sign up with you.
• 15:41
  SPEAKER_00: This is why I actually end up signing up with them, as well as to be very honest, no, there's other things as well.
• 15:46
  SPEAKER_00: It wasn't just that.
• 15:48
  SPEAKER_00: The other reason why I signed up with them as well was because they've they're on Instagram and they put all this information out, they're always giving out stuff on Instagram, so I've watched some of their stuff, right?
• 15:56
  SPEAKER_00: So I'm like, okay, they're talking like they know what they're talking about.
• 15:59
  SPEAKER_00: This is good, and also I had searched for a company, and when I was searching for a company, I had found them, so they were like on a short list of people we found online, but I didn't contact them.
• 16:13
  SPEAKER_00: But then there's this guy I know, I can't remember his name, coach something, gone up my head, forgive me.
• 16:18
  SPEAKER_00: I he did he's like he deals with like a financial advisor type thing, and I remember seeing him online.
• 16:23
  SPEAKER_00: I said, Hold up, why don't I ask him for a good accountant?
• 16:26
  SPEAKER_00: Because he deals with all these type of people.
• 16:28
  SPEAKER_00: So I messaged him and said, Hey, can you um do you know any good accountants like you know that can help me with like financial um advice and so on?
• 16:36
  SPEAKER_00: And he sent me two people, one was based in Dubai and one was based here, and the person he sent me, one of the people was Double Point, and I was like, Oh right.
• 16:46
  SPEAKER_00: This they were shortlisted.
• 16:48
  SPEAKER_00: I had shortlisted this, you know, this company before, so I was like, oh okay.
• 16:53
  SPEAKER_00: So I didn't go with the other guy because I wanted accountants that were actually kind of like London-based, so you know we could meet up with them and so on.
• 16:59
  SPEAKER_00: It's really important to me when I'm doing business.
• 17:01
  SPEAKER_00: The person I'm doing business with who's working close side with me, I can actually meet up and you know speak to you face to face.
• 17:07
  SPEAKER_00: And that's what's good about these accountants because like every month, once a month, they come to my shop, we have a meeting, they talk to me face to face.
• 17:12
  SPEAKER_00: So, so long or short of it, this is part the different reasons why I went with this accountant firm, right?
• 17:17
  SPEAKER_00: Anyway, we're talking about the hundred thousand pounds.
• 17:19
  SPEAKER_00: I'm going off.
• 17:19
  SPEAKER_00: We're talking about the hundred thousand pounds, it's not about double point, respectfully.
• 17:23
  SPEAKER_00: It's not about you guys, it's about my hundred thousand pounds, and they're part of the my my bill.
• 17:27
  SPEAKER_00: So I'm doing the barber shop now.
• 17:30
  SPEAKER_00: Okay, I'm getting in more debts now, so I owe more money, and I'm like, cool, I need to pay that money back, I need to work out things, but the more and more like my accounts are getting into my books, right?
• 17:42
  SPEAKER_00: They're looking at things, they're looking at things they can improve, even backdating things, saying, Okay, we can actually claim some money back for this.
• 17:49
  SPEAKER_00: And this was put through, I think, was put through like not the best way, or not respectfully, they they're looking at things that had previously been done which could be improved, right?
• 17:58
  SPEAKER_00: I'm like, okay, cool.
• 17:59
  SPEAKER_00: And I'm just like, okay, do you know what you guys do whatever you're doing?
• 18:01
  SPEAKER_00: Because I made it clear to them in the beginning.
• 18:03
  SPEAKER_00: I just want to make sure that everything is above board.
• 18:05
  SPEAKER_00: I'm not trying to avoid taxes, but I'm not trying to pay taxes for things I'm not supposed to be paying for.
• 18:11
  SPEAKER_00: And I know there must be smarter ways for me to draw out money and so on, and they're just like, yeah, we can sort all that.
• 18:15
  SPEAKER_00: So they're going through my books, right?
• 18:17
  SPEAKER_00: And then one day I've got all these debts, and I'm still paying all these debts, more money going out, and so on.
• 18:21
  SPEAKER_00: And I'm like, one day I'm like, okay, I need to really address this thing with HMRC.
• 18:26
  SPEAKER_00: I owe them money, I need to get it sorted.
• 18:28
  SPEAKER_00: So let's work out a proper, you know, payment plan.
• 18:32
  SPEAKER_00: Because I if I'm being honest, I was gonna leave this out to be honest, because it doesn't make me look good, but we've got to be honest.
