2 Self-employed earners
2.1 Class 2 contribution
(a) Self-employed earners pay a flat rate contribution of £2.50 per week from their 16th birthday until they reach 60 (women)
or 65 (men).
2.2 Class 4 contribution
(a) The self employed also pay Class 4 contributions which are based on trading profit.
(b) The rate of Class 4 is 9% and is payable on trading income between £7,226 and £42,475.
(c) For trading income in excess of £42,475, a rate of 2% is payable
(d) Contributions begin if the employee is 16 at the start of the relevant tax year but contributions cease, when the tax payer is older than 60 (women) or 65 (men) at the start of the relevant tax year
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How are Class 4 NIC treated if there is a trading lost?
Can they be reclaimed? offset against something else? or carried forwarded and offset against future Class 4 NIC?
thank you
nice and precised
a little more information on issues
very good
well explained,thank you