Client has large D1 profits for 2014/15 but for 2015/16 there will be losses from the same trade.
Can he claim these provisional D1 losses on the 2014/15 tax return under page 3 of the additional information pages or should we wait until we file the 2015/16 tax return?
Not a tax scheme.
Thanks
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You have to wait until the basis period has ended. See BIM85005: http://www.hmrc.gov.uk/manuals/bimmanual/BIM85005.htm
Thank you
His accounts are to 31/12 (2015) so we are OK to claim now, unless I misunderstand.