As a business owner, you are responsible for ensuring your business is compliant and reaches relevant accounting deadlines. Your business accounting period for Corporation tax is covered by your Company Tax Return.
Your accounting period can’t be longer than 12 months and is typically the same as the financial year covered by your company or association’s annual accounts.
Your accounting period is important as it affects your deadlines for paying corporation tax and sending a Company Tax Return.
In order to find out your accounting period, you can sign in to the HMRC’s online service. Your first accounting period will be indicated in a letter you will receive from the HMRC after you requester your company for Corporation Tax.
Sometimes your accounting period is different from your financial year, this will affect how you treat your businesses accounts in your first night if you decide to become dormant or restart.