• 18:38
  SPEAKER_00: I set up a payment plan with HMRC, and I made a few payments, then I defaulted on one of the payments, right?
• 18:47
  SPEAKER_00: So now they cancelled the plan.
• 18:49
  SPEAKER_00: So now I'm just like, at some point I need to go back and deal with that.
• 18:52
  SPEAKER_00: But I'm just like I'll do that later.
• 18:55
  SPEAKER_00: But at some point, I'm like, I got to the point where I said, you know, before they really get onto me, contact me, let me just call them and work it out, you know, see if I can get back on the payment plan and so on.
• 19:05
  SPEAKER_00: So I called them.
• 19:06
  SPEAKER_00: So remember, I owe them£100,000.
• 19:08
  SPEAKER_00: Maybe at this point I paid them about£15,000.
• 19:11
  SPEAKER_00: So I called them up and I'm like, hey, um, yeah, I just want to sort out a payment plan with money I owe, but could I just find out first of all, you know, how much do I owe?
• 19:19
  SPEAKER_00: Then we'll work out the payment plan.
• 19:21
  SPEAKER_00: And they say, Yeah, you owe£12,000.
• 19:24
  SPEAKER_00: £12,000.
• 19:26
  SPEAKER_00: I'm like, it's a mistake, because the last time I spoke to you guys, which is like months ago, it was at£100,000.
• 19:32
  SPEAKER_00: The maximum I paid off is£15,000.
• 19:34
  SPEAKER_00: How's it got down to this?
• 19:35
  SPEAKER_00: Like, what's going on?
• 19:36
  SPEAKER_00: They're going through things, they're going over it, and they're like, no, it's£12,000, that's what that's what you owe.
• 19:41
  SPEAKER_00: I'm like, I'm like, are you sure?
• 19:43
  SPEAKER_00: Because I don't want to come on this phone call being all excited that and then suddenly it's kind of like you come back to me and say, Oh, actually, you owe, you do owe£85,000.
• 19:52
  SPEAKER_00: So are you sure?
• 19:53
  SPEAKER_00: They said, Yeah, you owe£12,000.
• 19:55
  SPEAKER_00: And I'm like, okay.
• 19:58
  SPEAKER_00: So I come off the phone, I sort out a payment plan.
• 20:01
  SPEAKER_00: And also, what's good is I'd overpaid them one of my other taxes by£5,000.
• 20:04
  SPEAKER_00: So I'm like, actually, we can transfer it over.
• 20:06
  SPEAKER_00: And they're like, Yeah, you can transfer over that£5,000 over here, then you only really owe now£7,000.
• 20:11
  SPEAKER_00: So I was like, we can do a payment plan of£7,000 over like four months.
• 20:14
  SPEAKER_00: They're like, cool, no problem.
• 20:16
  SPEAKER_00: So I come off the phone, right?
• 20:17
  SPEAKER_00: And I call my accountants, and I'm like, I spoke to the tax people, can you check?
• 20:22
  SPEAKER_00: They're saying I only owe£12,000.
• 20:25
  SPEAKER_00: And the lady's like, yes, because what we did is this and that, and all legit, make it clear.
• 20:30
  SPEAKER_00: And maybe going forward when I start doing um episodes with people, maybe you guys would love to hear it.
• 20:36
  SPEAKER_00: I'll interview um someone from my accountant firm and they can explain what they did.
• 20:40
  SPEAKER_00: Because I spoke to them and they like it's all above board.
• 20:42
  SPEAKER_00: Everything we did is like I remember one of the guys from my accountant firm saying to me, sometimes people are so scared of the taxes, they're so scared of tax people.
• 20:50
  SPEAKER_00: And he was just saying to me, Look, when you're doing things correctly, you're doing things correctly, basically, I'm paraphrasing.
• 20:55
  SPEAKER_00: So there's no reason to be afraid, like they can talk about it online because everything they have done is legit, you know.
• 21:01
  SPEAKER_00: So maybe one day, if you guys want it, let me know in the comments.
• 21:05
  SPEAKER_00: I'll interview them and we'll have a conversation and we can talk about my numbers and my books and what they did to improve it and clear up some stuff and so on, because that's just a whole nother episode.
• 21:15
  SPEAKER_00: But basically, they had got my hundred grand, hundred thousand pound tax bill, or let's call it 85 because I'd paid off some of it, down to 12,000 pounds.
