<P> Often an accounting period coincides with a company's period of account . This is the period for which it draws up accounts, except for a life assurance company, where it is the period for which it draws up its periodical return . However, periods of account and accounting periods do not necessarily coincide . </P> <P> An accounting period begins when: </P> <Ul> <Li> the company comes within the charge to corporation tax . A company usually first comes within the corporation tax charge when it first acquires a source of income . However, it will also come within the charge if it commences business but is not already within the charge . Overseas companies usually come within the charge if they become UK resident or start trading in the UK through a UK permanent establishment; </Li> <Li> an accounting period of the company ends, and the company is still within the charge to corporation tax; or </Li> <Li> the company does not currently have an accounting period and has a chargeable gain or allowable loss . Chargeable gains and allowable losses are taxable gains and tax relievable losses that arise on the disposal of certain capital assets, for example on the disposal of the company's head office . </Li> </Ul> <Li> the company comes within the charge to corporation tax . A company usually first comes within the corporation tax charge when it first acquires a source of income . However, it will also come within the charge if it commences business but is not already within the charge . Overseas companies usually come within the charge if they become UK resident or start trading in the UK through a UK permanent establishment; </Li>

When does an accounting period start for corporation tax purposes
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