If 100 small business owners were in a room (or probably this year, on Zoom!), and were asked to vote on the biggest headache of running their business, the winner would undoubtedly be filing their annual self-assessment tax return. As small business owners ourselves, we know the stress that it can mean.
Working out what you are allowed to claim for on the business can just be so tricky, in fact, every year, HMRC write a list of the top failed self-employed expenses claims. Last year, these failed claims included the below.
- £765 for pet dog insurance
- A family holiday in Nigeria
- A music subscription for listening to music at work.
Don’t try and tackle tricky HMRC regulations yourself and instead speak to an AIMS accountant, the business accountants for business people who, with over 25 years’ experience, make tax simple. Be self-assessment smart.