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

Article ID: 805
Last updated: 05 Aug, 2019

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 101.
  • Partnership HMRC Forms mode (Short or Full Form): page 2, box 27.

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 HMRC Forms mode (Short or Full Form) : page 2, box 22.
Article ID: 805
Last updated: 05 Aug, 2019
Revision: 9
Views: 3029
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Also listed in
folder Tax Return Production -> SA100 Individual Return