If your company or business suffered losses during the Covid period (accounting periods ending between 1 April 2020 and 31 March 2022 or the tax years 2020/2021 and 2021/2022), then you can now carry back those losses and set them off against your previous three years’ worth of profits.
If you are up to date with your tax payments this will result in a cash repayment from HMRC! But be warned, there are strict time limits in which claims need to be made.
For help in making your claim please get in contact with Mounthurst Tax and Accounting.
Further information from HMRC can be found at the following link https://www.gov.uk/government/publications/extended-loss-carry-back-for-businesses/extended-loss-carry-back-for-businesses