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legal Terms - Accounting period
The accounting period refers to the specific timeframe during which a corporation prepares its financial statements. Corporation tax is levied on the profits calculated for a specific period of time, as stated in Section 8 of the Corporation Taxes Act 2009. An accounting period must not exceed a duration of 12 months. Specific occurrences, such as a corporation going out of business, are legally defined as triggering the conclusion of an accounting period, even if the company does not prepare its financial statements up to that date.
The accounting period refers to the specific timeframe during which a corporation prepares its financial statements. Corporation tax is levied on the profits calculated for a specific period of time, as stated in Section 8 of the Corporation Taxes Act 2009. An accounting period must not exceed a duration of 12 months. Specific occurrences, such as a corporation going out of business, are legally defined as triggering the conclusion of an accounting period, even if the company does not prepare its financial statements up to that date.
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