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Period of account: It is the period for which a company prepares its accounts. Sometimes it is necessary to apportion the profits of a period of account to get the profits of an accounting period, most often because the period of account is longer than 12 months.
An accounting period ends when the first of the following happens:
• The expiry of twelve months from the beginning of the accounting period.
• The accounting date of the company, that is the date to which it makes up its accounts.
• The end of a period for which a company does not make up accounts.
• The company begins to trade.
• The company comes within the charge to CT in respect of its trade or, if it carries on more than one trade, of all its trades.
• The company ceases to trade.
• The company ceases to be within the charge to CT in respect of its trade, or if it carries on more than one trade, of all its trades.
• The company begins to be resident in the UK.
• The company ceases to be resident in the UK.
• The company ceases to be within the charge to CT.
• The commencement of the winding-up of the company.
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