Accounting period meaning

How to use this Checklist This Checklist aims to flag common issues that emerge during the negotiation and drafting of a publishing agreement. For a model publishing agreement, see Precedent: Publishing agreement—pro-publisher. For more detail on matters raised in this Checklist, consult Practice Notes: Assigning intellectual property rights; Licensing intellectual property rights. Where appropriate, this Checklist can also act as the basis of a simple, non-binding heads of terms. For guidance on doing so, see Precedent: Heads of terms—commercial contracts. The third column can be used to capture observations or comments as the Checklist is completed. Checklist schedule for proposed publishing agreement Checklist Further information Notes (if any) Parties Verify each party’s legal status and consider whether any third parties (such as group affiliates) will benefit from the proposed agreement. Commencement, duration and termination Confirm the start or effective date. Determine whether the agreement lasts for the full copyright term in the work or for a...

STOP PRESS: A major overhaul of the UK listing framework took effect on 29 July 2024, featuring the abolition of the premium and standard segments and the introduction of a single listing category for equity shares in commercial companies. The commercial companies category is strongly disclosure-led and sits beside other categories, including shell companies, secondary listing and closed ended investment fund categories. A new UK Listing Rules sourcebook commenced to deliver these reforms and the former Listing Rules sourcebook was withdrawn. For more information, see Practice Note: Reform of the UK listing regime—fundamentals. This fundamentals note describes the listing framework as it existed before 29 July 2024. The UK corporate reporting landscape has been influenced by Brexit. For further details see Brexit—accounts and reports. There have been certain amendments to the requirements of the Companies Act, the DTR and the Listing Rules for accounting periods starting on or after the close of the transitional period, although the impact is largely confined to definitions (eg the meaning of a regulated...

This Checklist highlights the principal points to weigh up when entering into, drafting, or reviewing contractual joint venture arrangements. It addresses the legal, regulatory and practical aspects surrounding such arrangements. For background, see Practice Notes: Contractual joint ventures; Drafting a contractual joint venture agreement; and Drafting for particular types of contractual joint venture. Preliminary issues for consideration What is the current position of the parties’ discussions? See Practice Note: Pre-contractual representations and statements. Is a confidentiality undertaking needed from one, some or all parties or their affiliates? See Practice Note: Practical steps to protect or obtain access to confidential information and Precedents: Confidentiality agreement—contractual joint venture; Confidentiality agreement—one-way—pro-discloser; Confidentiality agreement—one-way—pro-recipient; and Confidentiality agreement—mutual. Do the parties intend to reserve a period of exclusive negotiation? See Practice Note: Exclusivity in contract negotiations. Identify any potential roadblocks to the deal (for example, competition issues, regulatory consents or licences) and how to address them. See Practice Notes: Competition law and joint ventures; Analysing horizontal agreements under...

In this issue: The Pensions Regulator Pension Protection Fund Pension Schemes Bill The pensions tax regime Pensions accounting Daily and weekly news alerts Dates for your diary Trackers The Pensions Regulator TPR publishes 2025 DC landscape report highlighting consolidation trends The Pensions Regulator (TPR) has released its 2025 overview of the UK occupational defined contribution (DC) market, confirming a continued move towards fewer, larger schemes and urging trustees, particularly those of smaller arrangements, to test value for savers and consolidate where it is lacking. The analysis shows DC scheme numbers fell by 15% to 790 in 2025, chiefly as schemes with fewer than 5,000 members left the market. Over the period, total assets rose 22% from £205bn to £249bn and memberships increased by 7%, reflecting consolidation. Master trusts now dominate, holding 30.1 million memberships (92%) and £208bn of assets (83%). TPR stressed that larger schemes are typically better positioned to deliver stronger investment performance and...

In this issue: Key R&I law developments Restructuring Corporate insolvency processes Personal insolvency Insolvency litigation Directors and insolvency International restructuring and insolvency Daily and weekly news alerts Key dates for restructuring and insolvency professionals New content New Q&As Key R&I law developments Insolvency Service publishes monthly insolvency statistics for February 2025 The Insolvency Service has released its February 2025 monthly statistics, covering both company and personal insolvencies throughout England and Wales. The figures indicate there were 2,035 corporate insolvencies in the period, 3% above January 2025 yet 7% below the same month in 2024. For individuals, January 2025 recorded 10,147 insolvencies in total, 4% higher than in January 2025 and 5% lower than February 2024. See: LNB News 18/03/2025 27. Companies House publishes two guidance documents on identity verification Companies House has issued two guidance documents on identity verification. The first sets out who must verify their identity, the verification...

In this issue: Key developments Air emissions and climate change Energy efficiency and buildings Energy for environmental lawyers Environmental disputes and proceedings Environmental enforcement and prosecutions Environmental information ESG and sustainability Hazardous substances and chemicals Nature, biodiversity and habitat protection Waste Waste producer responsibility regimes Water, flooding and drainage New and updated content Key developments Environmental Improvement Plan New Environmental Improvement Plan: the Government have published a fresh Environmental Improvement Plan (EIP) under the Environment Act 2021 (EA 2021). This iteration is intended to tackle the weaknesses of the 2023 EIP, yet uncertainty lingers over whether the pace is adequate, whether the route to delivery is sufficiently defined, and whether the resources required to deliver it are in place. Authored by Clare Parry, barrister at Cornerstone Barristers. See News Analysis: Environmental Improvement Plan...

