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Hi, my oh became self employed on 31.12.12 as a taxi driver, he bought a used vehicle for a taxi and I will be doing his bookkeeping. My question is that because he had a lot of set up costs e.g., car purchase, insurance, meter purchased and fitted etc., how much of these expenses can he take off his profit for this initial period? Because his first self certification is due for the period of 31.12.12 until 05.04.13 if I take all of the set up costs off the profit for this period he will definitely be in a no profit situation, probably even a minus amount. Should I only put part of the set up costs down for this period and then put some for the following tax year? confused Thanks
