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I want to ask what we exactely include in both class 1 and class 4
I see for class 1 they include salary and millage allowance only thses?
In class 4 only include tp after deducting capital allowance.
Confirm plz.
Class 1 includes gross earnings in CASH or assets readily convertible into cash – note that on the business mileage allowance it is ONLY payments in excess of the approved 45p per mile rate that are chargeable.
Class 4 is based on the tax adjusted trading profits after deducting any trading losses.
May I suggest that if you want additional detailed knowledge then I would recommend that you buy a study manual from on of the approved providers which will provide you with as much detail on any area that you may want – enjoy!
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