Adjustments

Field Description
Date basis period began Start date of the basis period.
Date basis period ended End date of the basis period.
Adjustment to arrive at profit for the basis period

The adjustment required to the accounting period profit to arrive at the basis period profit. This figure may be positive or negative. Where the accounting period and the basis period are the same, leave this field blank.

If you have an extended period where transition profits are being included, do the following:

  1. Manually calculate the apportioned transition part of the basis period from your net business profit/(loss) — this is the value that you are entering in profit/(loss) of the transition part of the basis period.
  2. Enter here the exact value from the profit/(loss) of the transition part of the basis period but where negative, enter as positive, and if positive, enter as negative.
Overlap profits brought forward

Any overlap profits that have been brought forward from the previous year.

If profit values have been rolled forward from the previous tax year, they are automatically displayed here.
Overlap profits arising this year Any overlap profits that have arisen this year.
Overlap relief used this year The amount of overlap relief being used this year to reduce taxable profits.
Overlap profit carried forward

Displays the overlap profit to carry forward to the next period.

This field has been removed for the 2024 tax year onwards due to the Basis Period reform.
Self-Employment Income Support Scheme grant (SEISS) (From 2020/21 tax year) The amounts received in respect of the Coronavirus support grant received. The amount to enter should be the amount received in the tax year which may be different to the amount in the sole trader accounts if the period is not aligned with the tax year.
Adjustment for change of accounting practice

For barristers who are moving from the alternative basis to normal accounting rules.

The adjustment instalment for this tax year.
Averaging adjustment

For farmers, market gardeners, and creators of literary or artistic works.

The amount of any adjustment for averaging — select Calc to help with the calculation. This figure can be positive or negative.
Adjusted profit Displays the adjusted profit or loss for tax purposes before taking into account any losses brought forward.