50 minutes | Tuesday, 3 March 2026
In this episode of Mum and Son on the Money, the Happy Days Accounting podcast, Lorraine and Travis sit down withIn this episode of Mum and Son on the Money, the Happy Days Accounting podcast, Lorraine and Travis sit down with Chris to talk about everything from personal motivation to major upcoming tax changes affecting sole traders across the UK.
The conversation begins on a lighter note with Lorraine sharing her journey training for a 10K run at the Milton Keynes Festival of Running in support of Harry’s Rainbow. What started as a challenge outside her comfort zone has become a story about perseverance, health improvements, and the surprising benefits of regular exercise. Lorraine explains how running has helped improve her asthma and boosted her overall wellbeing, while Travis reveals how he persuaded her to sign up for the race in the first place.
They also talk about the power of stepping outside your comfort zone, the importance of routine and accountability, and how setting goals can dramatically improve both physical and mental health.
The discussion then moves into the world of business networking around Milton Keynes. Lorraine and Travis share their experiences attending events like Meet of MK and Collaborate MK, highlighting the importance of building relationships within the local business community. From breakfast networking events to raffle wins and community support, the episode gives a behind-the-scenes look at how small business owners connect, collaborate and grow their networks.
But the main focus of the episode is an important topic that many UK sole traders need to understand: Making Tax Digital (MTD).
Lorraine and Travis break down what Making Tax Digital means in simple terms, including:
• Who the new rules will affect first
• The turnover thresholds for compliance
• Why quarterly digital reporting will soon become standard
• How the system will change the way businesses manage their finances
• The benefits of using accounting software like Xero
• Why good bookkeeping habits are becoming essential
They also explain the difference between turnover and profit, something many business owners misunderstand, and why turnover is the key figure HMRC uses when determining whether MTD applies.
The conversation explores how digital bookkeeping systems can actually make life easier for business owners by improving financial visibility, helping with tax planning, and avoiding those stressful year-end surprises. Lorraine and Travis also discuss common mistakes they see from businesses that still rely on paper records and explain why transitioning to digital systems now will make the future much smoother.
Throughout the episode, they emphasise that Making Tax Digital shouldn’t be seen as something to fear. Instead, it’s part of a wider move towards modern, streamlined financial management that gives business owners more control over their numbers.
The episode wraps up with a look ahead to upcoming events, including International Women’s Day celebrations in Milton Keynes, industry networking events, and Lorraine’s upcoming race on Mother’s Day.
If you're a sole trader, small business owner, or simply interested in understanding how tax and accounting changes affect everyday businesses, this episode offers practical advice, real experiences, and a clear explanation of what’s coming next.
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