Class 4 NIC

Class 4 NIC

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Sole Trader makes a profit in one store and a loss in another store, same business different sites. Class 4 NIC is payable on the profitable site but loss on the other site cannot be offset although it can be offset for Income Tax purposes. Is this right?

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By johngroganjga
09th Nov 2014 17:14

Is the sole trader accounting as one business or two separate ones?

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By nogammonsinanundoubledgame
09th Nov 2014 17:43

Either way it is not right.

If as you say it is the same business then it should be reported as such.  In that case the profits and losses from individual cost centres would be amalgamated into a single result, and 4NIC would be charged on that net result (or not) as the case may be.

But even if declared as separate trades, then the loss gets set off for NIC.  Who told you otherwise?

With kind regards

Clint Westwood

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