Ed

Hi there, From 2020 to 2023, I ended each year with a net loss. However, this year (2024), I have been making profits and expect to finish the year in profit. I did not submit any tax returns for the losses in previous years because I was under the impression that only profitable years are taxed, so there was no need to report the losses. I've recently heard that previous losses can be used to offset the tax on future gains. Could you advise if I can still submit claims for the losses from those years? Also, would there be any penalties or fines for not submitting the losses earlier? Thank you!