I have a client who is in two partnerships. Last year his share of profits from one was £44k, but from the other there was a £7k loss.
I was expecting the Class 4 NI to be calculated on the net result of £37k but no, it calculated it on the £44k. Is this correct ?
I have of course requested that the loss be offset for Income Tax and this worked as expected but, as far as I can see, there's no box to tick to offset the loss for NI purposes.