Bringing 'profit' forward to use personal tax allowance

[Red5]

Let's say I am newly self-employed and have made zero profit or loss in my first tax year, but know I will make £20k profit in the next tax year. I have no other sources of income in either of these years and no previous tax outstanding / owed.

Is it possible to effectively bring £10k of that 'future profit' forwards into the first tax year, in order to make use of my personal tax allowance for the year (with the remaining £10k then covered by the next year's allowance), or do I have to just accept that the first year's personal tax allowance will be wasted?

Any advice would be appreciated,
Many thanks

[GlobalTaxAdviser]

Hi

You cannot bring the profits forward

Any loss can be carried forward or utilised against previous years taxable income (which includes employment income)

I would suggest you do get the first year accounts reviewed by an accountant as they maybe able to find other trading expenses which can increase your loss which will be to your advantage.

Kind Regards

Sash

[bd6759]

When did you start trading, and to what date did you make up your accounts?