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Dear Tutor
Can you please make it clear for me:
Current Trading losses we set off against current year Total profits and/or against Total profits of previous 12 months(or 36 if closing business), but c/f only against Trading profits?
Property losses are set off against current and c/f against Total profits?Mostly correct, but in order to carry back a trading loss the company MUST firstly use it in the current period and may only then elect to carry back any remaining loss. If an unincorporated trader made a loss then he/she can set off against Total Income of current and/or preceding tax year!
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