Share this content

averaging farm profits


Accounts for year ended 30 June 2010 (2010/11) and June 2011 (2011/12) are both showing profit, but profits for 2011/12 are a good bit lower than 2010/11.

The result is that tax is being paid at 40% in 2010/11 and only at 20% in 2011/12.

Is it possible to claim averaging on the 2010/11 tax return nowfor 2011/12, given that we know that the 2011/12 figures are going to be less, and if so, where on the tax return do you enter the figures?

thanks in anticipation


Please login or register to join the discussion.

By mwngiol
10th Jan 2012 12:58

Not as far as I know

But as an alternative you could make a claim to reduce payments on account on the 10/11 Return.

Thanks (0)
10th Jan 2012 12:59

Payments on account

Just reduce the payments on account for 2011/2012 - simples

Thanks (0)