Are you working hard, making beautiful products, and still not earning what you should be? In this episode, Annie gets honest about the very common — and very costly — ways home bakers get their pricing wrong. Not slightly off. Wrong in a way that keeps skilled, dedicated bakers stuck.

This isn't just a maths problem, and Annie doesn't treat it like one. Pricing is a mindset problem too, and until you address both, the numbers alone won't fix it.

In this episode:

• Why pricing from ingredients alone is always going to leave you short — and what you're missing when you do
• The problem with setting your prices by looking at what other bakers charge
• What "pricing from anxiety" actually looks like, and why it's an emotional decision dressed up as a business one
• How to work out the full cost of an order — including all the time you're not counting
• The hourly rate exercise that changes how bakers see their own value
• Why undercharging isn't generosity — and what it's actually costing you
• A simple three-question framework for approaching your pricing with clarity

If you've been avoiding the calculation because the answer feels uncomfortable — this episode is for you.

For structured support, training and accountability:
Join The Home Baking Business Academy Membership

https://anniebennett.co.uk/the-home-baking-business-academy/

For regular delves into baking business matters, including taking part in podcast episodes:

https://anniebennett.co.uk/#subscribe

For free tips, insight and real-world business talk:
Follow me on social media

https://www.instagram.com/thehomebakingbusinessacademy/

https://www.facebook.com/thehomebakingbusinessacademy

https://www.tiktok.com/@hbbacademy

https://www.linkedin.com/in/annie-bennett-hbba/

For her website with all this and more:

anniebennett.co.uk

We're wrapping up finance month with the topic that sits underneath all of it — the two words that make even the most confident bakers go quiet: Self Assessment.

In this episode, Annie unpicks exactly where the fear comes from and, one by one, dismantles it. Because the dread around Self Assessment is real — but it's rarely about the form itself.

In this episode:

• Why "Self Assessment" sounds scarier than it actually is
• The real reason so many bakers dread the number at the end — and how to fix it
• What HMRC is genuinely looking for (it's not perfection)
• Why avoiding your figures costs you more than looking at them
• What actually happens when you file — step by step, in plain language
• Payments on account — and why they catch first-timers by surprise (see also: Episode 21)

Key takeaway: Self Assessment is a form. An annual form. If you know your numbers, it's an afternoon — maybe not a fun one, but an afternoon.

Links & resources:

• Join the Home Baking Business Academy Membership: https://anniebennett.co.uk/the-home-baking-business-academy/
• Episode 20: Is Your Record-Keeping HMRC-Ready?
• Episode 21: The Tax Bill That's Actually Two Bills

This podcast is for informational purposes only and does not constitute financial or tax advice. Please consult a qualified professional for advice specific to your circumstances.

For regular delves into baking business matters, including taking part in podcast episodes:

https://anniebennett.co.uk/#subscribe

For free tips, insight and real-world business talk:
Follow me on social media

https://www.instagram.com/thehomebakingbusinessacademy/

https://www.facebook.com/thehomebakingbusinessacademy

https://www.tiktok.com/@hbbacademy

https://www.linkedin.com/in/annie-bennett-hbba/

For her website with all this and more:

anniebennett.co.uk

Ever filed your Self Assessment and found yourself staring at a number that's much higher than you expected? You're not alone — and in this episode, Annie explains exactly why that happens.

The short answer: your tax bill isn't one bill. It's two. And if you don't know about the second one, it can feel like a real shock.

In this episode, Annie covers:

When your first tax bill actually arrives — especially if you're newer to self-employment. The tax year runs April to April, and your first return isn't due until the January after that year ends. If you started your business in autumn 2026, your first deadline is January 2028, not January 2027.

National Insurance for sole traders — how Class 2 and Class 4 NI work, why they show up inside your Self Assessment total rather than separately, and why it matters for your State Pension.

Payments on account — what they are, when they kick in (when your Self Assessment bill exceeds £1,000), how they're calculated, and why the first time you encounter them can feel like a double hit. Plus: why they're not extra tax, and how the rhythm evens out over time.

How to prepare — including setting aside 20–30% of income throughout the year, and when it's legitimate to apply to reduce your payments on account.

This is the final episode in the April finance series. If you've been listening along, you now have a solid grounding in expenses, record-keeping, tax changes, and what your Self Assessment bill actually looks like. Well done for showing up for your business finances.

