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LOSS RELIEF AND NICS

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › LOSS RELIEF AND NICS

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Tax Tutor.
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  • June 23, 2021 at 11:31 am #626147
    ABDULLAHI312
    Participant
    • Topics: 106
    • Replies: 97
    • ☆☆☆

    HI
    In the event there is trading loss in the previous tax year which no claim has been made so far and trading profit current year, should the NICs be computed based on the actual trading profit of the current year or after making the loss relief?
    THANKS.

    July 1, 2021 at 10:01 am #626781
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    A trading loss brought forward will reduce the trading income of the trader for Class 4 NIC purposes.

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