Guidance

HS220 More than one trade, profession, vocation (2026)

Updated 6 April 2026

If you have income from more than one trade, profession or vocation, you need to fill in separate tax return supplementary pages for each trade. If you:

• work for yourself, fill in the Self-employment (full) pages — you must complete a set of self-employment pages for each accounting period that ends in 2025 to 2026, helpsheet HS222 has more information on how to calculate your taxable profits
• are a partner, fill in the Partnership (full) pages
• are also the ‘nominated’ partner, fill in the Partnership Tax Return — the notes in the Partnership Tax Return Guide has more information
• have income from personal funds at Lloyd’s, fill in the Lloyd’s underwriters pages

1. Making Tax Digital for Income Tax

If you need to use Making Tax Digital for Income Tax, you will need to use compatible software for each source of self-employment income (trade, profession or vocation) and property business that you have, to:

• create separate digital records
• send separate quarterly updates

You will then make adjustment to these sources to finalise them, before adding any other sources of income and gains that you have and submitting your tax return.

Further guidance for relevant customers is available at Use Making Tax Digital for Income Tax - Guidance - GOV.UK

Partnerships will need to use Making Tax Digital for Income Tax in the future, but we’ll set out the timeline for this at a later date.

Lloyd’s underwriters are permanently exempt from Making Tax Digital for Income Tax in respect of their Lloyd’s underwriting business. In addition, Lloyd’s underwriters will not be required to join Making Tax Digital for Income Tax in respect of their other income over the course of this Parliament.

2. Class 4 National Insurance contributions

If you have more than one trade, you will normally pay Class 4 National Insurance contributions on your total taxable profits.

However, you may need to work out an adjustment if you have:

• profits that you’ve paid Class 1 National Insurance contributions on
• trade losses that have not been taken off when working out your Class 4 National Insurance profits
• any interest from a loan used to invest in a partnership or to provide plant and machinery for partnership use, that you have not already taken off when working out your profits — not all loans or partnerships can qualify, contact your tax adviser if you need more information

3. How to fill in the working sheets

3.1 Section 1

Photocopy or print extra copies of the working sheet if you have more than 2 trades.

Fill in one column for each trade you carried on during 2025 to 2026 (whether on your own, or in partnership). Do not move amounts from one column to another.

You can only use the adjustments you put in boxes 3, 5 and 6 for the same trade. You cannot set them against other trades.

3.2 Box 1

Put the name of the trade that the profit and adjustments are for.

3.3 Box 3

If you changed your accounting practice in 2025 to 2026, put the adjustment that’s taxable in box 3.

3.4 Box 4

Deduct the adjustment you put in box 3 from the profits you put in box 2.

The adjustment for change of accounting practice is not taken into account for Class 4 National Insurance.

3.5 Box 5

Include any amount you earned as an employee or office holder that you included when you worked out your taxable profit for box 2. Class 1 National Insurance contributions are payable on this.

3.6 Box 6

You should include:

• any losses you had before 2025 to 2026 that you have not used against previous Class 4 National Insurance profits — read the notes for box C
• any interest you had to pay in 2025 to 2026 or earlier years, on a loan to invest in a partnership or to provide plant and machinery for partnership use, that you have not already taken off when working out your Class 4 National Insurance profits

3.7 Box 8

This is the adjustment that you can use for the trade. It must not be more than the adjusted profit figure (box 4) for that trade.

3.8 Section 2

This working sheet brings together the adjustments from all your trades into a single figure. Add together all the figures into one working sheet and continue.

3.9 Box B

The figure in box B cannot be more than the figure in box A.

3.10 Box C

Put any trade losses you had in 2025 to 2026 that you wish to claim against Class 4 National Insurance contributions. This figure may be more than the losses that you can use in 2025 to 2026. If it is, you can:

• work out the amount of any unused losses after you’ve filled in box D
• carry forward those losses and use them against profits for the same trade in later years

3.11 Box E

Put the lowest figure from box A or box D in box E.