I am currently preparing this particular client's 2020/21 tax return. In the course of preparing this he has notified me of a loss arising on some EIS shares since 5 April 2021 and this loss is to be claimed against his 2020/21 income. As a result he wishes to reduce his July tax payment to nil notwithstanding the fact that this will result in an interest charge based on the statutory payment on account.
When I finish his 2020/21 tax return I will therefore making a specific loss claim on page Ai3 and also claiming the freestanding credit on page TC2. Is there anything further I need to do prior to completing the return next year to include the actual loss? In addition, for interest purposes at what date is the freestanding credit actually added to his account; is this the date of filing of his 2020/21 return?