InvoiceBerry Tips for for Freelancers & Small Businesses 11 Invoicing Terms for Your Business - Page 12

9. Profit and Loss Statement A P&L lists the revenues, costs and expenses for a specific time period. This time period is usually your fiscal year, or it could be a fiscal quarter (for larger companies). In the UK, if you’re a sole trader or limited company making more than £50,000 a year, you’re required to submit one to the HMRC. InvoiceBerry has free P&L templates by clicking here.