Financial Year

Financial Year in United Kingdom

Definition of Financial Year

In accordance with the work A Dictionary of Law, this is a description of Financial Year : For statutes referring to finance, the period fixed by a statute of 1854 as the 12 calendar months ending on 31 March. Annual public accounts are made up for this period. For income-tax purposes, the year runs to 5 April. Companies and other bodies are free to choose their own financial years for accounting purposes.

See also tax year.


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