Accounting Period (UK Taxation)
An accounting period is a period with reference to which United Kingdom corporation tax is charged. It helps dictate when tax is paid on income and gains. An accounting period begins whenever a company comes within the corporation tax charge, and whenever an accounting period ends without the company ceasing to be within the charge. There are a number of rules about when an accounting period ends, and we look at each of these below.
Often an accounting period coincides with a company's period of account. This is the period for which it draws up accounts, except for a life assurance company, where it is the period for which it draws up its periodical return. However, periods of account and accounting periods do not necessarily coincide.
Read more about Accounting Period (UK Taxation): Basic Rules, Example, Company With More Than One Trade, Mean Accounting Date, Inspector Determining The Accounting Period, Cooperatives Preparing Quarterly and Half-yearly Accounts, Life Assurance Companies, Lessor Companies, Partial Deeming Provisions
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