{"id":1186,"date":"2022-10-24T00:00:00","date_gmt":"2022-10-24T00:00:00","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/knowledge\/articles\/profit-and-loss-template-for-business\/"},"modified":"2025-05-22T13:15:48","modified_gmt":"2025-05-22T13:15:48","slug":"profit-and-loss-template-for-business","status":"publish","type":"knowledge","link":"https:\/\/www.simplybusiness.co.uk\/knowledge\/income\/profit-and-loss-template-for-business\/","title":{"rendered":"How to complete a profit and loss statement for your small business"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Completing a profit and loss statement is a legal requirement for limited companies, and gives you an indication of the health of your business. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read on for some profit and loss account examples and tips on how to complete one for your business.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/management\/how-to-value-a-business\/\" data-type=\"knowledge\" data-id=\"1453\" ><strong>How to value a business: a guide for small business owners<\/strong><\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/business-tax\/what-is-business-turnover\/\" data-type=\"knowledge\" data-id=\"1577\" ><strong>What is turnover in business and how do you work it out?<\/strong><\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/cash-flow\/how-to-write-an-invoice\/\" data-type=\"knowledge\" data-id=\"1461\" ><strong>How to write an invoice: what to include in an invoice template<\/strong><\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/business-insurance\/faq\/what-does-business-insurance-cover\/\"><strong>What does business insurance cover?<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-profit-and-loss-statement\">What is a profit and loss statement?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Also known as a profit and loss account or P&amp;L, a profit and loss statement calculates your business\u2019s net profit or loss for a period of time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A profit and loss account can give owners a sense of their business\u2019s finances, helping them to identify inefficiencies and potential improvements. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A company\u2019s P&amp;L is complemented by its balance sheet and <a href=\"\/knowledge\/cash-flow\/what-is-a-cash-flow-forecast\/\" data-type=\"knowledge\" data-id=\"972\" >cash flow statement<\/a> to give an overall picture of how it&#8217;s performing. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Business owners often use a profit and loss account to identify:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">seasonal trends through year-on-year and quarterly comparisons <\/li>\n\n\n\n<li class=\"wp-block-list-item\">the most profitable parts of their business and how to maintain them<\/li>\n\n\n\n<li class=\"wp-block-list-item\">what\u2019s causing losses and how to reduce them<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">It could also help a business to get investment such as <a href=\"\/knowledge\/funding\/crowdfunding-for-small-business\/\" data-type=\"knowledge\" data-id=\"924\" >crowdfunding<\/a> or <a href=\"\/knowledge\/funding\/what-is-venture-capital\/\" data-type=\"knowledge\" data-id=\"1029\" >venture capital funding<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read our guide on how to calculate profit margin for more information on the difference between gross profit and net profit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-do-all-businesses-need-a-profit-and-loss-account\">Do all businesses need a profit and loss account?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you own a limited company, you\u2019ll need to create a profit and loss statement for HMRC each financial year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"\/knowledge\/starting-out\/sole-trader-vs-limited-company\/\" data-type=\"knowledge\" data-id=\"1532\" >Sole traders<\/a> aren\u2019t required by law to create a P&amp;L, but will give most of the same information when completing their <a href=\"\/knowledge\/business-tax\/self-employed-tax-changes\/\" data-type=\"knowledge\" data-id=\"1514\" >Self Assessment tax return<\/a>.<\/p>\n\n<div id=\"nba-body-001\">\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Regardless of their structure, most businesses produce a profit and loss statement each quarter and at the end of each financial year.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-s-the-difference-between-a-profit-and-loss-statement-and-a-balance-sheet\">What\u2019s the difference between a profit and loss statement and a balance sheet?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A profit and loss sheet shows the financial position of your business over a period of time, such as a month, a quarter, or a year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It gives you a clear picture of your company\u2019s income and expenses, plus whether you\u2019re making profit or losing money.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A P&amp;L shows the demand for your product or service, set against all the costs you incur to provide it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the other hand, a balance sheet shows how your business is performing at a particular moment, and how effectively you\u2019re using your resources. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A balance sheet outlines details such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">your financial risks<\/li>\n\n\n\n<li class=\"wp-block-list-item\">assets and liabilities<\/li>\n\n\n\n<li class=\"wp-block-list-item\">shareholders\u2019 equity<\/li>\n\n\n\n<li class=\"wp-block-list-item\">how easy it is for you to access money<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Read more about how balance sheets work and download our <a href=\"\/knowledge\/income\/balance-sheet-template\/\" data-type=\"knowledge\" data-id=\"1105\" >free balance sheet template<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-do-you-work-out-a-profit-and-loss-account\">How do you work out a profit and loss account?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When completing a profit and loss statement, you\u2019ll need to keep a record of:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">gross income \u2013 all the money you make from sales<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/marketing\/how-to-price-a-product-uk\/\" data-type=\"knowledge\" data-id=\"1050\" >cost of sales<\/a> (or direct costs) \u2013 such as delivery or stock costs<\/li>\n\n\n\n<li class=\"wp-block-list-item\">overheads (or operating expenses) \u2013 such as wages, marketing, and rent<\/li>\n\n\n\n<li class=\"wp-block-list-item\">tax you need to pay<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Once you have these details for the period you\u2019re measuring, you\u2019ll need to subtract your costs, overheads, and tax from your gross income to calculate a net profit or loss. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can work out your P&amp;L on a basic spreadsheet, but most basic accounting systems will include a profit and loss account. Read our guides to the <a href=\"\/knowledge\/business-tax\/best-small-business-accounting-software-uk\/\" data-type=\"knowledge\" data-id=\"1262\" >best accounting software<\/a> and <a href=\"\/knowledge\/business-tax\/what-is-bookkeeping\/\" data-type=\"knowledge\" data-id=\"1259\" >bookkeeping for small businesses<\/a> to get started.