Period of account (UK corporation tax)
A period of account is the period covered by a company’s accounts. It is distinct from a corporation tax accounting period, which cannot exceed 12 months, and from a financial year used for corporation tax rates. A long period of account may require more than one corporation tax accounting period and return.
Worked example
A company prepares accounts for 15 months. Assuming no other event changes the tax periods, it has a 12-month corporation tax accounting period followed by a three-month period.
Common mistake
Treating a 15-month period of account as a single 15-month corporation tax accounting period.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | TX (UK) | Direct | June 2026–June 2027 |