Sir i wanted to confirm one thing, unless we are calculating employee nic we do not have to time apportion the annual thresholds of 8632 and 50000, like when calculating class 4 NIC- Sole trader commences trading on 1 december 2019 and makes a period of account to 31 july then class 4 nic will be ( profit x4/8 – 8632)x9%, right sir???
Correct – for class 4 NIC the trading income assessment for the tax year is used by reference to the annual limits for that tax year and class 2 is per week