Want to go deeper? The Home Baking Business Academy has a full financial programme this April covering everything discussed across episodes 18–21 — in the practical detail that's actually relevant to running a baking business from home.

https://anniebennett.co.uk/the-home-baking-business-academy/

For regular delves into baking business matters, including taking part in podcast episodes:

https://anniebennett.co.uk/#subscribe

For free tips, insight and real-world business talk:
Follow me on social media

https://www.instagram.com/thehomebakingbusinessacademy/

https://www.facebook.com/thehomebakingbusinessacademy

https://www.tiktok.com/@hbbacademy

https://www.linkedin.com/in/annie-bennett-hbba/

For her website with all this and more:

anniebennett.co.uk

Please note: this episode covers general information for sole traders in the UK and is not financial or tax advice. If you're unsure about your specific circumstances, speak to a qualified accountant or tax adviser.

In episode 20, Annie talks about what HMRC actually expects from you as a sole trader when it comes to record-keeping.

Because most bakers have a vague sense they should be keeping records without really knowing what that means in practice — or quite how long they need to keep them.

The episode covers:

• What HMRC requires (and what it doesn't)
• The five-year rule and why it matters more than most people realise
• What counts as a record for both income and expenses
• Five questions to honestly assess whether your current system actually works
• Why the bakers with the least financial stress aren't the most organised — they're the most consistent

This isn't about having a perfect system. It's about having one that exists and works for your real life.

Want to go deeper?

April is finance month inside the Home Baking Business Academy. We're covering record-keeping and expenses, tax changes and MTD in practice, National Insurance and payments on account, and a full step-by-step Self Assessment walkthrough — designed specifically for home bakers, in plain language.
Join The Home Baking Business Academy Membership

https://anniebennett.co.uk/the-home-baking-business-academy/

The start up guide which includes the finances guide:

https://anniebennett.co.uk/#subscribe

For free tips, insight and real-world business talk:
Follow me on social media

https://www.instagram.com/thehomebakingbusinessacademy/

https://www.facebook.com/thehomebakingbusinessacademy

https://www.tiktok.com/@hbbacademy

https://www.linkedin.com/in/annie-bennett-hbba/

For her website with all this and more:

anniebennett.co.uk

If you've been anywhere near a small business forum or Facebook group recently, you've probably come across a lot of noise about MTD and the trading allowance, and possibly come away feeling like everything is about to change and you're already behind.

In this episode, Annie cut’s through that noise to give you a calm, clear picture of what's actually happening, when it's happening, and most importantly, whether any of it changes anything for you right now.

Because for most home bakers, the urgent action list is a lot shorter than the headlines suggest.

In this episode:

• What Making Tax Digital (MTD) actually is and how it's being phased in
• The income thresholds: who MTD applies to and when (April 2026, 2027, and 2028)
• What quarterly submissions actually look like in practice
• The trading allowance vs the Self Assessment threshold — and why they're being confused
• Why the "£3,000 tax-free" idea isn't quite right
• Three questions to ask yourself to work out where you stand right now
• Why building digital record-keeping habits now is worth doing regardless of MTD

Want to go deeper?

April is finance month inside the Home Baking Business Academy. We're covering record-keeping and expenses, tax changes and MTD in practice, National Insurance and payments on account, and a full step-by-step Self Assessment walkthrough — designed specifically for home bakers, in plain language.
Join The Home Baking Business Academy Membership

https://anniebennett.co.uk/the-home-baking-business-academy/

The start up guide which includes the finances guide:

https://anniebennett.co.uk/#subscribe

Glossary:

HMRC: His Majesty's Revenue and Customs

GROSS INCOME Your total income before anything is deducted. For a home baking business, this is everything you've been paid for your orders, before you subtract any expenses or tax.

NET INCOME (also called PROFIT) What's left after your allowable business expenses have been deducted from your gross income. This is the figure HMRC uses to calculate your tax bill — not your gross.

MTD: Making Tax Digital

For free tips, insight and real-world business talk:
Follow me on social media

https://www.instagram.com/thehomebakingbusinessacademy/

https://www.facebook.com/thehomebakingbusinessacademy

https://www.tiktok.com/@hbbacademy

https://www.linkedin.com/in/annie-bennett-hbba/

For her website with all this and more:

anniebennett.co.uk

If you've been tracking your ingredient costs to the penny but haven't given much thought to your other business expenses — this episode is for you.

In this episode, Annie breaks down why so many home bakers end up paying more tax than they need to, and what to do about it.

