Newly Self Employed

Gregors07

Last year I declared myself self employed to HMRC, I've filled in the last tax years return, however when filling this year's I know looking at my figures that I've made a loss as I am still currently training and purchasing products, I was told that I maybe able to get a tax refund on the products I've purchased but I've never heard of this before...any advice appreciated Please be gentle I'm a new to all this

Aquamania

Gregors07 wrote: »

Last year I declared myself self employed to HMRC, I've filled in the last tax years return, however when filling this year's I know looking at my figures that I've made a loss as I am still currently training and purchasing products, I was told that I maybe able to get a tax refund on the products I've purchased but I've never heard of this before...any advice appreciated Please be gentle I'm a new to all this

Unless you mean VAT, what tax have you paid on the goods you have purchased?

If you are registered for VAT, then I'm sure you know the basics of input & output VAT.

warwicktiger

If you have made a loss in year one, (not unusual) it can be carried over to offset profit in year two, and hence reduce your tax liability in year two.

You will not get a refund of the costs of the materials though!

Your accountant will sort it for you.