Set up a simple profit and loss account for your business

Profit reporting: how, when and where?

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.

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HM Revenue & Customs

Institute of Chartered Accountants in England and Wales