Business closed but now re opened........HELP

[Madihah1]

I started by my s/e ebay business in jan 2007 and closed it in dec 2009. I informed hmrc and filled in my self assessment for 09/10 in early may 2010.

Due to a sudden change in circumstances(becoming a single parent) i decided to become self employed again selling same items as before at the end of may informing hmrc.

My question is,
What do i do with the stock that i had from the end of my previous self employment?

Do i need to add it to my business expenses for when my tax would be due in 2012 or is it included somewhere else on the online form?

Any help would be greatly appreciated

Many thanks

 

[Higley]

Do you have an accountant? I would speak with your accountant to ensure you don't have any outstanding tax liabilities

 

[arcon5]

I would speak with your accountant

This isn't aimed at Higley specifically - but why do most threads have the same reply all the time. Speak to your accountant, speak to your solicitor ect ect.

Its obviously the best option but people are coming here for guidance so unless that sentence has some advise and comments to follow (and alot don't) then whats the point in it? I think its obvious thats what they will need to do - but there are also some very useful skilled and knowledgable people around here that can atleast point them i nthe right direction and provide peace of mind somewhat.

 

[Scalloway]

My question is,
What do i do with the stock that i had from the end of my previous self employment?

If you sold it since you restarted yes it is a cost of sales.