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nic

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › nic

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by Tax Tutor.
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  • May 9, 2017 at 10:31 am #385479
    zeuswaweru
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    William is self employed ,and his tax adjusted trading profit for the year ended 5 April 2017 was 82,700 during the tax year 2016/17 ,he contributed 5,400 (gross) into a personal pension scheme .
    what amount of class 4 NIC will William pay for the tax year?

    I got 3939
    without including the pension scheme is it correct or i will need to include the pension scheme.

    May 9, 2017 at 7:06 pm #385527
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Class 4 NIC is simply based on the tax adjusted trading profit less any trading losses so your figure looks correct

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