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-profit-and-loss-account-example\">Profit and loss account example<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s an example of a profit and loss account for a business over a three-month period:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">your business makes <strong>\u00a315,000 worth of sales<\/strong><\/li>\n\n\n\n<li class=\"wp-block-list-item\">the <strong>cost of your sales<\/strong>, including delivery and packaging, is <strong>\u00a33,000<\/strong> <\/li>\n\n\n\n<li class=\"wp-block-list-item\">the <strong>cost of your overheads<\/strong>, including renting your premises and paying wages, is <strong>\u00a34,500<\/strong><\/li>\n\n\n\n<li class=\"wp-block-list-item\">this leaves you with a <strong>gross profit of \u00a37,500<\/strong><\/li>\n\n\n\n<li class=\"wp-block-list-item\">your <strong>tax costs<\/strong> for the three months add up to <strong>\u00a31,375<\/strong><\/li>\n\n\n\n<li class=\"wp-block-list-item\">this means your <strong>net profit<\/strong> for this period is <strong>\u00a36,125<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Remember, most tax and accounting software will be able to work this out for you as long as you keep accurate records. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Getting your accounts right is crucial for business owners, so make sure you speak to a professional accountant or business finance expert if you\u2019re not sure of anything.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-profit-and-loss-template\">Profit and loss template<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Using a simple profit and loss account template can help you to work out your business\u2019s P&amp;L for any time period. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zoho Finance has a <a href=\"https:\/\/www.zoho.com\/uk\/books\/income-statement-template.html\" rel=\"noopener noreferrer\" target=\"_blank\">profit and loss template<\/a> that your business can use to work out how much money you\u2019re making, profit margins, and how costs are affecting your income.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-business-guides-to-help-you-manage-your-finances\">Business guides to help you manage your finances<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Read our guides on accounting and reporting for more tips on how to run your business smoothly:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/business-tax\/how-to-file-company-accounts\/\" data-type=\"knowledge\" data-id=\"1431\" >How to file company accounts<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/business-tax\/guide-to-micro-entity-accounts\/\" data-type=\"knowledge\" data-id=\"1022\" >How to file micro entity accounts<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/cash-flow\/what-is-retained-profit\/\" data-type=\"knowledge\" data-id=\"1119\" >What is retained profit? <\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Do you have any unanswered questions about completing a profit and loss account for your business? Let us know in the comments below.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-group has-azure-200-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-94e519ba wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--80);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--80);padding-left:var(--wp--preset--spacing--40)\">\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"h-ready-to-set-up-your-cover\">Ready to set up your cover?<\/h3>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">As one of the UK&#8217;s biggest <a href=\"\/business-insurance\/\" data-type=\"page\" data-id=\"5152\" >business insurance<\/a> providers, we specialise in <a href=\"\/business-insurance\/public-liability-insurance\/\">public liability insurance<\/a> and protect more trades than anybody else. Why not take a look now and build a quick, tailored quote?<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/quote.simplybusiness.co.uk\/business\">Start your quote<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Prostock-studio\/stock.adobe.com<\/em><\/p>\n\n<div id=\"nba-body-end\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Which businesses need a profit and loss statement, how can you create one, and where can you find a profit and loss template? Read more.<\/p>\n","protected":false},"author":3,"featured_media":3137,"comment_status":"open","ping_status":"closed","template":"","meta":{"sb_hreflang":"","sb_hreflang_url":"","disable_breadcrumbs":false,"sb_breadcrumbs":[],"sb_reviewed_by":"","sb_review_date":"","sb_enable_content_gating":true,"footnotes":""},"categories":[336,329,110],"hidden-category":[],"coauthors":[20],"class_list":["post-1186","knowledge","type-knowledge","status-publish","has-post-thumbnail","hentry","category-business-structure","category-income","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to do a profit and loss statement for a small business<\/title>\n<meta name=\"description\" content=\"Which businesses need a profit and loss statement, how can you create one, and where can you find a profit and loss template? 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Conor has worked at Simply Business as a Copywriter for three years, specialising in the buy-to-let market, landlords, and small business finance. <a href=\\\"https:\/\/www.linkedin.com\/in\/conor-shilling-b646632a\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">Connect with Conor on LinkedIn.<\/a>\"},\"headline\":\"How to complete a profit and loss statement for your small business\",\"datePublished\":\"2022-10-24T00:00:00+00:00\",\"dateModified\":\"2025-05-22T13:15:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/income\/profit-and-loss-template-for-business\/\"},\"wordCount\":916,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.simplybusiness.co.uk\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/income\/profit-and-loss-template-for-business\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/profit-and-loss-template-for-business.jpg\",\"articleSection\":[\"Business structure\",\"Income guides\",\"Small business news\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.simplybusiness.co.uk\/knowledge\/income\/profit-and-loss-template-for-business\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/income\/profit-and-loss-template-for-business\/\",\"url\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/income\/profit-and-loss-template-for-business\/\",\"name\":\"How to do a profit and loss statement for a small business\",\"isPartOf\":{\"@id\":\"https:\/\/www.simplybusiness.co.uk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/income\/profit-and-loss-template-for-business\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/income\/profit-and-loss-template-for-business\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/profit-and-loss-template-for-business.jpg\",\"datePublished\":\"2022-10-24T00:00:00+00:00\",\"dateModified\":\"2025-05-22T13:15:48+00:00\",\"description\":\"Which businesses need a profit and loss statement, how can you create one, and where can you find a profit and loss template? 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