How To
Class 4 NIC
CCH Personal Tax
Class 4 National Insurance Contributions (NIC) is a charge levied on the business profits of the self-employed, and on an individual's share of profits made within a partnership. However, it does not entitle the individual to any social security benefits.
To Make Adjustments
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Open the NIC adjustment window in the Tax Return Data menu.
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Enter amounts for the following, where required, in the relevant columns:
- Interest/annuities/charges
- Other adjustments
- Income earned as employee
- Losses/interest brought forward
- Loss brought forward offset
- Adjustments allowed
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The total amount of adjustments allowed appears in Adjustments to profit chargeable to Class 4 NIC box in the Summary section.
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Click Save and Close.
Exclude from NIC
Selecting the Exclude from NIC checkbox for a particular trade disables the columns in the upper grid so no adjustments can be made.
For 2015 tax years and earlier, this column is named Is excepted?.
Deferment claim (2014/15 and earlier years)
If your client has a Class 4 NIC deferment agreement in place with HMRC, select the Deferment claimed checkbox. This selects the deferment box on the Tax Return and Class 4 NIC is calculated at only the higher rate in the SA302 computation.
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