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can class 4 nic be reduced

can class 4 nic be reduced

        I have a client who is in retail as a sole trader and is in the same retail in a partnership at a different location .

The sole trader has made a profit and the partnership a loss.      The loss can be offset in the year to reduce profit but can it be offset in the year to reduce class 4 nic.?

     I am having difficulty in attempting to do this in the self assessment return 

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31st Dec 2012 11:17

Class 4 nic

Where a taxpayer has more than one self-employment, profits or losses are aggregated to calculate Class 4 NIC, partnership profits / losses not excluding.  Your tax return filing software should do the calculation automatically.

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31st Dec 2012 16:03

which software do you use?

It is possible that you need to make a manual adjustment depending on which loss claim you have made

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By elyob
31st Dec 2012 17:57

  thanks.... using hmrc self

  thanks.... using hmrc self assessment declaring self assessment profits and parnership loss !

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By elyob
01st Jan 2013 18:16

THE ANSWER !          if one

THE ANSWER !          if one is using hmrc software you enter in the section where you are asked about class4 exemption etc in the box marked "adjustment.... the loss in question.

thanks to all who had a look and particularly novakova and marion ...happy new year

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