Personal tax – guidance

How to calculate your taxable profits: HS222 Self Assessment helpsheet

Help with working out your taxable profits.

Documents

HS222 Working Sheet 1 (2016)

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HS222 Working Sheet 2 (2016)

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HS222 Working sheet 1 (2015)

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HS222 Working sheet 2 (2015)

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HS222 How to calculate your taxable profits (2014)

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HS222 How to calculate your taxable profits (2013)

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Detail

This guide helps you 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