Self-assessment tax returns, which need to be filed by 31 January 2021, are not something small business owners relish tackling.

Henry Ejdelbaum, managing director of AIMS Accountants for Business, the largest nationwide network of professionally qualified accountants in the UK specialising in smaller and independent businesses, explains why you should leave the numbers to an expert.

He says, “Filing the annual tax return is the kind of dirty work that no laundromat or drycleaner should have to deal with. After all, when your specialism lies in textile care, why should you need to be an expert about crunching the numbers too? With tax returns stretching to nearly 100 pages, it can be too much for many small business owners to handle.”

Over 700,000 people missed the deadline last year and had to pay a fine of at least £100. HMRC will accept a reasonable excuse such as computer software failing as you were preparing to send your return, however, HMRC is flooded every year with excuses ranging from the bad to the terrible.

Working with a qualified accountant will ensure that your business accounts are up to date, that you have all relevant information in place before starting the forms, that it is submitted on time and, most importantly, save you unnecessary stress or unwanted fine.

Other reasons working to with an accountant:
1. Saves time so you can run your laundry business without interruption;
2. Saves money – a good accountant knows which expenses can be reclaimed.
3. Accountants are always up-to-date with tax rules and regulations (they can change frequently).

Ejdelbaum continues, “If I pressed a bed sheet every time I heard the cry “I should have hired an accountant” from a business owner who regretted doing a return themselves, I’d have a enough to supply all the Las Vegas hotels! Make even a simple mistake and HMRC could investigate your business. A really good, qualified accountant will take away that worry. Fees are usually decided on a case-by-case basis as it depends on the income of your business and how good-a-shape your existing accounts are in. The sensible thing to do is hire and accountant, relieve the stress and get your self-assessment tax return done right the first time.”

Henry Ejdelbaum , MD at AIMS Accountants for Business, suggests businesses use a qualified accountant to take away the stress and worry of the annual tax return.