question from ann absolute beginner any help please

123321

This is my first try at any kind of self assessment i am in full employment but the year before last decided to set up a electrical business (emergency business) really just to learn the ropes get all of my insurance etc. up to scratch and get on top of all of the necessaries so that if i was laid off i was in a position to get straight to it.
I worked out the cost of all of my overheads and decided to do jobs just for friends and family to cover these as much as possible, now i haven't come close to this and assumed that i wouldn't have anything to worry about tax wise as i hadn't made any profit but talking to a friend have been given the impression that i will still have to pay tax on the money that i have made.
Can anyone point me to the answer anywhere, any help will be greatly appreciated.

fengirl_2

If you havn't made a profit there can be no tax to pay.

mrs_deadline

Your friend could be thinking of a slightly different issue, that your PAYE job has used up your personal allowance, so any self-employed profit would be taxable at your top rate.

But as you made no profit at all, fengirl's right, there's nothing extra to be taxed on.
All the same, it's best to complete a tax return to prove that officially.