I just started a floristry business. I have not yet sold anything so my income is zero and therefore I am not wanting to engage an accountant for the 2021-2022 tax return. (I made no money elsewhere as I’m studying so I really am trying to avoid having a professional do my return).
I did register the business, pay for a website and buy some stock (vases) to sell. Therefore my income will be zero but I will have deductions in the form of the expenses to set up the business and buy product. Where do I enter the deduction for the products I’ve purchased for my shop? I can’t work out which line under “non-primary production” deductions.
Also, do I enter the products as a deduction even though I’ve made no money this year and so my income will be zero anyway? (I don’t work elsewhere, I’m a student). If I don’t include the stock I have bought in this years tax return, can I include it as a deduction in next year’s return (when I intend to have made some income!)?
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