Whilst filing my UK company tax return for the financial year covering 22/23 in the section 'Trading losses', under 'Bring back a loss from a later period' is states the following:
You can only bring back a loss if both the following apply:
- the loss happened between 1 Feb 2023 and 31 Jan 2024
- you've already filed the tax return for the period when the loss happened
I'm not an accountant so realise i must be missing something, but am confused as to how both these requirements could ever be met.
Could someone please explain how it's possible to 'bring back' a loss from a subsequent year to reduce your tax liability for the previous year?