Profit and loss reporting requirements vary according to how the business is set up.
For example, if your business is a limited company, the company will report its profit (or loss) through annual accounts and a Corporation Tax return. You also need to report your own personal income from the business, for example as a company director, on your Self Assessment tax return.
If you are a sole trader, you report your business income as part of your own Self Assessment tax return.
If your business is a partnership, the nominated partner must complete a Self Assessment tax return for the partnership. In addition , you need to report your own personal income from the business on your own Self Assessment tax return.
Read about Self Assessment in our section on Self Assessment.
HM Revenue & Customs