Original document : https://www.gov.uk/government/publications/how-to-calculate-your-taxable-profits-hs222-self-assessment-helpsheet

Change description : 2025-04-06 00:15:00: The helpsheet and working sheets 1 and 2 for tax year 2024 to 2025 have been added. The versions for tax year 2020 to 2021 have been removed. [Guidance and regulation]

Showing diff : 2024-04-11 14:38:34.066323481 +00:00..2025-04-06 00:10:46.912679020 +00:00

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
116 April 20242025 — See all updates

Documents

HS222 How to calculate your taxable profits (2024)(2025)

HTML

Working Sheet 1: work out the adjustment (2024)(2025)

PDF, 173175 KB, 1 page

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Working Sheet 2: how much to claim (2024)(2025)

PDF, 166 KB, 1 page

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HS222 How to calculate your taxable profits (2024)

HTML

Working Sheet 3:1: work out yourthe transitionadjustment profit (2024)

PDF, 407173 KB, 71 pagespage

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HS222 How to calculate your taxable profits (2023)

HTML

Working Sheet 1:2: workhow outmuch theto adjustmentclaim (2023)(2024)

PDF, 173166 KB, 1 page

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Working Sheet 2:3: howwork muchout toyour claimtransition (2023)profit (2024)

PDF, 167407 KB, 17 pagepages

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HS222 How to calculate your taxable profits (2022)(2023)

HTML

Working Sheet 1: work out the adjustment (2022)(2023)

PDF, 172173 KB, 1 page

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Working Sheet 2: how much to claim (2022)(2023)

PDF, 166167 KB, 1 page

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HS222 How to calculate your taxable profits (2021)(2022)

HTML

Working Sheet 1: work out the adjustment (2021)(2022)

PDF, 168172 KB, 1 page

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Working Sheet 2: how much to claim (2021)(2022)

PDF, 164166 KB, 1 page

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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 116 April 2024 + show2025 href="#full-history">+ show all updates

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Update history

2025-04-06 00:15
The helpsheet and working sheets 1 and 2 for tax year 2024 to 2025 have been added. The versions for tax year 2020 to 2021 have been removed.

2024-04-11 15:38
‘Working Sheet 3: work out your transition profit (2024)’ has been added.

2024-04-06 00:15
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.

2023-04-06 00:15
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.

2022-04-06 00:15
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.