This Practice Note sets out the principal tax considerations where creditors move to enforce security over the assets of a distressed company or corporate group. Related Practice Notes in this series address tax issues concerning: acquisitions of distressed debt, and debt restructurings (ie waivers, debt/equity swaps or renegotiations) In addition, Tax and distressed debt—checklist of points to consider distils the main tax points to bear in mind when dealing with distressed debt in general. This Practice Note reviews the enforcement routes open to creditors of troubled businesses and the consequences that may follow. For a detailed look at the loan relationships provisions on debt releases, see: Loan relationships—impairment and debt releases Loan relationships—impairment and debt releases: connected companies Types of enforcement As explained in Practice Note: Tax and distressed debt—debt restructurings, lenders will frequently engage in a restructuring of a distressed group’s debt to help the underlying business continue. Enforcing security over a borrower’s assets...

What is a service charge? A service charge is a sum a tenant may have to pay to a landlord under a commercial lease to reimburse the landlord for services they provide in connection with the common parts and for the upkeep of the property. Commonly, this applies where multiple tenants occupy one property, for example a shopping centre, and the landlord looks after the communal parts of the building for everyone’s benefit. In most contemporary leases the tenant pays the service charge on account, before the landlord incurs the expenditure, calculated from an estimate of the next year’s costs. At the close of the accounting period a reconciliation is prepared and any shortfall or surplus is settled by or to the tenant. Sometimes, earlier forms of lease stipulate that the landlord must meet the outlay first. For more detail on service charges ordinarily charged to tenants of multi-occupied buildings by commercial landlords in Scotland, see Practice Note: Service charge and outgoing provisions in commercial leases in Scotland. ...

Trustees and personal representatives can, in fact, carry on a trade. For example, where a self-employed trader dies, the personal representative may keep the business running until it is wound down or sold. In the same way, trustees or interest in possession beneficiaries might be trading and could qualify for reliefs such as roll-over relief or business asset disposal relief. The broad tax rules governing trading apply to all traders alike, whether they are individuals, trustees, or personal representatives. This Practice Note sets out those principles below. Is there a trade? The key issue to examine is whether there is a trade. At times this will be clear, for instance when personal representatives step in to continue the deceased’s business; however, in other situations even a solitary transaction can amount to a trade. As an illustration, trustees who buy a property to renovate may, depending on the circumstances, be regarded as operating a property development business. If so, any gain on the later sale would fall within income...

This Agreement is entered into on [ date ] Parties [ Insert name of Publisher ], a company incorporated in [ England ] with registered number [ company number ], whose registered office is at [ address ] (Publisher); and [ Insert name of Writer ] of [ insert address ] (Writer). Background The Writer composes musical works and/or authors lyrics of literary works; The Publisher operates in the field of music publishing throughout the Territory and has, inter alia, facilities for the administration and exploitation of musical works; and The Publisher seeks to obtain, and the Writer agrees to grant to the Publisher, the exclusive right to the Writer’s share of the Compositions, subject to this Agreement. It is agreed as follows: 1 Definitions and Interpretation 1.1 In this Agreement: Accounting Period means each six-monthly period ending on 30 June and 31 December; Advance means all monies...

A: Introduction Date of monitoring review Person carrying out the review B: Consolidated data Periods: last [insert period] and last 12 months Suspected Accounts Rules breaches reported to the COFA Total breaches (serious and non‑serious) Serious breaches Reported to the SRA; if not same as “serious”, explain C: Data by compliance breach category Client money: non‑permitted use Client money: paid into office account Client money: wrongly withheld from client account Client account: incorrect withdrawal Client money: delay paying in Client money: not paid to client promptly/at all Client account: incorrect receipt Client account: other breach Interest policy breach Accounting records: office account Accounting records: client account Cheque/Bacs: incorrect signatory Bill of costs: miscalculation Accountant’s report Office account breach Other D: Conclusions from monitoring review Breach register current? Yes/No; if...

This Agreement is entered into on [ insert date ] Parties [ insert name of company ], a company registered in England and Wales, registration number [ insert company number ], with its registered office at [ insert registered office ] (the Company); [ insert name of publisher ], a company registered in England and Wales, registration number [ insert company number ], with its registered office at [ insert registered office ] (the Publisher); [ insert name of composer ] of [ insert address ] (the Composer) The parties agree: 1 Definitions and interpretation 1.1 The following definitions apply in this Agreement: Accounting Date — means 90 days after the end of each Accounting Period; Accounting Period — means successive periods of six months to 30 June and 31 December in each year; Agreement — means this Agreement and all schedules and annexures attached to it or incorporated by reference; Cover Record...

Section 21 of the Landlord and Tenant Act 1985 (LTA 1985) Under section 21 of the Landlord and Tenant Act 1985 (LTA 1985), a residential tenant may require their landlord to furnish a summary of costs relating to service charges for the last accounting year; if accounts are not kept by accounting years, the previous 12 months. The landlord is obliged to comply with the tenant's request within one month, in any event, or, if later, within six months of the end of the relevant 12‑month accounting period...

Request under section 21 of the Landlord and Tenant Act 1985 (LTA 1985) The section 21 request under the Landlord and Tenant Act 1985 (LTA 1985) seeks a summary of 'costs incurred'. These are the 'relevant costs' tied to service charges that are payable, or have been demanded as payable, by the leaseholders of a dwelling. 'Relevant costs' means actual or estimated expenditure incurred, or to be incurred, by or on behalf of the landlord or any superior landlord in relation to matters for which a service charge is payable – LTA 1985, s 18. Such relevant costs may fall within the period for which the service charge is due, or within an earlier or later period, and may encompass overheads. Where service charge accounts are compiled on a 12-month accounting basis, any written summary can refer only to those accounts that were 'made up' in the last of those yearly periods before the date of the request...