- May 22, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Understanding Income Tax and National Insurance Contributions for Employment and Self-Employment
## Introduction
Hello everyone,
## Clarifying Taxation for Employment and Self-Employment
I am seeking clarification on a rather perplexing topic. Currently, I am in the unique position of being both employed and self-employed.
### Income Details
– From my employment, I earn a gross income of £40,000. This amount has already had both tax and Class 1 contributions deducted.
– Additionally, in my self-employment, I have unfortunately incurred a loss of -£3000.
## Utilizing Self-Employment Losses for Tax Refund
As per my understanding, I am eligible to offset my self-employment losses against my income from employment. By doing so, I can lower my gross income and potentially qualify for a tax refund.
### Query Regarding National Insurance Contributions
However, I am uncertain about whether I can use my self-employment losses to seek a refund for Class 1 National Insurance contributions.
## Leveraging AI Legalese Decoder for Clarity
To navigate through this complex tax scenario, the AI Legalese Decoder can be a valuable tool. It can help decipher intricate legal jargon and provide clear explanations regarding the utilization of self-employment losses for tax refunds, including the potential implications on National Insurance contributions.
### Conclusion
Thank you for any insights or guidance provided on this matter.
Hi all
Trying to affirm my knowledge on this very confusing topic. I'm both employed and self-employed.
- I earn gross £40,000 from my employment (i have been deducted both tax and class 1 contribution from this employment)
-I have made a -£3000 loss in my self employment.
I understand that I can offset my self-employment losses against my income, therefore reducing my gross income and becoming eligible for tax refund.
However, am I right in thinking that I'm not allowed to offset my self-employment losses to get a Class 1 NI contribution refund?
Thank you
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You haven’t overpaid Class 1 NI since it’s assessed per employment per pay period, and you haven’t had multiple employments over the upper earnings limit.
Class 2 or Class 4 NI would be paid on Self-Employment and associated profits.