prescribed accounting period
- prescribed accounting period
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The period by reference to which a taxable person accounts for and pays value added tax in respect of supplies made by it. Generally, a prescribed accounting period is three months ending on the dates notified by HM Revenue & Customs (HMRC), although HMRC may allow or direct a taxable person to have a one-month prescribed accounting period.
Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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