How do I offset losses against profits (and also reduce Class 4 NIC)?

Profit chargeable to Class 4 NIC
You can offset losses against a profit to reduce Class 4 payments. To do this enter the loss amount into the profit schedule in the following places:

• Self Employment HMRC Forms mode (Full Form): page 5, box 102.
• Partnership Pages HMRC Forms mode (Short or Full Form): page 2, box 27.

Set off Against other income
You can offset losses against a profit to reduce tax paid. To do this enter the loss amount (which must not be greater than other profit) in the loss schedule in the following places:

• Self Employment HMRC Forms mode (Short Form): page 2, box 33.
• Self Employment HMRC Forms mode (Full Form): page 4, box 78.
• Partnership Pages HMRC Forms mode (Short or Full Form) : page 2, box 22.