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In the context of a claim against an insurer following an accident or incident, a periodical payment is considered when pursuing a serious injury compensation claim. It is paid by the defendant or their insurer, against whom the claim is brought.
In the context of an order of the court connected with a divorce settlement, periodical payments are those sums payable on a regular basis after separation) and are often the most complex part of financial arrangements following a divorce or dissolution.
A period of accounting (POA) is a period of time that covers certain accounting functions, which can be either a calendar or fiscal year, but also a week, month, or quarter, etc.
Accounting periods are created for reporting and analysing purposes, and the accrual method of accounting allows for consistent reporting.
The ‘matching principle’ states that expenses should be reported in the accounting period in which the expense was incurred, and all revenue earned as a result of that expense be reported in the same accounting period.
Periods of accounting are established for reporting and analysis purposes. In theory, an entity wishes to experience consistency in growth across accounting periods to display stability and an outlook of long-term profitability.
[See ‘Matching Principle’.]
The personal allowance is the amount of income each individual in the United Kingdom is entitled to receive free of tax each year.
A person receives a personal allowance of tax-free UK income each year if any of the following apply: they hold a British passport; they are a citizen of a European Economic Area ( EEA ) country; they have worked for the UK Government at any time during that tax year.
[See ‘Tax Code’ and ‘Self Assessment’.]
