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averaging farm profits

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


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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.

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10th Jan 2012 12:59

Payments on account

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

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