Financial year: Master the UK financial year 2024/25

Master the UK financial year 2024/25 with our comprehensive guide to tax deadlines, HMRC requirements, and expert accounting tips. Essential reading for businesses and individuals. Financial Year (FY) and Assessment Year (AY) are two important terms used in Income Tax, often confused among tax payers. Assessment year comes immediately after the financial year . It is the year in which tax is calculated and paid by the taxpayer. What is a Financial Year (FY)? The Financial Year (FY), also known as the Previous Year, is the period during which you earn income. In India, a financial year always runs from April 1st to March 31st of the following calendar year. Companies may select a financial year that aligns with their business cycles or industry norms to facilitate financial planning and reporting. Governments may choose a fiscal year that allows for better budget management and allocation of resources to meet public needs.