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NIC calculation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › NIC calculation

  • This topic has 2 replies, 2 voices, and was last updated 4 years ago by racucamelia.
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  • September 20, 2018 at 9:15 pm #475417
    racucamelia
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    • Topics: 34
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    • ☆☆

    Hello,

    you mention that NIC1 is based on cash earnings. If somehow in the question there is also a personal contribution, occupational pension scheme or a PAYE figure . Do we have to deduct these from the cash earnings ?

    Also, for NIC2 we pay 2.85 pounds / week for all the trading profit and not what exceeds the threshold of 6025 pounds?

    Thank you

    September 22, 2018 at 12:33 pm #475514
    Tax Tutor
    Member
    • Topics: 2
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    • ☆☆☆☆☆

    The cash earnings is the gross figure before deductions that are allowable for income tax purposes like a pension contribution and of course before the income tax (PAYE) figure itself.
    Yes it is a single amount per week irrespective of excess above small profits threshold – it is the Class 4 figure that is linked to the level of profit

    September 22, 2018 at 4:09 pm #475540
    racucamelia
    Member
    • Topics: 34
    • Replies: 39
    • ☆☆

    Thank you very much for the answer

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