Profits and losses
| Field | Description |
|---|---|
| Adjustment for farm and literary averaging | |
| Net profit/(loss) | |
| Losses brought forward | |
| Loss B/fwd set off against this year’s profit |
The amount of loss that is being used to reduce this year’s adjusted profit. Losses brought forward must be used to offset losses in the earliest year possible. Previous to 2024 tax year, this field is Loss b/fwd used. |
| Loss B/fwd set off against Transitional profit | The amount of loss that is being used to reduce this year’s transitional profit taxable. Losses brought forward must be used to offset losses in the earliest year possible. |
| Loss used against other income | |
| Loss carried back to earlier years | |
| Total loss to carry forward |