In this episode:

• Why profit — not income — is what HMRC taxes you on, and why that distinction matters
• The expenses home bakers commonly overlook (mileage, packaging, subscriptions, insurance, training and more)
• What "wholly and exclusively" actually means — and how to apply it to dual-use expenses like your phone and broadband
• The trading allowance explained: when it helps you, and when claiming your actual expenses is the better option
• Why the January scramble costs you money — and the simple habit that fixes it

For structured support, training and accountability:
Join The Home Baking Business Academy Membership

https://anniebennett.co.uk/the-home-baking-business-academy/

The start up guide which includes the finances guide:

https://anniebennett.co.uk/#subscribe

Glossary:

HMRC: His Majesty's Revenue and Customs

GROSS INCOME Your total income before anything is deducted. For a home baking business, this is everything you've been paid for your orders, before you subtract any expenses or tax.

NET INCOME (also called PROFIT) What's left after your allowable business expenses have been deducted from your gross income. This is the figure HMRC uses to calculate your tax bill — not your gross.

For free tips, insight and real-world business talk:
Follow me on social media

https://www.instagram.com/thehomebakingbusinessacademy/

https://www.facebook.com/thehomebakingbusinessacademy

https://www.tiktok.com/@hbbacademy

https://www.linkedin.com/in/annie-bennett-hbba/

For her website with all this and more:

anniebennett.co.uk

Are you running your baking business, or just reacting to it?

In this episode, Annie breaks down what it actually means to be the CEO of your own business — and why that shift changes everything, from your pricing to your boundaries to the way you make decisions.

In this episode:

• Why "I just make cakes" is keeping you stuck — and how a CEO thinks differently
• The three things a Baking Business CEO does that a "just a baker" doesn't
• The "Nice Baker" trap: why talented, hardworking bakers end up exhausted and undervalued
• The identity shift that turns self-respect into a business strategy
• Three practical things you can do this week to start leading your business

The Profitable Baker Live — 31st March, 7pm A practical live session covering 5 shifts to make your business more profitable, with mini tasks, checklists, and a workbook. Just £7. book your place : https://anniebennett.co.uk/register/the-profitable-baker-live/

Join the Home Baking Business Academy The March programme covers high performance habits, boundaries that protect your profit, and the full identity shift from skilled baker to confident business owner.

Find out more and join: https://anniebennett.co.uk/the-home-baking-business-academy/

Enjoyed this episode? Share it with a baker who needs to hear it — and leave a review to help more bakers find the show.

For free tips, insight and real-world business talk:
Follow me on social media

https://www.instagram.com/thehomebakingbusinessacademy/

https://www.facebook.com/thehomebakingbusinessacademy

https://www.tiktok.com/@hbbacademy

https://www.linkedin.com/in/annie-bennett-hbba/

For her website with all this and more:

anniebennett.co.uk

You're good at what you do. Your customers love your work. You might even be fully booked. So why aren't you making the money you deserve?

In this episode, we get into the real reason — and it's not your skill level, your location, or whether the market will pay. It's identity. And that's actually good news, because identity is something you can change.

You'll learn:

• The "skilled but underpaid" cycle and how bakers get stuck in it
• Why the gap between a skilled baker and a well-paid baker isn't talent — it's how you see yourself
• What the identity shift from hobby baker to business owner actually looks like in practice
• One exercise to start making that shift today

Want to go deeper? Week 3 of the March membership at The Home Baking Business Academy is dedicated entirely to this — the Identity Shift. You'll create your own Professional Identity Statement, identify one boundary to implement straight away, and get a decision filter you can use every single week. 👉 https://anniebennett.co.uk/the-home-baking-business-academy/

The Profitable Baker Live:

A live training session happening on Tuesday 31st March at 7pm.

In one evening we'll work through the five key shifts that take a baking business from a source of stress to a source of real, sustainable income.

Just £7 to secure your place.

Find out more and register at anniebennett.co.uk/register/the-profitable-baker-live/

For regular delves into baking business matters, including taking part in podcast episodes:

https://anniebennett.co.uk/#subscribe

For free tips, insight and real-world business talk:
Follow me on social media

https://www.instagram.com/thehomebakingbusinessacademy/

https://www.facebook.com/thehomebakingbusinessacademy

https://www.tiktok.com/@hbbacademy

https://www.linkedin.com/in/annie-bennett-hbba/

For her website with all this and more:

anniebennett.co.uk