• 21:22
  SPEAKER_00: And I know how they did it, but it's just long to explain, and they would actually explain it a lot more correctly.
• 21:27
  SPEAKER_00: And I'll probably say something wrong, and someone would be like, wait, that's not right.
• 21:30
  SPEAKER_00: So I'm not gonna try even explain it.
• 21:32
  SPEAKER_00: But they had got my tax bill down now.
• 21:35
  SPEAKER_00: That hundred grand tax bill had me stressing, like I'll just like, and honestly, I'm that person where people come to me always asking me for advice.
• 21:42
  SPEAKER_00: People always come to me and always like, you got it sorted out, you got the plan.
• 21:46
  SPEAKER_00: It's I'm that person, so I'm I'll just in that situation thinking, where am I gonna go?
• 21:49
  SPEAKER_00: Who's gonna help me out with this?
• 21:50
  SPEAKER_00: What am I gonna do?
• 21:51
  SPEAKER_00: Like, and I said, I thought I was already past the finish line.
• 21:53
  SPEAKER_00: I thought I was in a place where I was gonna be clear, and I obviously wasn't, but then what did I end up doing?
• 22:00
  SPEAKER_00: You know, the the key to the story is I sought help from the right people.
• 22:05
  SPEAKER_00: That was the key.
• 22:06
  SPEAKER_00: I spoke to financial people, financial advisors, I spoke to brokers to get money, I spoke to accountants, not one person, multiple people, right?
• 22:14
  SPEAKER_00: This is the key to getting out of this situation because someone out there has the answer, and someone out there knows what you could be doing, and you're gonna have to pay for it, cool, but someone out there can help you.
• 22:27
  SPEAKER_00: The key or the question is who's that person?
• 22:29
  SPEAKER_00: So you need to search for that person, and that's why it's also good not to keep yourself all inside of yourself.
• 22:35
  SPEAKER_00: That's why it's good to actually talk about the things that you're going through because someone out there can actually help you, whether it's emotionally, finances, business, whatever it is, someone can help you.
• 22:44
  SPEAKER_00: And I found in my career that a lot of times I get help from people out there because I just talk about what's going on in my life and in my business, and that's how I actually got out of that£100,000 tax bill, because I sought help in the right places, and that's what you need to do.
• 23:01
  SPEAKER_00: If you're in a situation, speak to people, don't just keep it in yourself trying to work it out yourself.
• 23:07
  SPEAKER_00: No, there are experts out there who know more than you.
• 23:09
  SPEAKER_00: So find those people there and pay the money because I could be like, I don't want to pay my accountants a thousand pounds, two thousand pounds, two thousand five hundred, whatever the amount is, right?
• 23:18
  SPEAKER_00: Because that's too much.
• 23:19
  SPEAKER_00: But is it really too much?
• 23:21
  SPEAKER_00: When in reality they saved me however much money?
• 23:26
  SPEAKER_00: No.
• 23:27
  SPEAKER_00: So that's how I got out of this bill, and how I dealt with owing£100,000 when I had earned zero over like 18 to 24 months.
• 23:38
  SPEAKER_00: I hope you've enjoyed this episode of me talking about my£100,000 tax bill and how I dealt with it and how I sorted it out.
• 23:50
  SPEAKER_00: This has been another episode of This Is Ownership, where I talk all things barber, ownership, and beyond.
• 23:59
  SPEAKER_00: And if you've enjoyed it, please let me know in the comments.
• 24:01
  SPEAKER_00: If you're not a subscriber to a subscriber to my channel, then please subscribe.
• 24:05
  SPEAKER_00: And if there's anything you want me to talk about, please let me know and I'll do my best to get around to it.
• 24:09
  SPEAKER_00: And also, if you are a barbershop owner and you want to learn how to run your barbershop better, I have a community group called School of Owners where I teach how to run your business, how to earn more money from your barbershop, what's the best payment structures that you should be on, how to manage your staff, how to hire and let go of people.
• 24:31
  SPEAKER_00: I go into it all.
• 24:32
  SPEAKER_00: So if you're a barbershop owner and you want to learn, the link is in the description.
• 24:37
  SPEAKER_00: Click it and I'll see you inside.
• 24:40
  SPEAKER_00: Thank you for locking in.
• 24:42
  SPEAKER_00: See you, or should I say, see me next week.
• 24:46
  SPEAKER_00: Peace.