Logo
Telephone
Email

Monday, Dec 17, 2018

09:30

Tax News

Chargeable Accounting Periods

Posted on: Monday, April 07, 2014

When revising it's essential to ensure you know the basics.  Sometimes students are so preoccupied with understanding the more complex rules that they overlook the fundamentals.

What is a Chargeable Accounting Period?

Companies are liable to Corporation Tax for each chargeable accounting period.

The Chargeable Accounting Period (CAP) is usually the period for which the company makes up a set of accounts.  For example, a company prepares a set of accounts for the year ended 31st December 2013.

There are a series of rules to determine when a Chargeable Accounting Period begins and when it ends.

A Chargeable Accounting Period begins on the earliest of:

1. The commencement of trading by the company.
2. The acquisition of a source of income.
3. The company becomes resident in Ireland.
4. Immediately after the previous Chargeable Accounting Period ends.


A Chargeable Accounting Period ends on the earliest of:

1. Cessation or commencement of trading.
2. The company becoming dormant.
3. The end of a Company’s period of account.
4. 12 months after it began.
5. On the commencement of a winding up of a company.
6. The company entering into administration.
7. The company beginning or ceasing to be resident in Ireland.

A Chargeable Accounting Period can never exceed twelve months in length.

 

Contact Details

52 Lower O'Connell Street,
Dublin 1

Telephone: 01 - 872 8561
Email: info@taxgrinds.ie

Location Map

Location Map

Tax Grinds 2018 | Privacy Policy | Website by Solas Web Design