I posted last week regarding Taxcalc calculating incorrect losses using the Self Employment Short page, when entering SEISS income and also having a trade loss.
I was advised by members and Taxcalc to use the Self Employment Full pages instead.
However, im unsure whether ive discovered another issue or whether the issue is my understanding.
I have a trade loss and SEISS but taxcalc wont allow me to offset those losses against SEISS income, instead it advises that i just reduce the income subject to Class 4 Nic (use box 102 of SA103F page 5)
Does this seem correct? the difference in tax is either a refund or a slight payment.
I should also mention that when i use the Self Employed short page and ignoring the false loss c/fwd it creates, it does indeed reduce the SEISS by the correct amount of trade loss.