Guidance

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

Find out how to calculate your taxable profits.

From:
HM Revenue & Customs
Published
4 July 2014
Last updated
11 April 2024 — See all updates

Documents

HS222 How to calculate your taxable profits (2024)

HTML

Working Sheet 1: work out the adjustment (2024)

PDF, 173 KB, 1 page

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Working Sheet 2: how much to claim (2024)

PDF, 166 KB, 1 page

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Working Sheet 3: work out your transition profit (2024)

PDF, 407 KB, 7 pages

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HS222 How to calculate your taxable profits (2023)

HTML

Working Sheet 1: work out the adjustment (2023)

PDF, 173 KB, 1 page

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 (2023)

PDF, 167 KB, 1 page

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.

HS222 How to calculate your taxable profits (2022)

HTML

Working Sheet 1: work out the adjustment (2022)

PDF, 172 KB, 1 page

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 (2022)

PDF, 166 KB, 1 page

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.

HS222 How to calculate your taxable profits (2021)

HTML

Working Sheet 1: work out the adjustment (2021)

PDF, 168 KB, 1 page

Working Sheet 2: how much to claim (2021)

PDF, 164 KB, 1 page

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

Updates to this page

Published 4 July 2014
Last updated 11 April 2024 + show all updates

  1. 'Working Sheet 3: work out your transition profit (2024)' has been added.

  2. The helpsheet and working sheets 1 and 2 for tax year 2023 to 2024 have been added. The versions for tax year 2019 to 2020 have been removed.

  3. The helpsheet and working sheets have been added for the tax year 2022 to 2023. The helpsheet and working sheet for 2019 have been removed.

  4. The helpsheet and working sheet have been added for the tax year 2021 to 2022. The helpsheet and working sheet for 2018 have been removed.

  5. The helpsheet and working sheet have been added for the tax year 2020 to 2021.

  6. A new version of the helpsheet and notes have been added for the 2019 to 2020 tax year.

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

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

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

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

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

  12. First published.

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