Set up a simple profit and loss account for your business

Profit reporting: how, when and where?

The table below summarises profit and loss reporting requirements. These vary according to how the business is set up.

Note that if you are a company director or a partner in a firm, you must file two returns - one for the business, which is taxable in its own right, and one for yourself as an 'employee' or partner of that business.

- Opens in a new window

View a full screen version of this table - Opens in a new window.

Subjects covered in this guide

• Introduction
• Do all businesses have to produce formal profit and loss accounts?
• Profit reporting: how, when and where?
• Keeping accurate records
• Business income: sales
• Business income: other
• Recording business expenditure
• Cost of sales
• Business expenses
• Cost of equipment
• Profit and loss accounting periods and financial years

Print options - What are my print options - Opens in a new window

• Add guide to my print portfolio (print later as PDF)

Email options - What are my email options - Opens in a new window

• Tell a friend about this page
• Send me an email alert when this guide changes