Hello all, sorry for wasting your time on a silly question, but I have just been reading an article on 'chargeable accounting period' and seem to be getting lost. Whether the article is trying to make something very simple appear difficult or there is more to it than I think, I'm not sure. I would appreciate any clarification.
Hello Michelle, thanks for your reply. Unfortunately I do not have a link as I am reading one of those old fashioned things called a book! . The book isIt is discussing the difference between an accounting period and a financial period for limited companies. It states that companies must submit form CT600 for every 'chargeable accounting period', providing the accounts are produced for periods of 12 months or less.
Am I correct in assuming that in a limited company, the 'chargeable accounting period' is just the company's accounting period, and where it spans two financial years the accounts will have to be completed within 12 months after the end of the accounting period for the cap?
E.G Accounting period 1/01/12 to 31/12/12
Financial period 1/4/12 to 31/03/13 ( I believe that the financial year for limited companies runs from 1/4 to 31/03)
So the accounts for year 2012 would have to be submitted by 31/03/14
You say the book is discussing the difference between the accounting period and the financial period for a limited company. Forgetting tax for a moment... a company can form and have a financial period which starts on the day of incorporation (lets say 01.01.13) until its year end on 31.12.13.
However, if the company doesn't start trading until 01.03.13, the chargeable accounting period doesn't start until 01.03.13
So you have a 12 month financial period but a 10 month chargeable accounting period
That's is what I am understanding from the wording you have used.
And yes, then you have the corporation tax financial year which run 01.04 to 31.03
Hello Michelle, thanks for your reply. While having a look at that new fangled thing called a netweb, I came across an 'intro to corporation tax' by Tolley tax training which explained the meaning and gave a good example.
I don't know if you have access to this netweb thingy but there is lots of useful information on it!
. The book isIt is discussing the difference between an accounting period and a financial period for limited companies. It states that companies must submit form CT600 for every 'chargeable accounting period', providing the accounts are produced for periods of 12 months or less. 
