accounting period
Under the Companies Act 1985 an accounting period runs from one accounting reference date to the next (not less than six months and not more than eighteen months) for which a company prepares financial statements and statutory accounts. The profit and loss account relates to the whole period but the balance sheet is taken on the last day of this period (Section 224 and Part VII of the Companies Act 1985).

Easyform Glossary of Law Terms. — UK law terms.


accounting period
The period for which a company's profits are assessed and charged to corporation tax. The accounting period generally ends 12 months from the beginning of the previous accounting period but can end earlier than that in certain circumstances (section 12, Income and Corporation Taxes Act 1988).
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.


accounting period
n. The regular span of time used for accounting purposes. For example, the period used by a taxpayer to calculate her income and to determine her tax liability.

Webster's New World Law Dictionary. . 2000.

Look at other dictionaries:

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  • Accounting period — An accounting period is a period with reference to which United Kingdom corporation tax is charged. [Section 12 of the Income and Corporation Taxes Act 1988] It helps dictate when tax is paid on income and gains. An accounting period begins… …   Wikipedia

  • accounting period — 1) (financial period; period of account) The period for which a business prepares its accounts. Internally, management accounts may be produced monthly or quarterly. Externally, financial statements are produced for a period of 12 months,… …   Accounting dictionary

  • accounting period — financial period; period of account The period for which a business prepares its accounts. Internally, management accounts may be produced monthly or quarterly. Externally, financial statements are produced for a period of 12 months, although… …   Big dictionary of business and management

  • accounting period — The period of time, usually a year, used by a taxpayer in the determination of income and related tax liability. Unless a fiscal year is chosen, taxpayers must determine and pay their income tax liability by using the calendar year (i.e., January …   Black's law dictionary

  • accounting period — The period of time, usually a year, used by a taxpayer in the determination of income and related tax liability. Unless a fiscal year is chosen, taxpayers must determine and pay their income tax liability by using the calendar year (i.e., January …   Black's law dictionary

  • Accounting Period — 1. In general, the time period reflected by a set of financial statements. 2. In terms of taxation, it is the 12 month period a taxpayer uses to determine his or her income tax. The accounting period is usually the calendar year …   Investment dictionary

  • accounting period — a regular period of time, as a month or a year, for which an operative statement is drawn up. * * * …   Universalium

  • accounting period — defined and uniform period of time in which account activity is recorded …   English contemporary dictionary

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