Skip to content
Solved

ECL22300 | Relevant accounting period: no accounting period ending in a financial year

From HM Revenue & Customs · Economic Crime Levy

If the person has no accounting period ending in a financial year, you must use the following, in order of precedence

  • If the person has an accounting period that ends within the period of 3 months beginning with the end of the financial year (i.e. 1 April YY to 30 June YY), the relevant accounting period is to be taken as that period (s56(5)(a) FA22); (see examples on page [ECL26400])

  • Otherwise, the relevant accounting period is to be taken as the entity’s accounting period ending last before the start of the financial year (s56(5)(b) FA22) (see examples on page [ECL26500])

  • If there is still no relevant accounting period of an entity identified, the UK revenue amounts are to be determined for the entity by reference to the amount of the entity’s UK revenue that, on a just and reasonable apportionment, is attributable the financial year (S56(6) FA22) (see examples on page [ECL26800])