declaring zero profit

rickyroma

I have just started up an ironing business. Well I say started .. I haven't actually managed to get any customers yet
I haven't registered the business yet ( think I have 3 months to do this ?) But what will happen when I have to declare my income from this business at the end of the tax year if I still haven't got any customers?
I have a full time job too so it would be nice to make some money from the ironing business but if I don't , then it wont be the end of the world.
What will the taxman say if I declare my income from this new business as zero ?
Would the taxman just say " you have haven't taken a single penny payment all year ? Ok fair enough .. away you go !"
Would it be so unbelievable for someone to say they haven't managed to attract any customers?

phill99

Most businesses don't make a profit for the first 2 or 3 years, so don't worry about it.

doinkthemonkee

I make jewellery & after spending out on beads, findings etc & the necessary insurances etc I doubt I will break even either lol

Percy1983

No problem at all, no additional income on your tax return is fine.

My business actually made a loss in year one due to capital expenditure,

When you say you have no business, do you have adverts out there, a presense on facebook, a website?

colino

Pretty much standard for small, new start businesses to make low or no profit in their fledgling years. Its later when you are contorting to limbo under tax threshold that you realise you've become a success!

martindow

You still need to complete the self employed tax return - very simple as it's only three lines. Even though there is, as yet, no income you probably have incurred expenses. This loss can be carried forward to offset future profits.