Hi,
I have read many posts here but am not sure of the answer, could you help me with the information below, please?
The company has traded for over 6 years now.
For FY 2019, the company had a trading profit of £35
For FY 2020, the company had a trading loss of £20,000
For FY 2021, the company had a trading loss again of £7,000, the loss was accumulated by a loss from the previous year, and the balance loss carried forward of £27,000
For FY 2022, the company had a trading profit of £5,000, the profit was offset by losses from the previous year, and the balance loss carried forward of £22,000
For FY 2023, the company had a trading profit of £9,000, the profit was offset by the loss brought forward, and the balance loss carried forward of £13,000
For FY 2024, the company had a trading loss of £5,000
What about FY 2024 the current year, Can I accumulate a loss brought forward £13,000 plus a loss for the year of £5,000 to carry forward of £18,000?
Also, please check if I have done everything correctly in the previous year.
Do they have a limit for how many years the company can carry forward trading loss?
Thank you.
