Basic tax question re self assessment

[jemster]

Hello, I would really appreciate some help.
I registered as a sole trader in January of this year and close the business on August 8th of this year.

My business was making jewellery and I had been buying lots of materials and practising from March 2014 but not to sell, just as a hobby.

I only ever sold 1 piece worth £18 in May of this year so no profit. Can I just go from January 2015 regarding filing in the form and discount the things I bought previous to that when it was just a hobby?

Would really appreciate some advice. Also, is it just the one form I have to fill as in the SA103S or the SA100 as well? I did not earn any money from anywhere from March 2014 to now, including benefits as I've never claimed any and there's no investments or money from investments so really very simple. The only incoming money was the £18 and we lived from my husbands salary. Many thanks, Jem

 

[kevin.doran]

This is not a business in my opinion.

Call HMRC, tell them you did not trade (for goodness sake don't mention the £18), they'll take you through a short questionnaire and you'll be done, no form filling required.

 

[jemster]

Thank you, Kevin. I totally agree, ultimately, it WAS NOT a business but I really did try! Honest!!

 

[kevin.doran]

I wouldn't even go into it with HMRC, if you do they'll probably request you submit returns. Just say you registered and never actually proceeded full stop. Anything else would be ridiculous in this situation.

 

[john1989]

Did you have any employment income?

Maybe you were trading, and the losses from self employment can be offset against your employment income.

 

[kevin.doran]

You know what John, I was going to ask the same but I honestly don't think HMRC would wear it if ever inspected (slim chance but likely not worth it given the amounts anyway).

 

[john1989]

Yes on reflection you're probably right.

 

[jemster]

Thank you, both. I spoke to HMRC this morning and told them the situation. No I was not working during this period at all. I did tell them about the 1 necklace! but because I sold it in June 2015 it did not fall into 2014-2015. As you said, Kevin. he asked some questions and then it was all closed off over the phone. Really was a godsend to have this forum to post to as I really get worried about these things and like to make sure. Many thanks, Jem