Are Class 2 NI's deductible?

Psyche
Psyche Registered Posts: 187 Dedicated contributor 🦉
in General accounting discussion
OK, I know this is a "duh" question, apologies in advance.

Can a self-employed person deduct their Class 2 National Insurance contributions from their turnover in calculating their taxable profit? If so what box would it go in?

Thanks!

Comments

  • Anne Boleyn
    Anne Boleyn Registered Posts: 196 Dedicated contributor 🦉
    Class 2 NI

    Hi Psyche

    Unfortunately not.

    Regards
  • Psyche
    Psyche Registered Posts: 187 Dedicated contributor 🦉
    That's stupid!
    Thanks for the info anyway.
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
    Psyche wrote: »
    That's stupid!

    Why is it?
    NI is essentially a tax.

    While it would be nice to offset income tax against taxable income, it sort of defeats the point :p
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
    Nope, they're treated as drawings IIRC.

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