National Insurance Class 2 and 4

MTJR
MTJR Registered Posts: 8
So when calculating class 2 and class 4 national insurance on a sole traders taxable trading profits, this person has loss relief carried forward from the previous year. Does that loss come off the taxable trading profits before calculating Class 2 NIC? From what I understand, it’s deducted before calculating Class 4 NIC but HMRC website and from the bits of info I can find elsewhere, it’s not deducted for class 2?
I’ve confused myself!! Can anyone help :)

Thanks

Answers

  • Jagz1234
    Jagz1234 Registered Posts: 13
    Yes - losses always CF for NIC if not used, no sideways relief
    MTJR
  • MTJR
    MTJR Registered Posts: 8
    Thank you!
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