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.
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