Using your Profit and Loss report to do your Self Assessment

If you have a turnover of under £85,000 you just need to provide HMRC with the total income and total expenses shown in the Profit and Loss report. If you have a turnover of over £85,000 you will need to provide the breakdown shown below.

To get your total, add the amounts from each account. Then, input the total in the corresponding box of your Self Assessment tax return.

Income

Box 15 - Turnover - takings, fees, sales or money earned by your business:
4000 Sales - Products
4010 Sales - Services
4020 Sales Discounts
4030 Sales to EC
4910 Carriage on Sales

Box 16 - Any other business income not already included above:
4400 Late Payment Charges
4900 Other income
4920 Royalties & Commissions Received
4930 Insurance Claims

Expenses

If you have a turnover of under £85,000 you do not need to enter a complete breakdown of your expenses just enter the total allowable expenses.

Box 31 - Total allowable expenses

You can take this from the Profit and Loss by adding together the following accounts:

Total Direct Expenses
Total Overheads
Total financial expenses

If you have a turnover of £85,000 or more then you will need to give HMRC a breakdown of your expenses as shown below.

Box 17 - Cost of goods bought for re-sales or good used
5000 Cost of Sales - Goods
5010 Purchase Discounts
5020 Cost of Sales - Materials
5030 Cost of Sales - Delivery
5040 Cost of Sales - Labour
5060 Other Direct Expenses
5070 Packaging Materials
5080 Purchases from EC
5100 Carriage on Purchases
5110 Import Duty
8250 Stock Adjustments

Box 19 - Wages, salaries and other staff costs
7000 Employee Wages and Salaries
7020 Employers NI
7030 Employer's Pension
7050 Other Deductions
7060 Statutory Sick Pay
7070 Statutory Maternity Pay
7080 Statutory Paternity Pay
7090 Statutory Adoption Pay
7095 Recruitment Expenses

Box 20 - Car, van, and travel expenses after private use proportion
7300 Vehicle Fuel
7310 Vehicle Repair and Servicing
7320 Vehicle Licences
7330 Vehicle Insurance
7340 Miscellaneous Vehicle Expenses
7350 Fuel Scale Charge
7400 Travelling
7410 Car Hire
7420 Hotel and Accommodation
7450 Overseas Travelling
7460 Subsistence

Box 21 - Wages, salaries and other staff costs
7100 Rent
7110 Water Rates
7120 General Rates
7130 Premises Insurance
7200 Electricity
7210 Gas & Oil
7630 Business Insurance

Box 22 - Repairs and maintenance of property and equipment
7640 Equipment Hire
7800 Repairs and Renewals

Box 23 - Telephone, fax, stationery, and other office costs
7500 Printing
7510 Postage and Carriage
7520 Office Stationery
7530 Telephone
7540 Internet Charges
7550 Computer & Software
7560 Mobile Charges
8240 Refreshments

Box 24 - Other allowable business expenses (client entertaining costs are not an allowable expense)
6000 Marketing
6010 Sales Commissions
6020 Other Distribution Expenses
7430 Entertainment
7440 Overseas Entertainment

Box 25 - Interest and bank and credit card etc. financial charges
7903 Loan Interest Paid
7904 Hire Purchase Interest

Box 26 - Interest and bank and credit card etc. financial charges
7900 Bank Charges and Interest
7905 Credit Charges
8260 Exchange Rate Gains and Losses
8270 Currency Charges

Box 27 - Interest and bank and credit card etc. financial charges
8100 Bad Debts
8110 Bad Debt Provision

Box 28 - Accountancy, legal and other professional fees
7600 Legal Fees
7610 Accountancy Fees
7620 Consultancy & Professional Fees

Box 30 - Other allowable business expenses (client entertaining costs are not an allowable expense)
7810 Cleaning
7820 Laundry
8200 General Expenses
8210 Subscriptions
8220 Clothing Costs
8230 Training Costs