UK How many years can corporation tax loss be carried back ?

[BellaBella]

Hello I have a fashion company registered in England since 2009. I was a fashion student and I treated it more like a passion than a business at the begining. The company only started achieving profit from 2016. I was wondering if I can use the trading loss between 2010 and 2015 to set off again the trading profit in 2017? I look forward to your professional advice ASAP. Many thanks, Isabella

 

[Becky]

I presume you mean you want to carry your losses forward to set against the profits? You can carry trading losses forward as long as they are set against profits of the same trade. Check out this guidance here:

https://www.gov.uk/guidance/corporation-tax-calculating-and-claiming-a-loss

 

[BellaBella]

I presume you mean you want to carry your losses forward to set against the profits? You can carry trading losses forward as long as they are set against profits of the same trade. Check out this guidance here:

https://www.gov.uk/guidance/corporation-tax-calculating-and-claiming-a-loss

Good evening Becky,

Thank you so much for your kind advice. Yes I meant I would like to carry the losses between 2010 and 2015 forward to offset the profit in 2017, my company have been operating in the same trade. Thank you so much! I really really appreciate it! Have a good night, Isabella