Terminal loss relief company

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Final set of Ltd company accs for the 18 months from 1 August 2022 to 31 January 2024. Tax adjusted loss (all trade) as below

12 months to 31 July 2023 £34,415

6 Months to 31 January 2024 £16,945

Therefore I calculate the terminal loss relief element as £34,153 being £16,945 and 6 months of £ 34,415 (£17,208)

 

In previous years profits were as follows

 

31 July 2020 £10,411

31 July 2021 £18,307

31 July 2022 £13,602

 

Can I use the remaining loss of £17,207 for the period to 31 July 2023 against 31 July 2022, leaving £3,605 wasted?

 

Then in respect of the terminal loss of £34,153, that can eliminate 31 July 2021 and then 6 months potentially against 2020?

 

Sorry not done one of these for a long time so would appreciate some clarification!

Replies (3)

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By Ruddles
12th Jun 2024 19:28

£17,207 (£13,602) against 2022. £3,605 unused.

£16,945 from 2024 against 2021
£1,362 from 2023 against 2021

£10,411 from 2023 against 2020. £5,435 unused

Thanks (1)
Replying to Ruddles:
By Ruddles
12th Jun 2024 22:19

Ignore that nonsense - one shouldn’t take shortcuts. The correct order of set off is:

£13,602 from 23 set against 22
£17,208 from 23 set against 21
£1,099 from 24 set against 21

Total unused £19,451

None of the 20 profits can be relieved.

Thanks (0)
Replying to Ruddles:
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By calvinplummer
13th Jun 2024 08:57

Great, thank you

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