Tax return and class 4 NIC
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  1. #1
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    Default Tax return and class 4 NIC

    Just doing my tax return and not sure if i'm exempt from class 4 nic?? I pay nic but have got to the end of the return and it says i have to pay just under £30?

    anyone know what this means??

  2. #2
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    Default Re: Tax return and class 4 NIC

    i didn't think anyone was exempt from class 4 NIC. This figure (£30) will be calculated as 8%of your total profit.

    I know you can get an exemption certificate from class 2 though.

  3. #3
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    Default Re: Tax return and class 4 NIC

    It is probably correct. If in doubt give the self assessment helpline a ring. We have to pay self employed class 2 contributions (just over £2 per week) and if your net income is above the threshold for NI you pay class 4 contributions on the amount over the threshold. The NI threshold is a bit less than the tax threshold so it is possible to have a NI contribution to make whilst not paying any tax.
    In cloud cuckoo land somewhere

  4. #4
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    Default Re: Tax return and class 4 NIC

    No one is exempt from Class 4. If you make a profit you pay 8% on it

    Sorry
    Debbie

 

 

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