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GLOSSARY

Accounting period definition

What does Accounting period mean?

A company's tax assessments are made by reference to its accounting periods, which are usually the successive periods for which the company makes up its accounts.

An accounting period cannot exceed 12 months. Where an accounting period straddles two financial years, the profits of the period are apportioned on a strict pro rata basis to compute the tax liability by reference to the corporation tax rate for each financial year.


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