Guidance

HS220 More than one trade, profession, vocation (2023)

Updated 6 April 2024

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 relates wholly or in part to your basis period for 2022 to 2023, how to calculate your taxable profits has more information on basis periods
• 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

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 (not losses from furnished holiday lettings) 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

How to fill in the working sheets

Section 1

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

Fill in one column for each trade you carried on during 2022 to 2023 (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.

Box 1

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

Box 3

If you changed your accounting practice in 2022 to 2023, put the adjustment that’s taxable in box 3.

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.

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.

Box 6

You should include:

• any losses you had before 2022 to 2023 that you have not used against previous Class 4 National Insurance profits — see the notes for box C
• any interest you had to pay in 2022 to 2023 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

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.

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.

Box B

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

Box C

Put any trade losses you had in 2022 to 2023 that you wish to claim against Class 4 National Insurance contributions. This figure may be more than the losses that you can use in 2022 to 2023. 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

Box E

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