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Question 4a ii
Chi Needle was born on 27 August 1968. She commenced self-employment as an acupuncturist on 6 April 2013, and for the year ended 5 April 2014 her trading profit using the normal accruals basis was £52,400, calculated as follows:
| Note | £ | £ | |
|---|---|---|---|
| Revenue | 1 | 71,900 | |
| Expenses | |||
| Motor expenses | 2 | 4,400 | |
| Other expenses | 3 | 8,200 | |
| Capital allowances | 4 | 6,900 | (19,500) |
| Trading profit | 52,400 |
Note 1 – Revenue
The revenue figure of £71,900 includes receivables of £1,600 which were owed as at 5 April 2014.
Required:
(a) Based on the trading profit of £52,400 for the year ended 5 April 2014:
(ii) Calculate the class 2 and class 4 national insurance contributions payable by Chi Needle for the tax year 2013–14. (3 marks)