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

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

1. 11 April 2024

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

2. 6 April 2024

   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. 6 April 2023

   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. 6 April 2022

   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. 6 April 2021

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

6. 6 April 2020

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

7. 6 April 2019

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

8. 6 April 2018

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

9. 6 April 2017

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

10. 6 April 2016

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

11. 6 April 2015

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

12. 4 July 2014

    First published.