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Where Taxpayers and Advisers Meet

Class 2 & 4 NIC

mknight
Posts:31
Joined:Wed Aug 06, 2008 3:31 pm
Class 2 & 4 NIC

Postby mknight » Sat Mar 19, 2011 1:43 am

I am already in a partnership and thinking about entering another one. Will Class 2 NIC be payable for the 2nd partnership (assuming income is above small earnings exception) as well as the first?

I ask because I read on another business website that, "if you have more than one business, special rules apply for calculating adjustments to profits on which you pay Class 4 National Insurance contributions." So, wondering if there was any similar rule for Class 2

There will be two other partners, one of whom is employed, the other currently unemployed.

thanks.

pawncob
Posts:4598
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Class 2 & 4 NIC

Postby pawncob » Mon Mar 28, 2011 10:49 pm

Class 2 NIC is only paid once, regardless of the number of partnerships you're in.
With a pinch of salt take what I say, but don't exceed your RDA

Tax Champion
Posts:371
Joined:Wed Aug 06, 2008 4:09 pm

Re: Class 2 & 4 NIC

Postby Tax Champion » Tue Apr 19, 2011 3:13 pm

- but for Class 4 the profits from all businesses are effectively added together.


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