I registered with HMRC as self employed in April 2011, but I spent money on setting up the business in March 2011. I didn't take any money until April, can I add these expenses to my first tax return or do I do a tax return for 2010-2011? I've heard adverts for making sure my tax return is in by the end of January, but am I right in saying this is for the tax year 2010-2011?
Yes, you are right, tax returns due in at end of the month relate to tax year ending 5/4/11 so you don't have to worry just yet. When you come to do your tax return, you can include money spent in March setting up the business.
