Hi,
Just wondering if anyone has come across situation where a liability occurs on rental profits. Have just completed my 2011 tax return with my accountant and although I am carrying substantial rental losses forward from 2008-2010 he has informed me I am liable for USC on the small profit I made in 2011 from my rents.
My understanding was these profits could be fully set against losses brought forward. Thanks in advance for any clarification.
Just wondering if anyone has come across situation where a liability occurs on rental profits. Have just completed my 2011 tax return with my accountant and although I am carrying substantial rental losses forward from 2008-2010 he has informed me I am liable for USC on the small profit I made in 2011 from my rents.
My understanding was these profits could be fully set against losses brought forward. Thanks in advance for any clarification.