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