self employment tax return question

sh1981

i was filing in my tax return online on the hmrc website and i was wondering when it asks you for income and expenses do you enter for them like since you began working, say 3 years from today? or do you enter it for the current financial year which would be 6 apr 2012 to 5 apr 2013?

redpete

Each tax return relates to one tax year - so you would enter information for previous years on different forms.

sh1981

Thank you for your reply. Yes, that's what I reckoned as well but a mate left me half minded when he said you have to enter your INCOME and EXPENSES from all years since you began the business, and the HMRC automatically deducts the previous years. I don't know how much truth is in what he said but well, I filed it in from 6 apr 2012 to 5 apr 2013. Thanks for your input redpete.

PlutoinCapricorn

It is amazing what men in pubs and friends tell you! Where did he get that idea?

HMRC and what it says on the form are what you need to check.

Laurajo_2

Actually, you can claim for pretrading expenditure. It's treated as being incurred on the first day of trading. Just google pre trading expenditure.