Guidance

How to calculate your taxable profits (Self Assessment helpsheet HS222)

Find out how to calculate your taxable profits.

Documents

Working Sheet 1: work out the adjustment (2020)

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Working Sheet 2: how much to claim (2020)

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Working Sheet 1: work out the adjustment (2019)

This file may not be suitable for users of assistive technology.

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email different.format@hmrc.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Working Sheet 2: how much to claim (2019)

This file may not be suitable for users of assistive technology.

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email different.format@hmrc.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Details

Work out your taxable profits if you’re self employed or in a partnership. It covers:

  • accounting periods
  • how business profits are taxed
  • cost of sales
  • allowable business expenses
  • basis periods
  • overlap profits and relief
  • capital allowances and balancing charges
  • commencements and cessations
  • losses - terminal loss relief
  • partners’ trading or professional profits
  • providing personal services through a partnership

From 2013 to 2014 it also includes:

  • cash basis
  • simplified expenses
Published 4 July 2014
Last updated 6 April 2020 + show all updates
  1. A new version of the helpsheet and notes have been added for the 2019 to 2020 tax year.

  2. The helpsheet and working sheet have been added for the tax year 2018 to 2019.

  3. The helpsheet and working sheet have been added for the tax year 2017 to 2018.

  4. The helpsheet and working sheet have been added for the tax year 2016 to 2017.

  5. Rates, allowances and duties have been updated for the tax year 2016 to 2017.

  6. Rates, allowances and duties have been updated for the tax year 2015 to 2016.

  7. First published.