hello Sir ,
i want to know whether the class 2 NiC( and other NIC) need to be time apportioned to calculate the Nic for a partner who joined midway in the year, upto 7605 is tax free so for example if an individual has a taxable trading profit of 14,400 from 1 december 2012 - 5 april 2013 then how shall the class 2 NIC be calculated for tax year 2012 /2013will the limit of nic need to be time aportioned i.e 7605/12. and then deduct from 14400 please explain it
regards
Ask the Tutor ACCA TX-UK
NIC
point of correction its not class 2 but is class 4 NIC
Class 2 NIC is obviously a weekly charge. Class 4 NIC limits will not be apportioned but Class 1 NIC's would have the annual limits time apportioned if only in employment for part of the tax year.
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