• S3 Ep17: Tax and Accountancy with Ellis Bennett

  • Nov 14 2024
  • Length: 49 mins
  • Podcast

S3 Ep17: Tax and Accountancy with Ellis Bennett

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  • Summary

  • In this episode, I’m thrilled to welcome Ellis Bennett, a brilliant accountant who’s challenging the usual accountancy mould. We’re talking all things tax, VAT, and financial essentials for entrepreneurs and side-hustlers—perfect timing if you’re looking to wrap up the year with your finances in check.

    Ellis shares his journey of starting an accountancy firm while travelling—proving that you don’t need to stay in one place to build something successful. He’s now working with nearly 400 clients and has a fresh, no-nonsense approach to business finance that’s all about practicality and keeping you out of HMRC’s bad books.

    Here’s what we cover:

    • Ellis’s Story: How he built an accountancy business on the go, and why going against the grain has been so successful for him.
    • Starting Up Right: Good financial habits from day one are essential. We dive into why and how to get your books sorted from the start.
    • Tax and VAT Basics: If you’re an Amazon or e-commerce seller, you’ll want to listen in. Ellis breaks down VAT thresholds, when to register, and what it means for your profits.
    • Claiming Business Expenses: From mileage and home offices to coffee meetings, we chat about what can (and can’t) be claimed as a business expense.
    • Side Hustles Done Right: I say it all the time—treat it like a proper business! We talk through what you need to know about tax implications as your side income grows.
    • Tax Tools That Work: We discuss how accounting software like QuickBooks can simplify your finances, tracking your mileage, receipts, and invoices automatically.

    Ellis also gives insight into some common mistakes people make—like blending personal and business finances, not tracking receipts, and the importance of regular record-keeping. This is a must-listen if you’re growing a business or side hustle and want to stay on the right side of HMRC!

    Resources:

    • Connect with Ellis: LinkedIn - Ellis Bennett ACCA, Instagram - @EAAccountancy
    • Free Startup Bible: DM Ellis on Instagram to get his guide to setting up your business.

    Next Week: I’ll be sitting down with Russ Britton, the “Honest FBA Guy,” for a chat about Amazon FBA success and how the right mentorship has shaped his business journey.

    So grab a cuppa, tune in, and take some notes to get your business finances sorted!

    Special Thanks:

    • Seller Amp – for continuing to sponsor the show. It’s the best tool for Amazon sellers out there!.

    Don’t forget to subscribe to my YouTube Tuesday updates, where I share more about scaling a business, handling transitions, and growing a second income. Thanks for listening, and see you next week!

    Links Mentioned:

    • Seller Amp: http://selleramp.com/hellorich

    We are proud to be Sponsored by SellerAMP SAS

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    Des’s Links

    Facebook Group: https://www.facebook.com/groups/3815342875359610
    TikTok Shop Affiliate Mastery:     https://www.skool.com/tiktok-affiliate-mastery-1585/about
    Affiliate Links, offers and discounts: https://linktr.ee/Goodbyepoorhellorich


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