Guidance

How to calculate your taxable profits: HS222 Self Assessment helpsheet

Use this helpsheet to help work 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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Details

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
Published 4 July 2014
Last updated 6 April 2018 + show all updates
  1. The helpsheet and working sheet have been added for the tax year 2017 to 2018.
  2. The helpsheet and working sheet have been added for the tax year 2016 to 2017.
  3. Rates, allowances and duties have been updated for the tax year 2016 to 2017.
  4. Rates, allowances and duties have been updated for the tax year 2015 to 2016.
  5. First published.