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.
For further information, see the HM Revenue & Customs website .
Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.