Thanks for that looking at point 4 looks to state where made in computing his total income for income tax purposes. So looks like IT s64 needed and any balance of class 4 c/f
That where I was getting bit confused. NIM24610 states
'SSCBA92/SCH2/PARA3 provides that a trading loss is to be relieved for NICs purposes in the same manner as for Income Tax under ITA2007/S64, S72, S83, S89, and S93.'
Goes on to say:
'To the extent that the loss has been used against income which is not liable to Class 4 NICs, relief has not been given for Class 4 NICs purposes. That part of the loss is independent of the Income Tax loss and can be carried forward against Class 4 NICs profits of the same trade. As a result, the Income Tax trading losses carried forward may be different from the NICs losses carried forward.'
The above makes me wonder if class 4 nic losses are only independent when IT losses offset against non class 4 NIC income. Therefore a IT s64 would need to be made to get Class 4 NIC s64
Not sure if the same in this situation. Could carry forward the loss but was looking at offsetting against profits from other trades during the year.
But I was not sure whether I could offset the current year loss for NIC purposes against profits from other trades by only (which would reduce the class 4 nic charge to nil).
Or if I also had to offset the loss for income tax purposes to be able to offset the loss for NIC purposes.
I did find the course a lot more challenging than ACCA but personally found the ATT quite basic.
CTA have changed the exam structure since I did it. I got an exemption from the Application & Interaction rather than the Awareness module which was a blessing for me.
My answers
https://ico.org.uk/for-organisations/guide-to-data-protection/guide-to-t...
Thanks for that looking at point 4 looks to state where made in computing his total income for income tax purposes. So looks like IT s64 needed and any balance of class 4 c/f
That where I was getting bit confused. NIM24610 states
'SSCBA92/SCH2/PARA3 provides that a trading loss is to be relieved for NICs purposes in the same manner as for Income Tax under ITA2007/S64, S72, S83, S89, and S93.'
Goes on to say:
'To the extent that the loss has been used against income which is not liable to Class 4 NICs, relief has not been given for Class 4 NICs purposes. That part of the loss is independent of the Income Tax loss and can be carried forward against Class 4 NICs profits of the same trade. As a result, the Income Tax trading losses carried forward may be different from the NICs losses carried forward.'
The above makes me wonder if class 4 nic losses are only independent when IT losses offset against non class 4 NIC income. Therefore a IT s64 would need to be made to get Class 4 NIC s64
Not sure if the same in this situation. Could carry forward the loss but was looking at offsetting against profits from other trades during the year.
But I was not sure whether I could offset the current year loss for NIC purposes against profits from other trades by only (which would reduce the class 4 nic charge to nil).
Or if I also had to offset the loss for income tax purposes to be able to offset the loss for NIC purposes.
.
£15,000 accounting profit or tax adjusted profit?
https://assets.publishing.service.gov.uk/government/uploads/system/uploa...
I did ACCA with P6 then straight on CTA.
I did find the course a lot more challenging than ACCA but personally found the ATT quite basic.
CTA have changed the exam structure since I did it. I got an exemption from the Application & Interaction rather than the Awareness module which was a blessing for me.
Happy to chat if need more details .
Go to Options > Mail
and go down to the heading 'Send messages' uncheck the box 'Use Auto-Complete List to suggest names when typing in the To, Cc and Bcc Lines'
Staff with then have to look up email address and copy and paste from your practise management software but will stop these silly errors
Shouldn't you have a client account to hold the rental income?